泓德基金：上周国内权益市场延续强势，万得全A周涨幅为2%

Group 1 - The domestic equity market continued its strong performance last week, with the Wind All A Index rising by 2.21%, surpassing the high point from October 8 of last year, and the average daily trading volume reaching approximately 1.8 trillion yuan [1] - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, positively impacted sectors related to infrastructure such as steel, construction, and building materials, with weekly gains generally exceeding 6% [1] - Since the rebound began on June 23, the Wind All A Index has increased by over 10%, and from the low point in early April due to trade conflicts, the index has rebounded nearly 25% [1] Group 2 - The upcoming third round of economic and trade talks between China and the U.S. in Sweden is crucial for the fate of the 90-day tariff suspension, which will directly affect the interests of enterprises in both countries and global market stability [2] - The U.S. may introduce non-economic issues into the trade discussions, which could complicate U.S.-China relations and potentially have ripple effects on the global energy market and economic recovery [2] - Since June 23, the market has seen a continuous rise for five weeks, with the Shanghai Composite Index surpassing the 3400, 3500, and 3600 points, indicating a potential risk of adjustment as it approaches the previous high of 3674 from October 8 [2] Group 3 - In the bond market, both interest rate and credit bond yields rose across the board last week, with an increase in net supply of interest rate bonds primarily due to significant net supply from local government bonds [2] - The funding environment showed increased volatility, with rising funding rates, alongside inflation expectations driven by the commencement of the Yarlung hydropower project and the ten major industries' growth stabilization efforts [2] - The crowded market conditions previously led to high durations in interest rate bond funds, with ultra-long bonds and non-active bonds experiencing compressed yield spreads, making the market sensitive to marginal negative news [2]