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PPI对工业企业利润的传导
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资产配置周报:美联储如期降息,关注PPI对工业企业利润的传导,科技仍是主线-20250921
Donghai Securities· 2025-09-21 11:10
Group 1 - Global equity markets showed mixed performance, with A-shares outperforming and the Hang Seng Tech Index leading gains, while major commodities like oil and copper declined [1][11] - The domestic equity market favored growth sectors over cyclical and consumer sectors, with a daily average trading volume of 24,948 billion yuan, up from 22,987 billion yuan [2][18] - The technology sector remains a key focus, with potential in AI applications across various industries and improvements in computing infrastructure [2][8] Group 2 - The PPI's impact on industrial enterprise profits is under scrutiny, with a narrowing year-on-year decline in August, indicating potential effects on profitability [2][8] - The energy sector saw WTI crude oil prices stabilize at $62.68 per barrel, while U.S. crude oil production increased to 13.482 million barrels per day, reflecting a year-on-year rise [2][26] - Gold prices reached a new high of $3,684.65 per ounce, benefiting from the Fed's interest rate cut, while concerns about demand persist [2][38] Group 3 - The bond market experienced slight upward pressure on yields, influenced by stock market strength and government bond supply peaks [2][19] - The U.S. Treasury yields rebounded following the Fed's rate cut, with the 10-year yield rising to 4.14%, reflecting market adjustments to economic data [2][23] - The RMB initially appreciated against the dollar but later depreciated, with expectations of fluctuations around 7.10 [2][25]