资产配置日报：股债都偏防守-20250522

Core Viewpoints - The report indicates a defensive stance in asset allocation, with both equity and bond markets showing signs of caution as investors await new information [2][3][4] Domestic Market Performance - On May 22, the domestic market saw a decline across major indices, with the Shanghai Composite Index down 0.22% to 3380.19, and the CSI 300 Index down 0.06% to 3913.87 [1] - The bond market exhibited a mixed performance, with the yield on 10-year government bonds rising by 1.2 basis points to 1.67%, while the yield on 30-year bonds fell by 0.1 basis points to 1.92% [2] Asset Class Review - The equity market experienced a slight pullback, particularly in small-cap stocks, while the banking sector showed strength with the SW Bank Index rising by 1.00% [2][6] - The report highlights a rotation in focus towards mid to long-term credit bonds, with yields on various 3-5 year credit products declining by 1-2 basis points [4][6] International Market Dynamics - The report notes volatility in overseas bond markets, particularly in long-term bonds, with yields on 30-year bonds in the UK, US, and Germany reaching highs before retreating [3] - Concerns regarding the sustainability of debt in developed economies are emphasized, particularly in light of fiscal expansion measures in the US and Japan's potential reduction in bond purchases [3] Market Sentiment and Strategy - The report suggests that while small-cap stocks are under pressure, there remains a significant trading interest, indicating a potential for rebound strategies [7][9] - Defensive positioning is evident as the implied volatility in the market has increased, with the CSI 300 ETF IV Index rising by 5.01% [7][9] Sector Performance - The report identifies resilience in dividend-paying stocks, with the CSI Dividend Index only down 0.18%, suggesting a defensive allocation strategy among investors [7][9] - The banking sector is highlighted as a strong performer, with a notable increase in interest from funds, indicating a potential shift in investment focus [7][9] Hong Kong Market Insights - The Hang Seng Index and Hang Seng Tech Index both experienced declines, with net inflows into Hong Kong stocks from southbound funds indicating mixed expectations for future performance [8]