First, looking at the Iran side, the core variable in the current market remains the Middle East situation, especially the game between the United States and Iran. In terms of the latest developments, although both sides are still in contact and testing each other, there has been no substantial breakthrough. Overall, it is in a stage of negotiating while gaming, pressuring while probing. The market is now trading on two lines. The first is the expectation of easing. As long as the market captures any progress in negotiations or signals of de-escalation, funds will quickly flow back into risk assets, driving the index to rebound. The second is the risk of conflict escalation. Once there are tougher statements or a reversal in the situation, the market will quickly switch to risk-off mode, with funds flowing into energy and defensive sectors...