沪指再上4000点 股债如何配置？

Core Viewpoint - The Shanghai Composite Index has surpassed the 4000-point mark, indicating a significant psychological threshold for the A-share market, with investors needing to reassess their stock-bond asset allocation strategies amidst market fluctuations and opportunities [1][2]. Group 1: Market Drivers - The rise above 4000 points is attributed to multiple favorable factors, including government policies aimed at stabilizing growth and the stock market, as well as expectations of continued interest rate cuts by the Federal Reserve [2][3]. - The easing of U.S.-China trade tensions has contributed to a more optimistic market sentiment, while advancements in technology, particularly in AI, are seen as key drivers of the current bull market [2][3]. Group 2: Market Challenges - Despite the upward trend, there are challenges such as increasing valuation disparities and potential short-term adjustments due to geopolitical risks and economic indicators like the PMI decline [3][4]. - The market is expected to face a new round of horizontal adjustments in November, with investors advised to pause on increasing positions due to emotional pullbacks and a lack of immediate positive catalysts [4][5]. Group 3: Stock-Bond Allocation - The stock-bond "seesaw" effect has become pronounced, with a shift in investor preference from fixed income to equities due to improved economic outlooks and declining bond yields [5][6]. - The recent adjustments in the bond market, including a significant decline in yields, have led to a more balanced risk-return profile between stocks and bonds, suggesting that equities may continue to outperform in the near future [6].