大类资产配置月报第40期：2024年11月：内外政策关键节点，国内资产仍占优

Market Overview - The Shanghai Composite Index shows signs of improvement with a 9.96% increase from 3000.95 to 3299.7 points[1] - The ChiNext Index has risen by 30.61%, moving from 1714.14 to 2238.9 points, indicating positive sentiment towards future policies[1] - The growth style index increased by 28.05%, from 4751.98 to 6085.06 points, reflecting a favorable market environment[1] Economic Indicators - The 1-year government bond yield remains stable at 1.403% to 1.417%, with a slight increase of 1 basis point[1] - The 10-year government bond yield rose from 2.079% to 2.154%, an increase of 8 basis points, suggesting a cautious outlook on long-term rates[1] - Domestic economic indicators show improvement, with retail sales expected to grow by 3.7% year-on-year in October[9] Commodity Trends - Brent crude oil prices have fluctuated, currently at $71.78 per barrel, reflecting a 6.07% increase[1] - COMEX copper prices have decreased by 5.28%, from $4.578 to $4.337 per pound, indicating supply concerns[1] - COMEX gold prices have risen by 3.03%, from $2661.7 to $2742.4 per ounce, driven by inflationary pressures[1] Investment Recommendations - The report suggests overweighting domestic equities and commodities, while being cautious on U.S. equities due to potential tightening policies[2] - The focus on technology sectors is recommended due to strong performance and expected catalysts in the upcoming months[12] - Consumer goods, particularly in agriculture and home appliances, are highlighted for their potential upside due to improving fundamentals and policy support[22][25]