Market risk preference is difficult to improve in the short term, beware of the high premium risk of oil and gas themed products.

On March 26th, the "seesaw" market performance resurfaced. Against the backdrop of rising oil prices, the S&P Oil and Gas ETF, Energy and Chemicals ETF, and others saw gains, while software, precious metals, and other ETFs led the decline. It is worth noting that the S&P Oil and Gas ETF Guoshou did not effectively fall due to the premium, and continued to halt trading at noon on the 26th. Guoshou's S&P Oil and Gas ETF saw trading volume on the 26th exceeded 13 billion yuan, reaching a historical high, with a premium rate exceeding 14%. According to the announcement after trading on the 26th, in order to protect investors' interests, multiple high-premium onshore oil and gas thematic funds including Guoshou's S&P Oil and Gas ETF will be suspended from trading starting from 10:30 a.m. on the 27th. Regarding the recent market adjustments, industry insiders analyzed that it is essentially a negative liquidity spiral triggered by exogenous shocks. The current endogenous repair momentum of A-shares is not weak, but is suppressed by disruptive factors. Considering the possibility of short-term geopolitical conflicts continuing to escalate, market risk appetite is unlikely to improve in the short term. It is recommended to maintain a neutrally low position in the near term, reduce overall portfolio liquidity exposure.