大类资产及择时观点月报（2026.03） [Table_Authors] 郑雅斌(分析师) 黄金信号转为负向 本报告导读： 根据 2026 年 2 月底的最新数据，股票、债券和黄金市场在 2026年 3 月信号分别为 负向，正向和负向。 投资要点： 金融工程 /[Table_Date] 2026.03.04 | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 曹君豪(分析师) | | | 021-23185657 | | | caojunhao@gtht.com | | 登记编号 | S0880525040094 | [Table_Report] 相关报告 风格及行业观点月报（2026.03） 2026.03.02 大类资产及择时观点月报（2026.02） 2026.02.02 风格及行业观点月报（2026.02） 2026.02.02 风格及行业观点月报（2026.01） 2026.01.08 大类资产及择时观点月报（2026.01） 2026.01.05 证 券 研 究 报 告 请 ...

Core Insights - The overall market signals for stocks, bonds, and gold in May 2025 are negative, neutral, and positive respectively [1][2] - The macroeconomic environment for Q2 2025 is predicted to be influenced by inflation [2] - The cumulative return of the industry composite trend factor combination from January 2015 to April 2025 is 73.81%, with an excess return of 37.8% [2] Asset Allocation Signals - As of the end of March 2025, both credit spreads and term spreads indicate a narrowing trend [2] - The factor signal for the industry composite trend was positive in April 2025, despite a drop in the factor value to -0.48 [2] Performance Metrics - The Wind All A index recorded a monthly return of -3.15% in April 2025 [2] - The industry composite trend factor experienced a significant decline but maintained a positive signal [2]