Local time June 12 - 14, #以色列伊朗冲突 , the conflict between Israel and Iran intensified. Starting from the early hours of the 12th, Israel launched airstrikes on multiple locations in Iran, resulting in the deaths of several Iranian commanders and nuclear scientists; Iran retaliated by launching nearly a hundred missiles at Israel, causing at least 41 injuries on the Israeli side. The conflict led to a significant rise in crude oil prices and a decline in U.S. stocks and other risk assets. Countries like Russia and France actively urged for peace, while China expressed high concern and deep worry, opposing infringements on Iran's sovereignty and the escalation of conflict. CITIC Securities believes that the intensity and duration of this conflict may exceed last year's.