Riders on the Charts:每周大类资产配置图表精粹：【资产配置快评】2026年第8期-20260224

Group 1: Market Trends - Significant style shift in overseas stock markets, particularly in the U.S., with value stocks outperforming growth stocks[5] - As of February 20, the value long/short hedge fund strategy index rose by 9.7%, while the growth long/short hedge fund strategy index fell by 1.6%, resulting in a performance gap exceeding 10%[7] - The equal-weighted S&P 500 index's monthly performance difference compared to the market-cap weighted S&P 500 index reached 3.4%, the highest level since 2010[16] Group 2: Risk and Returns - The equity risk premium (ERP) for the CSI 300 index was 4.2% as of February 13, which is one standard deviation below the 16-year average, indicating potential for valuation uplift[19] - The forward arbitrage return for China's 10-year government bonds was 29 basis points, 59 basis points higher than the level in December 2016[21] - The total return ratio of domestic stocks to bonds was 28.7 as of February 13, above the 16-year average, suggesting increased attractiveness of equity assets relative to fixed income[29] Group 3: Currency and Commodity Indicators - The copper-gold price ratio reached 2.5 as of February 20, indicating a convergence with the offshore RMB exchange rate of 6.9, suggesting alignment in signals from both indicators[27] - The 3-month USD/JPY basis swap was -16.8 basis points as of February 20, indicating increased offshore dollar financing pressure relief due to higher usage of the Fed's standing repo facility[24]