资产配置日报：大A独美-20251105

Group 1 - The core view of the report highlights that while global assets are generally weakening, the domestic A-share market is performing relatively well, with the Wande All A index rising by 0.34% on November 5, 2025, despite a decrease in trading volume by 441 billion yuan compared to the previous day [1][2] - The report indicates that the market's rebound is supported by a positive attitude towards accumulated chips around the 6230 level, suggesting that investors view the recent dip as a buying opportunity [2] - The report notes that the micro-cap stocks have shown significant excess returns since October, with the Wande micro-cap index rising by 9.02%, outperforming other major indices during the same period [3] Group 2 - In the Hong Kong market, upcoming earnings reports from major tech companies such as Tencent and JD.com are expected to drive market sentiment, with pre-disclosure dates set for November 13, 2025 [4] - The bond market is experiencing a phase of information vacuum following the central bank's recent operations, with a focus on the potential impact of government bond supply in November [5][6] - The report discusses the weak sentiment in the domestic commodity market, although there has been a slight recovery in fund inflows into industrial products, indicating a potential short-term rebound in market allocation preferences [6][7] Group 3 - The report emphasizes that the "anti-involution" theme continues to face challenges, with related commodities experiencing ongoing corrections, reflecting a cautious market sentiment [8] - The report provides a detailed analysis of the performance of various sectors and commodities, indicating that while some sectors like pork are showing seasonal strength, others are under pressure due to supply-side uncertainties [17][19]