During holiday periods, market liquidity is relatively low, coupled with geopolitical uncertainties. During this time, investors tend to adopt a more conservative approach. You can clearly feel that funds are moving towards traditional safe-haven assets—gold buying increases, demand for bonds rises, and those stable, defensive stocks are also favored. Under this risk-averse mode, the attractiveness of risk assets significantly diminishes, and market sentiment leans towards caution. The entire trading environment is like being shrouded in an atmosphere of waiting, with everyone observing what will happen next.