11月超配AH股与工业商品：国泰海通大类资产配置月度方案（20251110）-20251110

Group 1 - The report suggests an overweight allocation in Chinese AH stocks and industrial commodities for November, driven by expectations of intensified market volatility due to AI industry trends [1][4]. - The recommended asset allocation is 45% equities, 45% bonds, and 10% commodities, with specific allocations for A-shares and H-shares [4][6]. - The report expresses optimism about Chinese equities, citing improved bilateral relations with the US and stable domestic financial conditions as supportive factors [4][6]. Group 2 - The strategic asset allocation (SAA) framework aims to mitigate macro risks by establishing long-term allocation benchmarks, while tactical asset allocation (TAA) identifies short-term risk-return characteristics [4][14]. - The macroeconomic analysis indicates that deviations from expected economic performance can lead to significant asset price fluctuations, emphasizing the importance of aligning asset allocation with macroeconomic expectations [17][21]. - The report highlights the potential for industrial metals, particularly copper, to experience price increases due to supply-demand imbalances driven by structural demand from sectors like construction and electric vehicles [4][19].