CITIC Securities: Maintaining the view that US stocks are better than US bonds, with support for the US dollar index.

The research report of CITIC Securities pointed out that the resilience of the global economy is facing a test due to the Middle East conflict, and the resumption of navigation in the Strait of Hormuz is a positive sign. The U.S. economy may continue to grow moderately in an imbalanced manner this year, the weak recovery pace of the EU economy is being delayed, and Japan's private demand may be disrupted by energy shortages. High oil prices have pushed up global inflation, and the overall inflation rates in Europe and the United States may fluctuate at high levels throughout the year, while Japan's headline inflation rate may continue to show moderate performance. The Federal Reserve may not cut interest rates throughout the year, while the potential for rate hikes by the European and Japanese central banks is looming, and the "unrestrained" fiscal stance of Japan and Europe could be a source of market risk this year. We maintain the view that U.S. stocks will outperform U.S. bonds, and the U.S. dollar will have support. It is expected that gold prices will break free from the deadlock once inflation risks are resolved.