What impact will this conflict have on the A-share market? Guotai Junan Securities stated that it will maintain its previous judgment of a "bull market experiencing a sharp decline."

What impact will this conflict have on the A-share market? Industrial Securities stated that, in response to maintaining the previous judgment of a "bull market turning into a rapid decline", the following points can be noted: 1) In the short term, the market will face challenges for three main reasons: firstly, the market's lack of understanding of the importance of Iran's role in the Eurasian land game; secondly, rising concerns about the US building a global resource monopoly alliance; and thirdly, expectations of rising commodity prices may affect the manufacturing sector. 2) The foundation of the medium-term bull market remains unchanged. Firstly, China has the world's largest industrial system, which is the most core strategic advantage; secondly, if Iran successfully withstands the first wave of US attacks, the market's judgment on great power competition will undergo a systematic reversal, with significant changes in asset prices such as US bonds, the US dollar, and gold; thirdly, the historical pattern of the past 300 years since the Industrial Revolution shows that the world's largest industrial country always remains the most stable entity in geopolitical competition.