策略点评：无恐惧，不贪婪

Group 1 - Global risk assets experienced a broad decline, with significant drops in both US and Chinese indices, particularly in technology stocks [2][5][6] - The decline in asset prices is attributed to overseas risk events, including the potential impact of the US government shutdown and renewed trade tensions between the US and China [2][5][6] - The VIX index, a measure of market volatility, has increased but remains below extreme levels, indicating that the market is not in a state of panic [6][10][12] Group 2 - Since April, asset prices have gradually recovered from a period of excessive pessimism, aided by positive developments such as fiscal expansion in the US and capital expenditures from tech giants [3][7][12] - The report highlights two potential paths for the US economy: one indicating a late-stage stagflation in the service sector and another showing early recovery in manufacturing [12][17] - The upcoming earnings season for US technology companies is crucial to observe whether expectations will align with reality [12][17] Group 3 - The report suggests that while there is no current panic in the market, the higher valuation levels compared to April indicate a lack of "greed" [17] - For Chinese assets, the previous gains were largely driven by alignment with overseas technology trends, which may pose vulnerabilities in the short term [17] - The report recommends focusing on domestic policies and sectors that may benefit from a recovery in domestic demand, such as food and beverage, aviation, and real estate [17]