Recent escalation in the Middle East situation continues to evolve market pricing regarding Iran conflicts. Our assessment is: The US is highly unlikely to commit ground forces, while Iran is more likely to leverage external pressure to legitimize and reshuffle its internal power structure. A 20% rise in oil prices would trigger policy-level responses from the US, with overall risks remaining controllable. Until oil prices fall below $100, geopolitical premiums will continue to unsettle market sentiment. However, long-term trends (particularly in commodities/precious metals) remain in an upward trajectory, and we plan to add new positions on dips.
Against this backdrop, we are focusing on three core themes:
First, Commodities and Resources. Geopolitical risks coupled with the restructuring of the credit system keep gold prices elevated. We maintain a positive outlook on the precious metals sector and have gradually positioned in gold mining-related assets. Copper, as a medium to long-term allocation, will benefit from future liquidity expansion cycles—closely monitor entry opportunities.
Second, Digital Assets. BTC has recently outperformed equities but has not yet shown clear trend reversal signals. We remain cautiously observant, prioritizing drawdown control while awaiting confirmation of a turning point in USD liquidity.
Third, AI and Technology. Current market pricing for AI leaders appears relatively full, making it difficult to find short-term超额 consensus in the near term. Future performance will heavily depend on changes in the global liquidity environment.
Overall, we continue to center our strategy around two core tenets: "Restructuring of the Traditional Credit System" and "The East Rises as the West Declines," focusing on RMB-denominated resource assets to seek elasticity within certainty.
