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2025 2nd Half Market Outlook: Navigating Through Uncertainties

06 Jul 2025

Risk sentiment received a further boost in May following the temporary trade truce between the US and Chinese Mainland, which included a reduction in effective tariffs on Chinese exports to the US. Investors grew optimistic that additional agreements could be struck with other trading partners, helping global equity markets extend their gains. However, following this relief rally, global asset valuations have become elevated. At this stage, we maintain a cautious stance toward US policy risks, particularly those related to tariffs, fiscal deficits, and Middle East tensions. We observe rising stagflation risks in both the US and Japan, as reflected in elevated long-term yields and steepening yield curves, while fiscal and monetary policies in the Eurozone and Chinese Mainland remain relatively constructive.

德林控股集團有限公司
DL HOLDINGS GROUP LIMITED
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1709.HK)

Important statement:

Statement on the fraudulent use of the name "DL Holdings Group Limited" for false propaganda and illegal business

DL Holdings Group Limited (1709.HK) has recently become aware of the fraudulent use of the company's name for illegal activities in Mainland China and Hong Kong SAR. The company has discovered that certain individuals are using the names "DL Family Office" and "DL New Economy Research Institute" for brand impersonation, network fraud, false product promotion, and other unlawful activities.

DL Holdings hereby solemnly declares that it has never authorized any company, organization, or individual in Mainland China, Hong Kong, Macao, or Taiwan to use the "DL" brand, nor has it issued any products or authorized services in Mainland China. The company only has branches in Hong Kong, Shanghai, Singapore, and the San Francisco Bay Area. Any unofficial "DL" accounts and statements on online platforms, online groups, or internet platforms are illegal, and DL Holdings has taken legal action against any such illegal activities.

If you come across any such situations, please report them immediately to the local public security authorities.

The official website of DL Holdings, www.dl-holdings.com, and the official WeChat account "德林控股DL HOLDINGS" are the only sources of the company's information disclosure and news releases.

DL Holdings hereby declares that it is committed to protecting its brand and reputation and will not tolerate any fraudulent activities carried out in its name.

DL Holdings Group Limited
21st Dec, 2023

The official channels of DL Holdings are as follows:

Official Website	: https://www.dl-holdings.com/
LinkedIn	: https://www.linkedin.com/company/dl-holdings-group/
WeChat Offical Account	: 德林控股 DL HOLDINGS
FUTU Offical Account	: 德林控股 DL Holdings

Apart from the above official channels, the Group hereby reminds the public that any websites or messaging groups claiming to represent DL Holdings are not authorized by DL Holdings and are potentially involved in falsehood and fraud. It is crucial for individuals to remain vigilant and cautious about the authenticity and reliability of the relevant information. Individuals are strongly advised to exercise caution and be wary of any individuals or groups making claims of affiliation with DL Holdings, DL New Economy Research Institute, or posing as their employees.

If the public has encountered any suspicious incidents or has doubts about the person, platforms, websites or institutions associated with DL Holdings in mainland China or Hong Kong, please contact us via DL Holdings hotline (852) 3890 2900 or by sending an email to info@dl-holdings.com. Additionally, it is advisable to notify the local police authorities for further assistance.

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