GBTC

<p>Zhang Yidong, Chief Economist of Industrial Securities, pointed out that the US stock market has entered a bear market, and liquidity shocks are affecting the market, but there are mid-term opportunities in the Chinese market. He believes that the current global stock market is facing systemic risks, and the decline in gold and Bitcoin reflects a change in market logic. In the short term, the US may expand its balance sheet to address liquidity issues, while the Chinese market needs to focus on fundamentals and policy support</p>

- Zhang Yidong, chief economist at Industrial Securities, predicts a systemic risk in global markets due to recent U.S. tariffs, which have triggered a bear market in U.S. stocks.  
- He emphasizes that while U.S. markets face challenges, China's capital market may present mid-term opportunities, driven by domestic fundamentals and strategic asset allocation.  
- Zhang advises a defensive investment strategy in the short term, urging caution against leveraging while highlighting potential in technology and new consumption sectors for long-term growth.

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Zhang Yidong's latest view: The US stock market has entered a bear market, gold is facing liquidity shocks, and the Chinese market can actively defend, with a focus on three types of opportunities in the medium term