资产配置日报：情绪作祟-20250729

Group 1 - The report indicates that the domestic market's risk appetite remains volatile, with early trading showing weakness in both equity and commodity markets, followed by a reversal in the afternoon [2] - Commodity prices have shown signs of stabilization, with significant reductions in the declines of coking coal, glass, and soda ash, which narrowed by 4.37%, 1.82%, and 4.45 percentage points respectively compared to the previous day [2] - The futures prices of many "anti-involution" commodities have shifted to be lower than or roughly equal to spot prices, indicating a transition to a positive basis or flat state [3] Group 2 - The report highlights that the stock market is led by innovative pharmaceuticals and semiconductors, with the ChiNext Index and the Sci-Tech 50 Index rising by 1.86% and 1.45% respectively, while the Hang Seng Technology Index fell by 0.35% [4] - The bond market experienced a significant decline, with 10-year and 30-year government bond yields rising by 3.25 basis points and 3.80 basis points to 1.75% and 1.96% respectively [4][5] - The report notes that the recent adjustments in the bond market are primarily driven by market sentiment rather than fundamental changes, with a significant portion of the market reacting negatively to regulatory announcements [6][7] Group 3 - The report emphasizes that the technology sector continues to perform strongly, with AI computing and semiconductor stocks seeing notable gains, while the Wind Innovation Drug Index rose by 3.23% [13] - The report also mentions that the market sentiment remains positive, with the financing balance reaching a new high since 924, indicating increased participation from leveraged funds [9][10] - The report suggests that the current market environment is characterized by a rotation among sectors, with technology and innovative pharmaceuticals outperforming, while lower-tier sectors may present opportunities for investment [15]