Overall, the investment logic for major asset classes in 2025: Precious metals (silver better than gold) > Copper > A-shares ≈ US/EU stocks (tech growth preferred) > Euro > US bonds (including coupons) > RMB > Chinese bonds > USD > Crude oil. So, how should we play in 2026? Ranking of major assets: US stocks > BTC > Gold > Copper/Silver > US bonds (including coupons) > A-share index > RMB > Chinese bonds > USD > Crude oil.