洪灏：2026年将为投资者带来“改运逆命”的机会

Group 1 - The core viewpoint of the article is that the Federal Reserve is likely to continue lowering interest rates in January, driven by tightening short-term liquidity in the U.S. and high repo rates exceeding benchmark rates, which will compel the Fed to expand its balance sheet and cut rates [1] - The speaker, Hong Hao, suggests that the long-term inflation expectations in the U.S. are unlikely to decline, and if the Fed persists in lowering rates while inflation expectations remain high, it could weaken the dollar's credibility and drive up precious metal prices [1] - Gold is currently viewed as fairly valued around 4500, and in the new credit system, it serves as an "anchor" for all valuations, with silver also expected to have further upside potential [1] Group 2 - In a recent Bloomberg interview, Hong Hao expressed optimism about asset performance in a liquidity-rich environment, indicating a preference for all asset classes [2] - He previously identified 4000 points as a potential support level for the market, and as of the beginning of the year, the market has quickly risen to 4100 points [2]