The New Fire Group has revealed that it is currently preparing to launch the "New Fire Global Macro Multi-Asset Strategy," which has entered the seed funding trial operation phase. The core research and investment framework for this strategy is led by the Group's Chief Economist, Fu Peng.

"FICC+C" is the underlying research framework for this strategy. Here, FICC typically refers to Fixed Income (including interest rate research), Currencies, Commodities, and Equity assets; under this strategy framework, interest rates are closely monitored as an independent macro variable; "+C" refers to digital assets (Crypto/Digital Assets). In this framework, research does not fight along asset categories but instead revolves around macro themes such as growth, inflation, interest rates, dollar liquidity, exchange rates, and risk appetite, observing the transmission relationships between different markets, and making comparisons of fixed income, interest rates, currencies, commodities, equity assets, and digital assets in dimensions such as risk, liquidity, capital occupancy, holding costs, and hedging effects, thus forming cross-asset allocation and strategy expression. The New Fire Group emphasizes that FICC+C is not simply putting different assets into the same portfolio but attempts to establish a set of comparable, manageable, and reviewable macro multi-asset research language.

According to the New Fire Group, Chief Economist Fu Peng has been continuously involved in the construction of the Group's macro research, asset allocation framework, and product direction since he joined the New Fire Group in April 2026. Within a few months, Fu Peng has promoted the macro investment research system around themes of global interest rates, inflation, dollars, liquidity, exchange rates, and risk appetite, and has frequently shared insights and thoughts on the global economy, financial markets, and the development of digital assets within the Group.

Related research discussions have gradually extended from macro perspectives to asset allocation and strategy design, exploring how to translate macro environment judgments into specific, comparable, and manageable cross-asset strategies. Based on this continuous accumulation, the New Fire Group is advancing the product exploration of the "New Fire Global Macro Multi-Asset Strategy" relying on New Fire Asset Management.

CEO Weng Xiaoqi stated: "The 'New Fire Global Macro Multi-Asset Strategy' is an important exploration in the New Fire Group's asset management direction. It does not just add a product but signifies that the New Fire Group hopes to further extend from digital asset services to research-driven multi-asset allocation and long-term asset management services."

Weng Xiaoqi pointed out that the current global macro environment is entering a stage of "complex diversity." On one hand, global growth shows a K-shaped divergence, with AI-related capital expenditures and trade activities supporting the resilience of some economies, but the structural drag from traditional demand has not been eliminated, and the disparities in prosperity between different regions and industries are widening. On the other hand, the path of declining inflation is not smooth — after the Federal Reserve restarted interest rate hikes in September 2026, it chose to pause in October, but apparent internal disagreements remain, with two members still advocating for continued rate hikes; the market's pricing of the policy path at the end of the year fluctuates, and both the "terminal rate" and "time spent" lack clear guidance. Meanwhile, geopolitical shocks to energy and supply chains have evolved from "localized disturbances" into systemic cost transmissions: the World Bank projects a 32% increase in energy prices in 2026, and an overall price increase of approximately 23% in commodities, which means that supply-side pressures on inflation may resurface at any time. Digital assets are no longer an independent "parallel market" to traditional macro — in the second half of 2026, Bitcoin's response to the Federal Reserve's hawkish signals and rising U.S. Treasury yields has significantly amplified, with the linkage of ETF fund flows to interest rate expectations becoming notably stronger, indicating that digital assets have entered the macro pricing transmission chain.

“In such an environment, the core difficulty facing clients is no longer simply a matter of 'getting the direction right'.” Weng Xiaoqi stated, “The same macro theme can express itself differently across interest rates, currencies, commodities, equity assets, and digital assets in terms of expression methods, holding costs, liquidity, and hedging effects. Without a unified comparison framework, it is easy to make offsetting decisions among different assets. This is also why, since Fu Peng's joining, we have continuously moved macro research from 'outputting views' to 'building frameworks' and are preparing the 'New Fire Global Macro Multi-Asset Strategy' on this basis.” He emphasized that for institutions and high-net-worth clients, digital asset services should not just remain at the trading entry point; what clients need is a comprehensive capability managed under a single framework that integrates research, allocation, custody, risk management, and continuous service, as the more complex the macro environment, the more irreplaceable this "framed" capability becomes.

Fu Peng indicated that since joining New Fire, he has repeatedly encountered the same cognitive bias in various internal research and communication settings: investors tend to use "hiking or cutting rates" to define liquidity, but interest rates are merely the most superficial price signal of liquidity. In recent public shares, Fu Peng has emphasized several times that liquidity must be decomposed into at least three dimensions — the "water volume" in the pool (size of the central bank's balance sheet), the "temperature" (level and shape of the interest rate curve), and the "pressure distribution" (structural differences in liquidity across different markets and entities). Short-term policy interest rates are just one dimension; changes in long-term rates, interest rate structures, and even balance sheets often reprice all assets' relative attractiveness when the policy interest rate remains unchanged.

“The current moment is precisely a phase where the stratification of liquidity is more important than directional judgment.” Fu Peng further pointed out that K-shaped economies correspond to K-shaped liquidity: financing conditions in technology and AI-related fields are relatively loose, while traditional industries and interest-sensitive assets continue to face pressure; liquidity is no longer a binary choice between "flood irrigation or complete drought," but a refined structural tightening process. He summarizes this process as "tightening circles" — funds first withdraw from high-elasticity, liquidity-sensitive assets and concentrate on the most core and certain assets, rather than simply "running away from the crypto market to trade U.S. stocks." In this phase, using a broad "directional judgment" to apply across all assets is fundamentally a methodological mismatch.

Taking digital assets as an example, Fu Peng previously used Bitcoin as a "thermometer" for observing liquidity strength and pointed out that its underlying logic is completely tied to global liquidity: when overall liquidity shrinks, Bitcoin often reacts first; when interest rates remain high and macro risk appetite contracts, it displays the characteristics of a high Beta risk asset and diverges directionally from physical gold. This phenomenon of "the same asset playing different roles under different liquidity conditions" precisely illustrates that cross-asset comparisons cannot remain at the label level but must return to the sources and transmission paths of liquidity.

For this reason, the significance of the FICC+C framework in the current environment lies not in "covering one more asset class," but in providing a discipline of compelled comparison: around the same liquidity judgment — such as the differentiation between the short and long ends, or pressure distribution under a K-shaped structure — simultaneously examining the differences in risk, liquidity, capital occupancy, holding costs, and hedging effects among fixed income, interest rates, currencies, commodities, equity assets, and digital assets, and then deciding which tools and structures to use for expression. Fu Peng also reminded that many current macro variables are long-cycle slow variables rather than short-cycle disturbances; investors who habitually expect a "V-shaped reversal" for rapid turnarounds are likely to make holding decisions that contradict their own judgments during the liquidity stratification process. The value of macro research is precisely to answer why the same macro theme may lead to completely different holding conclusions across different assets, and how to manage the inconsistencies across assets at the framework level.

It is reported that Fu Peng will participate deeply in the construction of the macro research framework, asset allocation methodology, and cross-asset comparison logic for the strategy in his role as Chief Economist at the New Fire Group, providing macro research and allocation method support for the strategy. The investment decisions and trading execution of this strategy will be independently undertaken by the professional investment management team under the New Fire Group, following internal decision-making processes, risk management, and compliance requirements, maintaining a clear boundary between research and investment execution.

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