Takeaway
§   Chinese equities are enjoying the best start of the year in history, even in the haze of tariff war. The continuing southbound funds and AI-related revaluation made HK stocks stand out, but a catch-up rally in A-shares is still possible.
§   Uncertainties in US tariff policies remain one of the largest threats to the global risk appetite, making the safe-haven assets like gold, US Treasury bonds, and JPY in good demand....