Accept mistakes and correct them in time.

Today's Highlights:

The number of initial jobless claims in the U.S. fell to a new low since the week of September 28

The Federal Reserve's overnight reverse repurchase operations approached a drop below $200 billion

Parties involved in the Gaza ceasefire negotiations have gathered in Doha, Qatar, with Hamas representatives heading to Cairo to discuss the agreement

ECB board member Schnabel: At this stage, we don’t need to discuss a 50 basis point rate cut

UK Chancellor of the Exchequer Hunt confirms adjustments to the UK's fiscal rules

National Development and Reform Commission: Further opening of national major scientific research infrastructure to private enterprises

Shenzhen Municipal Financial Office: Striving to form a trillion-yuan government investment fund group

Several banks in Guangzhou received requests: Mortgage and commercial loan rates must not be lower than the provident fund loan rate

Market Review:

On Thursday, the U.S. dollar index retraced, dropping to around 104, ultimately closing down 0.38% at 104.02. U.S. Treasury yields also fell, with the benchmark 10-year Treasury yield closing at 4.2170%; the more policy-sensitive 2-year Treasury yield closed at 4.0920%.

Spot gold briefly rose over 1%, but was blocked near the 2740 mark and retraced, ultimately closing up 0.75% at $2735.77 per ounce. Spot silver plunged significantly during the U.S. trading session, erasing all intraday gains and turning negative, ultimately closing down 0.07% at $33.66 per ounce.

Reports suggest that the U.S. and Israel will attempt to restart ceasefire talks regarding Gaza, with crude oil dropping nearly 1%. WTI crude oil briefly rose to an intraday high of $72.20 before erasing all gains and turning negative, ultimately closing down 0.99% at $70.22 per barrel; Brent crude closed down 0.91% at $74.22 per barrel.

The U.S. stock market saw the Dow Jones closing down 0.33%, the S&P 500 index up 0.21%, and the Nasdaq up 0.76%. Tesla (TSLA.O) rose 21.9%, marking the best single-day gain since May 2013, adding approximately $150 billion in market value. IBM (IBM.N) fell over 6%, while NVIDIA (NVDA.O) rose 0.6%. The Nasdaq Golden Dragon Index closed down 0.8%, Alibaba (BABA.N) fell 1.7%, Zai Lab (ZLAB.O) rose 14%, and Xpeng Motors (XPEV.N) fell 6%.

Account Situation: Near the close on Friday, there was a sharp drop in altcoins, leading to a liquidation of $400 million. We established around 40% of positions, choosing to patiently wait for the next wave of decline or increase.

Risk Warning: Leverage is not the devil; it is merely a tool to improve capital utilization. Leverage itself carries no risk; the real risk comes from human nature.

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