1. Report Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - From January 12th to January 16th, the US December CPI year - on - year growth rate met expectations and remained the same as the previous value. Global geopolitical risks continued to impact the market. The US dollar index rose weekly. Stocks and commodities performed strongly, while the bond market declined. In terms of the US dollar, commodities > stocks > bonds. In the domestic market, the stock market was divided, and the bond market and commodities rose weekly. Commodities > bonds > stocks. Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes [5][8][19]. 3. Summary by Directory Global Major Asset Performance - **Global Stock Market**: From January 12th to January 16th, market sentiment was relatively cautious. Trump called for setting a 10% credit card interest rate cap starting from January 20, 2026, pressuring US stocks. Most global stock markets rose, with the Asia - Pacific region leading in gains. Emerging markets outperformed developed markets, and the VIX index rose weekly. For example, the MSCI Asia - Pacific region rose 2.75% weekly and 5.62% year - to - date, while the MSCI US fell 0.38% weekly but rose 1.39% year - to - date [10][13][14]. - **Global Bond Market**: Recently, most Fed officials' statements were hawkish, cooling market expectations of interest rate cuts. Medium - and long - term US Treasury yields generally rose, with the 10 - year US Treasury yield rising 6BP to 4.24% weekly. The bond market was weak, and globally, high - yield bonds > credit bonds > government bonds [16]. - **Global Foreign Exchange Market**: From January 12th to January 16th, data such as the US November retail sales month - on - month growth rate were good, and the US dollar index rose weekly. Most major non - US currencies depreciated against the US dollar, and the RMB exchange rate was volatile and strong. The US dollar index rose 0.23% weekly [16][17]. - **Global Commodity Market**: Geopolitical factors supported the weekly rise of international oil prices. Precious metal prices rose, while most non - ferrous metal and agricultural product prices fell. International silver prices rose significantly [17]. Domestic Major Asset Performance - **Domestic Stock Market**: Market risk appetite declined. Most major broad - based A - share indices rose, and the average daily trading volume of the two markets increased compared to the previous week. The performance of large - cap blue - chip stocks was weak. Computer and electronics sectors led in gains, while the military and agriculture, forestry, animal husbandry, and fishery sectors performed poorly. The Shanghai Composite Index fell 0.45% weekly [20][22]. - **Domestic Bond Market**: From January 12th to January 16th, the central bank's net open - market operations injected 111.28 billion yuan. The capital market fluctuated, and the bond market was strong weekly. Overall, government bonds > credit bonds > corporate bonds [23]. - **Domestic Commodity Market**: The domestic commodity market rose weekly. Among major commodity sectors, precious metals led in gains. For example, the Nanhua Precious Metals Index rose 9.41% weekly [24][25]. Major Asset Price Outlook - Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes. It is necessary to pay attention to their subsequent changes [4][26].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - During the week from August 18th to 22nd, at the Jackson Hole Central Bank Annual Meeting, Federal Reserve Chairman Powell released a dovish signal, causing the expectation of a September US dollar interest rate cut to rise. The US and the EU reached an agreement on the trade agreement framework, and the US dollar index declined weekly. Globally, stocks were divided, while bonds and commodities rose, with commodities > bonds > stocks in terms of US - dollar - denominated performance. In China, the stock market rose, while the bond and commodity markets were weak, with stocks > bonds > commodities. Liquidity and policy expectations resonated, driving the rise of the domestic equity market. With the Fed releasing a rate - cut signal, the subsequent market sentiment changes should be monitored [3][6][20]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks Divided, Bonds and Commodities Rising - **Global Stock Market Overview**: Due to the uncertainty of the market regarding Powell's speech, the global stock market first declined and then rose. European stocks had the highest increase, and emerging markets underperformed developed markets. The VIX index continued to fluctuate at a low level. For example, MSCI Europe rose 1.42% weekly, while MSCI Asia - Pacific fell 0.56% [7][11][13]. - **Global Bond Market Overview**: Powell signaled a cautious US dollar interest rate cut. His statement made it difficult for Fed officials to reach a broad policy consensus. The yields of medium - and long - term US bonds generally declined, with the 10 - year US bond yield dropping 7BP to 4.26% weekly. Globally, credit bonds > high - yield bonds > government bonds [15]. - **Global Foreign Exchange Market Overview**: The preliminary value of the US Markit Manufacturing PMI in August was better than expected and the previous value. The expectation of a September interest rate cut led to a 0.12% weekly decline in the US dollar index. Major non - US currencies against the US dollar had mixed performances, and the RMB exchange rate was oscillating strongly [17]. - **Global Commodity Market Overview**: The expectation of a US dollar interest rate cut weakened the US dollar index, promoting the rise of the international commodity market. Major industrial products and agricultural products generally rose [19]. 3.2 Domestic Major Asset Performance: Stock Market Rising, Bond and Commodity Markets Weak - **Domestic Stock Market Overview**: The positive momentum of market risk appetite remained unchanged. Major broad - based A - share indexes generally rose, and the average daily trading volume of the two markets increased compared to the previous week. The growth style was more prominent, and the communication and electronics sectors had the highest increases, with the Shanghai Composite Index rising 3.49% weekly [21]. - **Domestic Bond Market Overview**: The central bank's net investment in the open - market operations was 126.52 billion yuan. The capital supply tightened, and the bond market declined weekly. Overall, corporate bonds > credit bonds > government bonds [23]. - **Domestic Commodity Market Overview**: The domestic commodity market declined weekly. Among major commodity sectors, the energy sector rose, while the black sector performed poorly. For example, the Nanhua Commodity Index fell 0.44% weekly [25]. 3.3 Major Asset Price Outlook - Pay attention to the sentiment changes in the domestic equity market. The resonance of liquidity and policy expectations drove the rise of the domestic equity market. Coupled with the Fed's rate - cut signal, monitor the subsequent market sentiment changes [26].