环球市场动态：中长期内地经济有望延续底部回升

Market Overview - A-shares experienced a three-day rally, with military stocks leading the market; the Shanghai Composite Index rose by 0.45%[17] - The Hang Seng Index fluctuated narrowly, closing up 0.03%, while the Hang Seng Tech Index increased by 0.2%[12] - European markets mostly rose due to strong corporate earnings, but concerns over potential tariffs on chips and pharmaceuticals limited gains, with the Stoxx 600 index down 0.06%[10] Economic Outlook - The domestic real estate market is cooling, but the decline in housing prices is not accelerating significantly; investment in real estate is expected to stabilize[6] - The macroeconomic environment shows limited potential risks in the medium to long term, with a possibility of continued bottom recovery if housing prices do not decline further[6] Currency and Commodity Trends - The U.S. dollar index fell by 0.6%, continuing a downward trend, while the euro gained against G-10 currencies[29] - International oil prices dropped over 1%, with WTI crude oil at $64.35 per barrel, influenced by geopolitical concerns[29] Fixed Income Market - U.S. Treasury yields rose slightly, with the 10-year yield at 4.23%, amid dovish comments from Federal Reserve officials[32] - The auction of $42 billion in 10-year Treasuries showed weak demand, with a bid-to-cover ratio of 2.35, down from 2.61 in the previous auction[32] Stock Performance Highlights - Equinix (EQIX US) reported better-than-expected earnings, raising its full-year guidance, driven by AI and high-performance computing demand[9] - Apple (AAPL US) announced a commitment to reinvest $100 billion in U.S. manufacturing, leading to a stock price increase of over 5%[10] Investment Strategy Recommendations - A balanced allocation between equities and bonds is recommended to manage risk and enhance flexibility; a focus on a barbell strategy in equities is suggested[6] - In the bond market, opportunities for slight interest rate declines under loose liquidity conditions should be monitored[6]