Group 1 - The performance of major global stock indices declined due to multiple factors including the cooling of interest rate cut expectations from the Federal Reserve, the U.S. government shutdown leading to missing economic data, and a valuation correction in the tech sector [1] - The U.S. stock market experienced a significant drop, with the Nasdaq index falling 3.04%, marking its worst weekly performance since April, driven by concerns over AI tech stock bubbles and liquidity pressures from the government shutdown [1] - In the bond market, global government bond yields mostly rose, with U.S. Treasury yields fluctuating upward amid liquidity tightening and policy expectation dynamics [1] Group 2 - Domestic economic indicators showed positive signs with the resumption of U.S.-China trade talks, the central bank maintaining liquidity, and a rise in October CPI year-on-year, alleviating deflation concerns [2][4] - The A-share market experienced a slight increase despite reduced trading volume, with the Shanghai Composite Index touching 4000 points again during the week [2] - The issuance of $4 billion in sovereign bonds by China, with a subscription rate of 30 times, indicates a potential new channel for dollar liquidity [5] Group 3 - The outlook for assets suggests a stable economic environment with narrow fluctuations in stocks, bonds, and currencies, as the yuan remains relatively stable without strong support for a sustained dollar rise [6] - The stock market is expected to experience slight fluctuations and consolidation due to a lack of strong new policy expectations [7] - The bond market is anticipated to show stable fluctuations with a relaxed funding environment and a gradual pace of central bank bond purchases [8]

固定收益 | 固定收益专题 2025 年 10 月 28 日 作者 谭逸鸣 分析师 SAC 执业证书编号：S1110525050005 tanyiming@tfzq.com 韩晨晨 分析师 SAC 执业证书编号：S1110525070007 hanchenchen@tfzq.com 近期报告 1 《固定收益：哪些转债或受益于"十 五五"？- 可 转 债周 报 20251026》 2025-10-27 2 《固定收益：迎接"超级央行周"- 海外跟踪周报 20251026 》 2025-10-26 3 《固定收益：信用利率再背离-信用 策略周报 20251026》 2025-10-26 一文全览"全球主权债" 证券研究报告 境外债专题 主权债市场概览 从存量市场来看： 1）全口径市场：截至 2025 年 10 月 16 日，全球主权债存量为 78.97 万亿 美元，市场由美国、日本和中国主导，三国合计占近六成份额。在到期结 构上，市场整体呈现期限分布较均匀的特征，2027 年底前到期的债务占比 约为 34.78%。 2）美元口径市场（剔除美国发行）：截至 2025 年 10 月 16 日，存量约 1.59 万亿美 ...