Sou Hu Cai Jing·2026-02-27 00:20Core Viewpoint - The restructuring of the international monetary order will remain a key theme for global assets in 2026, with support for a bull market in Chinese stocks and gold, and an expectation that Chinese stocks will outperform U.S. stocks [1] Group 1: Market Trends - 2025 is expected to be a year of accelerated restructuring of the international monetary order, continuing into 2026 [1] - The "new order" of monetary restructuring will not happen overnight, and the global reassessment of capital is a process that is still strengthening, favoring a slow bull market [1] - The revaluation of Chinese assets is still ongoing [1] Group 2: U.S. Monetary Policy - The "WASH shock" is anticipated to influence the Federal Reserve's easing policies, with current political, economic, and market constraints suggesting that aggressive balance sheet reduction is not feasible [1] - The WASH shock may lead to interest rate cuts by the Federal Reserve that exceed market expectations, but it will not reverse the decline in the Fed's credibility and the safety of dollar assets [1] Group 3: Investment Recommendations - The company recommends an overweight position in Chinese stocks and gold, a benchmark allocation in commodities, U.S. stocks, and U.S. Treasuries, and an underweight position in Chinese government bonds [1]