美国下场伊以：全球的十字路口

Domestic Policy News - The second China-Central Asia Summit was held, emphasizing the "China-Central Asia spirit" and the construction of a community with a shared future [10][11] - Premier Li Qiang highlighted the importance of innovation-driven development during his visit to Jiangsu, aiming to expand effective demand and stimulate high-quality economic growth [12][13] Overseas Policy News - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, marking the fourth consecutive meeting without a rate change, reflecting a cautious approach to economic uncertainties [14][20] - The Fed's semiannual monetary policy report indicated a stable economic expansion but acknowledged persistent inflation risks, particularly from tariffs and geopolitical tensions [16][20] Equity Market Analysis - A-shares experienced a slight decline, with the CSI 500 and ChiNext indices falling by 1.76% and 1.66% respectively, amid ongoing uncertainties in US-China negotiations [22][23] - The central bank announced eight significant financial opening measures during the Lujiazui Forum, aimed at enhancing financial cooperation and high-quality development [23][24] Fixed Income Market Analysis - The central bank's actions led to a loosening of the funding environment, with the DR007 rate dropping below 1.5% [3][22] Commodity Market Analysis - The commodity market saw fluctuations, with non-ferrous metals rebounding and oil prices experiencing slight volatility [3][4] Forex Market Analysis - The US dollar index rebounded slightly, closing at 98.76, influenced by the Fed's decision to maintain interest rates [4][20] Major Asset Rotation Outlook - The report suggests a defensive approach in equity markets, emphasizing the importance of gold and convertible bonds as potential investment opportunities [4][20]