Group 1 - The recent fluctuations in the US dollar index are influenced by multiple factors, including the Federal Reserve's interest rate cuts and stronger-than-expected employment and consumption data [1] - The dollar index rose from 97.232 on September 23 to 98.347 on September 26, indicating significant volatility [1] - Analysts believe that the return of risk-averse capital is a key driver of the dollar's strong rebound, although the long-term trend remains a weakening dollar [1] Group 2 - The era of the US dollar and US Treasury bonds as safe-haven assets is coming to an end, with the dollar showing the weakest performance among major currencies this year [2] - The dollar has depreciated by approximately 10% this year, reflecting structural issues in the US economy and fiscal situation [2] - Citic Securities predicts that the dollar's weakness will persist at least until 2025, influenced by the Fed's interest rate cuts and a weakening job market [2] Group 3 - There has been a noticeable decoupling between the A-share market and US Treasury yields since 2023, with A-shares not weakening despite rising US bond yields [3] - Certain sectors of the A-share market, such as the North Star 50 and the Sci-Tech Innovation Board, have outperformed global indices this year [3] - This indicates a shift in the pricing logic of A-shares, which is no longer directly linked to US Treasury pricing [3]