The CITIC Securities Research Report believes that Japan's healthy inflation cycle has stabilized, and the Bank of Japan is about to raise interest rates again. The turmoil in the global market after Japan's interest rate hike last summer was mainly caused by US factors such as rising recession expectations and shaky AI narratives. The reversal of arbitrage trading was only a secondary factor that intensified risk aversion at the time, and last year's “Black Monday” is unlikely to be repeated this year. In the context of policy differences between the US and Japan banks, the US factor is currently the core main line of global liquidity and dollar asset pricing. Currently, the market's questions about the AI narrative are mainly reflected in a small number of companies with aggressive business models. Most AI leaders with stable financial conditions can still maintain market trust, and the industrial intelligence boom should continue to support the performance of US stock leaders in the short to medium term. The allocation of long-term US bonds during this round of risk-managed interest rate cuts is not cost-effective, while short-term US bonds may benefit from technical improvements in liquidity from reserve management purchase operations. The latter is better than the former

The CITIC Securities Research Report believes that Japan's healthy inflation cycle has stabilized, and the Bank of Japan is about to raise interest rates again. The turmoil in the global market after Japan's interest rate hike last summer was mainly caused by US factors such as rising recession expectations and shaky AI narratives. The reversal of arbitrage trading was only a secondary factor that intensified risk aversion at the time, and last year's “Black Monday” is unlikely to be repeated this year. In the context of policy differences between the US and Japan banks, the US factor is currently the core main line of global liquidity and dollar asset pricing. Currently, the market's questions about the AI narrative are mainly reflected in a small number of companies with aggressive business models. Most AI leaders with stable financial conditions can still maintain market trust, and the industrial intelligence boom should continue to support the performance of US stock leaders in the short to medium term. The allocation of long-term US bonds during this round of risk-managed interest rate cuts is not cost-effective, while short-term US bonds may benefit from technical improvements in liquidity from reserve management purchase operations. The latter is better than the former