大类资产配置模型周报第42期：黄金再度领涨大类资产，全球资产配置模型均录正收益

Investment Rating - The report indicates a positive investment rating for the industry, suggesting an "Overweight" position relative to the CSI 300 index, with expected returns exceeding 15% [36]. Core Insights - The report highlights that gold has once again led the gains among major asset classes, with global asset allocation models recording positive returns. The domestic asset BL models showed returns of 0.28% and 0.26%, while global models recorded returns of 0.14% and 0.12% for the week [1][2][4]. Summary by Sections 1. Major Asset Performance Tracking - For the week of January 12 to January 16, 2026, major asset performances were as follows: SHFE gold increased by 2.57%, Hang Seng Index by 2.23%, and CSI 1000 by 1.27%. Conversely, the CSI 300 and S&P 500 saw declines of 0.57% and 0.45% respectively [7][10]. 2. Major Asset Allocation Strategy Tracking - The report details the performance of various quantitative asset allocation models. The domestic asset BL model 1 achieved a weekly return of 0.26%, while model 2 achieved 0.28%. The global asset BL model 1 and 2 recorded returns of 0.12% and 0.14% respectively for the same week [10][17][21]. 2.1. BL Model Strategy Tracking - The domestic asset BL model 1 has a year-to-date return of 1.13% with an annualized volatility of 2.85%. The global asset BL model 1 has a year-to-date return of 0.69% with an annualized volatility of 2.9% [17][18]. 2.2. Risk Parity Model Strategy Tracking - The domestic risk parity model reported a weekly return of 0.20% and a year-to-date return of 0.49%, with an annualized volatility of 1.16%. The global risk parity model achieved a weekly return of 0.13% and a year-to-date return of 0.38% [21][22]. 2.3. Macro-Factor Based Asset Allocation Strategy - The macro-factor based asset allocation strategy yielded a weekly return of 0.23% and a year-to-date return of 0.61%, with an annualized volatility of 1.73% [29].