泓德基金：上周权益市场调整缩量，投资者风险偏好未明显降低

Group 1 - The recent escalation of US-China tensions has increased market uncertainty, leading to a decline in A-share indices, particularly in small-cap and innovation sectors [1] - The ChiNext and STAR Market indices experienced significant drops, while the dividend sector showed defensive characteristics with a slight increase in the China Dividend Index [1] - The banking, coal, food and beverage, and transportation sectors saw gains, while the automotive, media, and electronics sectors faced notable declines [1] Group 2 - China's import and export growth has accelerated for eight consecutive quarters, with a 54.9% increase in industrial robot exports and a 23.9% increase in wind turbine exports in the first three quarters [2] - Despite the impact of high tariffs from the US, trade with Belt and Road countries grew by 6.2%, and trade with ASEAN, Latin America, Africa, and Central Asia increased by 9.6%, 3.9%, 19.5%, and 16.7% respectively, highlighting the strength of Chinese manufacturing [2] - The domestic equity market showed a slight adjustment, but investor risk appetite remained stable, with a net increase of approximately 150 billion yuan in financing balances from Monday to Thursday [2] Group 3 - In the bond market, interest rate bond yields generally rose while credit bond yields fell, indicating a shift in market dynamics since mid-September [3] - The bond market adjustment began in late June, influenced by fluctuating risk preferences and expectations regarding "anti-involution" policies [3] - The analysis suggests a return to a neutral outlook for bond operations, with ongoing observation of risk sentiment changes and policy developments [3]