大类资产运行周报（20251013-20251017）：多重风险事件扰动，美元指数周度回落-20251020

Report Title - The report is titled "Weekly Report on the Operation of Major Asset Classes (20251013 - 20251017): Multiple Risk Events Disturb, Dollar Index Drops Weekly" [1] Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - From October 13th to October 17th, the Sino - US trade friction cooled down, but two US regional banks reported loan fraud and bad debt problems. Globally, the stock market showed differentiation, the bond market rose, and commodities fluctuated narrowly. In China, the stock and commodity markets declined, while the bond market rose. The prices of major asset classes fluctuated greatly due to events such as the US government shutdown, Sino - US trade friction, and US bank credit risks, and the continuous impact of these events on the market should be monitored [4]. Summary by Relevant Catalogs 1. Global Major Asset Overall Performance: Stock Market Differentiation, Bond Market Rise, Commodity Narrow - Range Fluctuation 1.1 Global Stock Market Overview: US Stocks Lead in Gains - From October 13th to October 17th, after the Sino - US trade friction and US bank risk events eased, the equity market recovered. Most global stock markets closed higher. US stocks led in gains, the Asia - Pacific region performed poorly, and emerging markets underperformed developed markets. The VIX index dropped weekly [9]. - In the Asia - Pacific market, most indices had negative returns, with the Hang Seng Index dropping 3.97%. The Korean Composite Index rose 3.83%. In the European market, the French CAC40 rose 3.24%, while the Greek ASE Composite Index dropped 5.81%. In the American market, the IPSA Chile 40 rose 5.24%. In other markets, the Beirut BLOM rose 2.55% [12][14][15]. 1.2 Global Bond Market Overview: Fed's Dovish Stance - During the week of October 13th - 17th, Fed Chairman Powell indicated an increased risk of employment decline and a possible halt to balance - sheet reduction in the next few months. The expectation of a US dollar interest - rate cut increased. Medium - and long - term US Treasury yields generally declined, with the 10 - year US Treasury yield dropping 3BP to 4.02%. The bond market closed higher, and globally, government bonds > credit bonds > high - yield bonds [16]. 1.3 Global Foreign Exchange Market Overview: Dollar Index Drops Weekly - From October 13th to October 17th, due to the expectation of a US dollar interest - rate cut and the impact of US bank risk events, the dollar index dropped weekly. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate fluctuated narrowly. The dollar index dropped 0.27% [17]. 1.4 Global Commodity Market Overview: International Gold Price Rises Weekly - Demand - expectation concerns pressured international oil prices, which closed lower weekly. Market risk - aversion sentiment strongly supported precious - metal prices, and the gold price rose weekly. Non - ferrous metal prices showed mixed trends, and agricultural product prices generally rose [19]. 2. Domestic Major Asset Performance: Stock and Commodity Markets Decline, Bond Market Rises 2.1 Domestic Stock Market Overview: Major A - Share Broad - Based Indices Generally Decline - Overseas risk events impacted the domestic equity market, and major A - share broad - based indices generally declined. The average daily trading volume of the two markets decreased compared to the previous week. In terms of style, the growth style had the largest decline. In terms of sectors, banks and coal rose, while media and electronics performed poorly. The Shanghai Composite Index dropped 1.47% [22]. 2.2 Domestic Bond Market Overview: Bond Market Runs Strongly - From October 13th to October 17th, the central bank's open - market operations had a net withdrawal of 381.9 billion yuan. The capital market ran smoothly, and the bond market ran strongly weekly. Overall, government bonds > corporate bonds > credit bonds [25]. 2.3 Domestic Commodity Market Overview: Commodity Market Declines Overall - The domestic commodity market declined weekly. Among major commodity sectors, precious metals led in gains, while energy performed poorly [27]. 3. Major Asset Price Outlook: Monitor Market Sentiment Changes - Recently, events such as the US government shutdown, Sino - US trade friction, and US bank credit risks have successively impacted the market, causing large fluctuations in major asset prices. The continuous impact of these events on the market should be monitored [29].