Summary of current market conditions

1. The currency circle will remain U.S.-based for a long time to come.

2. Changes in the liquidity of the U.S. dollar have a significant correlation with U.S.-equitized assets.

3. Interest rate cuts release liquidity in the US dollar, but it takes time to achieve a complete transformation of liquidity.

4. The currency circle is a high-risk asset. Generally, liquidity improves, and high-risk assets have hysteresis characteristics.

5. Usually after the interest rate cut cycle ends, U.S. equity assets have historically started a bull market of varying degrees without exception.