Report Industry Investment Rating No relevant content provided. Core Viewpoints - The essence of the victory narrative lies in the logic that victory equals justice, which is closer to a communication concept. The probability of continuous easing of Sino-US relations may be higher than that of escalation of confrontation. Steepening the US Treasury yield curve may have high cost-effectiveness, and interest rate cuts and order shocks are expected to form a double drive for the gold price [1]. Summary by Relevant Catalogs Victory Narrative Connotation - The victory narrative requires both "substance" and "appearance." The Trump administration seizes every political achievement for publicity to create a "substance" of victory and maximizes the use of ambiguous events through public opinion to form the "appearance" of victory. It is more of a communication concept, with objective facts as the basis and "secondary processing" as the key [2][15]. Victory Narrative Essence - The essence is the narrative logic that victory equals justice. The Trump administration needs to strengthen the victory narrative because Trump's maverick style conflicts with traditional politicians, and the internal camp opposition in the US is intensifying. The Trump administration emphasizes material interests and downplays ideology, and needs continuous victory to justify its actions and boost market sentiment [3][17]. Sino-US Relations from the Perspective of Victory Narrative - The complementary economic characteristics of China and the US are the basis for judging the current Sino-US relations. The inflation problem in the US hinders Trump's interest rate cut proposal, while stable or expanding Chinese exports to the US can help ease US inflation. Based on Trump's policy demands and the economic environment, the probability of continuous easing of Sino-US relations is higher than that of escalation of confrontation [4][27]. Trends of Major Asset Classes under the Background of Victory Narrative - For short - duration US Treasuries, the key is how much interest rate cut expectations are included in the current interest rate; for long - duration US Treasuries, risks such as secondary inflation from tariffs and fiscal deficit monetization cannot be ignored. A strategy of going long on short - duration and short on long - duration to steepen the curve may have high cost - effectiveness. For gold, interest rate cuts and order shocks are expected to form a double drive [5].