WTI crude oil surged about 5% in a single day to $89, the US Dollar Index continued to weaken to around 98, and the VIX remained at a relatively high level of 19.5. This combination indicates that energy and commodities benefit from a weak dollar and tightening supply, while risk assets diverge due to elevated fear.

Currently, Vistra Energy, as a scarce target with dual narratives in power and data centers, has room for upward adjustment in power pricing against the backdrop of rising oil prices. Freeport-McMoRan is the most direct A-share-level play on high copper prices. After the recent pullback in US Antimony, the logic of scarce strategic metals remains intact. Zijin Mining's international Hong Kong shares are taking over the inflow of funds into non-ferrous metals.

As the US dollar continues to weaken, the repricing potential for these commodity-beneficiary targets remains not fully realized under the current framework.