Benjamin Jones, head of global research at Jingshun, stated that although the market sentiment has improved, there has not been a significant recovery in shipping traffic in the Strait of Hormuz in response to the Middle East conflict. With delivery gaps gradually becoming apparent, some countries may face supply shortages in the coming weeks; even if the strait reopens quickly, the flow of goods may still be obstructed in the short term. However, as long as investors maintain confidence in the eventual normalization of trade flows, the market may still downplay short-term disruptive factors. He stated that even if trade in the Strait of Hormuz does not approach full trade flow and a substantive peace agreement is not reached in the short term, Jingshun still believes that the lower limit of Brent crude oil near-month contracts this year is roughly at the $80 level, but also noted that market performance is more optimistic than the bank's previous expectations. Geopolitical risk premiums are expected to persist for some time. Jingshun continues to favor the stock market, preferring non-US markets, and maintains the expectation that the US dollar will weaken by the end of the year. However, market news changes rapidly, and investment decisions should prioritize caution rather than stubbornly sticking to a single viewpoint. The market did not react negatively to the news of the US navy blocking the Strait of Hormuz, and the US later clarified that the measures only apply to ships entering and leaving Iranian ports. The market performance was ideal, reflecting investors' expectations that the conflict could be resolved in the short term and that trade flows could be restored, with the impact on economic growth and inflation expected to be temporary. Jingshun continues to view trade flows through the Strait of Hormuz as the most economically significant data indicator and also believes that ceasefires and related dialogues are positive developments, thus Jingshun has slightly raised the possibility of further easing of the situation. Jingshun believes that oil price movements in March are dominated by interest rate expectations, while inflation expectations may be a more reliable indicator. Inflation and interest rate expectations have risen in March, but have declined in April. Given the nature of this shock, related expectations remain stable in most regions globally, and Jingshun believes this is not enough to support further rate hikes by the Federal Reserve, European Central Bank, or Bank of England.