资产配置全球跟踪 2025年10月第1期：资产概览：资产分化显著，日股黄金新高

Core Insights - The report highlights significant asset differentiation, with Japanese stocks reaching new highs while global equities face pressure. Gold and silver have seen substantial gains, with COMEX silver up over 60% and gold surpassing $4000 per ounce for the first time [1][6][11]. Cross-Asset Overview - From September 30 to October 10, Japanese and Korean equities led the market, with the Nikkei 225 hitting a new high and the KOSPI and KOSDAQ showing strong performance. In contrast, major US indices declined approximately 2%, and A-shares and Hong Kong stocks experienced slight pullbacks. Gold reached a historic high, while oil prices fell significantly, with Brent and WTI down 6.4% and 5.6%, respectively [6][16][18]. Equity Market Performance - Asian emerging markets outperformed, particularly Japan and South Korea. The MSCI global index fell by 1.3%, but the Asian markets showed resilience. The Nikkei 225 surged by 7.0%, benefiting from a weaker yen and optimistic policy expectations. Meanwhile, A-shares saw a minor decline, with the CSI 300 down 0.5% [16][18]. Bond Market Analysis - The Chinese bond market exhibited a "bull steep" curve, with overall yields declining but long-term yields (20-30 years) rising. The 10Y-2Y yield spread narrowed, while the 10Y-3M and 30Y-10Y spreads widened. In the US, the bond market showed a "bull flat" characteristic, with expectations of rate cuts increasing significantly [29][30]. Commodity and Currency Trends - Gold prices rose while oil prices fell, with the dollar index increasing by 1%. Major non-dollar currencies weakened, particularly the yen, which depreciated by 2.2%. The report notes that 11 out of 13 major commodity futures recorded gains, with precious metals leading the way [6][11][30].