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Changing your mind at the last moment is not just a matter of "schedule adjustment"
In late March, the Boao Forum for Asia Annual Conference was held in Hainan. The forum was of high standard and the nodes were very sensitive. South Korea had originally arranged for Kim Min-seok, a top official in the government, to attend, and had plans to extend his visit to Beijing. The sudden cancellation before departure, and the notification was sent via text message. This handling method is unusual in itself.
The reason given by South Korea is that there are domestic meetings and energy issues have to be dealt with. It seems reasonable on the surface, but the time point is too tight and the explanation seems hasty. More importantly, South Korea was facing price fluctuations in energy and chemical raw materials at the time, and had suffered from urea supply issues in the past, so it had a realistic need to communicate with China. Under such circumstances, canceling a visit to China does not mean "cannot take care of it", but more like "voluntarily giving up".
What really made his intentions clear were his actions in the following days. On March 26, the South Korean government announced the imposition of anti-dumping duties on industrial robots from China. On the same day, it also launched a review of Chinese polyester products. There is a possibility that existing tariffs will continue to increase. The action is concentrated and the rhythm is tight, and it can hardly be said to be improvised.
Looking at these two things together, it is not just a "change in itinerary", but an external manifestation of a policy shift. The sequence of withdrawing diplomatic actions first and then taking action on trade has obvious signaling implications.
Aiming at the core of manufacturing, South Korea’s abacus is not complicated
The direction South Korea chose to start this time was very targeted. Industrial robots are a key link in the upgrading of the manufacturing industry and an important area of future competition. Polyester products are basic chemical materials and are directly related to the cost of the industrial chain.
Domestic companies in South Korea have previously filed complaints, claiming that the prices of Chinese and Japanese products are too low, impacting the survival space of local companies. Especially in the field of robots, Chinese products have obvious advantages in price, and the market share of local companies has been compressed. For South Korea, simply opening up the market is tantamount to actively giving up industries.
The problem is that South Korea is not an economy that can rely entirely on domestic demand. Its industrial system is highly dependent on exports, as well as external markets and supply chains. If it is just for industrial protection considerations, it is entirely possible to adopt a more relaxed approach, such as technical standards, subsidies, etc., instead of directly imposing tariffs.
The real background is over there in the United States. In the past year, the United States has continuously strengthened its policy intervention in the high-end manufacturing field, and the robot industry has been mentioned repeatedly. U.S. companies are putting pressure on the government, the U.S. Congress is pushing for restrictive measures, and the executive level is also preparing relevant policies. In this atmosphere, it is difficult for allied countries to stay completely aloof.
To put it bluntly, South Korea's choice has two points: first, to defend its local market and avoid being completely suppressed by Chinese companies; second, to follow the rhythm of the United States and avoid being "named" on supply chain issues. The superposition of these two points resulted in the current policy action that seems sudden but has actually been foreshadowed for a long time.
Oscillating between China and the U.S., South Korea is walking an increasingly narrow path
South Korea has long been dependent on the Chinese market. This is a reality. After the China-South Korea Free Trade Agreement came into effect, a large number of Korean products entered China and tariffs dropped significantly. The Chinese market has become increasingly important to Korean companies. At the same time, the level of U.S. tariffs on Korean goods is not low, and some areas have even continued to tighten.
Under this structure, South Korea needs the Chinese market while maintaining its alliance with the United States. In the past few years, South Korea has been looking for a balance between the two sides and trying to avoid head-on conflicts. But now the environment has changed, and the competition between China and the United States has entered a more direct stage, leaving less and less space for the middle ground.
The imposition of tariffs on Chinese products this time is essentially moving closer to the United States. The problem is that this closeness is not without cost. The Chinese market cannot be replaced at will. Once friction escalates, it will be difficult for Korean companies not to be affected. Especially in the current unstable global supply chain, actively increasing uncertainty is itself a risk.
A more realistic point is that the United States will not give equal rewards in trade just because of South Korea's cooperation. South Korea is facing a United States that emphasizes its own interests rather than one that will give benefits to its allies. In this case, unilateral "statement" may not be able to obtain actual benefits.
The so-called "wind direction change" is actually the spillover of strategic anxiety.
Some people interpret this action as a "turn" of the South Korean government, and even think it is a complete move towards the United States. This judgment makes some sense, but it is not accurate enough. More essentially, it is South Korea’s anxiety in the current international landscape.
On the one hand, China's manufacturing competitiveness continues to improve, putting pressure on neighboring countries; on the other hand, the United States continues to strengthen camp division and requires allies to take sides in key areas. South Korea is caught in the middle. It neither wants to lose the Chinese market nor dares to go against the will of the United States. It can only make continuous choices on specific policies.
Canceling visits to China and imposing tariffs may seem scattered, but in fact they all serve the same goal: reducing uncertainty and gaining the initiative. But the problem is that this kind of "initiative" is based on sacrificing part of the stable relationship. It may be effective in the short term, but in the long term it will continue to consume room for maneuver.
If South Korea continues along this path, the situation it will eventually face is simple: at a critical moment, it will be forced to make a clearer choice, instead of being able to maneuver around as it is now.
Conclusion
There is never any real "fence-riding space" between countries, only temporary room for maneuver. What South Korea is doing now is not balancing, but overdrawing this leeway. When the space is squeezed to the limit, taking sides is no longer a choice, but a result.
Nandu News Reporter Yang Wenjun and Yang Liu came from Beijing on March 29. The special topic forum "AI Future Forum: Leap·Investment·Symbiosis" of the 2026 Zhongguancun Forum Annual Meeting "Artificial Intelligence Theme Day" was successfully held at the Zhongguancun International Innovation Center.
At the event site, the Zhongguancun Science City International Innovation Service Cluster ushered in an important moment. Six leading investment institutions, Sequoia China, Hillhouse Ventures, Matrix Partners, Wuyuan Capital, Jinshajiang Ventures, and Zhenzhi Ventures, signed contracts as investment ecosystem partners.
It is understood that the agglomeration area was built by Haidian District to systematically gather the world's top venture capital and science and technology service resources. It aims to create a venture capital center for global cutting-edge technology, build an efficient collaborative ecosystem of "talent-technology-scenario-capital", and maximize the acceleration of innovation. Relying on the location advantage of being adjacent to Peking University and Tsinghua University, the agglomeration area has created a vibrant "talent source coordinate" where top talents gather spontaneously and interact frequently. In the past month, more than 30 talent community activities have been held intensively.
At the same time, the agglomeration area has jointly built an innovative ecosystem with 180 industry benchmarks such as MTR, Audi, Schneider, and BASF, opened up scenario requirements, and promoted the implementation of technology applications by 251 technology companies. The agglomeration area has also linked capital to accurately detect cutting-edge wind directions and capture innovation value. It has now facilitated the docking of more than 400 cutting-edge technologies from universities and capital, becoming a keen "capital detector."
In addition, Haidian District has innovatively built a "five parties and six forces" collaborative mechanism. This time, it links the five major entities of Zhongguancun Science City, universities and colleges, investment funds, territorial towns and science and technology parks, and is driven by the integration of six forces: organizational power, innovation power, value power, cultivation power, carrying capacity, and market power, to open up the key channel from the laboratory to the market. At the event, seven investment institutions that are deeply involved in innovation at the source of universities, including Wu Yuefeng Science and Technology, Shuimu Tsinghua Alumni Seed Fund, Qifu Capital, First Journey Capital, Songhe Capital, Fosun Fortune, and Starlink Capital, officially signed contracts. At the same time, nearly 30 cooperation funds have been reserved. This initiative will give full play to the value of the fund, implement the precise layout of "one school, one department, one fund" and help scientific and technological achievements move from laboratories to industrialization.
Recently, royal author Hugo Vickers revealed in his new book Queen Elizabeth's true attitude towards Harry and Meghan during her later years.
According to Vickers, Queen Elizabeth was unsettled in her later years and even seemed preoccupied. She was worried about the family problems of Andrew, Harry and Meghan.
At the beginning of 2020, after Harry and Meghan announced their resignation as working royal members, they originally hoped to maintain their status as "half-in, half-out" royal members, that is, attending a small number of public royal events while allowing the couple to run their business. This is obviously in conflict with the long-standing code of conduct of the British royal family.
This led Queen Elizabeth to categorically reject Harry and Meghan's proposal. After the Sandringham meeting, the Queen told Harry that there was no middle-ground option either to serve the royal family full-time or to withdraw completely.
In the end, Harry reluctantly left the UK and returned to Canada, where he and Meghan were living temporarily.
The Queen subsequently announced that Harry and Meghan would be prohibited from using their royal titles for commercial activities, but she still wished them success in their new lives.
On March 1, 2021, 99-year-old Prince Philip was admitted to the hospital for emergency surgery. Just 6 days later, Harry and Meghan appeared on Oprah's interview show. Meghan accused the royal family of "racism" for the first time and made other unverifiable accusations.
It is reported that the Queen felt sad that Harry appeared on this show to smear the reputation of the royal family. Then the Queen issued a statement, still her plain and watery style: Memories may vary,
Since then, although Harry and the Queen still had phone calls, Harry seemed to have completely lost the Queen's trust. Whenever Harry called, the Queen would ask the maid to be present. There were no more intimate private calls in the past, and the disappointment could not be more obvious.
In fact, the main members of the British royal family have never been optimistic about Harry and Meghan's marriage. Long before the two got married, the Queen warned Harry that the two got married too fast. She suggested that Harry wait for at least one more year.
Prince William also expressed similar views. William suggested that Harry should give Harry more time to get to know Meghan.
This was actually a sincere suggestion from his brother, but it seemed to arouse Harry's rebellious psychology, and eventually even caused conflicts between the brothers.
King Charles's attitude was more direct: have a happy relationship, but don't marry her.
Even Andrew, who is estranged from Harry, said she was an "opportunist".
Of course, Harry finally ignored all family members’ advice and officially held their wedding to Meghan in May 2018.
Judging from the expressions of the royal family members attending the wedding, it is obvious that even at this point, they are still not optimistic about Harry and Meghan's marriage.
Queen Elizabeth, in particular, frowned. Perhaps the Queen had realized at this time that this would not be a good thing for the royal family.
A series of events that followed, including the Oprah interview, the publication of the book "The Spare Tire", the documentary "Harry and Meghan", etc., all damaged the reputation of the royal family and caused the relationship between Harry and other family members to be irreparable.
Looking back, when Harry and his wife Meghan appeared in the same frame recently, they almost always had expressionless faces and looked unhappy.
This is in stark contrast to the ever-bright smiles on Harry and Meghan's faces when they first got married.
Perhaps it was only at this time that Harry regretted not following the Queen's advice, but it seemed to be too late.
"2021 Children's Physical Fitness Survey Report.docx" is shared by members and can be read online. For more related "2021 Children's Physical Fitness Survey Report.docx (3-page collector's edition)" please search on Qingfeng Zhiji.
1. Survey Report on Physical Fitness of Young Children Survey Report on Physical Fitness of Young Children 1. Reasons for the Survey: When a child enters kindergarten, this survey is conducted in order to fully understand the child's growth and development, detect diseases and special physical conditions in a timely manner, and carry out early and targeted prevention and treatment. 2. Investigation process: Medical staff from the Funing County Maternity and Children's Hospital came to our school to conduct annual physical examinations for children. A total of 35 children in the kindergarten class of our school participated in the physical examination. After the medical staff's patient and meticulous physical examination, the investigation status was as follows: 3. Investigation results 1. There were 2 mildly obese boys and 1 girl. In recent years, with the continuous improvement of family economic level, some children have obtained enough nutrients at home and eat a lot of snacks on daily basis. This is also one of the main reasons for children's obesity, as well as poor eating habits and more participation in outdoor exercise. Young children need to do
2. Feed scientifically, provide reasonable meals, strengthen outdoor exercise, and cultivate children’s good lifestyle to improve their behavior and habits. 2. 1 person with mild iron deficiency anemia (hemoglobin less than 110g/l). 3. 1 person with mild malnutrition. 4. Vision is normal, and conjunctivitis has decreased compared with last year. There are no children with amblyopia or strabismus in our school. Children are reminded to use their eyes appropriately, strengthen disinfection of towels and toys, insist on washing hands with soapy water before and after meals, and after activities to prevent infection, train children not to play with dirty things, pay attention to eye hygiene, and cultivate good hygiene habits. 5. The prevalence of dental caries has decreased, and the dental caries correction rate has reached over 90%. 6. The weight and length averages meet national standards. 4. Intervention measures 1. Promote oral hygiene knowledge to parents and children, train children to brush their teeth in the morning and evening, rinse their mouth after meals, and moderate the intake of sugar and sugary foods, especially not to eat sweets and snacks before going to bed. Parents are required to formulate their children's recipes scientifically and rationally. Establish good living habits, eat more vegetables and fruits, eat regularly and quantitatively, do not eat snacks, eat a rich breakfast, try to eat a small and concise dinner, monitor your weight at any time, so as to customize a meal plan. 2. Strengthen physical exercise: Participating in physical exercise to increase calorie consumption is particularly important for weight loss. 3. Encourage obese children to socialize more with others, change their mood, increase their self-confidence, and participate in more group activities and fitness exercises. At the same time, let them understand the dangers of obesity and prevent the abuse of drugs and nutritional supplements, not to mention the abuse of hormonal drugs to avoid causing symptomatic obesity. 4. After the investigation is completed, we will issue case analysis and contact sheets to parents of frail children to provide further guidance on disease correction. We hope our families will work together to protect the health of our children and ensure that each child grows up healthily.
The "Song of Blue Dream", which is committed to building a "national cruise ship", has been anchored in Beihai, Guangxi for two and a half months. According to industry media reports, the cruise ship was impounded by Island Oil, a well-known fuel supplier, at Beihai Port in Guangxi due to arrears of approximately US$600,000 in fuel payments.
"No one knows how much foreign debt Blue Dream Cruises owes." Zhao Yi, the former sales manager of Shanghai Blue Dream International Cruise Co., Ltd. (hereinafter referred to as "Blue Dream Cruises"), told China News Weekly that he was owed more than 300,000 yuan in salary. According to incomplete statistics from rights protection employees, the company owed material supply fees, contract breach compensation and employee wages before and after the suspension, totaling more than 50 million yuan.
Lembongan Cruises was founded in 2016. This mixed-ownership company was once one of the representatives of local operators in China. Its "Lembongan Star" was the first international cruise ship to resume sailing from its domestic home port after the epidemic. Today, its trajectory coincides with that of many local cruise lines that have sadly exited the industry and ended up mired in disputes over ship sales, unpaid wages and lawsuits.
Zhao Yi revealed that there are about 200 employees who are owed wages, including shore-based personnel and crew members. Since the company suddenly announced the suspension of flights, many people have not even been able to get money to go home for the New Year. The screenshot he provided showed that Wang Peng, the company's former chairman, wrote in a reply to employees: "We will solve everyone's problems as soon as possible after the company disposes of the ship assets." This is what Zhao Yi is worried about. If the old ships cannot be sold smoothly, the company may be dragged into insolvency.
Cruise ship "Blue Dream Song" Photo/Visual China
Suspension becomes suspension of operations
When she learned of the suspension, Yan Jie was still at sea on her voyage to Vietnam. In the early morning of January 4, the cruise ship "Song of Blue Dream" returned to the port of Beihai, Guangxi. As soon as the tourists disembarked from the ship in the morning, the labor service company summoned all seafarers in the afternoon and asked them to sign an "Employment Termination Agreement." She and her colleagues were informed that they must leave the ship before January 6. After the handover is completed, they will receive a "one-time consideration compensation", but it does not include the unpaid salary for December last year and the full-year performance bonus.
Yan Jie recalled that the crew’s wages had been deferred for three consecutive months. Everyone had been worried about the operating situation for a long time, but they didn't expect everything to happen in such a hurry. The voyage of this ship has been scheduled to June 30, 2026. All cabins are outsourced to travel agencies, and the occupancy rate can basically be maintained at more than 90%, which means that the ticket revenue in the next six months is essentially guaranteed. She really didn't understand why the company suddenly unilaterally breached the contract.
Zhao Yi also confirmed that the Blue Dream Cruises sales team signed a six-month "charter" contract with Shenzhen Xinmingyang International Travel Service in 2025. More importantly, the travel agency has paid a deposit of about 10 million yuan. According to the terms of the contract, if Party A (Blue Dream Cruises) breaches the contract, it will face high compensation.
On December 25 last year, Blue Dream Cruises announced the suspension of sailings of the "Blue Dream Song" cruise ship in the name of "hardware upgrade and maintenance". Zhao Yi recalled that at that time, the sales team had strongly recommended that the ship should operate until at least mid-2026 to fulfill the contract and reduce losses, but the company's decision-makers insisted on suspending the voyage immediately. This decision quickly triggered a chain reaction. On January 20 this year, Shenzhen Xinmingyang International Travel Service filed a lawsuit against Blue Dream Cruises in the Shanghai Maritime Court and applied for property preservation.
"This directly led to the freezing of special funds to be paid to crew members." A credit memo provided by Yan Jie showed that a special fund of 5 million yuan for crew wages was issued by Blue Dream Cruises to Shanghai Guoyuan Labor Service Co., Ltd. on January 27. According to the agreement signed by the seafarers after renegotiation on January 5, the money should be released before the Spring Festival to settle arrears of wages and compensation. "But until now, we haven't received a penny." Yan Jie said.
Behind the hasty decision to suspend sailings is a monetization plan that has not been realized. Zhao Yi revealed that at the end of last year, the company intended to sell the "Blue Dream Song" and contacted a Russian operator. "The suspension of sailings is to prepare for subsequent transactions."
But in fact, the ownership of the "Blue Dream Song" is not in the hands of Blue Dream Cruises. According to public reports, the company's director Lu Guangyuan introduced at an industry forum in 2024 that the "Song of Blue Dream" was introduced by the company through offshore leasing in cooperation with China Banking Financial Leasing Co., Ltd. (hereinafter referred to as "CDB Financial Leasing"), and then refinanced and leased to Blue Dream Cruises for operation. This was done to reduce the company's burden.
"There is obviously a problem with the capital chain now." Zhao Yi further revealed that Blue Dream Cruises operates the cruise ship through its wholly-owned Hong Kong subsidiary and needs to pay rent to China Bank Financial Leasing regularly and complete the final buyback before the agreed deadline. According to his understanding, the repurchase period is before 2026, but as of now, the repurchase has not been completed. "China News Weekly" called Wang Peng, the former chairman of Blue Dream Cruises, for verification, but received no reply.
After the suspension notice was issued, more than 30 employees in the Shanghai office of Blue Dream Cruises received the "Labor Contract Termination Agreement" one after another at the end of last year. The suspension of flights eventually turned into a shutdown. An employee who has worked in the sales department of Blue Dream Cruises for many years told China News Weekly that the salary owed to each person ranged from tens of thousands of yuan to more than 300,000 yuan. Due to the delay in receiving the arrears, on February 27 this year, the first batch of employees went to court to file a lawsuit and filed a case. According to Qichacha data, Blue Dream Cruises has recently become the person subject to execution in eight cases, involving a total amount of 1.3146 million yuan.
Sun Yue, head of personnel at Blue Dream Cruises, confirmed to China News Weekly that there are currently 27 shore-based employees on the books who are owed wages, involving a total amount of about 5.5 million yuan. She explained that the three existing shareholders were pushing to resolve the funding issue after the company's accounts were frozen. According to the plan confirmed by the shareholders' meeting, the three parties will pay special funds for salary arrears into designated accounts based on their shareholding ratios.
As of now, 40% of the funds borne by the major shareholder Fujian China Transport Investment Group Co., Ltd. have been received, 30% of the funds borne by Zhoushan Islands International Cruise Port Co., Ltd. have been received on March 24, and Qingdao Jurong Industrial Investment Co., Ltd. has borne the other 30%, which is still being coordinated.
"China News Weekly" called Yao Shuai, director of Blue Dream Cruises and Qingdao shareholder representative, and the other party said that the plan of "raising funds according to the share ratio of the three shareholders" "may only be in the motion stage". He himself has not seen the specific documents and has "no grasp" of the current situation of Blue Dream Cruises. The reporter asked Wang Peng, the former chairman of Blue Dream Cruises and the legal representative of Fujian Sinotrans Investment Group, to confirm this contradictory statement, but the other party refused to be interviewed on the grounds of "no time."
It is worth noting that just one day before promising to pay back wages, on February 9 this year, Blue Dream Cruises completed the change of legal representative, and Wang Peng resigned as chairman and general manager. He is still serving as vice chairman of Fujian Air China Ocean Shipping (Group) Co., Ltd. The company was once the largest shareholder holding 80% of the shares of Blue Dream Cruises when it was founded, but it withdrew in 2020.
"The current shareholders of Blue Dream Cruises are only the three mentioned above." Sun Yue emphasized. She said that if the funds from Zhoushan can be received as scheduled, the company will notify the specific plan to pay a total of 70% of the back wages as soon as possible. As for the remaining 30%, the temporary working group she is a member of "theoretically will not give up the recovery." As an employee of China Transport Fujian assigned to Blue Dream Cruises, Sun Yue himself has now returned to the shareholder company. She admitted that it is still unknown how the temporary working group responsible for the aftermath will operate in the future and who will lead it.
Sell one order, pay one order
In Zhao Yi's impression, the decision-making level of Blue Dream Cruises started to signal the suspension of sailings in November last year. Affected by geopolitics, domestic home port cruise companies at that time canceled plans to call ports in Japan, and Blue Dream soon changed all Japan and South Korea tour destinations to Jeju and Busan in South Korea.
"The capital chain is already tight, and the route adjustment is a fatal blow." Zhao Yi explained that unlike customers in mature markets in Europe and the United States who regard cruise ships as vacation destinations, domestic tourists generally still regard cruise ships as a means of transportation. When travel destinations are no longer niche and unique, the cost-effectiveness of cruise travel will be greatly reduced, and lower occupancy rates will most likely prompt travel agencies to cut prices and sell orders.
A veteran who has been in the cruise industry for 23 years told China News Weekly that in terms of the richness of destination tourism resources, it is difficult for the Korean market to completely replace Japan. In competition in markets such as Jeju and Busan that are well known to domestic cruise passengers, price reduction is the most direct way to attract customers. Even the price of Royal Caribbean's "Spectrum of the Seas", which is the most expensive in the industry, has dropped to less than 2,000 yuan for its interior cabin.
In the past operations, Lembeng, which relied on low-price strategies to open up the market, was once known as the "Mixue Ice City" in the cruise industry. Zhao Yi explained that without the premium brought by differentiated routes and facing close competition with larger and newer cruise ships, the company is also worried about the history of "sell one and lose one" repeating itself.
The deeper problem is that there is a mismatch between the old second-hand ships purchased by Blue Dream Cruises and the domestic mainstream cruise consumer market. The two ships, "Blue Dream Star" and "Blue Dream Song", had basically been in service for 20 years when they were "acquired", and their tonnage was generally small, at 25,000 tons and 42,000 tons respectively, which was far lower than the current mainstream large cruise ships of over 100,000 tons. Their cabin types, entertainment facilities and other hardware were inherently deficient, and the limited space also limited on-board consumption scenarios and secondary income.
Zhao Yi gave an example. In order to meet the demand for standard rooms for domestic team tours, the company once installed a wooden board as a partition in the middle of the original large bed. Such a reluctant renovation is far from the comfort and spaciousness that tourists expect from modern cruise ships.
"Planning for cruise operations begins before placing an order with the shipyard." Shanghai Waigaoqiao Shipbuilding Co., Ltd., the builder of the domestic large-scale cruise ship "Ada Magic City", previously pointed out in an interview with China News Weekly that ship owners must clearly define their target customer groups and plan future routes before placing orders, and use this as a guide to design on-board hardware and soft furnishings that meet consumer needs. This "pre-operation, design and customization" model is the key to the success of the cruise project, and also explains why large cruise ships that want to base themselves on the local market must take the road of self-construction, and it is difficult to achieve this by purchasing second-hand ships.
"The hardware is not enough, and the software is difficult to come up with." Yan Jie will join the company in April 2023. "Blue Dream Star" will make its maiden voyage in June of the same year. She only has one month to prepare on-board entertainment activities. At that time, the company canceled its professional dance troupe due to lack of funds. She had to contact a Colombian dance troupe through personal connections and hired them as ordinary crew members, allowing them to perform in addition to daily reception work. Although the salary was slightly higher than that of ordinary crew members, the company overall saved about 4 million yuan. At the same time, the team will organize club activities, such as games, dance classes or craft workshops, on the deck, salon and other locations during the day to enrich the passenger experience as much as possible and reduce customer complaints.
European and American stock markets closed lower on Friday, with the Nasdaq index falling more than 2%. Large technology stocks generally fell, with Meta and Amazon falling nearly 4%, and Tesla, Google, and Microsoft falling more than 2%. Oil and gas and gold stocks generally rose, with Halliburton rising more than 4% and U.S. Energy rising nearly 2%. Occidental Petroleum rose by more than 1%; Harmony Gold rose by nearly 3%; banking, shipping, quantum computing, and drone concept stocks fell across the board. Citibank fell by more than 4%, JPMorgan Chase fell by more than 3%, Morgan Stanley fell by nearly 3%, and Bank of America, Goldman Sachs, and Wells Fargo fell by more than 2%. International crude oil futures prices rose sharply, New York crude oil rose 7%, reaching $100, and the U.S. dollar index rose above 100. This is an obvious trading pattern of escalating geopolitical war. As long as the international crude oil price remains at around US$100, global inflation seems to be difficult to avoid and the US dollar will not cut interest rates. Against the background of global financial market turmoil, A-shares will still be under pressure next Monday.
So we have given out two investment strategies since last week. One is to turn to value investment, focusing on low-position and undervalued sectors, such as consumption and medicine, such as non-ferrous coal resource stocks. Another strategy is to shift the AI narrative to electric power and other infrastructure construction, and control positions in technology stocks.
Generally speaking, PB valuation can best reflect the position of sector valuation. Judging from the Wande statistics in the figure below, the current PB positions at the bottom are banks, building and decoration materials, coal, food and beverages, and biomedicine.
If international crude oil prices remain high for a long time and the CPI inflection point is expected to arrive in the second half of the year, then the above sectors deserve attention. It cannot be ruled out that some undervalued sectors will go out of independent market during the adjustment of the market shock. Perhaps the food, beverage and biopharmaceutical sectors, which have always been at low valuations, are the main investment lines in 2026.
Lu Changshun (Cairns) Certificate No.: A0150619070003. [The above content only represents personal opinions and does not constitute a basis for buying and selling. The stock market is risky, so investment needs to be cautious]
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