Core Viewpoint - The announcement by Anshi Semiconductor China to resume supply and settle transactions in RMB signifies a significant shift in the semiconductor industry and reflects the complexities of the international economic landscape [1][3]. Group 1: Supply Chain and Economic Impact - Anshi Semiconductor's decision to switch all transactions to RMB is a strategic move that challenges the dominance of the US dollar in international trade, particularly in the semiconductor sector [3]. - The ongoing chip shortage has severely impacted the global automotive industry, with companies like Volkswagen halting production of certain models due to supply constraints [3]. - The German Automotive Industry Association (VDA) has warned that if Anshi Semiconductor's supply does not quickly recover, there could be widespread production halts across Europe and the US [3]. Group 2: Geopolitical Context - The tensions arose after the Netherlands, under US pressure, restricted high-end chip equipment exports to China and attempted to interfere with Anshi Semiconductor's management [1][5]. - The situation illustrates a significant shift in global economic dynamics, as the Netherlands' alignment with US policies against China's high-tech industries may backfire, undermining its own industrial base [5][7]. - China's control over critical resources, such as rare earth elements, poses a potential threat to the Netherlands if political miscalculations continue, which could lead to a raw material crisis for European high-end manufacturing [5]. Group 3: Future Implications - The move towards RMB settlement not only highlights China's economic potential but also accelerates the internationalization of the RMB, forcing Western companies to reconsider their transaction methods with China [3][7]. - The unfolding semiconductor conflict represents a broader economic transformation, with the potential for significant shifts in market leadership depending on how companies navigate these changes [7].

Group 1 - The core viewpoint emphasizes the need to reassess the declining attractiveness of U.S. assets and its implications for financial stability both domestically and internationally [1][2] - Recent market trends indicate a noticeable decrease in the safe-haven demand for U.S. assets during periods of stress, raising concerns among investors regarding the handling of U.S. assets [1] - The Federal Reserve's meeting minutes highlighted that the persistent shift in the correlation of U.S. assets and the decline in their safe-haven status could have long-term economic impacts [1] Group 2 - The sharp turn in trade policy is reshaping global supply chains and amplifying corporate financial vulnerabilities, making it increasingly critical to understand the intersection of corporate financial health and international trade exposure [2] - The imposition of tariffs has introduced significant uncertainty, which may suppress economic activity and potentially increase inflation [2]

Core Viewpoint - The "BRICS+" alliance is emerging as a counterbalance to the G7, reshaping the global economic landscape and necessitating a thematic and active management investment approach [1][2][8]. Group 1: Transformation of World Order - The global order is shifting from a US-centric model to a more diversified structure, with competition and cooperation between "BRICS+" and the G7 expected to coexist long-term [2]. - The competition for resources, particularly in technology, energy, and commodities, is becoming central to future economic growth, with BRICS countries holding strategic advantages in these areas [3][19]. Group 2: Investment Methodology Reconstruction - The traditional dichotomy of "developed" and "emerging" markets may no longer be applicable, as investment opportunities will focus on growth drivers rather than conventional market classifications [4][12]. - The rise of thematic investing is becoming a new paradigm, where investors should adopt strategies based on core growth drivers and diversify across private and public market securities to capture growth opportunities in a divided world [5][23]. Group 3: Key Drivers of Change - The investment landscape is evolving, with key growth drivers including technology, energy supply, commodities/resources, and productivity advantages [24]. - The nature of these drivers is changing, with increased demand for energy due to new technologies and a shift in economic positions among nations based on their resource endowments [15][17]. Group 4: Geopolitical and Economic Implications - The rise of "BRICS+" is prompting a reevaluation of asset management practices, as the evolving alliance and fragmented world order will have profound impacts on investment methodologies and asset classification logic [10][20]. - Economic resilience is becoming a strategic priority for many countries, leading to diversification of industries and a focus on domestic production, which may increase inflation in the short to medium term [22].