No matter how tense the geopolitical situation becomes, it cannot stop the market's adventurous enthusiasm. The S&P 500 is about to reach 7000 points, and this wave of overall risk appetite should not be underestimated.

Currently, international trade protectionism is on the rise, and the free trade system is loosening. Countries are competing to stockpile precious metals and strategic raw materials. Against this backdrop, the commodity market is actually experiencing a long-term bullish logic—scarcity premiums are emerging.

2025 is already a bumper year for most traditional asset classes, but more importantly, there may be new driving forces brewing.

Let's look at an interesting phenomenon: despite widespread talk of dollar depreciation and capital outflows, the data tells a different story—the scale of foreign investors' rolling 12-month purchases of U.S. stocks at the end of 2025 has hit a record high. So, the notion of "staying away from the dollar" can basically be put to rest.

Next, observe the market's caution index: while the index keeps hitting new highs, the put-call ratio of the S&P 500 remains low. Historical experience shows that each rebound (a key technical signal) often precedes a significant increase in risk appetite. This happened once at the end of last year.

Finally, high-beta stocks, low-rated small caps, and new IPOs—these high-risk assets—have recently started attracting capital again. This indicates that the market's "animal spirits" are clearly heating up.