ETF日报：债市层面，在边际上看到一些好转，但目前好转尚未形成趋势，可关注十年国债ETF

Market Performance - A-shares showed strong performance today, with the Shanghai Composite Index rising by 1.22% to 3912.21 points, the Shenzhen Component Index up by 1.73%, and the ChiNext Index increasing by 2.36% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.09 trillion yuan, significantly lower than the previous day [1] - The technology sector, particularly photovoltaic, machinery, and communication stocks, led the gains, while defensive assets like gold also saw an increase [1] Investor Sentiment - Investor risk appetite was strong today, with over 4,300 stocks gaining [1] - Small-cap stocks outperformed large-cap stocks, and growth stocks were favored over value stocks [1] Trade Tensions and Market Outlook - The escalation of US-China trade tensions has led to a cautious sentiment among investors, particularly affecting high-valuation technology stocks [2][3] - Despite the trade tensions, the market has shown resilience, with investors having anticipated the complexities of US-China relations, limiting panic selling [2] - The trade conflict is viewed as a "lose-lose" situation, which may prevent further deterioration of the situation [2] Structural Opportunities - The A-share market is expected to exhibit more structural characteristics, with a recommendation to avoid previously high-flying sectors linked to overseas tech stocks [3] - Future opportunities may arise from domestic policies, particularly in high-end manufacturing and self-sufficient supply chains [3] Bond Market - The bond market remains neutral, with some signs of improvement, as the yield on 10-year government bonds has dipped below 1.75% [3] - Recent economic data has raised concerns about China's economic outlook, prompting a watchful stance on bond investments [3] Gold Market - Gold prices reached new highs, with COMEX gold trading above $4,200 per ounce [5] - The medium-term outlook for gold remains positive, driven by factors such as the weakening dollar credit system and ongoing geopolitical tensions [7][8] - Short-term geopolitical issues may lead to further spikes in gold prices, but the long-term fundamentals remain strong [8]