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Under the current economic situation, all departments are generally cautious. 

Under continuous cyclical pressure, the manufacturing industry has shown a slight improvement, so there is reason to have limited stock exposure to the industrial sector. 

However, as insufficient liquidity plagues the U.S. Treasury bond market, concerns have intensified, which is marked by an abnormal increase in the yield curve since March 2020, indicating limited fiscal flexibility. 

The contraction of global central bank liquidity, coupled with the sharp depreciation of the yen against the US dollar in the past 10 years, has exacerbated bearish sentiment. 

In addition, more and more businesses in Canada have gone bankrupt, consumer confidence in the United States has declined, the inflation rate in Australia has risen, and retail sales have been weak, all of which have highlighted broader economic challenges.