This report evaluates how global markets are responding to recession fears, highlighting impacts from regional economic policies. It details Japan's Nikkei 225 downturn following a rate hike, labor market slowdown in the US, gold's increased stability value, major fluctuations in crypto and the correction of Chinese stock market amidst current global uncertainty.

The demand for crypto-backed financing is expanding as altcoins like Solana gain prominence, offering diverse opportunities beyond Bitcoin and Ethereum. These altcoins are attracting attention due to their innovative features and potential for high returns, supported by technological advancements and strategic partnerships.

2024年上半年，美国和日本经济表现强劲，而中国则面临挑战。下半年将关注利率变动和地缘政治影响。

这份报告探讨了人工智能（AI）的快速发展，特别是像OpenAI的ChatGPT这样的大型语言模型的出现及其对科技行业的影响。报告全面概述了这行业的领导者，并分析了他们对美国和中国股市的影响。在美国上市的著名AI股票包括英伟达、AMD、微软、Meta、谷歌和台积电，在香港上市的有商汤科技、百度和腾讯。

在2024年3月14日发布的第43期《中国政策支持展望报告》中，我们指出恒生指数的市盈率为8倍，处于历史低位，并在5月20日经历一轮上涨后上升至9.5倍。2024年初，中国实施了多项支持政策以提振市场信心并刺激经济增长，从而使指数在两个月内上涨了16%。第45期报告我们继续分析2024年4月和5月的关键事件及其对恒生指数的影响，深入探讨了从2020年到2024年，监管变化、地缘政治紧张和经济刺激措施如何塑造香港资本市场的表现。

This edition details the evolution of the crypto market in 2023 and 2024, which have been pivotal periods. Bitcoin, Ethereum and Solana prices have recovered, surged and gained confidence among investors. Key developments like Bitcoin ETF approvals and Ethereum's upgrades highlight increased institutional adoption and technological progress in the crypto ecosystem. This growth reflects a transformative shift in the financial landscape, positioning crypto as viable components of investment portfolios, outperforming traditional assets.