The rotation trajectory of macro capital flows has become crystal clear:

Gold, silver, U.S. equities, crude oil—the prices of these traditional core assets have been successively driven higher by liquidity.

When large-scale traditional reservoirs are filled and valuations reach cyclical highs, the profit-seeking nature of capital inevitably causes liquidity to overflow outward, seeking risk assets with higher elasticity and payoff ratios.

According to the historical cyclical logic of capital transmission, when the premium space in traditional financial markets becomes compressed, the next destination for this hot money is becoming increasingly evident.

Setting aside emotions, this is simply a fundamental game of macro liquidity overflow and sector rotation.