地缘风险因素升温美股周度回落：大类资产运行周报（20251229-20260102）-20260105

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - From December 29, 2025, to January 2, 2026, global geopolitical risks increased due to the US military strike on Venezuela. Globally, the stock market was divided, the bond market and commodities declined, and in terms of dollar - denominated assets, bonds > stocks > commodities. In China, the stock market was divided, the bond market oscillated, commodities declined, and stocks > bonds > commodities. Short - term attention should be paid to changes in geopolitical risk factors [3] 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stock Market Divided, Bond Market and Commodities Declined - Global Stock Market Overview: Global major stock markets showed mixed performance. The US stock market performed poorly, and emerging markets outperformed developed markets. The VIX index stabilized at a low level weekly. For example, the MSCI Emerging Markets Index rose 2.30%, while the MSCI Developed Markets Index fell 0.63% [8][12] - Global Bond Market Overview: The 10 - year US Treasury yield increased by 5BP to 4.19%. The bond market declined weekly, and globally, high - yield bonds > government bonds > credit bonds [12] - Global Foreign Exchange Market Overview: The US dollar index rose 0.43% weekly. Major non - US currencies generally depreciated against the US dollar, while the RMB exchange rate was oscillating strongly [14] - Global Commodity Market Overview: Geopolitical factors did not significantly support international oil prices, which oscillated weekly. International gold and silver prices dropped significantly due to increased margin requirements. Most agricultural product prices fell, while non - ferrous metal prices rose [14] 3.2 Domestic Major Asset Performance: Stock Market Divided, Bond Market Oscillating, Commodities Declined - Domestic Stock Market Overview: A - share major broad - based indices mostly declined, but the trading volume increased. Large - cap blue - chip stocks were relatively resistant to decline. The petroleum and petrochemical, and military industries led the gains, while public utilities and food and beverage sectors performed poorly. The Shanghai Composite Index rose 0.13% [18][20] - Domestic Bond Market Overview: The central bank's net injection in the open - market operations was 117.1 billion yuan, and the money market was relatively stable. The bond market oscillated weakly weekly, with corporate bonds > credit bonds > government bonds [21] - Domestic Commodity Market Overview: The domestic commodity market declined overall, with precious metals performing poorly [21] 3.3 Major Asset Price Outlook - Geopolitical risk factors have increased in the short term, and attention should be paid to their impact on major asset prices [23]