【上证固收】美联储转鸽，A股有望保持高风险偏好

Market Performance - US stock markets experienced an increase, with the Nasdaq and Chinese tech stocks rising by 4.25% during the week of August 4 to August 10, 2025 [1] - A-shares also saw a broad increase, with the Wind All A Index rising by 1.94% during the same period [2] Sector Performance - Most industries showed positive performance, with 28 out of 30 CITIC industries rising, particularly in non-ferrous metals, machinery, and defense industries, which saw weekly gains exceeding 5% [3] Bond Market - The prices of interest rate bonds increased, with the yield curve steepening; the 10-year government bond futures rose by 0.19% compared to August 1, 2025 [4] - The leverage level in the bond market increased, with the average transaction volume in the interbank pledged repo rising from 6.72 trillion yuan to 8.11 trillion yuan [6] US Treasury Market - US Treasury yields increased, with the 10-year yield rising by 4 basis points to 4.27% as of August 8, 2025 [7] Currency and Commodities - The US dollar index decreased by 0.43%, and gold prices rose, with spot gold increasing by 1.49% to $3,394.15 per ounce [8] Future Outlook - The A-share market is expected to maintain a high-risk appetite, with optimism in sectors such as innovative pharmaceuticals, artificial intelligence, and rare earths [9]