Global asset pricing will be restructured in the third quarter of 2026. The Federal Reserve is expected to raise interest rates three times during the year by a total of 75 basis points, with the first rate increase in September. Gold's fluctuation range in the third quarter is 3,800-4,300 US dollars, and the year-end target is 4,800-5,200 US dollars. The geo-premium for crude oil cleared, and Brent pivoted downward to $65. AI computing power and energy transformation are the long-term main themes. It is recommended to have a defensive and balanced allocation to avoid congestion on the pure AI track and increase short-end high-grade fixed-income and high-dividend value stocks.