A quick market overview: Recent escalation in the Middle East and market pricing in the Iranian conflict are still evolving. Our assessment is that the US is unlikely to deploy ground troops, and Iran is more likely to leverage external pressure to legitimize its regime. A 20% rise in oil prices would trigger US policy responses, which are generally manageable. Before oil prices fall below $100, geopolitical premiums will continue to influence market sentiment. However, the long-term trend (especially for commodities/precious metals) remains upward. We plan to add to our positions with new funds on dips. Against this backdrop, we are focusing on three main themes: 1. Commodities and Resources: Geopolitical risks coupled with credit system restructuring are keeping gold at high levels. We remain bullish on the precious metals sector and have gradually positioned ourselves in gold mining-related stocks. Copper, as a medium- to long-term investment, will benefit from future liquidity expansion cycles, and we are also monitoring investment opportunities. 2. Digital Assets: BTC has recently outperformed stocks, but a clear trend reversal signal has not yet appeared. We maintain a cautious approach, focusing on controlling drawdowns and awaiting confirmation of a turning point in dollar liquidity. 3. AI and Technology. The market has largely priced in leading AI companies, making it difficult to find a significant consensus in the short term. Future price movements will heavily depend on changes in the global liquidity environment. Overall, we continue to focus on our two core judgments: "restructuring of the traditional credit system" and "Eastern rise and Western fall," prioritizing allocations to RMB-denominated resource assets, seeking flexibility within certainty.