资产配置跟踪周报：区间收敛的震荡依然是震荡，政策等待期内仍需等待

Core Views - The overall performance of major asset classes shows continued volatility, with A-shares ending the week positively while bonds and commodities remain fluctuating [1][3] - A-shares experienced a strong performance on Friday, driven by four main factors: clear expectations of a Federal Reserve interest rate cut, significant central bank purchases of government bonds, the completion of corporate semi-annual reports reducing operational risks, and recent appreciation of the RMB enhancing domestic asset allocation value [1][3] Equity Market Summary - The equity market saw a strong rally on Friday, leading to an overall increase for the week, with major indices showing positive trends. The Shanghai Composite Index ended the week down by 0.43%, while the ChiNext and Shenzhen Component indices rose over 2% [3][4] - The liquidity in the equity market improved significantly, with net financing and main capital inflows increasing compared to the previous week, and the average daily trading volume exceeding 600 billion yuan [3][4] Bond Market Summary - The bond market experienced a notable decline in short-term yields, attributed to a loosening of the funding environment. The central bank's guidance on bond yields has led to a narrowing of volatility ranges [12][13] - Despite the recent stability, challenges remain in the economic recovery, with potential upward pressure on bond yields due to policy implementation delays and risk management considerations by the central bank [12][13] Commodity Market Summary - Gold prices have been fluctuating at high levels, influenced by profit-taking pressures, rising U.S. Treasury yields, and ongoing global geopolitical tensions. The demand for gold is expected to remain strong despite short-term volatility [15][16] - The long-term outlook for gold remains positive, with the probability of increased demand outweighing the likelihood of contraction, driven by ongoing uncertainties in the global market [15][16]