大类资产运行周报（20250915-20250919）：美联储如期降息，美股周度收涨-20250922

Report Industry Investment Rating No relevant content provided. Core View of the Report - From September 15th to September 19th, the US Federal Reserve cut interest rates by 25 basis points in its September FOMC meeting, and China and the US held economic and trade talks in Spain. The US stock market rose for the week, while the bond market and commodities declined. In China, the year-on-year growth rates of industrial added value and total retail sales of consumer goods in August were lower than market expectations. The stock market was divided, and the bond market and commodities fluctuated. After the Fed's FOMC meeting, the short - term market entered a rest period, and future market trends depend on the performance of macro - economic data at home and abroad [3][6][19]. Summary by Directory 1. Global Major Asset Overall Performance: Stock Market Rises, Bond Market and Commodities Fall - Global Stock Market Overview: Most major global stock markets rose. US stocks had the highest gains, emerging markets outperformed developed markets, and the VIX index remained low. For example, the MSCI Asia - Pacific region rose 0.09% in the past week, and the NASDAQ Composite Index led the gains in the US [8]. - Global Bond Market Overview: The yield of the 10 - year US Treasury bond increased by 8BP to 4.14% for the week. The bond market declined, and globally, credit bonds > high - yield bonds > government bonds. The global bond index fell 0.07% for the week [13]. - Global Foreign Exchange Market Overview: The US dollar index fluctuated slightly higher for the week, with a 0.03% increase. Major non - US currencies against the US dollar had mixed performance, and the RMB exchange rate fluctuated [14]. - Global Commodity Market Overview: International gold prices rose for the week, but lacked continuous upward momentum. International oil prices declined, and the prices of major industrial products and agricultural products generally fell [17]. 2. Domestic Major Asset Performance: Stock Market Divided, Bond Market and Commodities Fluctuated - Domestic Stock Market Overview: The major broad - based A - share indexes showed divergent trends. The average daily trading volume of the two markets increased compared to the previous week. The growth style was more resilient. The power equipment and new energy, and coal sectors led the gains, while the banking and non - ferrous metals sectors performed poorly. The Shanghai Composite Index fell 1.30% for the week [20]. - Domestic Bond Market Overview: The central bank's open - market operations had a net injection of 5923 billion yuan. The bond market fluctuated strongly. Overall, credit bonds > corporate bonds > government bonds. The ChinaBond Aggregate Total Return Index rose 0.05% for the week [22]. - Domestic Commodity Market Overview: The domestic commodity market rose slightly for the week. Among major commodity sectors, energy led the gains, while soft commodities performed poorly. The Nanhua Commodity Index rose 0.24% for the week [23][24]. 3. Major Asset Price Outlook - After the Fed's FOMC meeting, the short - term market entered a rest period. Future market trends require attention to the performance of domestic and international macro - economic data [3][27].