I recall that when I did my initial asset allocation, the logic was to use gold to hedge a portion of my cryptocurrency or USD asset portfolio against volatility. This was the logic behind the gold price surge and safe-haven appeal in January. The same principle applied to allocating to A-shares. Recently, I've realized, haha, there's really no such thing as a true hedging asset; they're all basically moving in tandem. Financial markets everywhere price instability, just with different instruments. If you don't research sectors in the A-share market, and only buy broad-based ETFs like the CSI 500 ETF, you're basically just continuing the market's upward trend. They might even react a day later. There's no hedging involved. Only cash truly hedges your portfolio.