资产配置日报：债牛正加速-20250731

Core Insights - The report indicates a significant adjustment in the equity market, with major indices such as the Shanghai Composite Index and CSI 300 experiencing declines of 1.18% and 1.82% respectively, while the bond market is showing signs of recovery [2][4] - The manufacturing PMI has decreased to 49.3%, indicating a marginal economic slowdown, which has further pressured market risk appetite and bolstered bond market sentiment [4][5] - Institutional confidence is gradually recovering, with funds returning to the bond market, particularly into balanced and index bond funds, suggesting a potential acceleration of the bond bull market [5][9] Domestic Market Performance - The Shanghai Composite Index closed at 3573.21, down 42.51 points or 1.18%, while the CSI 300 Index closed at 4075.59, down 75.65 points or 1.82% [1] - The bond market saw a slight increase in the 7-10 year national development bond index, which rose by 0.12% [1] Market Adjustments - The equity market is undergoing a correction phase, with significant outflows from stock ETFs totaling 25.3 billion yuan since July 24, indicating a shift in institutional sentiment [7] - The afternoon session saw a notable decline in the market following concerns over Nvidia's chip safety issues, which affected risk appetite [6][9] Future Outlook - The report suggests that the bond bull market may be entering an accelerated phase, with a focus on long-duration bonds as institutional investors show renewed interest [5] - The ongoing adjustments in U.S.-China trade relations are expected to influence market expectations, potentially driving funds back to safe-haven assets like bonds [5][6]