This year, trading Hong Kong, US stocks, and A-shares is indeed more profitable than trading cryptocurrencies.

2025 is a year of simultaneous acceleration and mutual compression of capital, institutions, technology, and politics.
Written by: Frank, McTong MSX Research Institute
All that is past is prologue.
As we reach the end of 2025, reflecting on the past 12 months of the US stock market and global financial markets, it is challenging to encapsulate this year with linear terms like 'rise' or 'correction'. Instead, it resembles a series of intense, mutually compressive structural changes—technology acceleration, capital expansion, political polarization, and institutional loosening occurring simultaneously and amplifying each other within the same cycle.