Market Overview - Global risk assets experienced a decline this week, with the A-share market notably retreating, as the Shanghai Composite Index fell by 3.90% [2] - The average daily trading volume in the Shanghai and Shenzhen markets decreased by nearly 200 billion [2] - All sectors in the Shenwan first-level industry index saw declines, with the power equipment, comprehensive, and basic chemical industries leading the losses [2] Stock Market Performance - The A-share market continued its pullback, with the CSI 2000 and CSI 1000 indices showing significant weekly declines [12] - The trading volume in the two markets fell to 18,473 billion, down 8.67% from the previous week [16] - The turnover rates for the CSI 300, CSI 500, and CSI 1000 indices decreased compared to the previous week, yet remained above the average levels of the past three years [16] Bond Market Insights - The bond market showed a mixed performance, with government bonds weakening while credit bonds strengthened [30] - The overall funding environment was tight, influenced by tax periods, leading to fluctuations in the bond market [30] - The 10-year government bond futures showed strength, indicating a potential shift in investor sentiment towards safer assets [30] Commodity Market Analysis - COMEX gold prices weakened this week, influenced by the end of the U.S. government shutdown and better-than-expected non-farm payroll data [3] - The South China Commodity Index fell by 1.81%, with the precious metals sector declining by 4.07% [34] - Short-term market liquidity for gold is weak, but the long-term outlook remains bullish [9] Overseas Market Developments - U.S. stock market volatility increased, with major indices continuing to decline amid concerns over AI-related bubbles [4] - The earnings reports from major tech companies like Nvidia exceeded expectations, supporting the AI narrative despite market corrections [10] - The QDII fund's daily subscription limit continues to decrease, suggesting a cautious approach to overseas investments [10]
苦找大跌理由，千金难买牛回头？丨周度量化观察
申万宏源证券上海北京西路营业部·2025-11-25 02:10