Group 1 - The article highlights Huang Renxun's recent interviews following the GTC 2026 conference, emphasizing his unique perspectives that differ from market consensus [1][2] - It mentions that Huang participated in at least four interviews, with a focus on one particular engaging dialogue featuring four hosts with entrepreneurial backgrounds [1] - The discussions are noted for their depth, covering industry, investment, and policy insights, creating a dynamic exchange of ideas [1] Group 2 - Liu Yuhui's recent comments are mentioned, providing reassurance to Chinese assets, indicating that safety premium may be the most significant pricing factor for global asset classes [2] - The article references Tao Dong's insights on extreme risk aversion among Middle Eastern funds, suggesting that supply chain crises could surpass those of 2022, impacting two categories of risk assets significantly [2] - It also notes the IPO acceptance of Yushu, indicating that robotic applications are expanding from niche scenarios [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Due to the unclear situation of the geopolitical conflict, investors are advised to be cautious about risk assets in the short term. The global stagflation expectation faces significant uncertain fluctuations, and attention should be paid to the potential adverse impact of the repeated geopolitical situation on risk assets. It is relatively recommended to allocate TS and TF, while being vigilant about the drag that the further deterioration of market risk appetite may bring to the stock index, non - ferrous metals, and precious metals sectors [1]. 3. Summary by Relevant Catalogs 3.1 Overseas Macroeconomics - The situation of the Iranian geopolitical conflict continues to affect the financial market, and the war situation has fluctuated. On March 26, the Israeli Defense Forces launched a series of large - scale attacks on the infrastructure in Isfahan, increasing market concerns about the further escalation of the war. Iran has responded to the US's 15 - point cease - fire proposal through an intermediary, but believes the US's negotiation stance is part of a "third deception" plan. The market's expectation of the reopening of the Strait of Hormuz has been dashed, resulting in a rebound in oil prices and a decline in major assets. The negotiation may still be in the intermediary - mediated stage, and it is difficult to reach a complete agreement quickly in the short term [1]. 3.2 Domestic Macroeconomics - The "15th Five - Year Plan" outlines an increase in the target for the added value of the core digital economy industries on the basis of the "14th Five - Year Plan" indicator framework, and adds indicators related to people's livelihood, childcare, elderly care, and green non - fossil energy. It also prioritizes the rectification of involution - style competition and the promotion of carbon peak work, and improves the unified market and dual - carbon assessment and certification systems. The current domestic macro - economy is generally stable and has entered the verification period of fundamental reality. The domestic port container throughput and the CRB index are at seasonal highs, indicating that external demand remains resilient [1]. 3.3 Asset Views - Due to the unclear geopolitical conflict situation, investors are advised to be cautious about risk assets in the short term. Be vigilant about the potential adverse impact of the repeated geopolitical situation on risk assets. The stock index, non - ferrous metals, and precious metals sectors need to be vigilant about the drag that the further deterioration of market risk appetite may bring, and it is relatively recommended to allocate TS and TF [1]. 3.4 Market Conditions of Various Sectors - **Financial Sector**: Geopolitical disturbances continue, and risk appetite tightens. Stock index futures are affected by strong geopolitical risks and are in a volatile state; stock index options have a slight increase in implied volatility and are also in a volatile state; treasury bond futures have improved sentiment due to safe - haven demand and loose capital, and are in a volatile state [4]. - **Precious Metals Sector**: In the short term, they are in a volatile state, and attention should be paid to the risk of repeated conflicts. Gold and silver are affected by the repeated geopolitical situation, which raises inflation concerns, but the spot drive of silver is still weak, and both are in a volatile state [4]. - **Shipping Sector**: The opening freight rate of MSK has decreased month - on - month. The spot market has declined, and the passage through the strait may improve marginally. The container shipping European line is in a weakly volatile state [4]. - **Black Building Materials Sector**: The cost support has weakened, and the prices are falling from high levels. Steel, iron ore, coke, coking coal, silicon iron, manganese silicon, glass, and soda ash are all in a volatile state, affected by factors such as cost, production, and inventory [4]. - **Non - ferrous Metals and New Materials Sector**: Pessimistic sentiment has eased, and basic metals are oscillating and rising. Copper, aluminum, zinc, lead, nickel, stainless steel, tin, industrial silicon, and polysilicon are all in a volatile state, affected by factors such as supply, demand, and policies [4]. - **Energy and Chemical Sector**: The energy shortage continues to affect the market, and the chemical industry continues to oscillate and consolidate. Crude oil, LPG, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, ethylene glycol, PX, PTA, short - fiber, bottle chips, propylene, PP, plastic, styrene, PVC, and caustic soda are all in a volatile state, affected by factors such as geopolitical situation, supply, and demand [5][6]. - **Agricultural Sector**: The supply of pig sources is sufficient, and the price continues to fall. Grains, oils, livestock, and other agricultural products such as grains, oils, and livestock are in a volatile state, affected by factors such as production, demand, and policies. Among them, the price of live pigs continues to fall, and it is in a weakly volatile state [5][6]. 3.5 Market Fluctuation Data - **Financial Market**: On March 26, 2026, stock index futures such as CSI 300, SSE 50, CSI 500, and CSI 1000 all declined; treasury bond futures such as 2 - year, 5 - year, 10 - year, and 30 - year showed different degrees of increase; the US dollar index increased, and the US dollar intermediate price also changed; interest rates such as the 7 - day inter - bank pledged repo rate and the 10 - year Chinese government bond yield also changed [8]. - **Industry Index**: On March 26, 2026, most industries in the CITIC Industry Index declined, with industries such as national defense and military industry, non - ferrous metals, and electronics having relatively large declines, while industries such as coal and oil and petrochemicals had slight increases [9][10]. - **Overseas Commodities**: On March 25, 2026, energy commodities such as NYMEX WTI crude oil and ICE Brent oil declined; precious metals such as COMEX gold and COMEX silver increased; non - ferrous metals such as LME copper and LME aluminum had different trends; agricultural products such as CBOT soybeans and CBOT corn increased [11][12]. - **Domestic Commodities**: On March 26, 2026, shipping, precious metals, non - ferrous metals, black building materials, energy and chemicals, and agricultural products all showed different degrees of price fluctuations. For example, the container shipping European line increased, while gold and silver declined [13][14][15].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views - The situation of the Iran geopolitical conflict remains unclear, and it is recommended to remain cautious about risk assets in the short - term. The remarks of Trump may help reduce the probability of the tail - risk of further deterioration of the situation, but cannot substantially relieve the Strait blockade. The domestic macro - economy is generally stable, and it has entered the verification period of fundamental reality. [1] - Due to the unclear geopolitical conflict situation, investors are advised to be cautious about risk assets in the short - term. The stock index, non - ferrous and precious metal sectors need to be vigilant against the drag caused by the further deterioration of market risk preference. It is relatively recommended to allocate TS and TF. The US stagflation expectation is further strengthened, and the global stock market continues to be weak, which may suppress risk assets. [1] 3. Summary by Directory 3.1 Overseas Macro - The impact of the Iran geopolitical situation on the financial market continues, and major asset prices fluctuate significantly. Trump's 48 - hour ultimatum is still in effect, but he said that the negotiation with Iran is "progressing very smoothly", which may help reduce the probability of the tail - risk of further deterioration of the situation. Crude oil prices significantly corrected on the evening of March 23, and major asset prices rebounded. [1] 3.2 Domestic Macro - The "15th Five - Year Plan" outlines an increase in the target of the added value of the core digital economy industry, adds indicators related to people's livelihood, childcare, elderly care, and green non - fossil energy. It also focuses on rectifying involution - style competition, advancing carbon peak work, and improving the unified market and dual - carbon assessment and certification systems. The domestic macro - economy is generally stable, and the high seasonality of domestic port container throughput and the CRB index confirms the resilience of external demand. [1] 3.3 Asset Views - Be cautious about risk assets in the short - term. The stock index, non - ferrous and precious metal sectors may be dragged down by the deterioration of market risk preference. It is relatively recommended to allocate TS and TF. The US stagflation expectation is strengthened, and the global stock market is weak, which may suppress risk assets. [1] 3.4 Market Performance 3.4.1 Financial Market - On March 23, 2026, stock index futures generally declined, with the CSI 300 futures down 3.94%, the SSE 50 futures down 3.83%, the CSI 500 futures down 5.16%, and the CSI 1000 futures down 5.87%. Treasury bond futures mostly declined, with the 2 - year Treasury bond futures down 0.03%, the 5 - year Treasury bond futures down 0.06%, the 10 - year Treasury bond futures down 0.09%, and the 30 - year Treasury bond futures up 0.03%. The US dollar index rose 0.33%. [7] 3.4.2 Industry Index - On March 23, 2026, most industries in the CITIC industry index declined. Industries such as agriculture, forestry, animal husbandry and fishery, national defense and military industry, and non - ferrous metals had relatively large declines, while the coal industry rose 0.35%. [8][9] 3.4.3 Overseas Commodities - As of March 20, 2026, NYMEX WTI crude oil rose 2.66%, ICE Brent crude oil rose 0.61%, COMEX gold fell 2.47%, and COMEX silver fell 4.78%. [10][11] 3.4.4 Domestic Commodities - On March 23, 2026, shipping's container shipping to Europe line rose 7.61%, precious metals such as gold, silver, platinum, and palladium generally declined, non - ferrous metals such as copper, aluminum, and zinc had different trends, and black building materials such as steel, iron ore, and coke generally rose. Energy and chemical products such as crude oil, fuel oil, and methanol also had significant increases. [12][13] 3.5 Short - term Judgment of Each Sector - **Financial**: Stock index futures, stock index options, and Treasury bond futures are expected to fluctuate. [4] - **Precious Metals**: Gold and silver may have a corrective rebound after a short - term over - decline and are expected to fluctuate. [4] - **Shipping**: The container shipping to Europe line is expected to fluctuate weakly. [4] - **Black Building Materials**: Most varieties such as steel, iron ore, and coke are expected to fluctuate. [4] - **Non - ferrous and New Materials**: Most basic metals are expected to stop falling and fluctuate, and some varieties such as nickel and stainless steel are expected to fluctuate strongly. [4] - **Energy and Chemicals**: Most varieties are expected to continue to fluctuate due to the unclear Middle - East geopolitical situation. [5] - **Agriculture**: Most varieties are affected by geopolitical conflicts and have large fluctuations, with different trends for different varieties. [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The short - term trend of precious metals may be volatile, and continuous attention should be paid to the evolution of the Iranian situation. The market's panic has dissipated, risk assets have counterattacked, and the US - Israel - Iran conflict continues, which has a certain supporting effect on the price of gold. The statement by the US President that the war with Iran is basically over has suppressed the rise of COMEX gold and led to a small decline, while COMEX silver first declined and then rose with risk assets [1]. 3. Summary by Relevant Catalogs Market Quotes - COMEX gold futures fell 0.19% to $5148.70 per ounce, and COMEX silver futures rose 3.60% to $87.34 per ounce. The main contract of Shanghai gold rose 0.02% to 1141.12 yuan per gram, and the main contract of Shanghai silver rose 2.31% to 21738 yuan per kilogram [1]. Important Information - On March 9, the holdings of the world's largest gold ETF, SPDR Gold Trust, were 1070.71 tons, a decrease of 2.61 tons from the previous trading day. The holdings of the world's largest silver ETF, iShares Silver Trust, were 15710.91 tons, a decrease of 50.71 tons from the previous trading day [1]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March is 2.7%, and the probability of keeping interest rates unchanged is 97.3%. The probability of the Fed cutting interest rates by 25 basis points cumulatively in April is 11.5%, the probability of keeping interest rates unchanged is 88.3%, and the probability of cutting interest rates by 50 basis points cumulatively is 0.3%. The probability of a cumulative 25 - basis - point interest rate cut by June is 33.3% [1]. - US President Trump said in a phone interview that the war is basically over, which led to the dissipation of market panic, a more than 13% drop in the VIX panic index, and a large - scale counterattack of risk assets [1]. - G7 officials said that at the G7 finance ministers' meeting, a broad consensus was reached not to release oil reserves for the time being, and reserve releases and other measures would be taken to support global energy supply if necessary [1]. Market Logic - The US President's statement that the war is basically over and the consideration of controlling the Strait of Hormuz led to the dissipation of market panic and a counterattack of risk assets. The US dollar index fell 0.24% to 98.71, and the yield of the benchmark 10 - year US Treasury bond fell to 4.100%. The US - Israel - Iran conflict continues, and market risk - aversion sentiment supports the price of gold. The statement that the war with Iran is basically over suppressed the rise of COMEX gold and led to a small decline. COMEX silver first declined significantly and then rose with risk assets [1]. Trading Strategy The market has high short - term uncertainty, and investors should pay attention to controlling positions and preventing risks [2]

Core Viewpoint - The escalation of the Middle East conflict has led to a significant market reaction, with cash becoming the preferred asset as traditional safe havens like gold and bonds experienced sharp declines [1][2][3]. Market Reactions - On Tuesday, major global stock markets, U.S. Treasuries, and even gold, typically seen as safe-haven assets, faced heavy selling, indicating a broad market sell-off [2]. - The price of gold fell by 4% after reaching a four-week high on Monday, reflecting indiscriminate selling across various asset classes [4]. - Investors showed a strong preference for oil and the U.S. dollar, with Brent crude oil prices rising nearly 7% and the dollar strengthening against major currencies, reaching multi-month highs [6]. Investor Behavior - The market's response is characterized by a typical reaction to highly uncertain events, as noted by investment strategists [3]. - The simultaneous decline in stocks and bonds, with the Nasdaq dropping over 2% and the S&P 500 hitting a two-month low, indicates a risk-averse behavior among investors [7]. - The demand for cash has surged, with global money market funds seeing inflows of $47.9 billion, the highest since February 17 [9]. Cash Demand - There is a notable shift in risk management strategies, with investors pulling $9.6 billion from U.S. stock funds and $9.1 billion from other global stock funds, marking a significant withdrawal [10]. - The current market environment shows a growing demand for short-term cash instruments, as highlighted by Morgan Asset Management's chief strategist [11]. - The liquidity needs are prompting investors to use gold as a liquidity hedge, despite recent profit-taking in the gold market [11][12].

Core Viewpoint - The recent ruling by the U.S. Supreme Court against President Trump's global tariff policy has led to a significant inflow of funds into emerging market equity ETFs, indicating a renewed demand for risk assets in the market [1] Fund Inflows and Market Trends - The Avantis Emerging Markets Equity ETF experienced a net inflow of $429.5 million on the day of the Supreme Court ruling, marking the largest single-day inflow since May 13, pushing its total assets to a historical peak of $20.3 billion [1] - Year-to-date, emerging market equity ETFs have attracted over $35 billion in net inflows, with various emerging market indices hovering near historical highs [2] - Active management funds have captured nearly 15% of the inflows this year, as investors seek expertise to navigate uncertainties in developing markets [3] Regional Insights - In the emerging market ETF space, passive strategies have historically dominated, accounting for over 90% of total assets, but there is a growing interest in active management due to dissatisfaction with traditional index compositions [3] - Latin American markets, particularly Argentina, Colombia, and Brazil, are seeing increased investor interest, with the MSCI Emerging Markets Latin America Index reaching an eleven-year high [3] - The iShares MSCI Korea ETF led the inflows in the last week, attracting $694.7 million, driven by strong demand for Asian semiconductor stocks [4][9] Overall Market Data - Total assets in emerging market ETFs increased from $500.8 billion to $511.0 billion, with equity ETFs expanding by $2.52 billion and bond funds growing by $85 million [5] - The MSCI Emerging Markets Index closed at 1567.23 points, reflecting a 0.8% increase from the previous week, with no single country recording outflows [6]

Core Viewpoint - There is a significant divergence within the Federal Reserve regarding the path of interest rate cuts, with some officials supporting cuts after inflation declines, while the majority emphasize the need to maintain a "dual" rate guidance due to slow inflation progress and reduced employment downside risks [2] Group 1: Federal Reserve's Internal Disagreement - Some officials advocate for interest rate cuts following a decrease in inflation [2] - The majority of committee members highlight the slow progress of inflation and the need to retain a "dual" rate guidance to allow for potential rate hikes in response to high inflation [2] Group 2: Labor Market and Interest Rate Outlook - Federal Reserve Governor Milan indicates that improvements in the labor market may lead to fewer interest rate cuts this year [2] - The expectation of a prolonged high-interest environment raises concerns about tightening liquidity, which increases financing costs and creates headwinds for risk assets [2]

Core Viewpoint - The January labor market data in the U.S. is favorable for risk assets, indicating a solid employment foundation that can further drive consumer growth [1] Group 1: Labor Market Data - The employment data suggests that the current labor market does not require additional monetary easing measures to maintain growth [1] - Seasonal factors significantly influence January data, which may exaggerate the performance of the monthly employment report [1] Group 2: Investor Sentiment - Investors have shifted their expectations for a Federal Reserve rate cut from June to July due to the positive labor market data [1] - Improved economic growth outlook has fully offset the pressure from rising interest rates [1]

Core Viewpoint - Coeur Mining (CDE.N) has experienced significant stock price volatility over the past week, reflecting high trading activity driven by fluctuations in the precious metals market [1] Price Movement Summary - On February 5, the stock price dropped by 7.90% - On February 6, it rebounded with a rise of 12.19% - On February 9, it continued to increase by 7.42% - On February 10, there was a slight pullback of 0.83% - The latest closing price on February 11 was $22.67, resulting in a cumulative increase of 9.25% over the period and a price fluctuation of 22.22% [1] Market Drivers - The recent volatility in the precious metals market is identified as the core driver of the stock's performance - On February 5, a significant drop in Bitcoin led to a reassessment of safe-haven assets, causing both gold and silver prices to decline - Breakthroughs in U.S.-Iran nuclear negotiations from February 6 to 7 eased geopolitical tensions, prompting a return of funds to risk assets - On February 9, gold prices rose above the $5,000 mark, further boosting mining stocks - Increased volatility in the U.S. stock market, particularly concerning technology sector capital expenditure plans, has indirectly affected market sentiment [1] Institutional Outlook - Institutions maintain a positive outlook on Coeur Mining, with seven firms setting a target average price of $25.14, indicating potential upside from the current price - 86% of institutions have rated the stock as a buy or hold - Earnings forecasts suggest a significant year-on-year increase in quarterly earnings per share, with a projected growth of 2100% in the second quarter of 2025, reflecting expectations for precious metal prices and improvements in company operations [1]

Group 1 - The U.S. stock market experienced a significant rebound, with the Dow Jones Industrial Average surpassing 50,000 points, indicating a historical high driven by multiple factors [1] - Chinese concept stocks were favored as representatives of "overseas growth stocks," with the Nasdaq Golden Dragon China Index rising by 3.71%, reflecting a re-evaluation of Chinese companies' overseas valuations [1] - The performance of Chinese companies in overseas markets suggests a reassessment of global capital towards China's technology and consumer sectors, although this assessment is contingent on macroeconomic stability and regulatory expectations [6][8] Group 2 - Precious metals and cryptocurrencies saw a dual rebound, with spot gold rising nearly 4% and silver soaring nearly 10%, indicating a return of risk aversion and increased demand for safe-haven assets [2] - The cryptocurrency market experienced significant volatility, with over 300,000 liquidations occurring in the past 24 hours, highlighting the risks associated with leveraged trading in extreme market conditions [2] - Oil prices showed marginal increases, with NYMEX crude and Brent crude at $63.5 and $68 respectively, suggesting a stable supply-demand balance without systemic supply tightness [2] Group 3 - The U.S. consumer confidence index from the University of Michigan rose slightly from 56.4 to 57.3, yet remains below last year's level of 64.7, indicating persistent structural issues despite a mild recovery [4] - U.S. sanctions against Iran's oil trade involve multiple entities and vessels, aiming to significantly reduce Iran's oil and petrochemical exports, which may lead to the emergence of alternative markets and shadow networks [4][6] - The indirect negotiations between Iran and the U.S. in Oman mark a significant development, as both sides seek to balance high-pressure tactics with the need for diplomatic engagement [5][6] Group 4 - The current market dynamics illustrate a search for growth opportunities globally, with investments flowing into sectors like AI and semiconductors, driving the rise of U.S. stocks and related sectors [6] - The geopolitical landscape continues to reshape energy and trade channels, with short-term impacts but potential long-term strategic adjustments for involved nations [6] - For Chinese companies and domestic institutions, the enthusiasm of overseas capital for Chinese concept stocks presents both opportunities for financing and valuation recovery, emphasizing the need for robust performance and transparent governance [8]