Group 1 - The core reason for the strengthening of the US dollar since March is the relatively smaller impact on the US economy amid the Middle East conflict, leading to a return of funds to dollar assets, but this is not indicative of a liquidity crisis [1] - The narrative of a "weak dollar" has ended, reversing the previous trend of funds flowing from dollar assets to physical and other financial assets due to the US-Iran conflict [1] - Recent trends indicate that the strength of the US dollar may be nearing its end, with a potential confirmation of price bottoms for physical and non-US assets [1] Group 2 - Since late February, the vitamin market in Europe and domestically has experienced significant price volatility due to escalating Middle East conflicts and energy cost pressures, with Vitamin A prices increasing by nearly 82% and Vitamin E by over 75% [2] - The pharmaceutical team at Zhongyou Securities notes that the market space for related products may see effective recovery due to the combination of reversed supply-demand dynamics and geopolitical catalysts [2] - The raw material drug sector is currently driven by a dual momentum of "fundamental turning point + price increase expectations," with limited new capital expenditure in the past three years and a significant recovery potential for specific products like sartans and statins [3]