2025年四季度如何把握A股牛市行情，做好大类资产配置？徐小庆、牟一凌、付鹏闭门分享市场洞察

Market Overview - The A-share Shanghai Composite Index has continuously risen since the second half of 2025, surpassing 3,800 points and reaching a ten-year high, with the total market capitalization of A-shares exceeding 100 trillion yuan [1] - The bond market has seen long-term government bond yields rise after a prolonged bull market, leading to adjustments in long-term bonds and putting pressure on bond fund net values, with over 600 bond funds experiencing losses this year [1] Commodity Market - The commodity market is exhibiting a volatile trend of sharp rises and falls under the expectations of anti-involution policies [2] Investment Insights - In the context of rising market sentiment in A-shares and Hong Kong stocks, key questions for Q4 2025 include whether the A-share bull market can continue, which asset classes are worth focusing on, and the impact of anti-involution policies on commodity prices [3][10] - Notable speakers for the Alpha online closed-door private sessions include influential analysts such as Guo Jin Securities' Chief Strategist, who will discuss the potential new cycle of the A-share bull market and which assets are most worthy of attention [3][5] Expert Contributions - Xu Xiaoqing, Chief Economist at Dunhe Asset Management, will share insights on macro trends and asset allocation strategies for Q4 2025, leveraging his extensive experience in fixed income research [7][9] - The sessions will include interactive Q&A segments, allowing participants to engage directly with the experts on topics of interest [4][8]