1.Equity
Data**: wind, as of 20231201 (the same below).
The world's major stock index** this week was the Dow Jones Industrial Index, which rose by 242%；* The largest was the BSE 50, with a decline of -672%。The premium rate of AH shares rose this week, and the cost performance of Hong Kong stocks improved. In terms of mainland stock indexes, the CSI All-Share Index fell -0 for the week59%, in terms of broad-based indexes, the biggest increase was in the CSI 2000, 062%。
This year, the world's largest stock index is the Russian MOEX index and the Nasdaq index, the European German and French stock indexes have also risen by more than 10%, and A-shares have underperformed the world's mainstream stock indexes too much in the past two years. Of course, the institutional problems of A-shares still need to be confronted and reformed in this bear market.
The top gainer in the industry this week was coal 303%, social services 298%, and the top decliner was real estate -489%, beauty care -377%。
At present, the industries at the bottom of the performance ranking in the past year are: beauty care, power equipment, non-ferrous metals, trade and retail, etc.
In terms of themes, the best performer was Shenwan Technology (TMT), and Shenwan Financial Real Estate lagged behind. The TMT theme is also the only theme among the six major themes that has been in red this year, significantly ahead of the others. In terms of style factors, both growth and value styles closed lower this week. In terms of market capitalization style, large, medium and small cap stocks have a large difference between the rise and fall, and the decline of small-cap stocks is much smaller than that of ** stocks.
2.Interest Rates and Bonds
This week, market interest rates generally fell, and funds were loose. Risk-free interest rate differential between China and the United States -152%, which is inverted, and negative interest rate spreads have narrowed. Long-term interest rates were strong this week, and the pressure on short-duration assets such as short-term bonds eased.
The main bond varieties are mainly rising, with the best performing being 30-year treasury bonds and the underperforming convertible bonds.
3.Exchange rate
In terms of exchange rates, the U.S. dollar index and the renminbi index fell 023%, and up 009%。The renminbi rose 0 per week against the US dollar18%。The Australian dollar appreciated the most against the renminbi and the ruble depreciated the most. The Australian dollar has been really strong lately.
4.commodity
In terms of commodities, the South China Commodity Index **-042%。The top gainers are glass 1074%, soda ash index 763%；The largest decline was the lithium carbonate index -1389%, hogs -596%, hogs and lithium carbonate are really difficult brothers this year.
**Aspect, London Gold**349%, London Silver**482%。Affected by the exchange rate, etc., the domestic Shanghai gold **200%, up 1 less than London Gold49 percentage points. The ratio of gold to silver is 8133, little change. Soon, the difference between Shanghai gold and London gold this year's increase is less than 2 percentage points (most of which can be explained by the depreciation of the RMB against the US dollar this year), and the domestic gold price bubble we suggested earlier has almost been completed.
5.Alternative assets
Among the alternative assets, the top gainer was the INE Container Shipping Index (European Line) 785%, Bitcoin Index 238%；The largest decline was the national carbon emission allowance CEA-193%。
6.Public Offering**
Among the main ** types, the better performance this week is convertible bonds**, with an average return of 028%；The lower performer was the Balanced Hybrid**, with an average return of -038%, this week, the active stock base outperformed the passive stock base, and the performance gap between the active and passive ** this year is also narrowing.
7.Asset allocation portfolio
This week, our Equal Weight Allocation Portfolio for large asset classes is 024%, with only 019%, an annualized increase of 02%。Investable properties fell 01%, quantitative increase of 48%。This year, the portfolio that can be bid has increased by 797%。
In terms of equity:This week, the market once again tested the 3,000-point integer mark, and foreign capital continued to flow out. Interestingly, another "official army", China Guoxin Holdings Co., Ltd., entered the market with incremental funds above the 3,000-point line and helped the market bottom out through **central enterprise ETFs**. On Wednesday, it was also reported that the two major insurance companies invested a total of 50 billion incremental funds into the market through the establishment of a joint venture **class private placement**, which is said to be included in the assets of insurance companies according to the cost method, and the rise and fall will not affect the current profits. At present, the most direct problem in the market is that there is no incremental capital, and I believe that the top has its own countermeasures.
Bond marketThis month, the bond market rose first and then fell, and the reverse repo yield of treasury bonds at the end of the month even rushed above 7%, which shows the tightness of the capital side, and the misalignment of the central mother's capital investment rhythm with market expectations. In this way, the bond market in the fourth quarter will definitely not be able to run away.
commodity: The three major varieties related to energy and chemical ETFs have risen significantly this week, and the allocation value of commodity ETFs this year has been highlighted again.
AlternativeConsidering the current market sentiment, it is expected that the issuance success rate will be relatively high, but the performance of the secondary market may not be very good. At present, most REITs are already in a state of discount, and the largest discount is -4282%, but whether it is worth entering is still a matter of opinion.
Risk Warning: This article is the author's view on major types of assets, and the financial products involved do not represent recommendations.