资产配置日报：14天投放呵护跨季-20250922

Group 1 - The equity market continues to experience low trading volume, with the ChiNext 50 index rising significantly by 3.38%, while the CSI 300 and Shanghai Composite Index saw modest increases of 0.46% and 0.22% respectively [1][2] - The market is characterized by a "reverse dumbbell" structure, with the CSI 500 and CSI 1000 leading gains at 0.76% and 0.69%, while large-cap and micro-cap stocks lagged behind [2] - The semiconductor and consumer electronics sectors are showing strong performance, with respective increases of 5.98% and 3.92%, driven by collaborations with OpenAI and increased production demands from Apple [2] Group 2 - The bond market is undergoing a recovery, supported by the central bank's reintroduction of 14-day reverse repos to stabilize the funding environment, leading to a decline in yields for 10-year and 30-year government bonds to 1.79% and 2.08% respectively [1][5][7] - The central bank's actions indicate a continued commitment to maintaining a stable monetary policy, with significant net injections of liquidity totaling 260.5 billion yuan on the day [5][7] - The commodity market is showing mixed sentiments, with precious metals like gold and silver reaching new highs, while polysilicon prices are under pressure due to previous supply constraints and lack of new catalysts [8][9] Group 3 - The overall market sentiment remains cautious, with historical patterns suggesting that extreme low trading volumes can precede significant market movements, either upward or downward [4] - The focus on fundamental factors is returning in the black metal sector, with the Ministry of Industry and Information Technology releasing a moderate growth target for the steel industry, which has not significantly boosted market sentiment [10] - The commodity market is experiencing a rotation of funds towards precious metals, while industrial products face selling pressure, indicating a shift in investor preferences [10]