黄金叠创新高，“对等关税”即将揭晓

Market Overview - A-shares and Hong Kong stocks experienced declines this week, with the Hang Seng Tech index showing significant losses. The market's profitability continues to weaken, making it difficult to return to a rapid upward trend in the short term [1][2] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.2 trillion yuan, indicating a continued decrease in trading activity [1] Bond Market - The bond market saw a slight increase this week, supported by central bank liquidity measures and a weak performance in the equity market, which improved risk appetite [1][2] - The interbank funding environment turned loose, while the exchange market tightened, leading to stronger performance in both government and credit bonds [26][27] Commodity Market - Gold prices reached new highs, with COMEX gold surpassing 3100, driven by ongoing trade disputes and tariffs imposed by the U.S. on imports [2][7] - The short-term surge in gold prices may lead to a slowdown in upward momentum, with the market potentially entering a consolidation phase [7][33] Stock Market Insights - The upcoming April decisions are critical for annual investment guidance, as they coincide with the release of Q1 earnings and the implementation of policies post the Two Sessions [4] - The market is currently facing uncertainties due to U.S.-China trade policies, making predictions challenging [4] Industry Performance - Among the A-share sectors, only the pharmaceutical, agriculture, food and beverage, and household appliance industries saw gains this week, with respective increases of 0.98%, 0.56%, and 0.40% [17][19] - The banking and electronic sectors experienced declines of 0.04% and 2.07%, respectively, while the pharmaceutical sector showed resilience with a 1.61% increase over the past year [19][20] Trading Activity - The total trading volume in the two markets decreased by 18.26% from the previous week, with the proportion of trading in the CSI 300 index slightly declining [11] - The turnover rates for major indices such as the CSI 300 and CSI 500 also saw a decrease compared to the previous week [10][11] Economic Indicators - Recent data from the National Bureau of Statistics indicated a 2.8% year-on-year increase in industrial enterprise revenue for January-February, while profits showed a slight improvement from -3.3% to -0.3% [30]