大类资产运行周报（20251020-20251024）：美国通胀数据不及预期，权益资产上涨-20251027

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the U.S. September CPI year - on - year growth rate was lower than expected, and China - U.S. economic and trade consultations reached a basic consensus on arrangements to address respective concerns. Globally, stocks and commodities rose, while the bond market declined. In terms of U.S. dollar - denominated assets, commodities > stocks > bonds. In China, stocks and commodities closed higher, and the bond market was weakly volatile. Overall, stocks > commodities > bonds. The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [3][6]. 3. Summary by Related Catalogs 3.1 Global Major Asset Performance 3.1.1 Global Stock Market Overview - From October 20 to October 24, 2025, the market sentiment was relatively stable, and major global stock markets generally closed higher. U.S. stocks had the highest gains, and emerging markets outperformed developed markets. The VIX index had a significant weekly decline [8]. - In the Asia - Pacific market, the MSCI Asia - Pacific region rose 1.87% in a week, the Shanghai Composite Index rose 2.88%, and the Hang Seng Index rose 3.62%. In the American market, the MSCI USA rose 1.93%, and the S&P 500 rose 1.92%. In other markets, the Istanbul ISE100 rose 7.18% [11][12]. 3.1.2 Global Bond Market Overview - From October 20 to October 24, 2025, the lower - than - expected September inflation data supported the Fed to further cut interest rates. The yield of the 2 - year U.S. Treasury bond increased by 2BP weekly, and the yield of the 10 - year U.S. Treasury bond remained flat at 4.02%. The bond market weakened weekly. Globally, high - yield bonds > credit bonds > government bonds [13]. - The global bond index fell 0.19% in a week, the global government bond index fell 0.37%, the global credit bond index rose 0.05%, and the global high - yield bond index rose 0.36% [13]. 3.1.3 Global Foreign Exchange Market Overview - From October 20 to October 24, 2025, recent U.S. data showed economic resilience, and the U.S. dollar index closed higher weekly. Major non - U.S. currencies had mixed performances against the U.S. dollar, and the RMB exchange rate fluctuated within a narrow range. The U.S. dollar index rose 0.39% weekly [14]. 3.1.4 Global Commodity Market Overview - The U.S. government announced sanctions on Russia's two largest oil companies, causing international oil prices to soar weekly. The market's risk - aversion sentiment cooled recently, and precious metal prices declined weekly. Major industrial and agricultural products prices generally rose [17]. - The RJ/CRB commodity price index rose 3.28%, and the S&P Goldman Sachs Commodity Total Return Index rose 3.65%. Brent crude oil rose 5.84%, and WTI crude oil rose 7.32%. The S&P Goldman Sachs Precious Metals Total Return Index fell 1.83% [17][19]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market Overview - Policy boosted market confidence, and major A - share broad - based indexes generally rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, the growth style had the highest gains. In terms of sectors, communications, electronics, etc. had high gains, while agriculture, forestry, animal husbandry, and fishery performed poorly. The Shanghai Composite Index rose 2.88% weekly [21]. 3.2.2 Domestic Bond Market Overview - From October 20 to October 24, 2025, the central bank's net injection in the open - market operations was 198.1 billion yuan. The capital market remained stable. The bond market was weakly volatile weekly. Overall, corporate bonds > credit bonds > government bonds [23]. - The ChinaBond Aggregate Total Return Index fell 0.07% in a week, the ChinaBond Corporate Bond Total Return Index rose 0.14%, the ChinaBond Treasury Bond Total Return Index fell 0.13%, and the ChinaBond Credit Bond Total Return Index rose 0.12% [24]. 3.2.3 Domestic Commodity Market Overview - The domestic commodity market closed higher weekly. Among major commodity sectors, energy had the highest gains, and precious metals performed poorly [25]. 3.3 Major Asset Price Outlook - The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [27].