Guotai Junan: Trump's disruptive geopolitical situation suggests tactically overweighting A-shares, H-shares, US stocks, and gold.

Guotai Haitong released a research report stating that the central levels of US bond yields are expected to moderately decrease in the future, but the uncertainty surrounding the new chairman of the Federal Reserve has increased, intensifying the market's speculation on US monetary policy. This has resulted in a relatively low risk-return ratio of US bonds compared to risk assets. The Trump administration's exercise of hegemonism has further exacerbated the international geopolitical situation, benefitting the performance of gold. It is recommended to tactically overweight A-shares, H-shares, US stocks, and gold, while underweighting US bonds and oil.