Cathay Pacific Haitong released a research report saying that current energy prices and AI industry trends are still the main variables affecting risk appetite and asset performance in the global market. Considering that the situation in the Middle East still has great uncertainty, we need to continue to pay attention to its impact on energy prices and global liquidity. It is recommended to overallocate A shares, US stocks, Japanese stocks, and treasury bonds. From a macro perspective, the systemic downside risk of A-shares is limited, underpinned by market stabilization policies. From a trading perspective, the early adjustments have already released some pessimism. Further pessimistic cost performance has declined. Recently, the rise and fall rate of the stock index has declined at the same time as the rise and fall in stock transaction value, and the transaction change index is close to the two standard deviation regions below the historical center. The current configuration should focus on grasping the rebound window. In the future, it is still necessary to observe whether transactions can continue to pick up and whether the index can stabilize to confirm the strength and sustainability of the rebound.

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