I. Macro Judgment (Conclusions Are Consistent)
- Main reason for the decline: US Treasury yields are rising → pressure on risk assets, capital flowing back into fixed income.
- Pace: It won’t directly collapse; rebound while falling, and volatility remains weak until September.
- Overall direction: - 2026: Volatility all year, fluctuations converge, liquidity stays sluggish; even if there’s a rally toward the end of the year, it’s not a real bull market.
- 2027: That’s when the bull market returns.
- Timeline (the one you gave): - 5–7月: Slow down + sideways at the bottom
- 8–9月: Rebound and ri