The beginning of 2026 has seen significant divergence across global markets:
In equity markets, after an 18-day rising streak, A-shares experienced a pullback, yet trading volume hit a historic high, approaching the 4 trillion yuan mark. Technology and pro-cyclical sectors emerged as the main drivers of capital flows. Meanwhile, US stocks retreated from their highs. The market's hawkish expectations were ignited after former President Trump announced his nomination of Kevin Warsh for Federal Reserve Chair, shifting focus to potential changes in Fed policy. During the Spring Festival holiday, the US Supreme Court ruled that tariffs imposed under IEEPA were illegal. Trump promptly issued a new executive order imposing a 15% tariff on imports from all countries and regions, while also accelerating Section 301 and 232 investigations, reintroducing uncertainty over global tariffs.
In bond markets, Chinese government bonds displayed a bull-flattening trend with a downward shift in the yield curve, whereas US Treasuries weakened with a bear-steepening pattern and rising yields. Market expectations for the pace of Fed interest rate cuts in 2026 have become more cautious.
The commodities market presented a stark contrast: precious metals and non-ferrous metals soared, experienced significant volatility, and then rebounded. In contrast, energy, chemicals, and ferrous metals remained sluggish, weighed down by supply-demand imbalances.
Regarding global major asset classes and hot sectors, the most pressing questions for the first quarter of 2026 are:
After the surge and subsequent sharp volatility in precious metals like gold and silver, and non-ferrous metals, is this a bull market adjustment or a trend reversal? Is it still a good time to enter the A-share bull market? Which asset classes are most worth watching? How should one choose between Hong Kong stocks and A-shares? What challenges will US stocks face in 2026? Can the tech/AI bull market rally continue? What substantive changes will incoming Fed Chair Kevin Warsh bring to Fed policy? Is the market's focal "Warsh Trade" a fleeting phenomenon or poised for a comeback? Within the 15th Five-Year Plan, which strategic emerging industries deserve close attention? Which technological frontiers warrant preliminary research? What new products, advancements, and technologies showcased at globally watched tech conferences like CES in Las Vegas and NVIDIA's GTC conference are noteworthy? What opportunities and risks lie behind the heating up of the commercial aerospace sector? Can anti-involution policies drive sustained increases in commodity prices? ...
To help clarify the rotation and directional shifts among major asset classes and provide forward-looking interpretations of hot sectors in Q1 2026, we plan to invite several heavyweight guests to lead the Alpha Online Exclusive Members-Only Session this quarter. Guests include Xu Xiaoqing, Chief Economist of the multi-billion hedge fund Dunhe Asset Management; Liu Chenming, Chief Strategist at GF Securities; well-known economist Fu Peng, author of "Witnessing the Countercurrent"; Yuan Jun, former Head of Macro Trading for Greater China at Goldman Sachs; Guo Shengbei, Founder of GSB Award Platform Fund and former Managing Director at Deutsche Bank; Wang Zijing, Chief Computer Analyst at Soochow Securities Research Institute; and Luo Siyuan, Head of Equity Business at Chengyu Capital and a senior semiconductor industry expert from Taiwan, China. They will share their latest insights on asset trends and rotations, geopolitical situation tracking and analysis, and前瞻 industry hotspot analysis.
This Sunday, March 1st, at 8:00 PM, Cheng Tan, Founder of Tantu Macro, will host an exclusive session on interpreting the policy expectations for the new Fed Chair Warsh and providing a前瞻 look at the March FOMC meeting and overseas liquidity.
Cheng Tan is the Founder and Research Director of Tantu Macro (GMF Research), holding a Ph.D. in Finance from the Guanghua School of Management at Peking University, with multiple academic papers published in journals like "Management World". GMF Research is an independent research institution focused on overseas macroeconomics and major asset class research, serving institutional clients including dozens of top domestic asset management institutions and private funds.
Each exclusive session includes a specially arranged 30-minute Q&A segment. Attending members can have their most pressing questions answered by the guest. Those interested in these exclusive sessions can click on the event poster below to register and join the Alpha Online Exclusive Members-Only Session to hear the latest market insights.
The Alpha Online Exclusive Members-Only Session is a service provided by Wall Street CN for high-net-worth users. Throughout 2026, at least 36 sessions will be held, averaging 9 per quarter. We will invite top-tier global experts to conduct online exclusive分享s and answer user questions on key market hotspots and core issues, helping users discern asset trend directions and aiding in critical personal decision-making.
Heavyweight guests who led our Alpha Online Exclusive Members-Only Sessions in 2025 also included: Xu Xiaoqing, Chief Economist of multi-billion hedge fund Dunhe Asset Management, former four-time winner of the No.1 position for Fixed Income Research in the New Fortune Best Analysts ranking. Fu Peng, renowned macroeconomist, senior global FICC trader, author of "Witnessing the Countercurrent". Liu Chenming, Chief Strategist at GF Securities, three-time consecutive winner of the No.1 position for Best Strategist in the New Fortune Best Analysts ranking. Wu Ge, Chief Economist at Changjiang Securities, winner of the Sun Yefang Economic Science Award, China's highest economics award. Wang Kaiwen, Chief Strategist and Head of Research at Clocktower Group. Graduate of the Johns Hopkins University School of Advanced International Studies, former employee of the International Monetary Fund. Cao Jingnan, Head of Macro Research and Chief Strategic/Geopolitical Analyst at Oriental Securities Research Institute. Mou Yiling, Executive Deputy Director and Chief Strategy Officer at Sinolink Securities. Zhang Yu, Deputy Director and Chief Macro Analyst at Huachuang Securities Research Institute. Zhang Jingjing, Chief Macro Analyst at China Merchants Securities. Xia Chun, Chief Economist at Obvious Capital Group. Cheng Tan, Founder and Research Director of Tantu Macro GMF Research. Former Senior Economist and Vice President of the Asset Allocation Department at the Central Foreign Exchange Business Center of SAFE. Hu Gang, Founder and CIO of Winshore Capital, former Vice President at PIMCO, the world's largest bond fund. She Jianyue, Assistant General Manager at Yide Futures, senior crude oil analyst, former Chief Economist at the Crude Oil Department of CNOOC. Li Lujing, Deputy Director of the Research Institute and Chief Machinery & Defense Analyst at Founders Securities. Liu Weilin, Fund Manager of the ICBC Credit Suisse India Fund, Deputy Director of Index and Quantitative Investment at ICBC Credit Suisse Asset Management. Ma Xiaolin, Dean of the Academy of Regional and Global Studies at Zhejiang International Studies University, former Xinhua News Agency correspondent in the Middle East.
In 2026, we will invite more top-tier experts from various fields to bring you additional insightful exclusive sessions. Welcome to join the 2026 Alpha Online Exclusive Members-Only Session membership, granting access to all 36 sessions. Detailed meeting content will also be compiled for member review after each session. Interested individuals can click the image below to join the Alpha Online Exclusive Members-Only Session membership.
