周度金融市场跟踪：股票市场风格切换继续走强，债券市场继续向下调整

Market Performance - The stock market showed strength with only 3 out of 31 sectors declining, while the large-cap stocks outperformed small-cap stocks, with the CSI 2000 rising by 1.3% and the CSI 1000 by 1.0%[1] - The Shanghai Composite Index increased by 1.6%, while the Hang Seng Index fell by 1.1% and the Hang Seng Tech Index dropped by 2.6%[1] - The food and beverage sector led gains, with Kweichow Moutai rising by 5.9%, marking its largest single-day increase since October 2024[1] Trading Volume and Valuation - Average daily trading volume decreased by 3% to 1.66 trillion yuan from 1.70 trillion yuan the previous week[1] - The price-to-earnings (P/E) ratio for the CSI 300 stood at 12.8, while the CSI 1000 had a P/E ratio of 39.7, indicating a Z-score of -0.3[1] - The valuation of the computer sector remains high with a Z-score of 1.2, while the food and beverage sector has a Z-score of -1.3 despite its recent gains[1] Bond Market and Economic Indicators - The bond market continued to adjust downwards, with the yield on 10-year government bonds rising by 8 basis points[3] - The overall liquidity in the market was balanced but slightly loose, influenced by central bank actions and market expectations[3] - The U.S. dollar index decreased by 0.2% to 103.7, while gold prices increased by 2.6% to $2984 per ounce[3]