大类资产跟踪周报：海外资产承压，A股逆势上涨

Core Viewpoints - The report indicates that overseas assets are under pressure while A-shares are rising against the trend, supported by the recent LPR cut and recommendations for establishing a stabilization fund [5][7][10] - A-shares experienced an overall increase, with a daily average trading volume of 186.32 billion yuan, up 13.14% from the previous week, reflecting good market activity and high risk appetite [5][7][10] - The report anticipates a likely volatile trend for A-shares in the short term due to upcoming macro events, with potential upward movement following these events [5][7][10] Weekly Asset Tracking - The performance of major asset classes last week (10.21-10.25) ranked as follows: commodities > A-shares > domestic bonds > Hong Kong stocks > US stocks [7][10] - A-shares showed resilience amid a vacuum of domestic economic data and macro policies, with all major indices rising [7][10] - The report notes that the US stock market is under pressure, with most indices declining except for the Nasdaq, as positive economic data has led to rising US Treasury yields [7][10] Stock Market Analysis - A-shares saw broad gains, with small-cap stocks outperforming large-cap stocks; the CSI 1000, small-cap composite index, and CSI 500 had weekly gains of 3.92%, 3.89%, and 3.01% respectively [10][11] - The report highlights that the growth index outperformed the value index, with the 300 Growth Index rising by 2.89% compared to a slight decline of 0.15% for the 300 Value Index [11][12] Bond Market Analysis - The long-end of the bond market is expected to remain volatile, while the short-end may see downward movement due to current loose monetary policy [6][13] - The report notes that the People's Bank of China has injected short-term liquidity, with the 10-year government bond yield rising by 3.30 basis points to 2.15% [13][14] Commodity Market Analysis - Geopolitical tensions have led to increases in gold and oil prices, with WTI crude oil rising by 4.4% last week [15][16] - The report suggests that while oil prices may stabilize due to easing geopolitical tensions, gold prices are supported by liquidity improvements from the onset of a rate cut cycle [15][16] High-Frequency Data Tracking - The AH share premium has decreased to 9.66%, remaining above the historical median of 7.04% [18] - The report indicates that the risk premium for the entire A-share market is at 3.29%, still above its historical median [18]