大类资产运行周报（20250922-20250926）：美国通胀数据符合预期，大宗商品整体上涨-20250929

Report Overview - Report Title: Weekly Report on the Operation of Major Asset Classes (20250922 - 20250926) - US Inflation Data Meets Expectations, with Commodities Rising Overall [1] - Timeframe: September 22 - September 26, 2025 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Global: The market's performance last week was influenced by economic data. The US 8 - month PCE year - on - year growth rate met market expectations. The dollar index ended the week higher, stocks and bonds declined, and commodities rose. In general, commodities > stocks > bonds in terms of dollar - denominated assets [4][7]. - Domestic: China's industrial enterprise profits returned to positive growth in August year - on - year. The stock market and commodities ended the week higher, and the bond market declined. Overall, commodities > stocks > bonds [4][20]. - Outlook: The focus is on the release of domestic and foreign macro - data during the National Day. There are important data such as non - farm payrolls to be released, leading to high market uncertainty. After the holiday, price fluctuations of major asset classes may increase [4][27]. 3. Summary by Directory 3.1 Global Major Asset Performance 3.1.1 Global Stock Market - Most global stock markets declined. US stocks had a weekly correction. From a regional perspective, the three major US stock indexes ended the week lower, with a relatively large decline in the Asia - Pacific region. Emerging markets underperformed developed markets, and the VIX index continued to operate at a low level [9]. - Specific index performance: MSCI US was down 0.35%, S&P 500 was down 0.31%, MSCI Asia - Pacific was down 1.02%, etc. [12][13] 3.1.2 Global Bond Market - Fed officials had some differences in the path of dollar interest rate cuts this year. Medium - and long - term US bond yields generally rose. The yield of the 10 - year US Treasury bond rose 6BP to 4.2% weekly, and the bond market declined. Globally, high - yield bonds > credit bonds > government bonds [16]. 3.1.3 Global Foreign Exchange Market - The initial value of the month - on - month growth rate of US durable goods orders in August far exceeded expectations. The dollar index rose weekly, and most non - US currencies depreciated against the dollar. The RMB exchange rate fluctuated weakly. The weekly increase of the dollar index was 0.55% [17]. 3.1.4 Global Commodity Market - Geopolitical factors caused disruptions again, and international oil prices ended the week higher. Expectations of dollar interest rate cuts supported international precious metal prices. Most industrial metals and agricultural product prices fell [19]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market - Market sentiment changed little. Most of the major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, the Science and Technology Innovation 50 Index had the highest increase. In terms of sectors, electronics and non - ferrous metals led the gains, while consumer services underperformed. The Shanghai Composite Index rose 0.21% weekly [21]. 3.2.2 Domestic Bond Market - The central bank's net injection in the open market operation was 940.6 billion yuan. The liquidity marginally eased, and the bond market was weak. Overall, corporate bonds > credit bonds > government bonds [25]. 3.2.3 Domestic Commodity Market - The domestic commodity market continued to rise weekly. Among the major commodity sectors, precious metals led the gains, while the black - related sectors underperformed [26].