On April 20, Guotai Haitong Securities released a research report indicating that recent signals of easing tensions in the Middle East have been consistently validated. According to Jin10, since April 8, risk assets have significantly outperformed other major global asset classes, confirming a gradual recovery in market risk appetite. The institution believes that current geopolitical risks are gradually diminishing, although they may still fluctuate. Given that the boundaries of these risks have become clearer, the pricing of assets in relation to conflicts is expected to gradually become less sensitive. Investors are likely to become less reactive to risk factors and more sensitive to positive developments. The report recommends overweighting A/H shares, gold, and crude oil.