Under the anticipated impact of the Washington New Deal, overseas liquidity is tightening; during this period of market divergence, listen to a closed-door sharing by Tan Cheng, founder of Tantou Macro, on asset indicators.

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At the beginning of 2026, global markets are experiencing sharp divergence:

In the stock market, A-shares pulled back after an 18-day winning streak, trading volume hit a historic high, approaching the 4 trillion mark, with technology and pro-cyclical sectors becoming the main capital tracks. Meanwhile, US stocks saw a high-level adjustment after Trump announced the nomination of Kevin Warsh as Federal Reserve Chairman, triggering hawkish expectations. Markets are watching for a shift in Fed policy. During the Spring Festival holiday, the US Supreme Court ruled IEEPA tariffs illegal. Trump immediately issued a new executive order imposing a 15% import tariff on goods from all countries and regions, and accelerated the review of Sections 301 and 232, bringing another wave of uncertainty shock from global tariffs.
In the bond market, Chinese bonds exhibited a bull-flattening yield curve moving downward, while US treasuries saw a bear steepening and weakening, with yields rising. The market is becoming more cautious on expectations of Fed rate cuts in 2026.
The commodities market was even more contrasting, with precious and non-ferrous metals surging and rebounding after dramatic swings, while energy, chemicals, and ferrous sectors struggled due to supply-demand imbalances.

Regarding global major assets and hot industries, the most concerning questions for everyone in Q1 2026 are:

"After explosive rises and dramatic swings" in precious metals like gold and silver, and non-ferrous metals, is it a bull market correction or a reversal?
Can you still catch the A-share bull market? Which assets are most worth watching? How to choose between Hong Kong and A shares?
What tests will the US stock market face in 2026? Can the AI/Tech bull run continue?
What real changes will Kevin Warsh as the new Fed chair bring to Fed policy? Is the "Warsh trade" just a flash in the pan, or will it return?
Within the 15th Five-Year Plan, what strategic emerging industries deserve focus? Which technological trends are worth early research?
What new products, advances, and technologies are worth attention at prominent tech events like CES in Las Vegas and NVIDIA's GTC?
What opportunities and risks lie behind the commercial space boom?
Can anti-"involution" policies push commodity prices to keep rising?
......

To help everyone clearly see Q1 2026 major asset rotation and shifts, as well as forward-looking interpretation of hot industries, we plan to invite multiple distinguished guests as keynote speakers for the Alpha Online Private Salon this quarter: chief economist of Billionaire private equity fund Dunhe Capital Xu Xiaoqing, GF Securities' chief strategy analyst Liu Chenming, renowned economist and author of "Witnessing the Countercurrent" Fu Peng, former Goldman Sachs Greater China macro trading head Yuan Jun, GSB Award Stand Fund founder and former Deutsche Bank managing director Guo Shengbei, Dongwu Securities research institute computer chief analyst Wang Zijing, Chengyu Capital equity business head and senior Taiwan semiconductor industry expert Luo Siyuan and other guests, to share their latest insights on asset rotation and direction, geopolitical tracking and analysis, industry trend predictions and interpretation.

This Sunday (March 1st) at 20:00, GMF Macro founder [Cheng Tan] will share in a private session on how to interpret market expectations for new Fed Chair Warsh, and a preview of the March Fed meeting and overseas liquidity.

Cheng Tan, founder and research director of GMF Macro (GMF Research), has a PhD in Finance from Guanghua School of Management at Peking University, formerly a senior economist and vice president of asset allocation department at the Central Foreign Exchange Business Center (Foreign Exchange Reserves), State Administration of Foreign Exchange. He has published many academic papers in journals such as Management World, and his research reports have received instructions from the CPC Central Committee and the State Council multiple times. GMF Research is an independent research institution specializing in overseas macro and major asset research, serving dozens of leading asset management institutions and private funds in China.

Each private sharing event includes a special 30-minute Q&A session, where participating members can ask the guest about their most pressing topics and get answers. If you're interested in these upcoming private sharing events, you can click the poster below to register for the Alpha Online Private Salon membership, and listen to the latest market insights.

The Alpha Online Private Salon is an exclusive event service provided by WallstreetCN for high net worth users. Throughout 2026, at least 36 Alpha Online Private Salons will be held, averaging 9 events per quarter. For market hotspots and core issues that concern everyone, we will invite global top-tier guests for online private sharing, answering users' questions, helping everyone understand asset rotation direction, and supporting individual decision-making.

In 2025, our Alpha Online Private Salon featured keynote guests including:

Xu Xiaoqing, Chief economist of Billionaire PE fund Dunhe Capital, four-time winner of New Fortune Best Fixed Income Analyst

Fu Peng, Renowned macroeconomist, global FICC veteran trader, author of "Witnessing the Countercurrent"

Liu Chenming, Chief strategy analyst at GF Securities, three-time winner of New Fortune Best Strategy Analyst

Wu Ge, Chief economist at Changjiang Securities, winner of China's top economic award "Sun Yefang Economic Science Award"

Kevin Wang, Chief strategist and research director at Clocktower Group

Graduate of Johns Hopkins University School of Advanced International Studies, former IMF employee

Cao Jingnan, Director of Quantitative Research at Orient Securities, Chief Geopolitical Analyst for Strategy

Mu Yiling, Vice Director and Chief Strategy Officer, Guojin Securities

Zhang Yu, Deputy Director of Huachuang Securities Research Institute, Chief Macroeconomic Analyst

Zhang Jingjing, Chief macroeconomic analyst at CICC Securities

Xia Chun, Chief economist at Shangshan Capital Group

Cheng Tan, Founder and Research Director at GMF Macro

Former Senior Economist and Asset Allocation VP at SAFE's Central Foreign Exchange Business Center

Hu Gang, Founder and CIO at Winshore Capital, former VP at PIMCO, the world's largest bond fund

She Jianyue, Assistant GM at Yide Futures, senior crude oil analyst, former CNOOC crude oil chief economist

Li Lujing, Deputy Director and Chief Analyst for Machinery & Military, Founder Securities Research Institute

Liu Weilin, Manager of ICBC Credit Suisse India Fund, Deputy Director of Index and Quantitative Investment Department

Ma Xiaolin, Dean of Mediterranean Research Institute at Zhejiang International Studies University, former Xinhua News Agency reporter in the Middle East

In 2026, we will invite even more top experts from various fields for exciting private sharing. Welcome to join the 2026 Alpha Online Private Salon membership, attend 36 private salons, and receive detailed meeting summaries for reference after each event. If you're interested, click the image below to join Alpha Online Private Salon membership.

Risk Disclosure and DisclaimerMarkets are risky, investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions herein are suitable for their own circumstances. Invest at your own risk. ```