On May 15, according to Jin Shi data, CICC pointed out that the "three kills" of U.S. stocks and bonds may reflect major changes in the inflation environment and the U.S. dollar cycle. The essence of the "three kills" is that the hedging ability of safe assets (bonds and cash) in US dollar assets decreases, and it is difficult to hedge the pullback losses of risky assets (stocks and commodities). Asset allocation within US dollar assets cannot effectively diversify risks, and it is necessary to be vigilant against the possibility of repeated and long-term "three kills" of US stocks and bonds. U.S. dollar assets are facing difficulties, and the U.S. Treasury dollar safe-haven ability has declined, resulting in a more scarce safe asset, which will help increase the allocation value of gold. The increased uncertainty about the outlook for U.S. equities has made non-U.S. risk assets relatively attractive, and Chinese and European equities are likely to be relatively resilient.