Zhongjin: Maintain overweight on US bonds and gold

Jin10 Data, September 26th news, CICC research report stated that we reviewed the macro situation after 13 rounds of interest rate cuts and found that regardless of whether the economy is in recession or not, the economy will not see a turning point in the short term, the pump trend of US bonds and gold can continue for about six months, and commodities such as copper will continue to be under pressure. If the economy does not decline, US stocks will continue to rise; if the economy declines, US stocks will first fall for six months and then rebound. Considering the historical cyclical patterns and the characteristics of this economic market, we maintain an overweight position in US bonds and gold, a standard position in global stocks, and a relatively cautious stance on copper and oil.