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US Treasuries focus on oil price levels and AI deflation trades; post-war reconstruction in Iran boosts midstream intermediates; April EPMI exceeds seasonal demand improvement, driving price increases --- 0421 Macro Distilled

US Treasuries focus on oil price levels and AI deflation trades; post-war reconstruction in Iran boosts midstream intermediates; April EPMI exceeds seasonal demand improvement, driving price increases --- 0421 Macro Distilled

``` 1. In the current US-Iran conflict, US Treasury pricing remains relatively mild. The market has already priced in short-term inflation rise, but long-term inflation expectations remain stable. If geopolitical tensions ease, US Treasury pricing should focus on two core variables: in the short term, the central oil price; in the
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If assets had ages, oil would be the youngest, communications and non-ferrous metals would be entering middle age, while coal and banking would be the oldest.

If assets had ages, oil would be the youngest, communications and non-ferrous metals would be entering middle age, while coal and banking would be the oldest.

``` A brand new narrative is trending in today’s capital market: tagging assets by “age”. The latest report by Zhongtai Securities, through quantitative analysis of public fund managers’ holdings, reveals the “generational map” behind A-share market assets. The calculation shows that the age gap between representative industries is as much