With global long-term U.S. Treasury rates on the rise, oil prices swaying inflation expectations, and geopolitical uncertainties mounting, global capital markets are stepping into a crucial allocation window for the fourth quarter. Lately, asset management giants like BlackRock, Invesco, HSBC, and Société Générale have unveiled their investment strategies for the upcoming quarter. These institutions concur that global asset allocation is transitioning into a novel adjustment phase: AI continues to be the paramount investment theme of the year, yet the investment rationale is evolving from a broad AI approach to a focus on 'bottleneck assets' such as semiconductors and data centers. Oil price fluctuations have emerged as a critical determinant influencing U.S. inflation and Federal Reserve policy. Simultaneously, gold's safe-haven and anti-inflation characteristics are fully on display, with expectations of further price surges in the foreseeable future.