大类资产运行周报（20250728-20250801）：非农数据不及预期，权益资产价格回落-20250804

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From July 28 to August 1, the U.S. July non - farm payrolls data was disappointing, and the data for May and June were significantly revised downwards. Trump signed an executive order to impose "reciprocal tariffs" ranging from 10% to 41% on multiple countries and regions, effective August 7. The dollar index rose weekly. Globally, stocks fell, and the bond and commodity markets were generally weak, with bonds > commodities > stocks in dollar - terms. In China, stocks and commodities declined, while the bond market rose, with commodities > stocks > bonds [3][6]. - The July non - farm payrolls data has raised concerns about the uncertainty of subsequent policies. It is necessary to continuously monitor the impact of major foreign policies on the market and keep an eye on the changes in the prices of major asset classes [3][27]. 3. Summary by Related Catalogs 3.1 Global Major Asset Overall Performance - Global Stock Market Overview: From July 28 to August 1, due to concerns triggered by non - farm payrolls data, major global stock markets generally declined. European stocks led the decline, and emerging markets were slightly more resilient than developed markets. The VIX index rose weekly. For example, MSCI Europe fell 4.12%, while emerging market stock indices fell 2.51% [8][13]. - Global Bond Market Overview: During the same period, the Fed's July FOMC meeting kept rates unchanged. After the non - farm payrolls data was released, the expectation of a rate cut increased. The yields of medium - and long - term U.S. Treasuries declined, with the 10 - year U.S. Treasury yield falling 17BP to 4.23%. Globally, credit bonds > government bonds > high - yield bonds [15]. - Global Foreign Exchange Market Overview: The preliminary value of the U.S. Q2 real GDP annualized quarterly growth rate exceeded expectations, causing the dollar index to rise 1.04% weekly. Most major non - dollar currencies depreciated against the dollar, and the RMB exchange rate declined slightly [16]. - Global Commodity Market Overview: Due to the risk of U.S. energy sanctions on Russia and Iran and the expectation of peak - season demand, international oil prices rose weekly, while most agricultural products and non - ferrous metals prices fell [17]. 3.2 Domestic Major Asset Performance - Domestic Stock Market Overview: From July 28 to August 1, after policy expectations were realized, major A - share broad - based indices generally declined, and the average daily trading volume of the two markets decreased compared to the previous week. The communication and pharmaceutical sectors led the gains, while non - ferrous metals and coal underperformed. The Shanghai Composite Index fell 0.94% [20]. - Domestic Bond Market Overview: During this period, the central bank's open - market operations had a net injection of 6.9 billion yuan, and the liquidity was generally stable. The bond market rose weekly, with government bonds > corporate bonds > credit bonds [22]. - Domestic Commodity Market Overview: The domestic commodity market declined weekly. Among major commodity sectors, oilseeds and oils rose, while the black - metal sector underperformed. The Nanhua Commodity Index fell 2.46% [24][25]. 3.3 Major Asset Price Outlook - The July non - farm payrolls data has led to market concerns about the uncertainty of subsequent policies. It is necessary to pay attention to the changes in major asset prices [27].