资产配置日报：情绪冰点，或TACO-20260323

Group 1 - The core viewpoint of the report indicates a significant decline in equity markets, with the total A-share market dropping by 4.08% and a trading volume of 2.45 trillion yuan, which is an increase of 145.3 billion yuan compared to the previous week [1] - The report highlights a worsening market sentiment characterized by increased volatility, as evidenced by the 25.59% rise in the CSI 300 ETF implied volatility index, marking the largest single-day increase since April 2025 [1][2] - The report notes that the liquidity feedback loop is negatively impacting the market, with limited new capital and insufficient willingness from existing funds to support trading, leading to a continuous decline in market activity [2] Group 2 - In the Hong Kong market, the internet sector continues to weaken, with the Hang Seng Internet Technology Index falling by 3.44%, indicating a continuation of the downward trend since October 2025 [3] - The report mentions that the bond market is also underperforming, with long-term interest rates experiencing fluctuations, reflecting a complex interplay of inflation concerns and risk appetite [3][4] - The report suggests that the current market environment is highly sensitive to news, with significant price swings observed in commodities like oil and gold, driven by geopolitical tensions and market reactions to statements from political figures [7][8]