Goldman Sachs(US:GS) Hua Er Jie Jian Wen·2025-06-27 02:02Group 1 - The core viewpoint is that the market has shifted from a crisis phase to a response phase, driven by the Federal Reserve's anticipated interest rate cuts, leading to a significant upward revaluation of risk assets [1][2] - Systematic macro strategies are losing dominance, with asset management capital declining by approximately one-third from peak levels, indicating a shift towards subjective judgment and position allocation rather than automated trend-following [1][6] - The current macro environment is characterized by a transition from a focus on liquidity to an emphasis on fiscal policy, geopolitical factors, and the Federal Reserve's response mechanisms, necessitating real-time interpretation of macroeconomic turning points [4][6] Group 2 - Financial conditions have significantly eased, evidenced by declining long-term yields, tightening credit spreads, a weaker dollar, and improving real wage dynamics, which support the upward revaluation of risk assets [2][3] - The definition of bull and bear markets is evolving, with a focus on market response functions rather than traditional price movements, indicating a need for traders to adapt to event-driven macro markets [4][6] - Investment opportunities are emerging in sectors such as artificial intelligence, biotechnology, and cryptocurrencies, with a notable emphasis on Bitcoin as a representation of the new era [6][7]