资产配置日报：格外理性-20250513

Core Insights - The report highlights a cautious market response following the reduction of tariffs between China and the US, with a mixed performance across various asset classes, particularly in equities and bonds [1][3][4] - Gold prices have rebounded due to ongoing trade uncertainties, with significant fluctuations noted in both domestic and international markets [2] - The banking sector is expected to perform well, driven by recent regulatory changes that may lead to a more cautious investment approach among institutions [6][7] Asset Performance Summary - The stock market showed resilience in large-cap stocks, with the Shanghai Composite Index, CSI 300, and CSI Dividend Index rising by 0.17%, 0.15%, and 0.70% respectively, while tech indices faced declines [1] - In the bond market, the yields on 10-year and 30-year government bonds decreased to 1.66% and 1.91%, respectively, indicating a stabilization in the bond market [1][4] - The overall trading volume in the A-share market decreased to 1.33 trillion yuan, reflecting a cautious sentiment among investors [4] Commodity Market Insights - Gold prices have shown volatility, with London and New York gold reaching around $3250 per ounce, while domestic gold prices fell by 1.63% [2] - Industrial metals and black commodities generally saw price increases, with copper and aluminum rising by 0.08% and 1.27% respectively, while焦煤 (coking coal) dropped by 0.85% [2] Banking Sector Analysis - The SW Bank Index increased by 1.52%, continuing its upward trend since May 7, driven by expectations of stable performance linked to new regulatory frameworks [6][7] - The report notes that the allocation of bank stocks in public equity funds is significantly lower than their weight in the broader market, suggesting potential for growth in this sector [6] Trade Relations and Market Sentiment - The easing of trade tensions has led to a more structured trading environment, with a focus on sector rotation rather than broad market movements [7] - The shipping sector has seen a notable increase, with a 2.75% rise in the corresponding index, attributed to heightened demand from both Chinese exporters and US companies [5][7]