Report Industry Investment Rating - Not provided in the given content Core Viewpoints - If Dalio's "ultimate battle" view becomes a consensus in the financial market, it will profoundly impact future global asset allocation. If the US fails to control the Strait of Hormuz, it will be negative for the US dollar, US Treasuries, and even the US stock market. Conversely, if the US seizes control of the Strait of Hormuz, it will be positive for the US dollar, US Treasuries, and support the valuation of the US stock market. The situation for gold is more complex. If the US seizes control, although inflation decline may restart interest rate cuts, it may not be sufficient to drive gold prices back into a continuous upward trend. If the US fails to control the strait, although the suspension of interest rate cuts will put short - term pressure on gold prices, the logic of reserve asset substitution may drive gold prices back up after inflation pressure is fully released [3]. Summary by Directory High - frequency Data Scanning - Dalio's "ultimate battle" view in the Strait of Hormuz, if it becomes a consensus, will affect global asset allocation. The US Marine Corps Expeditionary Force is expected to arrive in the Middle East in about a week and may seize Iranian islands near the Strait of Hormuz. The outcome of the island - seizure operation may be indicative of the "ultimate battle." This week (the week of March 21), the average wholesale price of pork decreased by 3.40% week - on - week and 22.42% year - on - year; the average wholesale price of 28 key monitored vegetables decreased by 2.40% week - on - week and increased by 1.12% year - on - year. In the week of March 13, the edible agricultural product price index decreased by 1.10% week - on - week and increased by 2.11% year - on - year. The domestic cement price index increased by 1.64% week - on - week; the operating rate of coking enterprises with a capacity of over 200 tons decreased by 0.03% week - on - week; the rebar inventory index decreased by 0.20% week - on - week; the rebar price index increased by 0.48% week - on - week; the blast furnace operating rate of 247 domestic steel mills increased by 1.84% week - on - week. In the week of March 13, the production material price index increased by 2.00% week - on - week and 4.58% year - on - year [1][3]. High - frequency Data Panoramic Scanning - The report presents multiple charts showing various high - frequency data, including the relationship between US stocks and bonds, the relationship between gold prices and US Treasury yields, and the week - on - week changes of high - frequency data. For example, in the week - on - week change of high - frequency data, the average wholesale price of pork decreased by 3.40% week - on - week, the edible agricultural product price index decreased by 1.10% week - on - week, and the production material price index increased by 2.00% week - on - week [11][12][16]. Comparison of High - frequency Data and Important Macroeconomic Indicators - Multiple charts show the relationship between high - frequency data and important macroeconomic indicators, such as the relationship between the year - on - year change of copper spot price and the year - on - year change of industrial added value (+ year - on - year change of PPI), the relationship between the year - on - year change of daily crude steel output and the year - on - year change of industrial added value, etc. [20][21][23]. Important High - frequency Indicators in the US, Europe, and Japan - The report shows charts of important high - frequency indicators in the US, Europe, and Japan, including the US weekly economic indicators and actual economic growth rate, the first - week unemployment claims and unemployment rate in the US, etc. [88][90][92]. Seasonal Trends of High - frequency Data - The report presents the seasonal trends of high - frequency data through multiple charts, such as the seasonal trends of daily crude steel output (ten - day average), production material price index, etc. [100][102][105]. High - frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - The report shows the year - on - year changes of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen through charts [146][148][151].