"Global interest rate hikes have had a limited suppressive impact on the technology sector, and the market’s tolerance for crowded trades has increased." Looking ahead to the second half of the year, Yayun thought that the market’s core focus is currently on the A-share interim earnings reporting season. As earnings are gradually released, market attention to fundamentals is expected to increase significantly, and the effectiveness of earnings-driven investment strategies is likely to strengthen. #ChinaAMCInsight# #MarketOutlook# #TechInsight# #Ashares# Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

BREAKING: SpaceX is acquiring Cursor in a $60 billion all-stock deal. • Cursor is being valued at $60 billion • Cursor will become a wholly owned SpaceX subsidiary • Cursor shareholders will receive SpaceX Class A shares • The exchange ratio will be based on SpaceX’s 7-day average share price before closing • Subject to regulatory approvals and customary closing conditions • Expected to close in Q3 2026 Cursor is one of the world’s leading AI coding platforms and one of the fastest-growing software companies. This marks one of the largest AI acquisitions ever and significantly expands SpaceX’s footprint in AI.

If I had to stereotype my X experiences with markets: China 🇨🇳: set on cloning me with AI, can only think of trades in short term timeframes from A-shares PTSD. America 🇺🇸: bullish on anything futuristic like $SPCX, don’t care about valuations Europe 🇪🇺: from $SIVE to $SOI, cares more about water usage than the AI buildout. Somehow can only look at past 12 months. (Belgium is cool so far), looking at you France + Sweden Korea 🇰🇷: leveraged degens. I’ve never seen a market so volatile. Equivalent of 50x hyperliquid traders but with stock markets. Japan 🇯🇵: somehow supportive of everything, haven’t seen any Japanese person aggressively bear post and short stocks before. Not enough data on other places yet like Latin America, but will have some soon enough ig.

In this episode of Moving Markets, I discuss with Richard of Julius Bär how geopolitical tensions are affecting Asian markets, their key takeaways from the Two Sessions, the outlook for Hong Kong versus A-shares, and the case for renminbi appreciation. Looking further ahead, they also examine the lessons from Japan’s balance sheet recession framework for China.

Why Did I Pause My Subscription Feature in Late May? — Protecting My Subscribers: Fans Are for Cherishing, Not Consuming. True Friends for Communication and Advancing Together. Hello everyone, old friends and new followers alike! I’m @cnfinancewatch . In late May, I made an important decision: I paused my subscription feature and stopped accepting new subscribers. Many people have asked why. Today, I’ll explain it clearly and summarize my core views since mid-May. Fans Are Not for Consumption — They Are to Be Cherished I have always treated my subscribers as friends for genuine communication and advancing (or retreating) together, not as traffic or revenue to be repeatedly monetized. Paid subscriptions represent trust and support, and I must honor that trust. In late May, I judged that the heated wave in AI and tech themes was nearing its end. Global interest rates were rising in sync, and a sharp market adjustment was imminent. I immediately closed the subscription channel and warned my existing subscribers right away: A big drop is coming — rotate into the four-quadrant strategy and buy BIL or China’s Yinhua Daily (银华日利) money-market equivalent. I would rather forgo some subscription revenue than let my followers buy at the peak and suffer heavy losses afterward. This is not marketing talk — it is basic respect for the people who trust me. Looking back: In September 2024 and again before the New Year last year, I also limited recruitment and exited at highs. This time was no different. When bullish, I keep short ideas in mind; when bearish, I prepare for longs; and when wrong, I correct quickly. That is how a real practitioner operates — not a perpetual bull-case promoter. My Core Views Since Mid-May: Stocks and Gold Are Not Worth Heavy Investment — Bonds Are the Best Choice Right Now Since mid-May, my analysis has centered on dynamic asset-class rotation using the four-quadrant holding strategy. In simple terms, capital rotates across four quadrants (growth equities, value equities, bonds/money market, and gold/defensive assets) according to clear signals. Current signals clearly point to the bond quadrant: Stocks (equities): Not worth heavy allocation. While A-shares have some policy and earnings support, volatility remains extremely high. Historically, very few retail investors consistently outperform low-risk products over the long term. U.S. stocks, especially AI and tech themes, face severe valuation compression as global rates rise in tandem (U.S. Treasuries, Europe, Japan, and Australia all moving higher together). Retail investors love “stories”; institutions are quietly exiting at highs. Since June I have repeatedly advised long-time followers to clear equities and move into bonds — this is based on interest rates, liquidity, and valuation confirmation, not guesswork. Gold: Not worth heavy investment in the current phase. Gold serves as a credit hedge in the Kondratiev “winter” phase, but in today’s environment of rising global rates and tightening dollar liquidity, its short-term appeal is weaker than short-duration bonds. Backtests show that blind gold allocation often drags down portfolio performance during rate-hike cycles. Bonds / Short-duration debt (the current core of the four-quadrant strategy): The best choice. BIL (SPDR 1-3 Month T-Bill ETF) and China’s short-term bond/money-market equivalents like Yinhua Daily provide low volatility, stable yields, and excellent liquidity. In the current global tightening cycle, they act as the highest-quality “cash equivalent.” Since mid-July I have continued to emphasize through quantitative signals and public posts: The four-quadrant holdings are currently BIL + bonds. Continue holding — no rotation needed. The power of the four-quadrant approach lies in negative-correlation rotation: when equities fall, bonds/short-duration assets provide a buffer; when markets stabilize, we rotate back into growth or value quadrants at better prices. Historical backtests show this full-cycle allocation keeps maximum drawdowns around 15–25% while delivering 7–9% annualized compound returns — far superior to the roller-coaster ride of pure equity portfolios. My Original Intention Has Never Changed Pausing subscriptions was not an escape from responsibility — it was a higher form of responsibility. I refuse to let paying friends lose money because of my calls, and I will never treat followers as disposable “products.” Real long-term relationships are built by giving the most honest and timely warnings at critical moments so everyone can preserve capital and move forward together. The market has since validated that judgment: the sudden meltdown that started in Korea and spread to U.S. and A-shares came exactly as signaled. By early June I had already shifted into defensive positioning. Final Words I am not infallible, but I will always treat everyone who trusts me with the highest level of responsibility. The core view since mid-May is simple: Stocks and gold are not worth heavy investment at this stage. Hold bonds and short-duration instruments, protect your capital, and wait for the four-quadrant signals to turn. This is not pessimism — it is respect for risk and genuine care for my followers. When the signals clearly turn bullish again, I will reopen the subscription channel. At that time, you are all welcome back. We will continue to communicate and advance (or retreat) together. Thank you to every long-time follower for your understanding and support. We don’t chase hot narratives — we do what is right. We don’t sell anxiety — we deliver truth. @cnfinancewatch July 2026 (This article is compiled from public posts and quantitative signals. It is for reference only and does not constitute investment advice. All investments carry risk; please make decisions carefully.)

China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle? In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to examine these cross‑currents: the resilience of A‑shares, the wave of Hong Kong tech IPOs, and why rising margin financing today is not a replay of 2015. They also highlight the key themes shaping 2026, including precious metals, AI‑linked industries, and high‑dividend opportunities. This episode was recorded on 21 January 2026.