Orient Securities(SH:600958) Orient Securities·2026-01-26 11:42Group 1 - The report indicates that the risk assessment for the US and Japan is rising, while the domestic risk assessment in China is steadily declining, making low-risk equity assets like A-shares relatively superior [7][20][30] - Gold and strategic metals within commodities continue to hold investment value, benefiting from the global low-risk characteristics of equity assets [7][20][30] - The report highlights that the trend for risk assets remains strong, with A-shares, commodities, and gold showing robust performance, while US stocks are experiencing overall fluctuations [21][30] Group 2 - In the expectation dimension, domestic supply remains strong while demand is weak, indicating a need for more support for domestic consumption [14][15] - The uncertainty surrounding US policies is increasing, leading to a rise in the risk assessment of dollar-denominated assets [16] - The Bank of Japan has maintained its policy interest rate, but the fiscal outlook is becoming increasingly uncertain due to the dissolution of the House of Representatives [17]