资产配置日报：债市独立日-20250825

Group 1 - The report highlights a significant increase in equity market trading volume, reaching a new high since October 9, 2024, with a total turnover of 3.18 trillion yuan, reflecting heightened market sentiment and speculative demand [5][8]. - The bond market exhibited an independent trend, with yields on government bonds across various maturities declining, indicating a shift in investor sentiment towards bonds despite a strong equity market [3][4]. - The report identifies three key reasons for the bond market's performance: rising expectations for interest rate cuts, improved value proposition for long-term bonds, and increasing bullish sentiment in the bond market as the equity market approaches critical levels [3][4]. Group 2 - The report notes that the technology sector continues to perform well, with the Wind solar module and semiconductor indices rising by 6.72% and 2.09%, respectively, driven by momentum effects from previous gains [6][7]. - The real estate sector also saw gains, with the SW real estate index increasing by 3.23%, attributed to policy optimizations in the housing market [6][9]. - The commodity market experienced a broad rally, particularly in coal and coke, with prices rising by 6.5% and 4.4%, respectively, influenced by expectations of supply tightening and supportive policies in the real estate sector [9][10].