大类资产配置事件点评：特朗普胜选降低大类资产定价博弈性

Group 1: Market Outlook - The outlook for A-shares remains "neutral" despite potential geopolitical tensions following Trump's election, with expectations for economic improvement supported by stimulus policies[1] - U.S. Treasury yields are expected to rise due to continued inflation expectations, although long-term bond values are gradually increasing as the economic growth rate cools[1] - The outlook for Hong Kong stocks and gold has been downgraded to "neutral" due to anticipated inflationary pressures and geopolitical tensions impacting market sentiment[1] Group 2: Asset Allocation Adjustments - The global asset allocation strategy will be adjusted on November 7, 2024, in response to Trump's election, reflecting significant changes in market expectations and pricing factors[2] - The equity allocation in the domestic active asset allocation portfolio has been reduced to 20.00%, down by 5.00%, while bond allocation has increased to 65.00%[85] - The global active asset allocation portfolio will see an increase in equity allocation to 40.00%, up by 5.00%, while bond allocation remains at 45.00%[92] Group 3: Performance Metrics - The domestic active asset allocation portfolio achieved a cumulative excess return of 3.00% (annualized 8.95%) as of November 3, 2024[23] - The global active asset allocation portfolio recorded a cumulative excess return of 3.23% (annualized 9.66%) as of November 3, 2024[86]