多资产周报：PPI企稳下的资产价格含义-20251020

Group 1: PPI and Asset Prices - The PPI has stabilized, with a month-on-month change of 0 for the second consecutive month, indicating a potential trend in domestic asset prices[1] - Despite the current international oil price affecting related industries, there is a strong expectation for future easing by the Federal Reserve, supporting prices of commodities like gold and copper[1] - The implementation of anti-involution policies is showing results in key sectors like photovoltaics and new energy, with significant price increases observed post-National Day[1] Group 2: Market Performance - From October 11 to October 18, the CSI 300 index fell by 2.23%, while the Hang Seng Index dropped by 3.97%, and the S&P 500 rose by 1.71%[2] - The 10-year China bond yield increased by 0.41 basis points, while the 10-year US Treasury yield decreased by 3.01 basis points[2] - The US dollar index decreased by 0.27%, and the offshore RMB appreciated by 0.3%[2] Group 3: Inventory and Fund Behavior - The latest oil inventory stands at 44,355 million tons, up by 2.78 million tons from the previous week[3] - The latest week saw a rise in gold ETF holdings to 3,366 million ounces, an increase of 960,000 ounces[3] - The dollar long position increased by 1,541 contracts to 14,032, while the short position decreased by 1,009 contracts to 24,376[3] Group 4: Economic Indicators - Fixed asset investment year-on-year change is at -0.50%[5] - Retail sales year-on-year growth is at 3.00%[5] - Exports year-on-year growth is at 8.30%[5] - M2 growth rate is at 8.40%[5]