大类资产运行周报（20260309-20260313）：中东局势陷入僵持国际油价周度续涨-20260316

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From March 9th to March 13th, the Middle - East situation continued to impact the market. The US February CPI year - on - year growth rate was 2.4%, in line with expectations. The US dollar index continued its weekly upward trend, stocks and bonds declined, and commodities rose. Globally and in China, in terms of performance, commodities > bonds > stocks. In the short term, attention should be paid to whether the Federal Reserve's interest - rate meeting will have a significant impact on the prices of major asset classes [3][6][22] Summary by Directory 1. Global Major Asset Overall Performance: Stocks and Bonds Declined, Commodities Rose - Global Stock Market Overview: The expectation of a US dollar interest - rate cut cooled, and major global stock markets generally declined. The Asia - Pacific region had the largest decline, emerging markets underperformed developed markets, and the VIX index declined weekly. For example, the MSCI Asia - Pacific region dropped 2.47% and the Indian SENSEX30 fell 5.52% [8][11] - Global Bond Market Overview: The Federal Reserve entered a quiet period, market expectations of an interest - rate cut cooled, and medium - and long - term US Treasury yields generally rose. The 10 - year US Treasury yield rose 13BP to 4.28%. The bond market declined weekly, and globally, high - yield bonds > government bonds > credit bonds [15] - Global Foreign Exchange Market Overview: Affected by rising interest rates and high market uncertainty, the US dollar index rose weekly. Major non - US currencies generally depreciated against the US dollar, and the RMB exchange rate was mainly volatile. The US dollar index rose 1.56% [16] - Global Commodity Market Overview: Due to continuous geopolitical disturbances, international oil prices rose significantly weekly. International gold and silver prices declined significantly, and the prices of major non - ferrous metals and agricultural products showed mixed trends. For example, Brent crude oil rose 11.33% and LME silver fell 0.74% [18][19] 2. Domestic Major Asset Performance: Stock Market Diverged, Bond Market Oscillated Weakly, Commodities Rose - Domestic Stock Market Overview: International events continued to impact the domestic equity market. The major broad - based A - share indexes showed mixed trends. The average daily trading volume of the two markets declined compared to the previous week. The ChiNext Index had the highest increase. In terms of sectors, coal and construction led the gains, while military and petrochemical sectors performed poorly. The Shanghai Composite Index fell 0.70% weekly [23] - Domestic Bond Market Overview: From March 9th to March 13th, the central bank's open - market operations had a net withdrawal of 25.11 billion yuan. The capital market was relatively balanced. The bond market performed weakly weekly. Overall, corporate bonds > credit bonds > government bonds [24] - Domestic Commodity Market Overview: The domestic commodity market rose weekly. Among major commodity sectors, energy and chemical sectors led the gains, while precious metals performed poorly. For example, the Nanhua Energy Index rose 14.12% and the Nanhua Precious Metals Index fell 1.52% [26][27] 3. Major Asset Price Outlook - In the short term, the tense situation in the Middle East may continue. Attention should be paid to whether the Federal Reserve's interest - rate meeting will have a significant impact on the prices of major asset classes [31]