CITIC Securities: Focus on the process of lifting sanctions on Russia by the US and Europe, rather than the ceasefire negotiations themselves

Jinshi Data News on February 25th, CITIC Securities believes that the recent Trump administration's efforts to promote the easing of US-Russia relations and Russia-Ukraine ceasefire negotiations have triggered changes in global stock and commodity markets. However, the Trump administration's peace initiatives are significantly different from the attitudes of its European allies and Ukraine. There are still significant differences among the parties in terms of negotiation enthusiasm, ceasefire conditions, etc. We believe that the future peace talks process is unlikely to be smooth, and various risks still need to be followed. Trading on the theme of rising risk appetite requires caution. The key is to follow the process of the US and Europe lifting sanctions against Russia, rather than the ceasefire negotiations themselves.