According to the CITIC Construction Investment Research Report, the macroeconomic task is to seize the main contradictions in assets. CITIC Construction Investment has always insisted that technology and geography are the most important asset lines in 2026. At first, the market didn't think that geography would affect technology. As the shortcomings of AI credit financing were revealed, the US and Iran fell into a protracted “fight and talk” trend, and European and American debt continued to be exposed. Since August, the market has begun to worry about liquidity risks. The relatively weak and volatile technology sector also stemmed from this. CITIC Construction Investment suggests that global oil and gas availability has increased since September, and the current global liquidity risk is manageable. The key to overseas liquidity risk assessment is the holding of US assets by European and Japanese funds. We will keep a close eye on this in the future. Compared to where the US bond interest rate is currently hotly debated, and how many times the Federal Reserve finally raised interest rates, CITIC Construction Investment believes that the real liquidity risk is often exposed to shrinking liquidity rather than absolute interest rates. Focus on interest rates as much as on the amount of liquidity.

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