A股先扬后抑，全球风险资产调整 | 周度量化观察

Market Overview - A-shares experienced a volatile week, initially rising before facing significant declines, with the largest drops in the communication, media, and computer sectors, while steel, real estate, and food and beverage sectors saw the most gains [3][22] - The Hang Seng Tech Index fell by 4.97%, ending a six-week upward trend, yet southbound capital continued to flow into the Hong Kong market [3] Bond Market - The bond market showed weakness this week, with both government and credit bonds adjusting downwards, influenced by tight liquidity despite the central bank's net injection [4][28] - The bond market is expected to remain volatile in the short term, with short-term bonds offering better value [10] Commodity Market - Gold prices retreated from highs, with COMEX gold falling below 2900 due to profit-taking and a strengthening US dollar influenced by tariff policies [5] - The South China Commodity Index dropped by 1.70%, with no sectors showing weekly gains [35] Overseas Market - US stocks faced significant adjustments, with the S&P 500 experiencing declines, particularly in large tech stocks, amid concerns over economic stagnation and softening service sector data [6][7] - The US announced additional tariffs on Chinese goods, further impacting market sentiment [6][26] Stock Market Insights - The recent market performance indicates a need for caution among investors due to profit-taking and external market volatility, although the fundamental revaluation of Chinese tech assets remains intact [9] - The upcoming month will see increased uncertainty regarding US-China trade policies and earnings forecasts for Q1 2025, necessitating close monitoring of policy developments and company performance [9] Industry Performance - Notable weekly performance in the steel, real estate, and food and beverage sectors, with respective gains of +3.18%, +2.22%, and +1.77% [22][24] - The communication sector saw a significant decline of -9.64%, reflecting broader market challenges [24] Trading Activity - Total trading volume in the A-share market increased to 195.74 billion yuan, up 4.00% from the previous week, with the turnover rate for the CSI 1000 index rising [17] - The turnover rates for the CSI 300 and CSI 500 indices decreased, indicating a shift in trading dynamics [17]