周内(4月21日至4月25日)，大宗商品涨跌不一，基本金属、黑色系板块领涨，航运板块领跌。 就国内期货市场具体来看，能源化工板块，燃油周上涨1.51%、原油上涨1.10%，碳酸锂下跌2.85%；黑 色系板块，铁矿石周上涨1.43%、焦煤上涨0.37%；基本金属板块，沪镍周上涨0.05%、沪锌上涨 3.17%、沪铜上涨1.71%；农产品板块，棕榈油周上涨3.00%、豆粕上涨0.33%、生猪下跌2.18%。航运板 块，集运欧线周下跌10.95%。交易行情热点 热点一：美联储独立性受影响，黄金收出高位十字星 黄金本周盘中价格创出新高，COMEX黄金一度突破3500美元盎司关口，随后快速回落，COMEX黄金 和伦敦金周线均收出十字星。具体来看，COMEX黄金下跌0.33%，报3330.2美元/盎司；伦敦金下跌 0.17%，报3318.62美元/盎司。 据南华期货（603093）统计：长线基金持仓看，上周SPDR黄金ETF持仓周减6吨至946.3；iShares白银 ETF持仓周减164.1吨至13956吨。短线基金持仓看，根据截至4月22日的CFTC持仓报告，黄金非商业净 多头寸周减26832张至175378张，其中 ...

Market Overview - In March 2025, the equity market entered a correction phase, while the commodity market continued to experience fluctuations. Early March saw a continuation of optimistic risk appetite, but by mid-March, the market became more cautious due to earnings season and various disturbances following Trump's administration, leading to a market decline. The market style shifted from small-cap growth to large-cap value, with trading focus diversifying towards sectors like non-ferrous metals, consumer services, and defense [3][14]. Equity Market Performance - The public quantitative strategy performance showed varied results across different indices. For the CSI 300 index, the monthly return was -0.07%, with strict constraint strategies yielding an excess return of 0.57%, SmartBeta strategies at 0.85%, and rotation strategies at 0.70%. The CSI 500 index had a monthly return of -0.04%, with excess returns of 1.39% for strict constraint strategies, 1.82% for SmartBeta, and 1.64% for rotation strategies. The CSI 1000 index saw a monthly return of -0.70%, with excess returns of 1.58%, 2.02%, and 2.45% for the respective strategies [4][17][25]. Private Fund Strategy Performance - In March 2025, the best-performing private fund strategy was the CSI 1000 index strategy with an annualized return of 26.20%. The quantitative stock selection strategy followed with a return of 20.50%, while the CSI 500 index strategy achieved 16.24%. The CSI 300 index strategy lagged with a return of only 0.17%. In the relative value strategy, the convertible bond strategy performed well with a return of 22.67%, while the market-neutral strategy returned 10.22% and the ETF arbitrage strategy returned 3.66%. In the managed futures strategy, the options arbitrage strategy led with a return of 9.31% [5][29][32]. Market Environment Factors - The equity market in March experienced a style shift towards large-cap value, which increased the difficulty for quantitative strategies to achieve excess returns. The volatility in value-growth styles also heightened market instability, impacting the performance of quantitative strategies. Despite a decrease in market volatility and turnover rate, trading volume remained within a "comfortable zone" for quantitative strategies, suggesting a lower likelihood of significant declines in excess returns in the short term [6][30][34]. Commodity Market Analysis - The commodity market in March showed mixed performance influenced by overseas disturbances. The energy sector saw oil prices rise due to new production cuts from OPEC+ and increased sanctions on Iran and Venezuela. Conversely, the black metal prices declined due to unmet domestic demand. Gold prices surged significantly as a safe-haven asset amid uncertainties regarding international trade and economic outlooks [14][36]. Conclusion - Overall, the report indicates a complex market environment with shifting styles and varied performance across different strategies. The quantitative strategies face challenges due to increased volatility and changing market dynamics, while certain sectors within the commodity market present potential opportunities for investors [30][34][36].