Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - From March 23 to March 27, the Middle - East situation continued to affect the prices of major asset classes. Globally, the US dollar index rose weekly, stocks and bonds continued to decline, and commodities showed relatively strong performance. In China, stocks and commodities declined, while the bond market fluctuated. Overall, in dollar terms, commodities > bonds > stocks globally, and bonds > commodities > stocks in China. The Middle - East situation remains highly uncertain and will continue to impact major asset prices in the short term [3][6][16] Group 3: Summary by Related Catalog 1. Global Major Asset Performance 1.1 Global Stock Market Overview - Most major global stock markets declined in the week from March 23 to March 27. US stocks had the largest decline, and emerging markets underperformed developed markets. The VIX index rose weekly. For specific regions, in the Asia - Pacific market, the MSCI Asia - Pacific region dropped 1.52%, and the South Korean Composite Index fell 5.92%. In the European market, the ASCI Europe rose 0.12%. In the American market, the MSCI US declined 2.11%. In other markets, the Tel - Aviv 125 Index fell 5.22% [8][9][10] 1.2 Global Bond Market Overview - In the week of March 23 - 27, the yield of 10 - year US Treasury bonds rose 5BP to 4.44%. The bond market declined weekly, with the performance order globally being credit bonds > high - yield bonds > government bonds. The global bond index fell 0.49%, the global government bond index dropped 0.58%, and the global credit bond index decreased 0.38% [12] 1.3 Global Foreign Exchange Market Overview - From March 23 to March 27, the market's risk - aversion sentiment continued, and the US dollar index rose weekly, with a 0.67% increase. Most major non - US currencies declined against the US dollar, and the RMB exchange rate fluctuated weakly [12] 1.4 Global Commodity Market Overview - Geopolitical factors supported the weekly increase in international oil prices. Most prices of major international precious metals, non - ferrous metals, and agricultural products rose. The CRB spot index: comprehensive rose 1.41%, Brent crude oil increased 1.80%, and WTI crude oil rose 3.15% [14][15] 2. Domestic Major Asset Performance 2.1 Domestic Stock Market Overview - Investor sentiment remained cautious. Major A - share broad - based indices generally declined, and the average daily trading volume of the two markets decreased compared to the previous week. The CSI 500 index was more resilient. The basic chemicals and non - ferrous metals sectors rose, while the non - banking and computer sectors performed poorly. The Shanghai Composite Index fell 1.09% [18][19] 2.2 Domestic Bond Market Overview - From March 23 to March 27, the central bank's open - market operations had a net injection of 281.9 billion yuan. The capital market was relatively stable, and the bond market fluctuated slightly stronger. Overall, government bonds > corporate bonds > credit bonds. The ChinaBond - Total Wealth (Aggregate) Index rose 0.09% [20][21] 2.3 Domestic Commodity Market Overview - The domestic commodity market declined weekly. Among major commodity sectors, the chemical and non - ferrous sectors had the largest increases, while precious metals performed poorly. The Nanhua Commodity Index fell 0.25% [22][23] 3. Outlook for Major Asset Prices - Overall, the Middle - East situation remains highly uncertain and will continue to have a certain impact on major asset prices in the short term. It is necessary to closely monitor its changes [27]

Core Viewpoint - The Hong Kong stock market experienced a significant decline on March 23, with both the Hang Seng Index and the Hang Seng Tech Index dropping by approximately 4% [1]. Group 1 - The Hang Seng Index closed at 24,266.75, down by 1,010.57 points, reflecting a decrease of 4.00% [2]. - The Hang Seng Tech Index ended at 4,676.83, falling by 195.55 points, which corresponds to a decline of 4.01% [2].

Core Viewpoint - The Hong Kong stock market is showing resilience and strength compared to other global markets, with significant interest from Middle Eastern investors considering reallocating assets back to Hong Kong [1][3][6]. Group 1: Market Performance - The Hang Seng Technology Index rose over 1%, while the Hang Seng Index and the National Enterprises Index also saw collective gains, contrasting sharply with declines in indices like Japan's Nikkei and South Korea's KOSPI [1][3]. - Notable stocks such as NIO, BYD, JD Health, Meituan, and Xiaomi experienced gains exceeding 2% to 4% [3]. Group 2: Investor Sentiment - Michael Burry, known as a "big short" investor, publicly stated that the Hang Seng Technology Index is significantly undervalued, attributing its decline to multiple compressions rather than fundamental issues [3]. - There is a noted increase in inquiries from Middle Eastern clients regarding investment opportunities in Hong Kong, indicating a potential influx of capital seeking safer investment environments [6][7]. Group 3: External and Internal Factors - The Hong Kong market has shown relative resilience despite high volatility in external markets due to geopolitical tensions and oil price fluctuations [3][4]. - The current strong dollar and the nearing end of the earnings season may impact market dynamics, with ongoing verification needed for domestic fundamentals, particularly in real estate [4]. Group 4: Family Offices and Asset Allocation - A significant 91% of surveyed family offices have established a presence in Hong Kong, with plans to increase investment in risk products from 54% to 78% over the next three years [7]. - The Hong Kong government has noted a growing interest from overseas investors, particularly in diversifying asset allocations due to the ongoing geopolitical situation in the Middle East [7].

Core Viewpoint - The article discusses the investment outlook following the National People's Congress (NPC) in China, highlighting key market indicators and expert opinions on various asset classes for March 2026 [3][5]. Group 1: Key Market Indicators - The article identifies several key market indicators including the CSI 300 Index, STAR 50 Index, Hang Seng Index, US stocks, US Dollar Index, gold prices, housing prices in first-tier cities, and oil prices as benchmarks for market predictions [3][15]. - Historical data shows that during the NPC, the market's performance tends to decline, with a lower winning rate compared to the week prior [4]. Group 2: March Investment Opportunities - March is characterized as a critical window for wealth allocation, coinciding with several important financial events such as earnings reports, real estate activity, and central bank meetings [6][7]. - The "earnings report season" in March often shifts market sentiment from aggressive to defensive, as investors seek to avoid underperforming stocks [8]. - The real estate market typically sees increased activity in March and April, driven by school enrollment considerations and government policy interventions [9][11]. Group 3: Expert Opinions on Asset Classes - For the CSI 300 Index, opinions are divided, with 4 experts bullish, 3 bearish, and 1 neutral, citing macroeconomic factors and high historical valuations as risks [18]. - The STAR 50 Index has the highest bullish sentiment, with 62.5% of experts expecting a rebound after a period of underperformance [20]. - The outlook for US stocks is predominantly bearish, with 50% of experts predicting declines due to high valuations and geopolitical tensions [23]. - The Hang Seng Index shows mixed opinions, with equal numbers of experts bullish and bearish, reflecting ongoing uncertainties in the market [25]. - Gold is viewed with caution, as experts are split on its future performance, balancing its inflation-hedging properties against potential geopolitical easing [28]. - The US Dollar Index has unanimous support against bearish sentiment, with experts citing inflation and monetary policy as key drivers [31]. - Oil prices are expected to face volatility, with experts cautious about potential geopolitical resolutions impacting prices [33]. - The outlook for housing prices in first-tier cities is uncertain, with most experts indicating a lack of clear direction and a tendency to remain at the bottom [35]. Group 4: Investment Strategies - The article suggests a diversified asset allocation strategy, categorizing investments into risk assets (stocks and real estate), defensive assets (bank products and bonds), and safe-haven assets (gold) [40][42]. - The most favored asset is the STAR 50 ETF, followed by "HALO" concept stocks and consumer ETFs, indicating a preference for technology and consumer sectors [44]. - Experts recommend a cautious approach to investing, focusing on quality assets and avoiding speculative positions in the current volatile environment [56][60].

Group 1 - The overall equity market experienced adjustments during the week from March 2 to March 6, with the Shanghai Composite Index falling by 0.93% to close at 4124.19 points, and the Shenzhen Component Index declining by 2.22% to 14172.63 points [9][11] - The convertible bond market also saw a decline, with the China Convertible Bond Index dropping by 2.07% and the Shanghai Convertible Bond Index decreasing by 2.21% during the week [16] - The bond market showed a general strengthening trend, with the 1-year China government bond yield decreasing by 3.58 basis points, and the 10-year yield down by 0.67 basis points [20] Group 2 - In the commodity market, performance was mixed, with WTI crude oil rising significantly by 35.63%, while COMEX gold and silver fell by 2.17% and 10.27% respectively [10][28] - The South China Commodity Index overall strengthened, with a 6.43% increase, driven by strong performance in energy and chemical sectors, which rose by 15.45% [28] - The market saw active trading in both convertible bonds and underlying stocks, with transaction volumes of 3674.49 billion and 7711.56 billion respectively, indicating a recovery in trading activity [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the performance of various asset classes in the week from February 24th to February 27th, 2026. The equity market showed overall recovery, the convertible bond market declined, the bond market mostly weakened, and commodity futures mostly strengthened. Different market segments were affected by various factors such as policy changes, external trade environment, and geopolitical risks [9][10]. 3. Summary by Directory 3.1 This Week's Performance of Major Asset Classes - The equity market showed overall recovery. The Shanghai Composite Index rose 1.98% to 4162.88 points, the Shenzhen Component Index rose 2.8% to 14495.09 points, and the ChiNext Index rose 1.05% to 3310.3 points. The trading volume of the Shanghai and Shenzhen stock exchanges totaled 9.69 trillion yuan. The Hang Seng Index rose 0.82% to 26630.54 points, while the Hang Seng Tech Index fell 1.41% to 5137.84 points [9]. - The convertible bond market declined. The CSI Convertible Bond Index fell 0.24% in the past week, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26% [9]. - The bond market mostly weakened. The yields of 1-year, 3-year, 5-year, 7-year, and 30-year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10-year yield decreased by 0.22bp [9]. - Commodity futures mostly strengthened, with silver performing strongly. COMEX gold rose 3.24%, COMEX silver rose 11.61%, LME copper rose 2.28%, LME aluminum rose 1.16%, WTI crude oil rose 0.81%, SHFE rebar rose 0.98%, CBOT soybeans rose 1.41%, and CBOT corn rose 1.88% [10]. 3.2 Performance of the Equity Market - Stocks - The equity market rose this week, with small and medium-cap stocks outperforming. Most industries rose, with cyclical sectors such as steel and non-ferrous metals leading the gains. The media, consumer services, and non-bank financial sectors led the declines. The media sector fell 5.21%, consumer services fell 4.14%, and non-bank financials fell 3.21%. The steel sector rose 9.52%, and the comprehensive financial sector rose 2.17% [14]. - Market rotation was still active this week. The market style switched again. Benefiting from post-holiday resumption of work and production, cyclical and resource sectors led the gains, while the consumer sector was relatively weak. In addition, technology growth sectors such as semiconductors and chips also performed well [14]. - The reasons for the market performance are that the trading volume increased in the first week after the holiday, and the trading activity improved. Since the beginning of this year, the prices of many commodities have continued to rise. On the one hand, driven by the expansion of AI-related demand, the prosperity of sub - sectors such as chips and electronic cloth has increased, and prices have strengthened. On the other hand, the prices of resources such as gold and silver have also risen to varying degrees. Under the combined effect of rising product prices and improved profit expectations, relevant fields have strengthened synchronously. In the steel sector, many steel enterprises announced a "good start" in production in the first month of this year, and the production and sales indicators of some steel enterprises performed well, enhancing the investment confidence in the sector [14]. 3.3 Performance of the Equity Market - Convertible Bonds - The equity market rose this week, while the convertible bond market fell. As of February 27, 2026, the CSI Convertible Bond Index fell 0.24%, and the Shanghai Stock Exchange Convertible Bond Index fell 0.34%. In the past month, the CSI Convertible Bond Index rose 0.9%, and the Shanghai Stock Exchange Convertible Bond Index rose 0.26%. The trading volumes of convertible bonds and underlying stocks this week were 2945.06 billion yuan and 5968.85 billion yuan respectively, and the trading activity of both underlying stocks and convertible bonds declined compared with before the holiday [16]. - The convertible bond market was weak this week, lagging behind the overall stock market performance. The resource and pro - cyclical sectors of A - shares showed obvious upward trends, while some high - valuation technology and growth stocks were under pressure. At the same time, the trading volume of convertible bonds decreased, which may have had a certain impact on the convertible bond market [16]. 3.4 Performance of the Fixed - Income Market - The bond market yields generally increased this week, with the 10 - year Treasury bond yield slightly decreasing. The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 30 - year China Bond Treasury bonds increased by 0.71bp, 0.84bp, 1.33bp, 2.36bp, and 4.36bp respectively, while the 10 - year yield decreased by 0.22bp [18]. - During the Spring Festival, the US tariff policy fluctuated again, increasing the uncertainty of the external trade environment and affecting the market risk appetite, which had a certain impact on the short - term bond market. On February 25th, Shanghai issued the "Seven Measures for Shanghai" real estate optimization policy, which adjusted the purchase restrictions, housing provident fund use, and property tax, etc. The policy was aimed at stabilizing the real estate market and expectations. Affected by the policy's boost to the real estate chain sentiment, the risk appetite for equities was marginally repaired, and the bond market was under pressure [18]. - In terms of the capital side, on February 25th, the central bank conducted 600 billion yuan of MLF operations. From the perspective of the operation intensity and reverse repurchase scale, the monetary policy continued to be relatively loose, and the attitude of maintaining liquidity was stable. Especially before the Two Sessions, the policy orientation of stabilizing the capital side is expected to continue, and the capital price is likely to remain in a reasonable range and be generally stable. In the future, although the bond market sentiment has improved compared with before, there are not enough incremental factors to drive the yield to break through the oscillation range effectively. Before there is a new dominant variable, the market's long and short forces are still relatively balanced, and the bond market is expected to continue the range - bound pattern in the short term [19]. 3.5 Performance of the Commodity Market - The Nanhua Commodity Index strengthened overall this week, with precious metals performing strongly. The index rose 3.56% in total. Precious metals led the gains, rising 8.55% compared with the week before the Spring Festival. Metals rose 3.06%, industrial products rose 2.47%, energy and chemicals rose 2.14%, and agricultural products rose 1.19% [27]. - The gold price continued to rise this week and remained at a high level. The uncertainty of the US - Iran situation and the variable policy orientation of the Trump administration have increased the external geopolitical risk premium. At the same time, the short - term rebound of international oil prices and the creation of a new stage high have strengthened the market's re - pricing expectations for inflation and the energy supply - demand pattern, driving the precious metal and energy sectors to strengthen synchronously. In the future, the evolution of the geopolitical situation is still uncertain, and there are also significant differences in the Fed's policy path. It is expected that gold will maintain a high - level oscillation pattern in the short term [28][30].

Exchange Rate Dynamics - The RMB exchange rate strengthened significantly post-Spring Festival, with an average daily increase reaching 239 basis points, breaking key psychological levels of 6.85 and 6.80[1] - The surge in demand for currency settlement due to the misalignment of the Spring Festival led to a concentrated demand explosion in late February[1] - Approximately $1 trillion of export earnings have been held in overseas accounts over the past 2-3 years, triggering a "herd effect" in currency settlement as the RMB appreciated rapidly[1] Market Trends - From February 21 to February 28, the CSI 300 index rose by 1.08%, while the Hang Seng Index increased by 0.83%, and the S&P 500 fell by 0.45%[2] - The offshore RMB appreciated by 0.53%, and the US dollar index decreased by 0.11% during the same period[2] - Major commodities saw price increases, with WTI crude oil rising by 0.82%, LME copper up by 5.41%, and London silver increasing by 11.77%[2] Inventory and Fund Behavior - Recent oil inventory levels reached 44,684 million tons, up by 46,224 million tons from the previous week[3] - The latest week saw a decrease in long positions for the US dollar by 2,121 contracts, totaling 13,295 contracts, while short positions slightly decreased by 4 contracts[3] - The scale of gold ETFs increased to 3,540 million ounces, up by 720,000 ounces from the previous week[3] Risk Factors - Potential risks include volatility in overseas markets and uncertainties in domestic policy execution[4]

Group 1: Stock Market Performance - The stock market in Hong Kong has shown remarkable performance, with the Hang Seng Index rising by 28% for the year [1] - The average daily trading volume increased by 90% to nearly 250 billion HKD, setting a historical high [1] - The amount raised from new stock listings more than doubled compared to 2024, exceeding 280 billion HKD, making it the highest globally [1] Group 2: Real Estate Market - Both residential property prices and transaction volumes have increased, with total transactions rising to nearly 63,000, the highest in four years [1] - Residential property prices increased by 3.3% for the year, ending a three-year decline, while rental prices rose by 4.3% [1] - Non-residential property transaction volumes rebounded, with a narrowing decline in rental and price levels [1] Group 3: Labor Market - The labor market has stabilized in the second half of the year, with the seasonally adjusted unemployment rate at 3.8% in the fourth quarter [1] - Employment income has continued to grow, with the median monthly income for full-time employees increasing by 4.2% year-on-year in the fourth quarter [1]

Group 1 - The core viewpoint of the article highlights the complex and changing global political and economic environment, particularly due to the trade tensions initiated by the US last year, which have seen some easing with preliminary trade agreements reached with multiple economies, including China [1] - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising by 28% over the year, and the average daily trading volume increasing by 90% to nearly 250 billion, setting a historical high [1] - The amount raised from new stock listings has more than doubled compared to 2024, exceeding 280 billion, making Hong Kong the top global market for IPO fundraising [1]

Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].