宏观固收周报：投资者风险偏好高企-20260113

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - A-share investors' risk appetite is expected to remain high, and investment opportunities in sectors such as military, aerospace, satellites, precious metals, storage, innovative drugs, computing power, and artificial intelligence are recommended [12]. - The bond market may continue to fluctuate within a narrow range, but the 10-year Treasury yield above 1.85% has allocation value [12]. - The long-term bullish logic for precious metals like gold remains unchanged, and they have long-term allocation value [12]. 3. Summary According to Relevant Content Stock Market Performance - U.S. stock indexes rose, with the Nasdaq, S&P 500, and Dow Jones Industrial Average changing by 1.88%, 1.57%, and 2.32% respectively, and the Nasdaq China Technology Index changing by 2.83%. The Hang Seng Index fell slightly by -0.41% [5]. - A-shares generally rose, with the wind all-A index changing by 5.11%. Among different indexes, the CSI A100, Shanghai and Shenzhen 300, CSI 500, CSI 1000, CSI 2000, and wind micro-cap stocks changed by 3.61%, 2.79%, 7.92%, 7.03%, 6.54%, and 4.47% respectively. In terms of sectors, blue-chip and growth stocks in both Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 5.82%. Among industries, 28 out of 30 CITIC industries rose, with national defense and military industry, media, non-ferrous metals, computers, medicine, and electronics leading the gains with a weekly increase of more than 7.0% [6][7]. Bond Market Performance - The yields of medium- and long-term Treasury bond varieties in China increased. The 10-year Treasury bond futures main contract fell by 0.09% compared to January 2, 2026, and the yield of the 10-year Treasury bond active bond increased by 3.55 BP to 1.8782% [8]. - The yields of ultra-long-term U.S. Treasury bonds decreased. As of January 9, 2026, the 10-year U.S. Treasury bond yield changed by -1 BP to 4.18%, and the yields of 10-year and above varieties decreased [9]. Exchange Rate and Commodity Performance - The U.S. dollar strengthened, with the U.S. dollar index increasing by 0.69%. The U.S. dollar exchange rates against the euro, pound, and yen changed by 0.71%, 0.37%, and 0.64% respectively. The U.S. dollar exchange rate against the RMB decreased, with the U.S. dollar against the offshore RMB increasing by 0.09% to 6.9760 and the U.S. dollar against the onshore RMB decreasing by 0.10% to 6.9821 [10]. - Gold prices rose. The London gold spot price increased by 3.24% to $4493.85 per ounce, and the COMEX gold futures price increased by 3.59% to $4473.00 per ounce. Domestic gold prices also rose, with the Shanghai gold spot increasing by 2.93% to 1003.49 yuan per gram and the futures increasing by 2.05% to 991.62 yuan per gram [11].