International
1. UBS: Gold still has a chance to reach new highs this year, with an average annual price of $5,000.
2. IMF: The Fed has limited room for rate cuts in 2026.
3. Daiwa Securities: If the Middle East situation thaws, US Treasury yields could fall to 4.2%.
4. Capital Economics: The energy cost pass-through trend has begun, and the risk of global non-fuel inflation has increased sharply.
Domestic
1. China Merchants Securities Strategy: The March manufacturing PMI rose month-on-month, and precious metal prices increased.
2. CITIC Securities: US stagflation may bring four major trading opportunities.
3. CITIC Securities: Domestic substitution of RF power supplies continues to accelerate.
4. CITIC Securities: Innovative drugs are entering a period of intensive data catalysts; we recommend focusing on them.
5. CITIC Securities: The passenger car market continues to recover, with model upgrades showing a trend of "price increases and enhanced features."
6. CITIC Securities: We are optimistic about the rapid deployment of agents in 2026 and will focus on the self-iterative evolution of agents. 7. Huatai Securities: The situation in the Middle East is disrupting market risk appetite, but dividends still have value as a core holding.
