CITIC Securities: It is recommended to focus on the "safe haven + inflation" theme and to allocate energy assets in stages.

When there is an incident in the Strait of Hormuz, the supply of imported crude oil for Japan, South Korea, Thailand, and Singapore, as well as imported liquefied petroleum gas for India, may be the first to be affected. The rise in energy prices will inevitably push up global inflation. In the face of the high uncertainty surrounding the situation in Iran, investors can focus on the main theme of "risk aversion + inflation" and allocate energy-related assets on a phased basis. The US dollar is a currency that can relatively easily reach consensus during conflicts and may remain relatively strong and volatile in the near term, while the yield on the 10-year US Treasury bond may lack sufficient room to decline.