Dongwu Securities: Beware of the chain reaction brought by the "prolonged conflict", focus on observing the trend of oil prices.

East China Securities believes that, from a medium to long-term perspective, it is necessary to be vigilant against the chain reaction brought about by "prolonged conflicts." In terms of strategic response, they suggest observing the trend of oil prices and recommend three paths: 1. Neutral strategy using technology + energy hedging. If the conflict is not out of control and oil prices remain volatile, the "HALO trading" strategy is expected to be advantageous, focusing on AI industry hard technology "new infrastructure" and resources. 2. Hedge strategy to reduce the proportion of technology allocation. If prolonged conflicts lead to continued blockage of the Strait of Hormuz and high oil prices, breaking the weak dollar situation, and AI industry facing pressure of growth momentum mismatched with capital spending, technology stocks may face adjustments. 3. Maintaining a position in technology for an aggressive strategy. If oil prices quickly rise and it is expected that the United States will "intervene to suppress," one can speculate on "oil price fall interest rate cut expectation recovery technology rebound."