20251201-国投期货-大类资产运行周报_市场情绪有所回暖_风险资产价格上涨_9页_1mb

Summary of 2025 Large-scale Asset Operation Weekly Report (November 24-28, 2025)

Market Overview

• For the week ending November 28, 2025, this weekly report analyzes the performance of large categories of assets.
• Market sentiment improved due to the China-US leader exchange and progress in the Ukraine-Russia negotiations.
• Risk assets experienced price rises.

Global Asset Performance

• Key Trends: Stocks, bonds, and commodities all saw positive returns during the period from November 24 to 28, 2025.
• Ranking: Among these classes, stocks performed the strongest, followed by commodities, with bonds showing the weakest gain.
• Factors: The US dollar index declined, supporting asset prices; however, the US Federal Reserve's seasoning period adds uncertainty.

Domestic Asset Performance

• Stocks and Commodities: Markets saw gains, particularly in sectors like technology and energy.
• Bonds: Returns were less favorable, influenced by mixed manufacturing and non-manufacturing PMI data from November.
• Relative Ranking: Commodities outperformed stocks, which in turn exceeded bonds.

Outlook and Key Drivers

• Short-term Focus: With the Fed on its quiet period, U.S. macroeconomic data is expected to increase in influence.
• Uncertainties: Monitor the release of U.S. inflation and economic data, as well as ongoing Ukraine-Russia negotiations, for potential market impacts.
• Supporting Data: Positive from improved global relations, like the US-China leader conversation, contributed to greater market confidence