Zhongjin: The uncertainty of the US stock market has increased, making non-US risk assets relatively more attractive.

Zhongjin pointed out that the "three kill" situation in the US stock, bond, and currency markets may reflect significant changes in the inflation environment and the US dollar cycle. The essence of the "three kill" is the declining risk aversion ability of safe assets in US dollar-denominated assets, making it difficult to hedge against risk asset losses. In the allocation of assets within US dollar-denominated assets, it is difficult to effectively diversify risks, and it is necessary to be vigilant against the possibility of the "three kill" situation in the US stock, bond, and currency markets becoming repeated and prolonged. US dollar-denominated assets are facing difficulties, with the decline in the risk aversion ability of US bonds and dollars leading to a scarcity of safe assets, which helps to increase the allocation value of gold. The uncertainty of the US stock market outlook has increased, making non-US risk assets relatively more attractive, and stocks in China and Europe may demonstrate more resilience.