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[Changjiang Securities Wu Ge: Oil Prices May Have a 'Ceiling,' Export Comparative Advantage Remains] Jin10 News, June 11 – Wu Ge, Chief Economist at Changjiang Securities, believes that supply shocks and demand fluctuations are intertwined in the macroeconomy. Given the multiple channels to fill the crude oil supply gap and the reflexive impact of high oil prices on the U.S. midterm elections, oil prices may have a 'ceiling.' Although there is ongoing debate across sectors regarding the valuation of AI technology, the demand for computing power, tokens, etc., remains unabated, with even a trend of nonlinear growth. However, global supply of electricity and related resources remains linear. Cost shocks and economic resilience are jointly pushing up overseas risk-free interest rates. Related assets seem to be returning to a macro-pricing paradigm, but the extent still depends on the balance between profit expectations and interest rates. Wu Ge noted that while some domestic second-hand housing markets are experiencing a 'mini spring,' resident loans indicate that endogenous momentum in housing and consumption is still bottoming out. At the same time, Wu Ge believes that China's export comparative advantage remains intact.