I. Introduction: A Deep Dive into Pricing Logic Reconstruction Over the past few years, global asset markets have undergone a profound reconstruction, from pricing models to underlying logic. If the decade following the 2008 financial crisis was a golden age of "cheap money" and "growth dreams," then by 2026, the global financial system has officially entered a "new normal" filled with complex variables: the retreat of ultra-loose liquidity, a continuously rising and maintained high global interest rate center, the protracted geopolitical game, and the increased uncertainty of global supply chains and the dollar system. Against this macroeconomic backdrop, gold prices have continued to fluctuate at historically high levels. This is no longer a simple matter of commodity supply and demand, but rather a result of a generational shift in global capital risk appetite. What truly deserves deep reflection from asset management institutions across the market is not why gold is rising, but why, despite historically high prices and significantly increased holding costs (real interest rates), global funds still exhibit a strong inflow momentum. This reflects that global institutional investors are abandoning the traditional "safe haven" narrative and instead establishing a completely new "certainty" pricing system. II. The Migration of Central Banks and Long-Term Funds: From Hedging Risk to Reshaping Anchors For a long time, gold has been regarded as a typical risk-hedging asset. In the old market cycles, the pricing logic of gold was relatively simple: as a mirror of real interest rates, gold appeared as the "ultimate insurance" when safe-haven tools such as the Japanese yen and US Treasury bonds failed or inflation spiraled out of control. However, the strong performance of gold in this round has completely broken the golden rule of the past thirty years of a high negative correlation between gold and the real yields (TIPs) of US Treasury bonds. 2.1 The "Rigidity" of Sovereign Credit Hedging According to the latest research data from the World Gold Council, the gold purchase behavior of global central banks has evolved from occasional reserve adjustments to strategic "asset resets." Continuous Breakthrough of 1,000 Tons: Following the purchase of 1,051 tons of gold in 2023, the net purchase of gold in 2024 still reached 1,045 tons, achieving a breakthrough of the 1,000-ton mark for three consecutive years. The rationale for increased holdings at high levels: Entering 2025, even with gold prices hitting record highs 53 times that year, global central banks still made net purchases of 863 tons of gold. Although this is a slight decrease from the peak, it is still far higher than the annual average of 473 tons between 2010 and 2021. A historic shift: More significantly, by the end of 2025, gold had surpassed US Treasury bonds to officially become the world's largest reserve asset in terms of fair value. This signifies a profound "decentralization" shift in the global sovereign credit system. The core driving force behind this behavior is the urgent need for "decentralized sovereign credit."The overseas asset freezes triggered by the Russia-Ukraine conflict made sovereign wealth funds realize that any asset based on a single fiat currency agreement carries some form of "default risk." Gold, as the only asset with global liquidity and not reliant on any government credit commitment, has evolved from a simple "safe haven" to a redefinition of "asset quality." 2.2 Physical Premium: The Hidden Link Between Gold and AI Infrastructure Besides financial credit hedging, gold's pricing resilience in 2026 also benefited from an unexpected "physical support": industrial demand driven by the explosion of AI computing power. High-Performance Hardware Consumption: Data shows that the technology industry's demand for physical gold continued to grow in 2024 and 2025. Technology Premium: This mainly stems from the large-scale adoption of high-performance computing hardware in AI applications—in advanced process chip packaging, high-frequency signal components, and industrial gold salts, gold, due to its superior conductivity and stability, has become an irreplaceable underlying material. Dual Attributes Overlap: This means that gold pricing includes a premium related to "technological productivity": it serves both as a hedge against the collapse of the old order and as the physical medium supporting the operation of the new generation of AI digital civilization. III. A Generational Shift in Valuation Logic: From "Growth Premium" to "Realization Capability" For the past decade, the global market has been in a low-interest-rate and high-liquidity environment. In that era of "long slopes and thick snow," the market logic was to pay a very high premium for "future growth." As long as an industry had sufficient room for imagination (such as SaaS and internet expansion), even without stable cash flow in the short term, assets could still obtain unlimited liquidity support from the capital market. 3.1 "Gravity Return" in a High-Interest-Rate Environment However, as the Federal Reserve and major central banks around the world have kept interest rates high, this logic is crumbling. Although current US Treasury bonds, money market funds, and cash management assets can already provide risk-free returns rarely seen in recent years, the continued strength of gold precisely reflects a certain degree of concern in the market about "risk-free returns" themselves. More and more professional funds are beginning to re-examine three fundamental questions: the authenticity of returns: can returns be sustained after the loss of cheap leverage? the robustness of cash flow: can assets generate their own cash flow during macroeconomic upheavals? and the ability to preserve value: can asset value be preserved over the long term across different political and exchange rate environments?3.2 Case Comparison: Mining Losses and Google's Hedging Recent micro-movements in the market also confirm this shift in pricing power: Vulnerability of High Leverage: Bitcoin mining company MARA, despite revenue of $174 million in the first quarter of 2026, suffered a net loss of $1.3 billion, reflecting the vulnerability of capital-intensive industries under rising costs. Institutional Certainty: In stark contrast, Google's parent company, Alphabet, plans to issue yen bonds for the first time, using interest rate differentials to support AI spending. This cross-currency fundraising capability is a manifestation of institutional hedging. The market is revaluing assets with real cash flow, stable income structures, and clear risk boundaries. Gold is being repriced because it is the most logically simple and certain asset to realize in this era full of variables. IV. Divergence and Mirror Image: The Deep Decoupling of Gold from the Underlying Logic of Crypto Assets In the past few years, the market has tended to classify gold and Bitcoin together as "alternative assets against the credibility of fiat currencies." However, with the dramatic changes in the global liquidity environment during the 2024-2026 cycle, the underlying funding logic of the two began to diverge fundamentally. 4.1 Gold as a "Defense Line of Existing Value": The pricing of gold is primarily driven by global central banks and ultra-long-term investment funds. Its upward trend corresponds to the "sovereign risk premium." Gold holders do not pursue alpha exceeding the market, but rather seek a globally recognized "general equivalent" even when the fiat currency system fails, geopolitical games escalate, and cross-border settlements are hindered. 4.2 Crypto Assets as a "Game of Incremental Liquidity": In contrast, while Bitcoin possesses decentralized attributes, its current pricing logic remains highly dependent on global risk appetite and dollar liquidity. According to data from May 11th, even if BTC returns to the high of $81,000, its volatility is still severely affected by micro-events—such as a whale address that has been dormant for 12 years suddenly transferring out 500 BTC, enough to trigger market suspicion about short-term liquidity. Furthermore, the crypto market exhibits a high degree of capital divergence: while the BTC ETF saw a net outflow of $146 million, the ETH ETF saw a net inflow. This data suggests that crypto assets currently play more of a "high-beta asset" role. With dollar yields remaining high, any fluctuation in liquidity will first impact these highly volatile assets. Gold represents a "return of monetary power," while Bitcoin represents an "experiment in digital financial innovation." This repricing is essentially a rebalancing of the weights between the "stability" and "liquidity game" behind the asset.V. New Challenges for Institutional Asset Management: From Asset Judgment to Structural Competence Changes in the macro environment are forcing top global asset management institutions to reshape their investment models. In the past, many portfolios relied on a single driving force (such as a "long bull market in US stocks" or "tech hegemony"), with gains covering most of the risks. However, in the current environment, relying solely on judgments of single asset price movements is increasingly difficult to sustainably penetrate complex cycles. 5.1 Beware of Concentration Risk Goldman Sachs Asset Management points out that with current market assets excessively concentrated in a few core sectors (such as mega-cap tech stocks), portfolios are becoming more sensitive to "structural drawdowns." In an environment where interest rates remain high, the overall asset structuring capability is far more important than speculative trading of single assets. This actually reflects the view that Singularity Technology has consistently maintained: in an environment where market variables (high interest rates, geopolitics, tech bubbles, liquidity shifts) are constantly increasing, the overall asset structuring capability is far more important than speculative judgments of single assets. 5.2 Three-Way Flow: Hong Kong's New Role as a Financial Hub In this pricing restructuring, Hong Kong's importance as a hub connecting high-quality Chinese assets with global capital is being re-evaluated. Hong Kong is not only a channel for asset allocation but also a testing ground for "three-way flow": Capital outflow: Connecting global stocks and bonds through compliant tools such as stablecoins and TRS. Asset outflow: Bringing high-quality underlying assets to global LPs using RWA and tokenized funds. Return inflow: Obtaining absolute returns through cross-border quantitative strategies. VI. Singularity Technology's Practical Perspective: Seeking a "Premium of Certainty" In this market environment, Singularity Technology's focus has never been on the explosive power of a particular market phase, but rather on whether the returns truly possess long-term sustainability. 6.1 The Moat of Quantitative Strategies: Isolating Volatility and Preserving Returns The quality of a portfolio is never determined by how much it rises in a one-sided market trend, but by whether the true net asset value can be preserved after experiencing continuous market volatility. To this end, Singularity Technology has established a collaborative framework based on three major sectors: digital finance, securities finance, and industrial finance. Digital Finance (Strategy and Return Center): Through Delta-neutral strategies such as basis arbitrage, intertemporal arbitrage, and IV arbitrage, core returns are isolated from asset price volatility. In its historical performance from 2021 to 2025, this strategy achieved annualized returns of 20-35%, with a maximum drawdown controlled within 1%.Securities Finance (Structure and Channel Center): Utilizing tools such as Total Return Swaps (TRS) and OTC options, it fills the limitations of official channels (QFII/QDII), providing more flexible leverage management and cross-border allocation solutions. Industrial Finance (Asset Discovery Center): By identifying high-quality underlying assets (such as commercial real estate, photovoltaics, charging piles, etc.), it provides exit paths for REITs, ABS, or RWA, confirming them as the "anchor" of value. 6.2 RWA: The Ultimate Practice of Redefining Asset Quality. Deshang is committed to building the "Encrypted Blackstone" model, using RWA as a weapon to reshape the value of real assets. Just as BlackRock's BUIDL fund quickly surpassed $18 billion in size, the entry of traditional asset management into RWA is a foregone conclusion. By combining on-chain atomic settlement, 24/7 liquidity, and high-quality real assets, it aims to provide investors with a certainty that is "visible, tangible, and portable." VII. Conclusion: Returning to Common Sense, Reconstructing Prices. This round of gold price increases signifies a return to an era where global capital markets focus on "quality of life" and "real realization." In the past, the market was willing to pay high premiums for assets with grand narratives, even without profits. Now, global funds are repricing essential characteristics such as "real returns, asset backing, controllable risk, and sustainable cash flow" by buying gold, allocating market-neutral strategies, and deploying RWA (Real Returns Assured) strategies. What truly matters in the future market may no longer be how much more a particular asset class can rise, but rather whether the value of your assets remains clear, stable, and can be fully preserved across cycles in this frictional, highly volatile, and geo-fragmented financial world. [Deshang Qidian Technology] aims to act as a "value translator" in the digital finance era, helping you find that oasis of certainty in the reconstructed order.