资产配置日报：无风，起浪-20250528

Market Overview - On May 28, the stock market showed mixed results with the Shanghai Composite Index and CSI 300 slightly down by 0.02% and 0.03% respectively, while the CSI Dividend Index rose by 0.32% [2] - The bond market experienced fluctuations, with the yield on the 10-year government bond rising by 0.8 basis points to 1.71% and the 30-year bond yield also increasing by 0.8 basis points to 1.93% [2] International Market Dynamics - Despite concerns raised by Trump regarding tariffs and visa policies, the 30-year U.S. Treasury yield initially rose to 4.98% before settling at 4.94% [3] - The Japanese 30-year bond yield stabilized below 2.95%, contributing to reduced volatility in U.S. bonds [3] Commodity Market Trends - Gold prices remained stable around $3,300 per ounce, while domestic commodities like rebar and iron ore continued to decline [3] - The black commodity sector is in a downward trend, with notable declines in prices for coking coal and asphalt [3] Liquidity and Fund Flows - The central bank's recent operations indicate a stable liquidity environment, with net injections of 2,470 billion, 910 billion, and 585 billion yuan over three days [4] - Fund redemption pressures were noted, with a significant net redemption index of -25.5 for pure bond funds on May 28, indicating a rapid rotation among institutional investors [5] Equity Market Insights - The overall equity market showed limited volatility, with the Wande All A Index down by 0.20% and trading volume maintaining above 1 trillion yuan [6] - The CSI Dividend Index's rise was supported by strong performances in coal, transportation, and oil sectors, while consumer sectors like textiles and home appliances also showed positive trends [7] Sector Performance and Investment Sentiment - The technology sector is witnessing increased interest, with the Wande Optical Module and Deep Sea Technology indices rising by 2.51% and 1.28% respectively, indicating a potential shift in investment focus [7] - The crowdedness in sectors such as computing and communication has increased, suggesting a growing willingness to allocate funds towards technology stocks [9] Conclusion - The current market environment is characterized by low implied volatility, suggesting a cautious approach to investment strategies, with a focus on sectors that show logical support for future growth [10]