JinkoSolar: Expected net loss of 5.9 billion to 6.9 billion yuan in 2025

After the market digested the impact of interest rate hikes, US stock index futures stabilized first after hours, providing support for sentiment in Asia-Pacific markets. The Nikkei 225 Index opened up by as much as 0.9%, but later pared gains to 0.18%. Major Korean stock indices also opened higher but then retreated. Australia's 10-year government bond yield edged down by 2 basis points. Gold prices rebounded by 0.3%, approaching the $4,300 mark.

Bob Michele from JPMorgan Asset Management stated that his team has started buying long-term bonds from the United States, Japan, and Australia, saying that current prices are "simply too cheap." Michele believes that a series of central bank actions and potential stabilization trends in the Middle East are key driving factors supporting the debt market.

Gundlach believes the market has entered a "difficult phase." The excessive expansion of AI capital expenditures intertwined with the rapidly growing private credit market is bound to lead to a reckoning; credit spreads related to AI have already widened significantly, and the complex risk exposures between private credit and the insurance industry will trigger severe consequences in the next downturn. He has reduced his portfolio's AI exposure to zero and shifted toward equal-weight equities, high-quality bonds, local currency emerging market debt, and gold commodities.