Group 1: Overseas Macro Trends and Strategies - The escalation of geopolitical tensions in the Strait of Hormuz has heightened concerns over oil prices, with the U.S.-Iran conflict intensifying and market expectations shifting from no interest rate cuts to pricing in rate hikes [5][19] - U.S. stock markets continue to adjust, facing pressure from rising U.S. Treasury yields and liquidity tightening, with earnings beginning to show negative growth [5][31] - Gold is experiencing short-term declines due to de-leveraging and concerns over interest rate hikes, but long-term bullish logic remains intact [5][36] Group 2: Domestic Macro Trends and Strategies - Economic indicators for January and February show improvement, with significant increases in imports and exports, stabilization in investments, and a rebound in retail sales, although the real estate sector continues to face challenges [6][39] - Housing prices in major cities are showing signs of marginal recovery, with first-tier cities like Shanghai and Beijing experiencing a halt in declines and slight increases [6][39] Group 3: A-Share Market Strategy - The A-share market is expected to experience a period of consolidation, with a focus on defensive sectors, energy security, and sectors benefiting from economic recovery [7][42] - Recommended sectors include low-position defensive stocks (utilities, coal, agriculture, consumption, banking), energy security (electricity, wind, solar, storage), and recovery sectors (semiconductors, power equipment, machinery) [7][42] Group 4: Market Review - The A-share index has seen significant declines due to geopolitical tensions, with small and mid-cap stocks leading the downturn, while the ChiNext index has shown resilience [8][17] - The communication and banking sectors were among the few to post gains, while materials and chemicals faced substantial losses [8][17] Group 5: Fund Sentiment - Trading activity in the A-share market has cooled, with declining average daily turnover and turnover rates, indicating a slowdown in sector rotation [10][21] - Domestic public funds have seen a resurgence in new issuances, while foreign capital has shown a declining trend in northbound trading activity [10][28]

Core Viewpoint - The article emphasizes the continuous decline in trading heat of hot themes, with strong performance in electricity operation, new energy, banking, and optical communication, while metals and cyclical products are experiencing a pullback. The market's volatility and divergence present opportunities for investment, focusing on energy transition and the construction of a new intelligent economic form as the two main lines of development [1]. Group 1: Energy Transition - The construction of a clean, low-carbon, safe, and efficient new energy system is expected to accelerate, as outlined in the "14th Five-Year Plan" [2]. - The plan includes a ten-year action to double non-fossil energy and emphasizes the importance of energy resource supply security amid geopolitical conflicts [2]. - Investment opportunities are identified in new energy infrastructure, energy equipment, and future energy technologies, particularly in power grids, renewable energy, and new storage solutions [2]. Group 2: Collaborative Computing and Electricity - The synergy between green electricity and computing power is highlighted as a key area for new infrastructure investment, with significant government support for large-scale computing clusters and collaborative projects [3]. - By 2030, the proportion of green electricity generation is expected to increase significantly, with data centers projected to account for over 7% of total electricity consumption [3]. - Recommended investments include HVDC technology, liquid cooling systems, smart grids, and virtual power plants, as well as operators of green electricity and data centers [3]. Group 3: Tokenization and AI - The article discusses the integration of China's AI resources with global demand, establishing a systematic advantage in the power-computing-model-application framework [4]. - The government aims to enhance the efficient supply of computing algorithms and data, promoting innovation in model algorithms across various industries [4]. - Investment opportunities are suggested in domestic AI model companies and sectors related to power equipment, computing leasing, and domestic GPUs [4]. Group 4: Commercial Aerospace - The acceleration of low-orbit satellite internet deployment is anticipated, driven by technological breakthroughs and the need to address infrastructure gaps [5]. - In 2025, China is expected to complete 92 space launch missions, with 51 of these being commercial launches [5]. - Investment opportunities include reusable liquid rockets and low-orbit satellite manufacturing, as well as infrastructure for launch sites [5].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - The Hong Kong stock market may experience short - term fluctuations due to external disturbances. The Iran conflict may lead to long - term military confrontation, causing energy prices to remain high, deepening concerns about inflation rebound, and forcing the Fed to tighten monetary policy. This may keep the risk - aversion sentiment in the Hong Kong stock market high. However, the long - term allocation value of the Hong Kong stock market is still significant due to the support of southbound funds and the relatively loose interest rate environment [3][8][9] Summary According to Relevant Catalogs 1. Investment Views 1.1 Market Summary - Last week, the Hang Seng Index fluctuated slightly, with a cumulative decline of 0.74% and the technology index falling 2.12%. The market style was cautious. The comprehensive, financial, and energy sectors rose, with increases of less than 2.5%, while most other industries declined, with the raw materials sector dropping 11.26%. Among the secondary industry sectors, electrical equipment rose 8.7%, and most secondary sectors fell, with non - ferrous metals dropping 20.9%. In terms of funds, the share of the Tracker Fund increased by 0.62%, and the shares of the double - short ETFs of the Hang Seng Index and Hang Seng Technology Index increased by 4.22% and decreased by 1.28% respectively. The net inflow of Hong Kong Stock Connect was - HK$6.329 billion, and southbound funds showed a net outflow. Overall, the risk - aversion sentiment in the Hong Kong stock market increased, the risk preference remained low, and the capital side weakened [1][6] 1.2 Market Environment - Last week, the global market sentiment was affected by the Iran conflict. The crude oil price rose 5.2% in a week, showing a continuous upward trend. The prices of major non - ferrous metals continued to fall, with silver dropping 16.6% and gold dropping 11.3%. The global capital market weakened across the board, and the US dollar index fell slightly by 1%. The global market may still be pricing in the expectation of the Fed's monetary policy tightening caused by the rising oil price. The Fed maintained the current interest rate level. The meeting's tone was neutral to hawkish, and the dot - plot showed only one interest rate cut in 2026 - 2027 [2][7] 1.3 Hong Kong Stock Views - The Hong Kong stock market may experience short - term fluctuations due to external disturbances. The Iran conflict may be long - term, causing energy prices to remain high, deepening concerns about inflation rebound. The Fed may tighten monetary policy due to rising energy prices, which may keep the risk - aversion sentiment in the Hong Kong stock market high. Investors may prefer energy and financial sectors, and downstream consumption and technology sectors may further correct, but they will have greater valuation flexibility after sentiment repair points. The capital fundamentals of the Hong Kong stock market are still good, and the long - term allocation value is significant [3][8][9] 2. Market Review 2.1 Stock Index Futures Performance - The table shows the closing prices, weekly price changes, trading volumes, open interests, open interest change rates, basis, and basis changes compared with the previous week of various stock index futures last week, including the Hang Seng Index futures, H - share Index futures, Hang Seng Technology Index futures, and some US index futures [12] 2.2 Market Performance - The table shows the closing prices, weekly price changes, year - to - date price changes, weekly trading volumes, and price - to - earnings ratios of major Hong Kong and US stock indexes last week. Another table shows the closing prices, market values, weekly price changes, monthly price changes, year - to - date price changes, year - to - date price changes relative to the Hang Seng Index, and price - to - earnings ratios of various Hong Kong industry sectors. The third table shows the top five and bottom five sectors in terms of price changes among the Hong Kong WIND secondary sectors. The fourth table shows the information of actively traded Hong Kong ETFs, including closing prices, weekly price changes, year - to - date price changes relative to the Hang Seng Index, returns in the past six months, fund shares, changes in fund shares compared with the previous week, weekly trading volumes, net asset values per share, fund sizes, and changes in net asset values. The fifth table shows the price changes of various US industry sectors, and the sixth table shows the price changes of various US ETFs. The last table shows the performance of major asset classes, including closing prices, weekly price changes, monthly price changes, year - to - date price changes, price changes in the past one month, three months, six months, and one year [14][15][16][24][25][26] 3. Market External Environment Tracking 3.1 Domestic Macroeconomic Data Update - The table shows some major domestic macroeconomic data, including GDP, PMI, industrial added value, investment, consumption, foreign trade, inflation, social financing scale, and real estate - related data [28] 3.2 Central Bank's Latest Movements - The Fed maintained the federal funds rate target range at 3.50% - 3.75%, with a 11 - 1 vote. One member opposed and advocated a 25 - basis - point rate cut. The Fed raised inflation and economic growth expectations, and the dot - plot showed only one interest rate cut in 2026 - 2027 [30] 3.3 Some Important Domestic and International News - The Fed's vice - chair and a governor expressed their views on interest rate cuts. European and some Asian central banks maintained interest rates. China's national statistics showed economic data for January - February, including investment, industrial added value, consumption, and fiscal revenue and expenditure. The decline in China's actual use of foreign capital narrowed, and the housing price decline in 70 cities continued to narrow. The Iran conflict severely impacted global energy supply [33] 3.5 This Week's Focus - The Bank of Japan will release the minutes of its January monetary policy meeting [34]

Core Viewpoint - The Agricultural Bank of China, Shuanghe Corps Branch, has been penalized for violating payment settlement management regulations, anti-counterfeiting currency regulations, and anti-money laundering regulations, resulting in a warning and a fine of 276,000 RMB [1][4]. Group 1 - The Agricultural Bank of China, Shuanghe Corps Branch, received a warning and a fine of 276,000 RMB for multiple regulatory violations [1][4]. - The violations include breaches of payment settlement management regulations, anti-counterfeiting currency regulations, and anti-money laundering regulations [1][3][6]. - The administrative penalty was issued by the People's Bank of China, Bortala Mongol Autonomous Prefecture Branch, on March 17, 2026, with a public disclosure period of three years [3][6].

Investment Rating - The investment rating for Shanghai Bank is "Accumulate" [9] Core Views - The governance structure reform of Shanghai Bank is expected to initiate a cycle of efficiency improvement, with a strong dividend capability and willingness, projecting dividend yields of 5.3% and 5.7% for 2025 and 2026 respectively. The current convertible bond balance is approximately 20 billion, with the stock price 15% away from the strong redemption price of the convertible bonds. The projected price-to-book (PB) ratios for 2025 and 2026 are 0.56x and 0.52x, respectively, indicating a low valuation among banks in the Yangtze River Delta region. If the fundamentals improve as expected, there is potential for significant valuation recovery, leading to a long-term positive outlook [2][6][13]. Summary by Sections Financial Performance - In 2025, Shanghai Bank achieved stable growth with a revenue increase of 3.4% year-on-year, and a net profit attributable to shareholders growing by 2.7%. The performance was stable despite a high base of investment income in Q4 2024 [6][12]. - The new management team, which took office in 2025, has outlined strategic plans and goals for the new period, focusing on organizational restructuring and efficiency improvements [6][12]. Credit Growth and Asset Quality - Credit growth is expected to rebound to around 5% in 2026, following a period of structural adjustment and efficiency improvements post-reform. The focus will remain on corporate loans, particularly in key sectors such as municipal projects and state-owned enterprises [13][14]. - The non-performing loan (NPL) ratio was stable at 1.18% at the end of 2025, with a provision coverage ratio of 245%. The bank is accelerating the disposal of existing retail loan risks, with significant write-offs in the first half of 2025 [13][14]. Interest Income and Revenue Growth - The net interest margin is expected to stabilize, supporting interest income growth. The net interest margin for the first half of 2025 was 1.15%, with expectations for further improvement as high-interest deposits mature [13][14]. - Overall revenue growth is projected to recover in 2026, driven by both interest and non-interest income, particularly in wealth management and agency business [13][14]. Valuation and Market Position - The current stock price is 9.65 yuan, with a total share capital of approximately 1.42 billion shares. The price-to-earnings (P/E) ratio is projected to be 5.46 for 2026, indicating a favorable valuation compared to peers [10][27]. - The bank's dividend per share is expected to increase to 0.55 yuan in 2026, with a dividend yield of 5.66% [27].

Core Viewpoint - The China Construction Bank Credit Card Center has been fined over 5.85 million yuan for multiple violations of prudent operational rules, highlighting significant regulatory scrutiny in the credit card industry [1][5][6]. Summary by Category Regulatory Actions - The Shanghai Regulatory Bureau of the National Financial Supervision Administration imposed a total fine of 5.75265 million yuan on the China Construction Bank Credit Card Center for various violations [1][6]. - Two deputy directors of the risk management department were fined 50,000 yuan each for their roles in the violations [8]. Violations Identified - Major violations include: 1. Serious breaches in customer creditworthiness investigations 2. Serious breaches in credit limit management 3. Serious breaches in credit card installment fund management 4. Serious breaches in credit card overdraft fund management 5. Failure to take prudent regulatory measures for high-risk cardholders 6. Issuing credit loans to related parties 7. Engaging in credit card marketing activities without qualification 8. Serious breaches in credit card issuance 9. Serious breaches in cash advance installment business 10. Serious breaches in suspicious transaction account management 11. Failure to refund installment interest as required 12. Serious breaches in card issuance business management 13. Serious breaches in outsourced credit card collection management 14. Inadequate management of merchant access [1][5][8]. Industry Context - The China Construction Bank Credit Card Center was established on January 22, 2009, and is located in the China (Shanghai) Pilot Free Trade Zone [3][8]. - In the past year, several other institutions, including the Postal Savings Bank of China and Huaxia Bank, have also faced penalties for various compliance issues, indicating a broader trend of regulatory enforcement in the credit card sector [4][9].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The core variable in the current market lies in the Middle East. Until the geopolitical uncertainty decreases or the commodity price volatility declines, the market will continue to be affected by event narratives and liquidity, and may even fall into a game of long - term expectations. A - shares will maintain a volatile market, with more structural opportunities than overall opportunities [3][13]. - In the equity market, it is recommended to focus on energy sectors related to the Middle East situation, "three - low" sectors with low valuation, low volatility, and low consensus, and sectors that can maintain high - growth independently regardless of geopolitics and oil prices [3][13]. - In the bond market, short - term yields are down while long - term yields are up, and the yield curve is moving towards a bearish steepening. In the short term, it is recommended to maintain a neutral or slightly lower duration, and credit bonds may offer better value [4][14]. Summary by Directory 1. Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the A - share market showed a volatile downward trend, with significant fluctuations in market sentiment. The average daily trading volume of the entire A - share market was 2209.1 billion yuan, a decrease compared to the previous week [12]. - Due to the ongoing blockage of shipping in the Strait of Hormuz and the unresolved Middle East situation, global risk assets accelerated their decline. Funds shifted from cyclical sectors sensitive to macro - fluctuations to technology and manufacturing sectors with independent industrial logic and long - term growth potential [12]. - AI hardware industry chains such as memory chips, CPO, PCB, and computing power leasing attracted market attention, driven by multiple industry benefits. In contrast, resource - related cyclical sectors such as non - ferrous metals and chemicals faced pressure and declined [12]. 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market showed a significant differentiation between short - and long - term yields. The 1 - year Treasury yield decreased by 2.00BP to 1.26%, the 10 - year Treasury yield increased by 1.56BP to 1.83%, and the 30 - year Treasury yield increased by 2.16BP to 2.39% [4][14]. - The bond market is currently in a volatile pattern. Short - term yields have been declining due to extreme risk - aversion, while long - term yields are rising due to concerns about intensifying geopolitical conflicts and increased imported inflation expectations. The yield curve is moving towards a bearish steepening [4][14]. - The US Treasury yields increased across the board last week. The 1 - year US Treasury yield increased by 14BP to 3.80%, the 2 - year US Treasury yield increased by 15BP to 3.88%, and the 10 - year US Treasury yield increased by 11BP to 4.39% [15]. - The performance of REITs was differentiated. The CSI REITs Total Return Index fell 0.13% to 1021.78 points. Affordable housing and expressways had the highest gains, while warehousing and logistics, environmental protection, etc. had the highest losses [15]. 2. Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Equity Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style distribution according to the CSI Equity - Oriented Fund Index [19]. 2.2 Investment Style - Based Index - **Value Equity Fund Selection**: The index selects 10 funds with deep - value, quality - value, and balanced - value styles, with the CSI 800 Value Index as the benchmark [19]. - **Balanced Equity Fund Selection**: The index selects 10 relatively balanced and value - growth style funds, with the CSI 800 as the benchmark [22]. - **Growth Equity Fund Selection**: The index selects 10 funds with active - growth, quality - growth, and balanced - growth styles, with the 800 Growth Index as the benchmark [26]. 2.3 Industry Theme - Based Index - **Pharmaceutical Equity Fund Selection**: The index selects 15 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CSI All - Index Pharmaceutical and Healthcare Index as the benchmark [28]. - **Consumer Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the consumer - theme fund index as the benchmark [32]. - **Technology Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the technology - theme fund index as the benchmark [35]. - **High - End Manufacturing Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the high - end manufacturing - theme fund index as the benchmark [38]. - **Cyclical Equity Fund Selection**: The index selects 5 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CS Cyclical Index as the benchmark [40]. 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, targeting a curve that outperforms money - market funds. It mainly invests in money - market funds and inter - bank certificate of deposit index funds, with the CSI Money - Market Fund Index as the benchmark [45]. 2.5 Pure - Bond Index - **Short - Term Bond Fund Selection**: The index aims for liquidity management, selecting 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, with a benchmark of 50% Short - Term Pure - Bond Fund Index + 50% Ordinary Money - Market Fund Index [47]. - **Medium - and Long - Term Bond Fund Selection**: The index invests in medium - and long - term pure - bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band - trading operations, and adjusting the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [50]. 2.6 Fixed - Income Plus Index - **Low - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 10%, selects 10 funds with an equity central position within 15% in the past three years and recently, with a benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [53]. - **Medium - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently, with a benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [55]. - **High - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, with a benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [56]. 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: The index selects 5 funds from a sample space of bond - type funds with a convertible - bond investment ratio meeting certain criteria, based on multiple evaluation indicators [60]. - **QDII Bond Fund Selection**: The index selects 6 funds with stable returns and good risk control based on credit and duration conditions, with underlying assets being overseas bonds [64]. - **REITs Fund Selection**: The index selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [65].

Macro Dynamics - The second meeting of the upgraded China-Europe export control dialogue mechanism was held in Beijing, focusing on deep and constructive communication regarding export control concerns, with an agreement to maintain communication to stabilize and smooth the China-Europe industrial and supply chains [2] Market Data - On March 23, the A-share market saw significant declines, with the Shanghai Composite Index dropping by 3.63%, the Shenzhen Component Index by 3.76%, and the ChiNext Index by 3.49%. The coal sector performed well, with companies like Yunmei Energy and Liaoning Energy hitting the daily limit [7] - The Hang Seng Index fell by 3.54%, and the Hang Seng Tech Index decreased by 3.28%. Gold stocks experienced significant declines, with Chifeng Jilong Gold dropping over 25% [8][9] - As of March 20, the total margin balance in the two markets decreased by 172.66 billion yuan, with the Shanghai Stock Exchange reporting a margin balance of 1,328.72 billion yuan and the Shenzhen Stock Exchange 1,277.85 billion yuan [10] Company Dynamics - WuXi AppTec reported a projected net profit growth of 103% for 2025, with expected revenue of 45.456 billion yuan, a year-on-year increase of 15.84%. The company plans to distribute a cash dividend of 15.79 yuan per 10 shares, totaling approximately 4.712 billion yuan [11] - Huawei launched a new smartwatch, the Huawei WATCH Ultimate 2, which supports dolphin sonar communication and Beidou satellite voice messaging, along with various health and fitness features [12] - *ST Lifan received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with trading expected to resume on March 31, 2026, entering a delisting preparation period [13]

Core Viewpoint - The ongoing geopolitical conflict in the Middle East is escalating, leading to heightened expectations of global stagflation and emerging liquidity risks, significantly impacting capital markets and asset prices, particularly in the Asia-Pacific region [1] Group 1: Equity Market - The situation in the Middle East has worsened, with the Strait of Hormuz experiencing substantial navigation restrictions, which is a critical factor for capital market dynamics [2] - A significant adjustment in the A-share market occurred on March 23, primarily driven by the negative macroeconomic combination of escalating geopolitical tensions and stagflation expectations, resulting in the first negative year-to-date returns for major A-share indices [3] - Historical data indicates that the maximum drawdown for the Shanghai Composite Index in any given year is not less than 8%, suggesting that a decline to the range of 3500-3850 points is a normal adjustment within a bull market [4] - The A-share market has seen a substantial release of risks, but a clear stabilization point requires further observation, with a cautious approach recommended for position management [5] Group 2: Gold Market - Gold prices are under pressure due to rising tightening expectations driven by inflation concerns, with significant outflows from major gold ETFs indicating a rapid withdrawal of institutional funds [7] - Speculation exists regarding oil-producing countries potentially selling gold reserves to manage liquidity, reminiscent of past behaviors during financial crises [8] - The future trajectory of gold prices is highly dependent on the evolution of the U.S.-Iran conflict, with three potential scenarios outlined: prolonged strait blockade leading to stagflation concerns, a swift resolution by U.S. forces, or a situation where inflation rises without economic stagnation [9][10]

Quantitative Models and Construction Methods - **Model Name**: Convolutional Neural Network (CNN) for Price-Volume Data **Model Construction Idea**: The model leverages convolutional neural networks to analyze standardized graphical representations of price-volume data, aiming to predict future price trends. The learned features are then mapped to specific industry theme indices[76][78] **Model Construction Process**: 1. Standardize price-volume data into graphical formats for each stock within a specific time window[76] 2. Train a convolutional neural network to extract features from these graphical representations[76] 3. Map the learned features to industry theme indices, such as dividend low-volatility, banking, and real estate indices[76][78] **Model Evaluation**: The model effectively identifies industry themes based on price-volume patterns, providing actionable insights for sector allocation[76][78] Model Backtesting Results - **CNN Model**: Latest theme configurations include the following indices: 1. CSI Dividend Low Volatility Index (h30269.CSI) 2. CSI Banking Index (399986.SZ) 3. CSI 800 Banking Index (h30022.CSI) 4. CSI Mainland Real Estate Theme Index (000948.CSI) 5. CSI 800 Real Estate Index (399965.SZ)[78] Quantitative Factors and Construction Methods - **Factor Name**: Macroeconomic Indicators **Factor Construction Idea**: Macroeconomic factors are used to assess their impact on asset returns by identifying trends and significant events in historical data[51][52] **Factor Construction Process**: 1. Track 25 domestic and international macroeconomic indicators, such as PMI, CPI, PPI, and M2 growth rates[52] 2. Define four types of macroeconomic events: short-term peaks/troughs, continuous up/down trends, historical highs/lows, and trend reversals[52] 3. Use historical moving averages to classify macroeconomic trends (e.g., 3-month, 12-month averages) and analyze their impact on asset returns over the next month[54] **Factor Evaluation**: The approach identifies effective macroeconomic events that significantly influence asset returns, providing a robust framework for market trend analysis[52][54] Factor Backtesting Results - **Macroeconomic Factors**: 1. PMI (3-month moving average): Positive outlook for equities[55] 2. Social Financing Stock YoY Growth (1-month moving average): Neutral outlook[55] 3. 10-Year Treasury Yield (12-month moving average): Neutral outlook[55] 4. Dollar Index (1-month moving average): Neutral outlook[55]