Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Global financial assets are being reallocated, with funds flowing to Chinese assets, and A-shares are expected to evolve into a capital-driven upward trend [2][3][4] - Multiple factors, including US debt monetization, countervailing tariffs, crude oil price surges, and China's anti-involution efforts, are contributing to a global inflationary trend [2][14][18] - Various factors such as Fed rate cut expectations and China's anti-involution are influencing the prices of different asset classes, including equities, commodities, gold, bonds, and foreign exchange [3][4][32] Summary by Related Catalogs Geopolitical Situation - The Israel-Iran ceasefire is a prelude to a larger conflict, and Iran may become "Gaza-like." Israel's actions against Iran are likely to occur in four steps [10] Crude Oil Market - The crude oil price surge in June was likely the first wave. In the context of the Israel-Iran conflict, future disruptions to Iran's oil production and potential blockades of the Strait of Hormuz could cause oil prices to skyrocket, similar to the 1970s [12][16] Global Inflation - US debt monetization, countervailing tariffs, crude oil price pulses, and China's anti-involution efforts are jointly contributing to a global inflationary curve [2][14][18] Global Financial Asset Reallocation - Global investment institutions are "de-Americanizing," selling US stocks, bonds, and the dollar, and reallocating funds to Chinese assets [2][20][23] Equity Market - Global financial asset reallocation and the migration of household savings and insurance funds to the stock market are driving A-shares towards a capital-driven upward trend [2][3][32] Commodity Market - China's anti-involution and Fed rate cut expectations are expected to help industrial product prices recover [3][32][36] Gold Market - Stablecoins are replacing the dollar in trade settlements, accelerating the decline of the dollar's credit, while gold is still in a technical adjustment phase [3][41][43] Bond Market - With a large-scale bond issuance and the central bank removing the mention of "timely reserve requirement ratio and interest rate cuts," the bond market faces certain pressures [44] Foreign Exchange Market - China is expected to achieve a double surplus in trade and capital, and the offshore RMB exchange rate is expected to continue strengthening [3][4][45] July Outlook for Various Asset Classes - **Equity Assets**: Global financial asset reallocation and the migration of household savings are driving funds into Chinese equities [4][46] - **Commodities**: Anti-involution and Fed rate cut expectations are expected to boost industrial product prices [4][36][46] - **Gold Assets**: Stablecoins are replacing the dollar in trade, and gold is in a technical adjustment [4][41][46] - **Bond Assets**: The central bank's policy adjustment and large-scale bond issuance are putting pressure on the bond market [4][44][46] - **Foreign Exchange Assets**: A double surplus in trade and capital is expected to strengthen the offshore RMB [4][45][46]