大类资产运行周报（20250421-20250425）：美国政府释放缓和信号，权益资产普涨-20250428

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - During the week from April 21st to April 25th, 2025, the overall market sentiment recovered due to the softened stances of US President Trump on tariff policies and the Federal Reserve. Globally, stocks and bonds rose while commodities fluctuated weakly. In China, the stock market performed strongly, the bond market was weak, and commodities closed higher for the week. The actual implementation of US tariff policies and the Fed's monetary policy remain key factors, and important US data releases during the May Day holiday may impact short - term asset prices [3][6][19]. 3. Summary According to Relevant Catalogs 3.1 Global Asset Performance 3.1.1 Global Stock Market - In the week from April 21st to April 25th, equity assets rebounded due to the Trump administration's conciliatory signals. US stocks led the gains, and emerging markets underperformed developed markets. The VIX index continued to decline weekly. Regionally, in the Asia - Pacific market, the MSCI Asia - Pacific region rose 2.23% weekly; in the European market, MSCI Europe rose 2.95% weekly; in the American market, MSCI US rose 4.69% weekly [8][11][13]. 3.1.2 Global Bond Market - The yield of the 10 - year US Treasury bond continued to decline weekly. Market expectations of a US dollar interest rate cut in June increased. Globally, high - yield bonds > credit bonds > government bonds. The 10 - year US Treasury yield dropped 5BP to 4.29% [15]. 3.1.3 Global Foreign Exchange Market - The US dollar index stopped falling and stabilized weekly. Major non - US currencies against the US dollar showed mixed movements, and the RMB exchange rate was slightly stronger with fluctuations. The US dollar index rose 0.36% for the week [16]. 3.1.4 Global Commodity Market - Crude oil fundamentals remained weak, and international oil prices declined weekly. International gold prices first rose and then fell due to volatile safe - haven demand. Prices of major industrial products and agricultural products showed mixed movements [18]. 3.2 Domestic Asset Performance 3.2.1 Domestic Stock Market - The domestic stock market continued to rebound, but the performance of major A - share broad - based indices was divergent. The average daily trading volume of the two markets increased compared to the previous week. In terms of style, the North Exchange 50 index fell 2.16% weekly. In terms of sectors, the automobile, power equipment, and new energy sectors rose, while the food and beverage sector performed poorly. The Shanghai Composite Index rose 0.56% for the week [20]. 3.2.2 Domestic Bond Market - The domestic bond market was weak. The central bank's net open - market operation injection was 77.4 billion yuan, and the capital market remained stable overall. Generally, corporate bonds > government bonds > credit bonds [23]. 3.2.3 Domestic Commodity Market - The domestic commodity market rose overall. Among major commodity sectors, the oilseeds and oils sector led the gains [25]. 3.3 Asset Price Outlook - The actual implementation of US tariff policies and the Fed's monetary policy are still important factors. The release of important US data such as non - farm payrolls during the May Day holiday may impact short - term asset prices [28].