资产配置日报：一千个哈姆雷特-2025-03-14

Investment Rating - The report does not explicitly provide an investment rating for the industry [12]. Core Insights - The overall market performance on March 13 showed a weak trend, with major indices declining except for the dividend sector, which rose by 1.01% [2]. - The bond market experienced fluctuations, with long-term interest rates rising significantly towards the end of the trading day [3]. - The sentiment in the bond market remains fragile, with a lack of clarity regarding the pricing anchor for long-term rates, leading to significant divergence in market expectations [4][5]. - The equity market saw a notable correction, with the total trading volume decreasing by 772 billion compared to the previous day, indicating a decline in risk appetite among leveraged funds [6]. - Southbound capital flows faced challenges, with a significant drop in net inflows compared to previous days, suggesting a shift in market sentiment [7]. Summary by Sections Market Performance - On March 13, the stock market showed a general decline, with the ChiNext index dropping by 2.11% and the Hang Seng Technology index falling by 1.67% [2]. - The bond market saw a mixed performance, with 10-year and 30-year government bond yields decreasing by 3.0 basis points and 2.5 basis points, respectively [2]. Bond Market Analysis - The bond market's emotional state is weak, with long-term interest rates lacking a clear pricing anchor, leading to significant market divergence [4]. - The report indicates that the market has not established a consistent pricing anchor since mid-2024, complicating the determination of reasonable term spreads [5]. Equity Market Analysis - The overall A-share market declined by 0.87%, with small-cap stocks experiencing larger drops, indicating a structural adjustment in market dynamics [6]. - The technology sector faced significant corrections, with the AIGC index and robotics index dropping by 2.45% and 4.09%, respectively [6]. Capital Flows - Southbound capital flows showed a decrease in net inflows, with only 55 billion net inflow recorded, a significant drop from previous high levels [7].