A-shares, gold, and U.S. stocks: breaking down the turning points of these three asset classes

March 23, 2026, saw a sudden sharp drop in gold and A-shares, and market sentiment tightened up in an instant.

1. The truth behind market sentiment: retail panic = a bottoming signal; panic is often driven by capital

Many investors get led around by market fluctuations. The core reason is that they can’t see the truth behind the sentiment.

Some of the panic in the market recently has not formed spontaneously, but is instead the result of deliberate fabrication by Western financial institutions and the media. The so-called market concepts related to Trump are also just hype intentionally arranged by capital for harvesting. Behind it all, there’s also a game of interests involving other assets such as crude oil.

From an investment perspective, retail sentiment is often a contrarian indicator.

When the market was falling earlier, the comments section was filled with highly emotional, pessimistic, despairing messages—this is exactly the clear signal that the market has reached a bottom.

Retail investors’ panic has become an important input parameter in quantitative models. When the majority is collectively bearish and doesn’t dare to enter, it is often the best window to pick up bargains, perfectly confirming the investment truth of “When others are afraid, I’m greedy; when others are greedy, I’m afraid.”

In Q1 this year, A-shares, gold, and U.S. stocks all showed a trend of “rising first and then suppressing,” which is completely at odds with the public’s sentiment at the start of the year that they were optimistic about a bull market. It also once again proves: when everyone feels the market will be good, hidden risks are often lurking; when everyone feels the market won’t hold up, opportunities are actually starting to brew.

2. U.S. stocks: wait patiently for the downside room; buy opportunities in batches after a drop

The core breaking point for U.S. stocks can be summarized as: be patient and wait for the space, make a move when you see opportunities after a drop, and never go all-in blindly.

Based on the current situation, the risk of a near-term pullback in U.S. stocks has been released in stages. On March 5, the Wealth Management Magic Cube sent out a risk-control signal based on its algorithm, reducing the target position to 60%. Since then, U.S. stocks have cumulatively fallen 8.26%, officially entering the technical pullback range.

This round of pullback is mainly suppressed by three factors:

• Geopolitical conflict combined with rising oil prices, triggering inflation concerns;

• The Federal Reserve’s rate-cut expectations have been pushed back significantly, and persistently high interest rates keep compressing market valuations;

• A struggle between the U.S. traditional forces and tech upstarts, leading to a re-pricing of tech stock valuations;

But the core support logic for U.S. stocks has not been broken:

U.S. stocks have the historical characteristics of “a bear short rally, followed by a long bull”—after a sharp drop, the repair speed is extremely fast. Leading companies represented by the “Seven Tech Giants” have not fundamentally changed in terms of innovation capability and earnings resilience. The market is severely oversold in the short term, creating demand for a technical rebound.

After the pullback, the valuation of quality assets returns to a reasonable range, and long-term value for money improves significantly.

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For ordinary investors, this is not the time for an all-in buy. It’s recommended to start with a light position and build in batches—add a bit more after each leg down.

For investors who previously reduced positions following the risk-control guidance, overall risk is controllable. Light-position users can also gradually collect low-price lots by taking advantage of the pullback.

3. Gold: first observe stabilization; the long-term value logic has never wavered

Gold is the hottest asset this year—its volatility is intense, yet its long-term value remains solid. The core breaking point is to first observe stabilization and then hold for long-term, using systematic investment plans.

This year’s gold price action shows extreme volatility. In January, it surged quickly from 4800 to 5500, then saw a sharp correction, falling to around 4400 at the lowest point—marking the largest single-week drop since 1983. It has now rebounded to around 4700, returning to a rational range.

The main triggers for the short-term pullback are three factors: softened Fed hawkish remarks impacting rate-cut expectations; higher levels of the U.S. dollar and Treasury yields; and panic-driven selling in the market.

Meanwhile, Wealth Management Magic Cube users have a very strong safety cushion. Data shows that 80% of users’ positions are added below 3000 points, so their overall cost basis is far lower than the market’s. Even with a 15% pullback, there’s no need to panic.

Gold’s long-term logic has never changed:

The weakening of the U.S. dollar credit system makes gold’s value as a natural currency stand out. With global money printing exceeding demand, gold becomes the core anti-inflation asset. Central banks around the world continue to increase holdings; the supply-and-demand fundamentals support the gold price. Geopolitical conflicts occur frequently, and gold’s safe-haven attribute continues to work.

Investors don’t need to obsess over short-term highs and lows. Avoid going all-in with borrowed funds. Use systematic investment plans to average your cost—use time to create space.

4. A-shares: fundamentals anchor to technology; at the product level, pick quant

The A-shares playbook is clear and straightforward: grab technology with fundamentals; choose quant for products.

Judging by the current market situation, A-shares are in a stage where fundamentals are improving and liquidity is being optimized.

Macroeconomic data such as industrial production, consumption, and investment are growing beyond expectations—economic stabilization and rebound follow. Market average daily trading value keeps rising. In January 2026, it hit 3.64 trillion yuan, a historical record high. Ample liquidity provides strong support for the market.

The core main theme for A-shares in the future is technology. The growth rate of emerging technologies will far exceed that of traditional technology. Long-term positioning in the technology sector may deliver excess returns. And in terms of product selection, quantitative investing has comprehensively outperformed discretionary investing and has become the mainstream trend.

Discretionary fund managers rely on manual stock-picking, and in a choppy market they are extremely likely to be outperformed by quantitative strategies. By contrast, quant strategies use algorithms and big-data trading. They have strong discipline, diversified risk, and controllable drawdowns. They can quickly capture market pricing errors, and top quant institutions only recruit talent in mathematics, physics, and computer science—competition is fierce, and their competitiveness is very strong.

However, the threshold for high-quality quant resources is currently extremely high. Top institutions have high minimum initial investment amounts and do not accept new clients. Wealth Management Magic Cube is actively introducing broker asset-management products to lower the participation barrier for ordinary investors.

For investors, long-term capital can be allocated to the technology track, while for mid- to short-term investing, it’s better to prioritize more disciplined quant products.

Interested investors can join Wealth Management Magic Cube’s quant learning group.

5. Traditional hedging fails: rebuild a stable portfolio with multi-strategy approaches

A new predicament faces the market today: traditional stock-bond hedging strategies have failed.

In an environment where inflation expectations rise and interest rates increase, stocks, bonds, and commodities have experienced the rare occurrence of falling in sync. The negative correlation among assets fails, and traditional risk-parity strategies lose their protective role.

To address this problem, here are three replacement strategies:

Multi-model composite strategy: combine strategies such as risk evaluation, asset allocation, and long/short hedging—diversify risk across high dimensions.

Risk budgeting strategy: dynamically allocate exposure according to each asset’s risk contribution; flexibly use long/short tools.

Independent timing strategy for stocks and bonds: assess each type of asset independently, without relying on the performance of a single asset.

The core logic is to give up trying “fix the problem by repeating what worked in the past,” and instead adjust dynamically according to market changes, adapting to rapidly changing market environments.

6. The core investment rules: refuse panic; stick to long-term horizons and risk matching

Finally, we summarize the core operating principles for three types of assets to help investors hold the investment bottom line:

U.S. stocks: buy in batches with a light position, wait for algorithm signals, and don’t chase after highs blindly;

Gold: wait for stabilization, then use long-term systematic investing; don’t bet on one-way moves; stick to safe-haven positioning;

A-shares: anchor long-term to the technology track; for mid- to short-term, choose quant products; use professional tools to avoid emotional decision-making.

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At the same time, remember three core principles: when it drops, it’s an opportunity; when it rises, it’s a risk—don’t let short-term volatility interfere with you; don’t bet on one-way moves—world uncertainty is extremely high, and the risk of one-direction betting is enormous; stick to a long-term mindset—match it to your own risk tolerance. For an intelligent all-weather account, it’s recommended to hold for 3–5 years; for a global technology long-run account, it fits a 5–10 year horizon. Never use short-term funds for long-term investing.

The market is always volatile, and real investment opportunities are often hidden within panic. For ordinary investors, there’s no need to be swayed by short-term up and down moves. By following the underlying logic of your assets and sticking to discipline and long-term holding, you can capture the returns that belong to you within the market cycle.

If you’re still unsure what timing is appropriate for buying and selling, and which sectors have better investment opportunities, you may consider creating an intelligent account and following our intelligent signals. For how to choose the three accounts, please refer to the introduction below.

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