Over the past three weeks, as key global economic data has been released, both the U.S. and China have exhibited signs of labor market weakness. Yet equity markets, fueled by technological progress, have surged to new highs. In China, while…
Two weeks ago, our view was to go long on the Shanghai Composite while anticipating volatility in the Nasdaq. Looking back now, our judgment proved correct. Reducing exposure to cope with Nasdaq volatility, while going long on Chinese equities related…
Author: Weihan Luo, Zhen Zhang, Xinran Yang, Dejie He About this book About this book: Since 2022, the inflation levels in the United States and other countries have continued to rise, reaching rarely seen historical highs, and the stability of…
Author: Weihan Luo, Zhen Zhang About this book Preface Each young individual holds a unique perspective on the future world, and these expectations shape every major decision in their lives—from career choices and marriage to homeownership and car purchases. While…
Author: Weihan Luo, Zhen Zhang, Xinran Yang, Yingxi Wu About this book Preface The potential growth level is determined by the degree of resource utilization and efficiency improvement of an economy. However, from the beginning of the reform and opening…
U.S. inflation resilience is increasing, and the likelihood of stagflation has risen. On the demand side, China continues to experience contraction and urgently requires larger macroeconomic adjustments. However, both U.S. and Chinese capital markets have performed well recently, driven primarily…
I. Market Context and Macro Backdrop Multiple indicators suggest the Federal Reserve is highly likely to cut rates in September, raising the question: How should investors position for it? In last week’s report, we noted that U.S. equities had entered…
Over the past two weeks, both U.S. and Chinese equity markets have enjoyed a brief bull run, with benchmark indices climbing more than 4%. In the U.S., this rally was underpinned by a series of positive developments—including the passage of…
Development Trajectory The emergence of stablecoins has not been an overnight phenomenon. Since Satoshi Nakamoto proposed a peer-to-peer monetary system in 2008, the digital currency market, represented by Bitcoin (BTC), has evolved from a phase of unregulated wild growth to…
I. China: Q2 Growth Slows, External Trade Remains Key Driver China’s Q2 GDP grew 5.2% year-over-year, but momentum weakened notably in June, with both consumption and investment showing signs of softening. In particular, catering services grew only 0.9% YoY in…
