策略日报：情绪重回乐观-20250529

Group 1: Major Asset Tracking - The bond market experienced a decline, with long-term bonds falling more than short-term ones. The outlook suggests that market risk appetite is increasing following a court ruling against Trump's global tariff policy, indicating a potential shift to a volatile mode for treasury futures [16][5]. - The A-share market saw a significant increase, with the ChiNext index rising by 1.37%. The total trading volume reached 1.21 trillion, an increase of 0.18 trillion from the previous day, with over 4,400 stocks rising. The market is expected to enter a volatile phase with rotation among technology, dividend, and consumer sectors [19][21]. - The U.S. stock market indices experienced a decline, with the Dow Jones down by 0.58%, Nasdaq by 0.51%, and S&P 500 by 0.56%. The rising U.S. Treasury yields are a concern, and the narrative of recession may become a focal point for market trading in the future [24][25]. Group 2: Currency Market - The onshore RMB against the USD was reported at 7.1888, a decrease of 25 basis points from the previous close. The RMB appreciated significantly due to favorable impacts from U.S.-China trade relations. The offshore RMB shows signs of strengthening, with expectations of reaching around 7.1 [28][29]. Group 3: Commodity Market - The Wenhua Commodity Index increased by 0.13%, with mixed performance across sectors. Oil, polyester, and steel saw slight increases, while coal, building materials, and precious metals led the declines. The overall technical structure of the commodity market remains bearish, suggesting a cautious approach [31][32].