Expectations for a global tightening of liquidity are rising, asset allocation should pay more attention to volatility resistance.

On one side, international oil prices continue to run at high levels, driving up inflation rates in multiple economies. On the other side, some central banks are gradually raising interest rates to cope with inflation pressure. Currently, market expectations of global liquidity tightening are increasing, and the recent rise in government bond yields in many countries reflects market concerns to a certain extent. The adjustment of major asset allocations may be at a critical juncture. How should we view the prospects of liquidity changes? How should investors prepare in advance? Several industry experts interviewed by reporters expressed that the global liquidity environment this year may experience significant marginal tightening, with September being a key observation period. In terms of major asset allocation, the focus should shift from seeking flexibility to focusing more on certainty and resilience to volatility. It is advisable to remain optimistic about high-end manufacturing and price increase themes in the equity market, while also paying attention to structural opportunities in the agricultural market.