1. Market Performance Summary Stock Markets - In August 2025, most major stock markets showed varying degrees of change. The Shanghai Composite Index had a monthly increase of 7.97% and a YTD increase of 13.22%, while the MSCI India Index decreased by 1.70% monthly and had a YTD increase of only 0.92% [1]. Bond Markets - Most bond markets also had different performances. The Bloomberg US Treasury Index had a monthly increase of 1.06% and a YTD increase of 4.48%, while the Bloomberg European Aggregate Total Return Index decreased by 0.20% monthly and had a YTD increase of 0.64% [1]. Commodity Markets - Gold prices increased by 4.80% monthly and 32.28% YTD, while New York crude oil futures decreased by 7.58% monthly and 9.83% YTD [3]. Currency Markets - The US dollar index had a monthly increase of 0.06% but a YTD decrease of 9.58%, and the euro/dollar exchange rate decreased by 0.27% monthly but had a YTD increase of 12.29% [4]. 2. Macroeconomic Analysis Overseas Macroeconomy - US - Employment data: In August, the non - farm payrolls increased by only 22,000, far lower than the expected 75,000, and the unemployment rate rose to 4.3%, the highest since 2021 [8]. - Inflation data: In July, the CPI increased by 0.2% month - on - month and 2.7% year - on - year, and the core CPI increased by 0.3% month - on - month and 3.1% year - on - year [10]. - Retail sales: In July, retail sales increased by 0.5% month - on - month and 3.9% year - on - year, and the real retail sales increased by 1.2% year - on - year after inflation adjustment [14]. - PMI: In August, the preliminary value of the S&P Global Manufacturing PMI was 53.3, and the preliminary value of the Services PMI was 55.4 [16]. Domestic Macroeconomy - China - Consumption: In July, the year - on - year growth rate of social retail sales was 3.7%, showing a slowdown [20]. - Import and Export: In July, exports increased by 7.2% year - on - year, and imports increased by 4.1% year - on - year, with a trade surplus of $98.24 billion [20]. - Investment: In July, fixed - asset investment decreased by 5.3% year - on - year [20]. - Financial data: At the end of July, the year - on - year growth rate of the stock of social financing scale was 9%, and M2 and M1 increased by 8.8% and 5.6% year - on - year respectively [20]. - PPI: In July, PPI decreased by 0.2% month - on - month and 3.6% year - on - year [22]. - CPI: In July, the CPI was flat year - on - year [22]. - PMI: In July, the manufacturing PMI decreased by 0.4 to 49.3, and the composite PMI output index was 50.2 [22]. 3. Global Central Bank Policies - In August, the Bank of England cut interest rates by 25 basis points to 4.0%, the Reserve Bank of Australia cut interest rates by 25 basis points to 3.6%, and the Reserve Bank of New Zealand cut interest rates by 25 basis points to 3.0% [25]. 4. Stock Market Views - US stocks: Maintain a high - allocation recommendation. In August, the S&P 500 increased by 1.91%. The market expects the Fed to enter an interest - rate cut cycle, and the market breadth is okay [32]. - European stocks: Maintain a standard - allocation recommendation. In August, the European STOXX 50 increased by 0.6%. The eurozone's fundamentals have improved, but political instability and fiscal concerns exist [33]. - Chinese A - shares: Maintain a standard - allocation recommendation. In August, the Shanghai Composite Index increased by 7.97%. There is a lot of capital inflow, but there is a significant structural market and high - valuation risks [36]. - Hong Kong stocks: Maintain a standard - allocation recommendation. In August, the Hang Seng Index increased by 1.23%. Concerns about internet competition have been released, and southbound capital dominates market liquidity [36]. - Japanese stocks: Upgrade to a high - allocation recommendation. In August, the Nikkei 225 increased by 4.01%. Japan's economic fundamentals are improving, and corporate governance has been enhanced [37]. - Indian stocks: Maintain a low - allocation recommendation. In August, the MSCI India Index decreased by 1.70%. The US has imposed additional tariffs on Indian goods, and there are supply - chain restructuring pressures [38]. 5. Bond Market Analysis Primary Market of Chinese Overseas Bonds - In August, 78 bonds were issued in the primary market of Chinese overseas bonds, including 42 US dollar bonds with a total issuance scale of $9.01 billion and 36 offshore RMB bonds with a total scale of 83.36 billion RMB [43]. Secondary Market of Chinese Overseas Bonds - As of August 31, 2025, the Markit iBoxx Chinese US dollar investment - grade bond index increased by 0.95% monthly, and the high - yield bond index increased by 1.37% monthly [46]. Overseas Bond Markets - In the US, the bond market was mainly influenced by expectations of interest - rate cuts. In Europe, political crises and high inflation affected bond yields. In China, the "stock - bond seesaw" effect was obvious [55]. 6. Foreign Exchange and Commodity Markets Foreign Exchange Markets - In August, the US dollar index oscillated downward, the Japanese yen strengthened, and the RMB appreciated slightly against the US dollar [59]. Commodity Markets - Gold continued to strengthen in August, while international crude oil prices showed a downward trend [62]. 7. Selected Funds - In August, a list of selected funds was provided, including different types such as money market funds, investment - grade short - term bond funds, and stock funds. The selection criteria included historical performance, expense ratio, and risk [65].