资金撤出最冒险的角落

Market Overview - Asian stock markets continue to decline, with losses greater than those in the US markets, as A-shares drop by 1%, Hong Kong stocks by 2%, and Japanese stocks by 3% [2] - The Asian stock market has broken below the 50-day moving average, signaling an accelerated bearish trend, with the S&P 500 index also falling below this average for the first time in 139 days [2] - Bitcoin has plummeted by 5%, falling below $90,000, indicating a withdrawal of funds from high-risk assets [2] Market Sentiment - The current market downturn is characterized by a collective contraction rather than a reaction to bad news, akin to a driver instinctively braking before entering a tunnel [3] - The market is experiencing a threefold pressure of fear, fatigue, and anticipation, with concerns about Nvidia's earnings, strong non-farm payrolls leading to potential interest rate hikes, and the sustainability of AI valuations [2] - Investors are waiting for key events such as Nvidia's earnings report, non-farm payroll data, and the Federal Reserve's meeting minutes, as well as clear signals regarding interest rate cuts in December [2] Investment Strategy - The company suggests that this week is a "turning point week" rather than an observation week, with a low probability of sideways movement in various assets including the US dollar, A-shares, Chinese government bonds, US stocks, gold, silver, oil, and Bitcoin [4] - Insights into the 2026 outlook for China indicate that the secret to profitability will be revealed, alongside an analysis of a key action by the People's Bank of China that may signal the onset of a bull market [4]