资产配置日报：莫名其妙-20250527

Market Overview - The domestic stock market continues to show a pattern of "small caps rising, large caps falling," with the Shanghai Composite Index, CSI 300, and CSI 500 down by 0.18%, 0.54%, and 0.26% respectively on May 27 [2] - The technology sector is experiencing a decline, with the STAR 50 index down by 0.95%, while the Hang Seng Technology index increased by 0.48% [2][3] - Small-cap stocks are performing relatively well, with the CSI 2000 and Wind Micro Cap indices up by 0.20% and 0.78% respectively [2][6] Bond Market - The bond market is facing pressure as the yields on 10-year and 30-year government bonds rose by 0.8 basis points to 1.70% and 1.92% respectively [2] - The net injection of funds by the central bank reached 91 billion yuan, indicating a continued easing trend in the liquidity environment [4] - The net redemption index for pure bond funds was -10.4, with banks being the main redeeming institutions, reflecting a strong willingness to redeem [4][5] Commodity Market - In the domestic commodity market, industrial metals and black series products showed no signs of improvement, with copper and aluminum prices down by 0.08% and 0.57% respectively [3] - The prices of rebar, iron ore, and coking coal also declined, indicating a lack of optimism regarding future infrastructure recovery [3] Equity Market Dynamics - Small-cap stocks continue to outperform, with the CSI 2000 index reaching a new high in terms of trading volume, indicating strong market interest [6][8] - The technology sector is under pressure, with the STAR 50 index showing signs of adjustment, while small-cap tech stocks are supported by the small-cap market rally [7] - Consumer sectors, particularly textiles, beauty care, and light industry, are showing strong performance, driven by new consumption trends and policies [7] Hong Kong Market - The Hang Seng Index and Hang Seng Technology Index rose by 0.43% and 0.48% respectively, with net inflows from southbound funds amounting to 11.975 billion yuan [8] - The AH share premium index decreased to 132.38, indicating a decline in the relative attractiveness of Hong Kong stocks compared to A-shares [8]