资产配置日报：科技行情，或有下文-20250526

Group 1 - The report highlights a "big market drop, small market rise" trend in the A-share market, driven by reduced overseas uncertainties and positive developments in the technology sector, leading to a stabilization in small-cap stocks [1] - The performance of various asset classes shows a weak overall trend in the stock market, with the Shanghai Composite Index, CSI 300, and CSI 500 down by 0.05%, 0.57%, and 0.68% respectively, while the ChiNext Index rose by 0.17% [1] - In the bond market, the yield on 10-year government bonds increased by 0.1 basis points to 1.69%, while the yield on 30-year government bonds decreased by 0.5 basis points to 1.91% [1] Group 2 - The commodity market saw a rebound in risk appetite following Trump's announcement to delay 50% tariffs on the EU until July 9, with New York gold down by 0.96% and London gold down by 0.76% [2] - Domestic precious metals performed relatively well, with Shanghai gold up by 0.29% and Shanghai silver up by 0.49%, while industrial metals showed mixed results [2] Group 3 - The report indicates a relatively loose funding environment, with the central bank injecting 247 billion yuan, leading to a balanced funding situation [3] - The overnight interest rate for non-bank funds opened at 1.60% and fell to 1.50% by the end of the day, while the 7-day funding rate increased slightly due to month-end effects [3] Group 4 - The report notes that the bond market is currently in a waiting phase, with trading volumes declining significantly, particularly in long-term low-rated credit bonds [4] - It suggests that the core contradiction in the bond market is between weak allocation power and strong government bond supply, but this pressure may ease in June [4] Group 5 - The small-cap style outperformed, with the Wande All A index rising by 0.14% and the trading volume decreasing to 1.03 trillion yuan, indicating a slight decline in market trading sentiment [5] - The report emphasizes that external pressures have eased, contributing to the stabilization and rebound of small-cap stocks [5] Group 6 - The report identifies strong performance in sectors such as nuclear power, technology, and consumption, with the nuclear power index rising by 4.55% [6][7] - The technology sector also saw gains, with the Wande photolithography factory index up by 3.79%, reflecting expectations for domestic substitution [7] Group 7 - Overall, the small-cap market is rebounding due to reduced overseas uncertainties and positive developments in the technology sector, with potential undervaluation in the tech sector noted [8] - The report suggests that if favorable policies and industry developments occur, the technology sector could see significant strength [8]