智通财经网·2025-09-16 13:04Core Viewpoint - The report maintains a tactical asset allocation strategy, expressing optimism towards A-shares due to improved economic outlook, government support for capital markets, stable market liquidity, and improved risk appetite [1][2][3]. Group 1: Equity Assets - The economic outlook for A-shares has been continuously upgraded, supported by strong government backing for capital market development and stable market liquidity [2][3]. - The report suggests a tactical overweight on A-shares, indicating a high risk-return ratio and tactical allocation value in Chinese equity assets [3]. Group 2: Bond Assets - The report maintains a tactical neutral stance on U.S. Treasuries, as the market adjusts to expectations of looser monetary policy amid a slight cooling in the U.S. labor market [2][4]. - U.S. Treasuries are viewed as having a moderate risk-return ratio and tactical allocation value [4]. Group 3: Commodity Assets - The report suggests a tactical neutral stance on gold, which may benefit from rising geopolitical tensions and adjustments in Federal Reserve monetary policy expectations, lowering the cost of holding gold [2][5]. - Gold is considered to have a moderate risk-return ratio and tactical allocation value [5]. Group 4: Currency Assets - The report maintains a tactical underweight on the U.S. dollar, as expectations of looser monetary policy from the Federal Reserve may weaken the dollar's performance relative to other currencies [2][6]. - The dollar is assessed to have a low risk-return ratio and tactical allocation value [6].