博时宏观观点：近期A股加速上涨，海外降息预期升温

Group 1: Global Market Insights - Powell's speech at the global central bank conference was overall dovish, increasing expectations for rate cuts in Q4, leading to weaker US Treasury yields and a weaker dollar, resulting in a rebound in US stocks and a significant rise in gold prices [1] - The expectation of financial conditions easing before the Fed's rate cut is temporarily beneficial for non-US markets [4][6] Group 2: Domestic Market Trends - The A-share market is experiencing a rapid upward trend with increased inflow of funds, particularly through margin trading, and a notable rise in trading volume [3] - The bond market continued its downward trend, influenced by risk appetite, despite underlying support from fundamentals and liquidity [2] - The current bond market levels present value for allocation, but short-term risk appetite fluctuations remain, suggesting a strategy of opportunistic allocation during adjustments [2] Group 3: Sector-Specific Developments - The oil market is facing weak demand projections for 2025, with ongoing supply releases putting downward pressure on oil prices, while geopolitical changes may cause short-term volatility [5] - The gold market is expected to perform well in the short term due to the anticipated easing of financial conditions before the Fed's rate cut [6]