1. U.S. stock performance: Expected to outperform other global markets by 2026. The year-end target for the S&P 500 Index in 2026 is projected at 7,800 points. 2. Sectors and styles: U.S. discretionary consumption upgraded from underweight to overweight, healthcare sector upgraded from neutral to overweight, small-cap stocks upgraded to overweight, outperforming large-cap stocks. 3. U.S. Dollar Index: Expected to decline to 94 in the first half of next year and rebound to 99 by year-end. 4. Commodities: Gold target at $4,500 per ounce, copper target at $10,600 per ton, Brent crude oil target maintained around $60 per barrel. 5. European stock performance: MSCI Europe Local Currency Index year-end target raised from 2,250 points to 2,430 points.