资产配置日报：涨势不改-20260107

Market Performance - On January 7, the stock market showed strong resilience, with the Shanghai Composite Index closing up, marking a record of fourteen consecutive gains[1] - The total trading volume of the A-share market reached 2.88 trillion yuan, an increase of 493 billion yuan compared to January 6[1] - The Hang Seng Index fell by 1.02%, while the Hang Seng Tech Index dropped by 1.56%[1] Capital Flow - Net inflow of southbound funds amounted to 9.178 billion HKD, with Tencent and Xiaomi seeing net inflows of 1.955 billion HKD and 1.633 billion HKD respectively[1] - Conversely, China Mobile and SMIC experienced net outflows of 1.126 billion HKD and 1.070 billion HKD respectively[1] Debt Market - Long-term interest rates showed a "V-shaped" reversal, with 10-year and 30-year government bond yields rising to 1.90% and 2.34% respectively, up by 1.6bp and 2.5bp[5] - The 10-year government bond yield is facing a critical level at 1.90%, while some 30-year bonds have exceeded 2.40%[5] Commodity Market - The commodity market saw a net inflow of nearly 12 billion yuan, with the black series (steel and coal) receiving over 4.5 billion yuan in capital[9] - Precious metals faced selling pressure, with silver down 2.07% and gold slightly down 0.17%[9] Sector Performance - Semiconductor materials and equipment led the gains, with significant increases in prices for DDR5 and NAND Flash, up 573% and 63% year-on-year respectively[3] - The rare earth index rose by 4.23%, driven by the upward trend in industrial non-ferrous metals[3]