20231120-天风证券-大类资产风险定价周度观察-23年11月第4周_5页_447kb

Asset Performance Summary for November 3rd Week:

• US stocks rose significantly, with major indices up, indicating positive sentiment. Non-US stocks were mixed, while WIND A Index increased by 0.82%, reflecting moderate gains. Credit bonds and treasuries were also positive, with bonds showing improved performance due to tighter liquidity.

• Risk premiums showed that some assets offer better value, with equity risk premium slightly above neutral levels in key indices. Liquidity pressures increased for some markets, suggesting reduced market excessiveness.

• Trading congestion in style indices decreased significantly, indicating a rebalancing effect across market segments, with specific assets like value and growth stocks showing distinct patterns.

Fluctuations and gains were seen across commodities: prices of oil dropped, some metals experienced mixed results, but gold advanced, supported by stronger demand and stable appetite for precious metals.

The currency market saw reduced dollar strength, with both RMB and USD experiencing decreases, potentially easing RMB depreciation pressure amid improving global fundamentals.

Global risks include ongoing geopolitical tensions and economic uncertainty, while shifts in monetary policies in the US and China could influence asset allocations. The US market remains cautious due to inversion risks, making some assets less attractive despite positive gains.

Key factors: Economic indicators point to narrowing divergences between China and the US, although notes emphasize volatility and potential setbacks.