International geopolitical dynamics continue to keep crude oil prices fluctuating at high levels, further intensifying inflation expectations and causing U.S. Treasury yields to rise and fall. Risk assets remain range-bound as a result of funding conditions, with U.S. stocks and cryptocurrencies broadly maintaining a sideways consolidation. In terms of technical indicators, major indices are trading in and around key moving-average intersections, while relative strength indicators hover in neutral territory, with a balance between long and short forces. Investors should continue to monitor policy variables and liquidity changes and strictly implement risk management.