FICC日报 | 2025-10-15 贸易事件波动大，盘面调整 市场分析 贸易波动较大。国内方面，国务院总理主持召开经济形势专家和企业家座谈会，听取对当前经济形势和下一步经 济工作的意见建议。表示对当前经济形势，要以更宽的视野准确把握，从国际局势的变化来看我国经济的韧性， 进一步坚定信心、直面问题，坚定不移办好自己的事。同时强调要加力提效实施逆周期调节。持续用力扩大内需、 做强国内大循环。要多措并举营造一流产业生态，综合治理行业无序、非理性竞争。贸易方面，美国开始实施对 中国海事、物流和造船领域301调查的最终措施，韩华海洋株式会社在美相关子公司提供协助、支持。中方决定对 韩华海洋株式会社5家美国相关子公司实施反制，禁止我国境内的组织、个人与其进行有关交易、合作等活动。就 近期美方宣布对华加征关税等限制措施，商务部指出，美方不能一边要谈，一边威胁恐吓出台新的限制措施。敦 促美方尽快纠正错误做法，通过对话协商解决各自关切。 指数调整。现货市场，A股三大指数回落，沪指跌0.62%收于3865.23点，创业板指跌3.99%。行业方面，板块指数 跌多涨少，银行、煤炭、食品饮料行业领涨，通信、电子、有色金属、计算机行 ...

Core Viewpoint - The article discusses the performance of various investment strategies over the past four years, highlighting the effectiveness of certain strategies in navigating a challenging market environment, particularly in the context of a significant bear market in Chinese assets. Group 1: Investment Performance - The CSI 500 index has dropped from 6628 points to 5639 points over four years, resulting in a decline of 1000 points, but an 800-point gain from the discount strategy has helped offset this loss, leading to an overall return of 18% based on a nominal principal of 1 million [1][3]. - In the period from 2022 to 2025, the real estate market has been in decline without signs of recovery, marking a unique bear market that surpasses previous stock market downturns [3]. Group 2: Strategy Evaluation - The article rates various investment strategies, assigning a score of 70 to the IM discount strategy, 65 to the IC discount strategy, and a failing score of 50 to broad indices like the CSI 300 and CSI 500, while the low-volatility dividend and dual-low convertible bonds receive a score of 80 [2]. - The performance of different asset classes in 2021 is highlighted, showing significant losses: real estate down 40% (60% including interest), CSI 300 down 23%, Chinese concept stocks down 37%, and CSI white liquor down 48% [4].