科技反攻，上证盘中再创新高丨周度量化观察

Market Overview - The A-share market experienced a comprehensive rise, with the Shanghai Composite Index reaching a new high of 3892.74 points, and the average daily trading volume in the Shanghai and Shenzhen markets at 2.29 trillion yuan, despite a decline over the past two weeks [1][9] - The bond market faced adjustments with a tightening of the funding environment, leading to declines in both interest rate bonds and credit bonds [1][27] Stock Market Insights - The fundamental driving force behind the current market rally is a combination of capital inflow and industry catalysts, particularly in the technology sector, which has shown significant revenue and profit growth in the ChiNext and STAR Market [4] - Recent investments in technology, such as OpenAI's substantial funding, and domestic initiatives in energy storage and power equipment, indicate that the global competition in technology will continue, providing long-term investment opportunities [4] Bond Market Analysis - The bond market is currently experiencing increased volatility and reduced yield potential, with a focus on short-duration and coupon strategies [5] - The tightening of the funding environment has led to a sell-off in bonds, particularly affecting long-term bonds [1][27] Commodity Market Trends - Gold prices have seen a rapid increase, but profit-taking has slowed bullish momentum; the recommendation is to wait for a pullback for better entry points while maintaining a long-term positive outlook on gold [6] - The commodity market showed mixed performance, with the South China Commodity Index rising slightly by 0.02%, while specific sectors like precious metals saw gains [33] Overseas Market Developments - The U.S. stock market reached new highs, supported by weak employment data and moderate inflation, which further raised expectations for interest rate cuts [2][7] - The bond market has already priced in 2-3 rate cuts for the year, and the performance of U.S. bonds will depend on changes in rate cut expectations [7] Industry Performance - In the past week, the electronics, real estate, and agriculture sectors performed notably well, with respective gains of +6.15%, +5.98%, and +4.81% [22]