Türkiye's Energy Minister: Regional oil dependence is at a manageable level.

Internationally: 1. JPMorgan: The war exposes the US's wartime production capacity shortcomings. 2. JPMorgan: The longer the conflict lasts, the stronger the reasons for being bullish on gold become. 3. Goldman Sachs: Fertilizer shortages caused by the Middle East situation may push up grain prices. 4. Goldman Sachs: If the war with Iran impacts economic growth, the dollar's strength will subside. 5. Goldman Sachs: Maintains an overweight recommendation for Chinese stocks and believes that the Sharpe ratio from A-shares will be higher in the short term. 6. Goldman Sachs: Goldman Sachs raises its aluminum price forecast to $3,200/ton, due to tightening supply and downward revisions in demand. 7. Middle East Institute: Trump's "TACO" (Take a Action Against America) is due to warnings from Gulf countries and concerns about misjudging Iran's willingness to strike. 8. OCBC Bank: Gold has not lost its appeal as a safe-haven asset. 9. Barclays: The Middle East conflict has failed to eliminate the dollar's risk premium. 10. ING: The upside potential for GBP/EUR may be limited. 11. S&P Global: March PMI data shows a worrying situation of slowing US growth and rising inflation. 12. Deutsche Bank: The petrodollar system was already under pressure before the outbreak of war. Domestic: 1. CICC: Leading game companies possess strong content "moats". 2. CICC: Escalating tensions in Iran have reversed expectations of interest rate cuts by European and American central banks, turning them into expectations of rate hikes. 3. CITIC Securities: Continues to be optimistic about the allocation value of the solid-state battery sector. 4. CITIC Securities: Recommends focusing on leading domestic AI PCB/copper clad laminate (CCL) manufacturers and memory manufacturers. 5. CITIC Securities: The public fund of funds (FOF) market is expected to show a structural differentiation pattern in the future, and asset allocation capabilities will become the key to long-term competition. 6. Huaxi Securities: Marine oil and gas insurance may continue to maintain high premiums for some time. 7. Kaiyuan Securities: Geopolitical conflicts may increase the magnitude and sustainability of PPI increases.

PDD HOLDINGS: EXTERNAL ENVIRONMENT, COMPETITIVE LANDSCAPE UNDERGOING RAPID CHANGES