Tianhong Fund: At present, more asset allocation should be done from a medium-term perspective.

Looking ahead, Tianhong Fund stated that, based on the investment clock, the global economy and the A-share earnings cycle are currently at a high level, and global risk-free interest rates have been pushed up by the resilience of AI demand, so divergence among assets is bound to intensify. In the period ahead, it is advisable to adopt a balanced allocation across dividend stocks, micro-cap stocks, gold, and agricultural products, while reserving a cash position to maintain tactical flexibility.