Group 1 - The short-term uncertainty in energy supply has increased due to the closure of the Strait of Hormuz, which carries about 20% of global oil supply, leading to a rise in Brent crude oil prices from $72.9 per barrel on February 27 to $77.7 per barrel on March 2 [1][6] - The cost and risk premium in global shipping have risen as tensions escalate in the Red Sea, with the Suez Canal being a critical trade route that handles over 15% of global goods trade and more than 30% of container traffic [2][7] - The global aviation and tourism industries are experiencing short-term structural impacts, with many flights canceled and airspace closed in the Middle East, affecting travel plans and leading to adjustments in airline and travel agency operations [3][8] Group 2 - Inflation risks in the US and Europe have increased, with uncertainty surrounding monetary policy paths as geopolitical risks from the Middle East lead to rising oil prices and increased supply chain costs [4][9] - Global risk aversion has risen, with precious metals gaining attention as safe-haven assets amid inflation concerns, while the safe-haven function of US Treasuries and the Japanese yen has diminished [5][11] - The focus on "global security deficits" has increased, with geopolitical risks prompting discussions on economic autonomy, trade diversification, and national defense security [6][13] Group 3 - Certain export sectors in China are facing short-term impacts, emphasizing the importance of expanding domestic demand and building a strong domestic market, particularly in machinery and automotive exports to the Middle East [7][14] - The economic resilience of major economies will face objective testing, with the South Korean market showing significant adjustments due to its trade dependency and the impact of a rebounding US dollar on emerging market liquidity [8][15] - External uncertainties are increasing, highlighting the resilience of domestic demand in China as a key factor, with some Chinese assets benefiting from structural pricing advantages amid global narrative shifts [9][16]