【笔记20251029— 大A站上4000，黄金重返4000】

Market Overview - The stock market has once again surpassed the 4000-point mark, reaching a new high for the year, while gold prices have also returned to 4000 [7][8] - The central bank conducted a reverse repurchase operation of 557.7 billion yuan for a 7-day term, with a net injection of 419.5 billion yuan after 138.2 billion yuan matured [4] - The interbank funding market shows a balanced and slightly loose liquidity environment, with DR001 around 1.40% and DR007 around 1.55% [5][6] Bond Market - The 10-year government bond yield remains stable, fluctuating between 1.75% and 1.85%, with recent reports indicating a slight increase to 1.82% [7] - Short-term bonds are performing well, with major banks reportedly purchasing all new bonds with maturities of 3 years or less [7][8] Economic Indicators - The financial work report highlighted that the 10-year government bond yield is expected to maintain its range, reflecting a cautious sentiment in the bond market [7] - External factors, such as potential tariff reductions on fentanyl from 20% to 10% by the U.S., may influence market dynamics [7]