资产配置周报：把握商品周期与科技赋能主线，关注油价变量

Global Market Overview - Global stock markets showed mixed performance, with the Nikkei 225 and A-shares leading gains; major commodity futures like gold, crude oil, copper, and aluminum saw slight increases[2] - The US dollar index decreased by 0.1%, while the offshore RMB appreciated by 0.52% against the dollar[2] Commodity Insights - Brent crude oil prices rose above $72 per barrel, nearing the highest level since July of the previous year, driven by geopolitical tensions[8] - The overall commodity price rebound this year has been particularly strong for precious metals, indicating a shift in demand from traditional infrastructure to computing power and new energy sectors[8] Domestic Equity Market - As of February 27, 2026, the average daily trading volume in the domestic equity market was 24,244 billion RMB, up from 20,946 billion RMB previously[19] - Among the 31 sectors tracked, 25 sectors saw gains, with steel (+12.27%), non-ferrous metals (+9.77%), and basic chemicals (+7.15%) leading the way; media (-5.10%) and retail (-1.64%) sectors experienced the largest declines[19] Interest Rates and Currency Trends - The 1-year Chinese government bond yield rose by 0.23 basis points to 1.3168%, while the 10-year yield fell by 1.46 basis points to 1.7753%[12] - The US 2-year Treasury yield decreased by 10 basis points to 3.38%, and the 10-year yield fell by 11 basis points to 3.97%[12] Risk Factors - Key risks include geopolitical tensions escalating, potential deviations in weekly fund positions, uncertainties in tariff policies, and the impact of domestic price declines[2]