马年开工！左手抗风险，右手抓超额

Global Market Performance - The U.S. Supreme Court ruled that the previous global tariffs imposed by the Trump administration were unconstitutional, leading to the cancellation of over $160 billion in tariffs, which could allow companies to claim refunds [1] - Following this, Trump announced a temporary 10% tariff on global goods, which was raised to 15% shortly after, set to take effect on February 24 [1] - The geopolitical tensions between the U.S. and Iran, along with the tariff fluctuations, contributed to a significant rise in gold prices, with international spot gold increasing nearly 6% over four days [1] Stock Market Performance - The South Korean KOSPI index surged by 6.2%, driven by strong performances in the semiconductor and AI sectors, with major companies like Samsung Electronics and SK Hynix reaching new highs [2] - European stock indices also saw gains, with France's CAC40 up 2.23%, the UK's FTSE 100 up 2.28%, and Germany's DAX up 0.31%, supported by economic recovery expectations and rising energy prices [2] - U.S. stock markets exhibited mixed results, with the Nasdaq up 0.36%, the S&P 500 nearly flat, and the Dow Jones down 1.4%, reflecting differing views on the U.S. economic recovery [2] Hong Kong Market Performance - The Hang Seng Index rose by 1.94%, aligning with the global stock market trends, while the Hang Seng Tech Index showed resilience with a slight increase of 0.47 [3] - The index experienced fluctuations during the holiday period, with a notable drop of 2.91% on February 20, followed by a rebound of 3.34% on February 23, driven by semiconductor and internet stocks [3] Commodity Market Performance - The commodity market emerged as the biggest winner during the holiday, particularly in precious metals and energy sectors, with silver prices soaring by 13.9% and gold prices increasing by 3.6% [4][14] - WTI crude oil rose by 5.57% and Brent crude by 5.5%, influenced by geopolitical tensions and OPEC+ maintaining production cuts, which raised concerns over energy supply [4][15] - Other commodities showed mixed performance, with LME aluminum up 0.8% and copper up 0.6%, while some commodities like LME tin and soybean meal experienced slight declines [5][15] Film Industry Performance - The 2026 Spring Festival box office totaled 5.752 billion yuan, marking a nearly 40% decline compared to the previous year, indicating a cooling trend in consumer sentiment [6][17] - The average daily box office fell below 1 billion yuan, reflecting a significant drop in performance during what is typically a peak season for the film industry [7][17] - The top film, "Fast Life 3," grossed 2.927 billion yuan, but overall performance was disappointing compared to previous years [8][18] Investment Insights - The investment landscape has shifted, emphasizing the importance of core assets and strategic allocation to navigate market cycles effectively [9][19] - Precious metals, particularly gold, are highlighted for their long-term investment value due to their safe-haven attributes and industrial demand [9][19] - The CTA strategy is gaining traction as a risk management tool, providing diversification and the ability to hedge against geopolitical and inflationary risks [10][20]