Li Chao's report from Zheshang Securities indicates that looking forward to the future, the US economy is expected to remain resilient. In addition to durable goods replacement driving corporate inventory replenishment and manufacturing investment, and wage resilience driving consumption, the potential room for increased US finance may further enhance economic resilience and increase the risk of inflation. The US GDP growth rate during the year may be further revised on the basis of 2.1% forecast by the Federal Reserve in March, and the risk of inflation may also increase. At the same time, the Federal Reserve's interest rate cut expectations may also retreat further to 1 time or even no interest rate cut. Immigration is an important disruptor to the future easing of pressure on US wages and inflation, but sustainability remains to be seen. On the commodity side, re-inflation trading is expected to continue. We believe that there is still room for further upward growth in industrial metals represented by copper; although the price of gold will also benefit from re-inflation trading, risk aversion derived from the conflict between Palestine, Israel, Russia, and Ukraine is currently a more important influencing factor in gold prices. In the future, we need to focus on the evolution of geopolitical risk. If the risk escalates further, the gold price may still have room to rise.