Next week's outlook focuses on three points:

1. Interest rate cuts are coming, but surprises are unlikely.

· Definitely a cut: The Federal Reserve is expected to cut rates by 25 basis points next week.

· The key is the follow-up: The market is betting on three significant cuts in 2026, while the Fed has only hinted at two. If the Fed does not change its stance (which is very likely), it will be "good news fully priced in," making the market prone to a drop.

2. Be cautious of the Bank of Japan "withdrawing liquidity."

· Japan is likely to tighten monetary policy simultaneously, leading to a global dollar influx back to Japan.

· Result: This could offset some of the easing effect from the Fed's rate cuts, potentially triggering simultaneous declines in U.S. stocks, U.S. bonds, and other global assets, increasing volatility.

3. Gold and A-shares: Short-term fluctuations, waiting for buying opportunities.

· Gold: After the rate cut is implemented, it could easily drop sharply due to "expectations being fulfilled" and the liquidity withdrawal from Japan. However, this drop may present an opportunity for positioning ahead of the bull market in 2026.

· A-shares (in the tight stone field): Being pulled in two directions by internal policies and external liquidity withdrawal, the direction choice will be delayed. We need to wait for external storms to pass for internal forces to take the lead.

Summary: Next week is a "high volatility" week, and operations should be "shock-proof."

· Don't chase highs: All good news has already been priced in.

· Wait for a pullback: Focus on preventing a market reversal and decline after the announcement.

· Think long-term: Short-term fluctuations are preparing for the real differentiated bull market in 2026, consider buying only after significant drops. #美联储降息预期升温