Recent global central bank policy movements have been frequent. In November, the domestic central bank injected 1 trillion RMB liquidity through MLF; the Federal Reserve had already injected $13.5 billion in December; the Japanese government approved an additional budget stimulus of $118 billion; and the Reserve Bank of India also announced a $32 billion injection into the banking system.

From these data, it appears that central banks around the world are collectively releasing liquidity, and market liquidity conditions are clearly easing. Liquidity indicators have already reached historical highs. In this macroeconomic context, the traditional bearish logic seems to need re-evaluation. The global "liquidity infusion" environment is beginning to support risk assets.