Manufacturing data is not ideal, delivering a disappointing report card for 2025. Looking ahead to 2026, signs of recovery are few and far between. In the current economic environment, the manufacturing sector still faces pressures—weak demand, high costs, and an incomplete inventory adjustment cycle. This impacts various asset allocations that rely on the real economy cycle. From the data, it is difficult to see a clear upward turning point in the short term, and market participants need to remain vigilant about this sluggish state. Whether in traditional finance or the crypto market, changes in macroeconomic fundamentals often trigger chain reactions.