</p>Risk assets are represented by the industry indices of the Shanghai Composite Index, including ten sub-industries: energy, materials, industry, consumer discretionary, consumer staples, medical and health, finance, information technology, telecom and utilities. The investment horizon is four years, from January 9, 2019, to December 31, 2022. The data is sourced from the Wind database. The holding period for the out-of-sample analysis is one year, from January 2023 to December 2023.</p>