According to the Huatai Macro Research Report, the preliminary conclusion of our analysis is that while the escalation of the geographical conflict in the Middle East has certainly boosted the prices of gold and oil, a series of factors, including a steady recovery in the global industrial cycle, including China's growth momentum no longer exceeding expectations and weakening, may have some explanation for recent asset price fluctuations. In the short term, if global growth is expected to recover at the same time, or at least no longer diverge as sharply as last year (that is, the US dollar does not significantly strengthen), and the US CPI does not greatly exceed expectations, then although the volatility of risk assets may increase, cash flow and profit growth may support the overall performance of risk assets.