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周度金融市场跟踪:股票市场快速修复上周跌幅,债券市场走弱
中银证券·2025-03-10 03:25

Stock Market Performance - The stock market quickly recovered from last week's losses, with the CSI 2000 rising by 4.0% and the CSI 1000 by 3.8%[1] - The Hang Seng Index increased by 5.6%, reaching a nearly three-year high, while the Hang Seng Tech Index surged by 8.4%[1] - Only 5 out of 31 primary industries experienced declines, with sectors like non-ferrous metals, military industry, computer, and media rising over 5%[1] Trading Volume and Valuation - Average daily trading volume decreased to CNY 1.7 trillion, a 15% drop from last week's CNY 1.99 trillion[1] - The price-to-earnings (P/E) ratio for the CSI 300 stood at 12.6, with a Z-Score of -0.1, while the CSI 1000 had a P/E of 39.6 and a Z-Score of -0.3[1] Bond Market Trends - The bond market showed weakness, with yields rising significantly due to various factors, including policy adjustments and market expectations[1] - The central bank's emphasis on flexible monetary policy led to a decline in market interest rate expectations, contributing to rising yields[1] Currency and Commodity Movements - The US dollar index fell by 3.4% to 103.9, while the euro appreciated by 4.3%, marking its largest weekly gain in nearly a decade[5] - Gold prices rose by 1.8% to USD 2909 per ounce, while Brent crude oil and WTI saw declines of 3.7% and 4.1%, respectively[5]