国泰海通｜金工：国内权益资产表现亮眼，国内资产风险平价策略本年收益1.73%——大类资产配置模型月报（202505）

Core Viewpoint - The report highlights the performance of various domestic asset allocation strategies in May 2025, indicating a mixed performance across different strategies and asset classes, with a notable focus on the risk parity strategy achieving the highest year-to-date return of 1.73% [1][3]. Group 1: Asset Strategy Performance - Domestic Asset BL Strategy 1 recorded a May return of -0.22% and a year-to-date return of 0.96% [1][3]. - Domestic Asset BL Strategy 2 had a May return of -0.1% and a year-to-date return of 1.05% [1][3]. - The Domestic Asset Risk Parity Strategy achieved a May return of 0.29% and a year-to-date return of 1.73% [1][3]. - The Macro Factor-Based Asset Allocation Strategy reported a May return of 0.27% and a year-to-date return of 1.45% [1][3]. Group 2: Major Asset Trends - In May 2025, domestic equity assets performed well, with the Hang Seng Index, CSI 300, and others showing significant gains, while gold experienced a pullback [2]. - The Hang Seng Index rose by 3.96%, CSI 300 by 1.85%, and the total wealth index of corporate bonds by 0.41% [2]. - The South China Commodity Index and SHFE gold saw declines of 2.4% and 1.39%, respectively [2]. - Correlation analysis indicated a -36.97% correlation between CSI 300 and the total wealth index of government bonds over the past year [2]. Group 3: Macroeconomic Insights - As of the end of May 2025, the manufacturing PMI was at 49.5%, indicating a slight improvement in manufacturing sentiment [4]. - The PPI for April showed a year-on-year decline of -2.7%, with expectations for May at -3.17%, indicating ongoing deflationary pressures [4]. - The central bank conducted a MLF operation of 550 billion yuan, net injecting 400 billion yuan to support special bond issuance [4]. - The social financing scale stood at 424 trillion yuan at the end of April 2025, reflecting the credit environment [4].