固收、宏观周报：A股高位震荡，黄金与债市迎来做多时机-20250908

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that A-shares are likely to oscillate at a high level, but there are still considerable structural opportunities. It is recommended to focus on opportunities in the new energy sectors such as batteries, energy storage, and photovoltaics. Meanwhile, innovative drugs, rare earths, artificial intelligence, and securities firms are also expected to yield good returns. In the bond market, long - term interest - rate bonds are gradually presenting opportunities for long positions. In the commodities market, gold has broken through the oscillation range upwards, starting a new round of market and is worthy of allocation [11]. 3. Summary According to Related Content Stock Market Performance - US Stocks and Hong Kong Stocks: In the past week (20250901 - 20250907), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.14%, 0.33%, and - 0.32% respectively, and the Nasdaq China Technology Index changed by - 2.56%. The Hang Seng Index changed by 1.36% [2]. - A - shares: The Wind All - A Index fell 1.37%. Among different indices, CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by - 0.07%, - 0.81%, - 1.85%, - 2.59%, - 1.72%, and 0.46% respectively. In terms of sector styles, blue - chip and growth stocks in the Shanghai market both declined, while in the Shenzhen market, blue - chip stocks declined and growth stocks rose. The North - bound 50 Index changed by 2.79% [3]. - Industry Performance: Among 30 CITIC industries, 10 industries rose and 20 industries fell. The leading industries were new energy, non - ferrous metals, and pharmaceuticals, with weekly gains of more than 1.4%. ETFs related to batteries, new energy, photovoltaics, and energy storage performed well, with weekly gains of over 10% [4]. Bond Market Performance - Domestic Interest - rate Bonds: In the past week (20250901 - 20250907), the 10 - year Treasury bond futures main contract rose 0.13% compared to August 29, 2025. The yield of the 10 - year Treasury bond active bond decreased by 1.19 BP to 1.8260%. Yields of most 5 - year and above - term varieties declined [5]. - Funding Price and Central Bank Operations: As of September 5, 2025, R007 was 1.4566%, a decrease of 6.05 BP from August 29, 2025; DR007 was 1.4372%, a decrease of 7.86 BP, and the spread between the two widened. The central bank net - withdrew 1204.7 billion yuan in the past week [6]. - Bond Market Leverage: The bond market leverage level increased. The 5 - day average of inter - bank pledged repurchase volume increased from 7.07 trillion yuan on August 29, 2025, to 7.31 trillion yuan on September 5, 2025 [8]. - US Treasury Bonds: In the past week (20250901 - 20250907), US Treasury bond yields declined. As of September 5, 2025, the 10 - year US Treasury bond yield decreased by 13 BP to 4.10%. Yields of all term varieties declined, and the yield curve shifted downward significantly [9]. Commodity Market Performance - Dollar and Gold: In the past week (20250901 - 20250907), the US dollar index decreased by 0.11%. The US dollar depreciated against the euro, pound, and the on - shore and off - shore RMB. Gold prices rose. The London gold spot price rose 4.82% to $3594.55 per ounce, and the COMEX gold futures price rose 4.86% to $3600.80 per ounce. Domestic gold prices also rose [10].