#美联储降息 The global stock market increased by 21% in 2025, which is indeed a good return backdrop. But there's a detail worth pondering—Falling interest rates by the Federal Reserve combined with the AI boom have already pushed valuations to a high level, and as we enter 2026, investors will face a "high valuation + policy divergence" combination.

From a copy-trading perspective, the key to this wave of market movement lies in selecting the right traders. Those who remained steady during Trump's tariff shocks in April and then capitalized on the rebound driven by easing expectations— their risk control logic and timing are worth paying attention to. However, I would be more cautious about following traders who are hitting new highs now.

A surge on the last trading day is a common scenario; the real test will be in the new year. Panix's CIO was right—"a gentle Federal Reserve"—which essentially means the market has almost fully priced in optimistic expectations.

My strategy adjustment is as follows: continue to hold copy-trading targets with aggressive styles but strict stop-loss discipline, while increasing the weighting of defensive traders. After all, in a high valuation environment, surviving is more important than making quick money. The average 1.4% increase in January sounds good, but don’t be lulled by historical averages—every step in 2026 needs to be carefully watched.