地缘扰动延续，全球资产重估丨周度量化观察

Core Viewpoint - The ongoing geopolitical disturbances are leading to a global reassessment of assets, with risk assets under pressure while A-shares remain relatively resilient [2]. Group 1: Equity Market - The A-share market experienced amplified volatility due to external geopolitical events and domestic policy expectations, with the Shenzhen Component Index rising while the Shanghai Composite Index fell [2]. - There is a notable sector divergence, with cyclical sectors like coal and basic chemicals rising, while oil and petrochemicals, as well as non-ferrous metals, declined [2]. - The market is leaning towards defensive positioning, suggesting a cautious approach for the upcoming week, with opportunities likely in structural adjustments [4]. Group 2: Bond Market - The bond market showed weakness this week, with both government and credit bonds declining, influenced by rising inflation data and geopolitical tensions [2][30]. - The market is expected to remain volatile, with a focus on short to medium-term bond strategies, particularly in light of the evolving geopolitical situation [5]. Group 3: Commodity Market - Gold prices are experiencing fluctuations due to a rebound in the US dollar and weakening expectations for interest rate cuts, with significant ETF holdings still at historical highs despite recent reductions [2][6]. - The commodity market saw a weekly increase in the South China Commodity Index by 5.18%, with energy and agricultural sectors performing well, while precious metals faced declines [34][37]. Group 4: Overseas Assets - The global manufacturing PMI for February was reported at 51.2, indicating moderate expansion, but inflation risks are rising, particularly affecting high-valuation and interest-sensitive assets [7]. - Investors are encouraged to consider overseas assets as part of a diversified portfolio, especially in the context of low subscription limits for QDII funds [7].