Market Outlook

Key Takeaways

The US-Iran conflict has pushed up crude oil prices, adding inflationary pressure. However, compared to the 2022 Russia-Ukraine war, core inflation is more contained and greater energy diversification has reduced stagflation risks.
China’s economy started 2026 with steady recovery. Escalating geopolitical risks may accelerate global supply chain restructuring, but the net impact on China is likely positive.
In the AI sector, opportunities and challenges coexist. Agentic AI shows stronger monetization potential in vertical fields, while rising cloud demand gives services pricing power, acting as key industry catalysts.

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