大类资产跟踪周报：美国大选特朗普获胜，美股三大指数走强

Core Viewpoints - The report highlights that the victory of Trump in the US election has led to a strong performance in the US stock market, with major indices rising significantly. The A-share market also saw a substantial increase due to various domestic and international events, including the approval of a new debt restructuring plan by the National People's Congress and a 25 basis point interest rate cut by the Federal Reserve [5][7][10]. Asset Class Weekly Tracking - The performance of major asset classes for the week (November 4-8) was as follows: A-shares > US stocks > Hong Kong stocks > commodities > domestic bonds. The A-share market surged significantly, while the US stock market also experienced gains due to the favorable economic policies anticipated from Trump's presidency [7][8][9]. Stock Market Analysis - All major domestic indices showed strength, with the ChiNext Index, Sci-Tech 50, and CSI 1000 leading the gains, rising by 9.32%, 9.14%, and 8.31% respectively. The Shanghai Composite Index and CSI 300 had more modest increases of 5.51% and 5.50% respectively [10][11][12]. Bond Market Analysis - The bond market is facing pressure on the fundamental front, with major interest rates trending downward. The 10-year government bond yield decreased by 3.39 basis points to 2.11%, while the 10-year policy bank bond yield fell by 3.55 basis points to 2.17%. The market anticipates limited downward space for interest rates in the short term, but a potential for a long-term decline remains [6][13][14]. Commodity Market Analysis - The report notes that the uncertainty premium related to the election has dissipated, leading to a decline in gold prices, which has negatively impacted the commodity market. Oil prices saw a rise due to supply disruptions from Hurricane Rafael, but demand weakness is expected to limit further increases. The report suggests a cautious approach to gold and oil investments, recommending buying on dips [15][16][17]. High-Frequency Data Tracking - The premium of AH shares has decreased to 10.10%, above the historical median of 7.04%. The risk premium for the entire A-share market is at 3.12%, indicating a decline but still above the historical median [17][18].