Global Asset Market Performance - On July 8, 2025, the 10 - year Treasury yields of major economies were as follows: the US was 4.401, the UK was 4.632, etc. The latest changes, weekly changes, monthly changes, and annual changes varied among different countries [3]. - The 2 - year Treasury yields of major economies on July 8, 2025, showed different values for the US, UK, etc., with corresponding changes over different time periods [3]. - The exchange rates of the US dollar against major emerging - economy currencies on July 8, 2025, had different values for South Africa, Brazil, etc., and also had different changes over different time periods [3]. - The on - shore and off - shore RMB exchange rates and their corresponding changes on July 8, 2025, were presented, including latest, weekly, monthly, and annual changes [3]. - Major economies' stock indices on July 8, 2025, had different closing prices for the Dow Jones, S&P 500, etc., and different changes over different time periods [3]. - Emerging - economy stock indices on July 8, 2025, had different closing prices for Malaysia, Australia, etc., and different changes over different time periods [3]. - Credit bond indices on July 8, 2025, had different values for emerging - economy investment - grade, high - yield, etc., and different changes over different time periods [3][4]. Stock Index Futures Trading Data - On July 8, 2025, the closing prices, price changes, valuations, risk premiums, fund flows, trading volumes, and basis spreads of A - shares, CSI 300, etc., were presented [5]. Treasury Futures Trading Data - On July 8, 2025, the closing prices and price changes of Treasury futures T00, TF00, etc., were presented, along with the money market's capital interest rates and daily changes [6].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - From June 30 to July 4, 2025, both global and domestic major asset classes including stocks, bonds, and commodities closed higher. Globally, stocks outperformed commodities, which in turn outperformed bonds when measured in US dollars. Domestically, the same pattern of stocks > commodities > bonds was observed. Attention should be paid to whether the US tariff policy will be upgraded as President Trump's latest remarks on tariffs may impact major asset prices [3]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks, Bonds, and Commodities Closed Higher Weekly - The number of new non - farm jobs added in the US in June was higher than expected. On July 4, local time, Trump signed the "big and beautiful" tax and spending bill. The US dollar index continued to decline weekly, while stocks, bonds, and commodities closed higher. Overall, in US dollar terms, stocks > commodities > bonds [3][6]. 3.2 Global Stock Market Overview: US Stocks Led the Gains - From June 30 to July 4, market sentiment was relatively positive, but the performance of global major stock markets was divergent. Geographically, US stocks led the gains, while the Asia - Pacific region underperformed. Emerging markets performed worse than developed markets. The VIX index fluctuated at a low level weekly [8]. 3.3 Global Bond Market Overview: The Yield of 10 - Year US Treasury Bonds Rose Weekly - Better - than - expected non - farm data cooled the market's expectation of a US dollar interest rate cut. The yields of medium - and long - term US Treasury bonds increased. The yield of 10 - year US Treasury bonds rose 6BP to 4.35% weekly. The bond market rose weekly. Globally, high - yield bonds > credit bonds > government bonds [15]. 3.4 Global Foreign Exchange Market Overview: The US Dollar Index Declined Weekly - From June 30 to July 4, although recent US economic and employment data remained resilient, the US dollar index still declined slightly weekly. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate closed slightly higher. The US dollar index fell 0.28% weekly [16]. 3.5 Global Commodity Market Overview: International Oil and Gold Prices Closed Higher Weekly - The expectation of traditional peak - season consumption supported the rebound of international oil prices. Due to the high uncertainty in the global economic operation, international gold prices also rebounded. Most major agricultural products rose, while non - ferrous metal prices showed mixed performance [18]. 3.6 Domestic Major Asset Performance: Stocks, Bonds, and Commodities All Closed Higher - From June 30 to July 4, the China Manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. The China Non - Manufacturing Business Activity Index in June was 50.5%, up 0.2 percentage points from the previous month. The Caixin China Manufacturing PMI in June was 50.4%, consistent with the trend of the official manufacturing PMI. The Caixin China Services PMI in June was 50.6%. Stocks, bonds, and commodities closed higher weekly. Overall, stocks > commodities > bonds [19]. 3.7 Domestic Stock Market Overview: Most Major Broad - Based A - Share Indexes Rose - The expectation of "anti - involution" in industries increased. Most major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, large - cap blue - chips performed prominently. In terms of sectors, steel and banks led the gains, while the comprehensive finance sector underperformed. The Shanghai Composite Index rose 1.40% weekly [20]. 3.8 Domestic Bond Market Overview: The Bond Market Ran Strongly - From June 30 to July 4, the central bank's open - market operations resulted in a net withdrawal of 137.53 billion yuan. The overall liquidity remained stable. The bond market fluctuated strongly weekly. Overall, government bonds > credit bonds > corporate bonds [22]. 3.9 Domestic Commodity Market Overview: The Commodity Market Rebounded - The domestic commodity market closed higher weekly. Among major commodity sectors, the black sector led the gains [23]. 3.10 Major Asset Price Outlook: Pay Attention to Whether the US Tariff Policy Will Be Upgraded - Overall, President Trump's latest remarks on tariffs may have an impact on major asset prices. Attention should be paid to the outcome of the US tariff negotiations [27].

Report Information - Report Date: July 2, 2025 [2] - Report Title: Big - Asset Morning Report [9] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - As of July 1, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.243%, 4.453%, 3.250% respectively. The latest changes ranged from - 0.035% (UK) to 0.052% (Japan), weekly changes from - 0.119% (Brazil) to 0.063% (Germany), monthly changes from - 0.213% (US) to 0.183% (Switzerland), and annual changes from - 0.961% (Japan) to 0.371% (UK) [3] 2 - Year Treasury Yields of Major Economies - On July 1, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.730%, 3.821%, 1.844% respectively. The latest changes ranged from - 0.013% (Germany) to 0.030% (US), weekly changes from - 0.170% (US) to 0.026% (South Korea), monthly changes from - 0.230% (US) to 0.063% (Germany), and annual changes from - 1.424% (Italy) to 0.438% (Japan) [3] US Dollar Exchange Rates Against Major Emerging - Market Currencies - As of July 1, 2025, the exchange rates of the US dollar against the Brazilian real, Russian ruble, etc. were 5.459, 108.000 respectively. The latest changes ranged from - 0.65% (South African rand) to 0.50% (Brazilian real), weekly changes from - 1.20% (Malaysian ringgit) to 0.00% (Russian ruble), monthly changes from - 3.19% (Brazilian real) to 0.00% (Russian ruble), and annual changes from - 11.54% (Thai baht) to 0.49% (Brazilian real) [3] Stock Indices of Major Economies - On July 1, 2025, the S&P 500, Dow Jones Industrial Average, etc. were 6198.010, 44494.940 respectively. The latest changes ranged from - 1.24% (Nikkei) to 1.88% (Thai index), weekly changes from - 0.45% (South Korean index) to 3.26% (Dow Jones), monthly changes from - 1.84% (Indian index) to 6.78% (Nikkei), and annual changes from - 15.03% (Thai index) to 33.52% (Hang Seng Index) [3] Credit Bond Indices - As of July 1, 2025, the US investment - grade corporate bond index, euro - area investment - grade corporate bond index, etc. were 3428.740, 263.071 respectively. The latest changes ranged from 0.04% (euro - area high - yield corporate bond index) to 0.28% (emerging - market high - yield corporate bond index), weekly changes from - 0.01% (euro - area high - yield corporate bond index) to 0.95% (emerging - market high - yield corporate bond index), monthly changes from 0.33% (euro - area high - yield corporate bond index) to 2.22% (emerging - market high - yield corporate bond index), and annual changes from 6.12% (euro - area investment - grade corporate bond index) to 14.36% (emerging - market high - yield corporate bond index) [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3457.75, 3942.76 respectively. The daily changes were 0.39% (A - shares), 0.17% (CSI 300), etc. [5] Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 13.12, 11.26 respectively. The环比 changes were 0.05 (CSI 300), 0.05 (SSE 50), etc. [5] Risk Premium - The risk premiums of CSI 300, SSE 50, etc. were 3.70, 5.77 respectively. The环比 changes were 0.00 (CSI 300), 0.00 (SSE 50), etc. [5] Fund Flows - The latest values of A - shares, main board, etc. were - 746.29, - 399.28 respectively. The 5 - day average values were - 280.06 (A - shares), - 209.33 (main board), etc. [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 14660.15, 2360.70 respectively. The环比 changes were - 208.42 (Shanghai and Shenzhen stock markets), - 527.51 (CSI 300), etc. [5] Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 56.76, - 27.91, - 66.67 respectively. The magnitudes were - 1.44% (IF), - 1.03% (IH), - 1.12% (IC) [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 109.005, 106.205 respectively. The daily changes were - 0.14% (T00), - 0.10% (TF00), etc. [6] - The funding rates of R001, R007, SHIBOR - 3M were 1.4493%, 1.6175%, 1.6280% respectively. The daily changes were - 56.00 (R001), - 39.00 (R007), 0.00 (SHIBOR - 3M) [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On June 30, 2025, the 10 - year Treasury yields in the US, UK, France, etc., showed various changes. For example, the US yield was 4.230 with a latest change of - 0.049, a one - year change of - 0.031. Japan's yield was 3.721 with a one - year change of - 1.018 [2]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields of the US, UK, Germany, etc., also had different trends. The US yield was 3.700 on June 30, 2025, with a latest change of - 0.040 and a one - year change of - 0.990 [2]. - **Dollar - to - Emerging Economies Currency Exchange Rates**: The dollar - to - Brazilian real, Russian ruble, etc., exchange rates had negative changes. For instance, the dollar - to - Brazilian real exchange rate was 5.432 on June 30, 2025, with a latest change of - 1.00% and a one - year change of - 0.34% [2]. - **Stock Indices**: Stock indices of major economies had diverse performances. The S&P 500 index was 6204.950 on June 30, 2025, with a latest change of 0.52% and a one - year change of 13.37%. The Hang Seng Index was 24072.280 with a one - year change of 31.29% [2]. - **Credit Bond Indices**: Credit bond indices of the US, eurozone, and emerging economies all showed positive changes over different time periods. For example, the US investment - grade credit bond index had a one - year change of 6.22% [2][3]. Stock Index Futures Trading Data - **Index Performance**: The A - share index closed at 3444.43 with a 0.59% increase, the CSI 300 index closed at 3936.08 with a 0.37% increase [4]. - **Valuation**: The PE (TTM) of the CSI 300 was 13.07 with a 0.05环比 change, and the S&P 500 was 26.34 with a 0.14环比 change [4]. - **Risk Premium**: The risk premium of the S&P 500 was - 0.43 with a 0.03环比 change, and the German DAX was 2.28 with a 0.01环比 change [4]. - **Fund Flows**: The latest value of A - share fund flow was 52.05, and the recent 5 - day average was 12.30 [4]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 14868.57 with a - 542.44环比 change [4]. - **Main Futures Premium/Discount**: The basis of IF was - 50.28 with a - 1.28% amplitude [4]. Treasury Bond Futures Trading Data - The closing prices of Treasury bond futures T00, TF00, T01, TF01 were 108.895, 106.160, 108.930, 106.255 respectively, with corresponding increases of 0.09%, 0.09%, 0.08%, 0.09% [5]. - The R001, R007, and SHIBOR - 3M were 2.2953%, 2.0056%, 1.6300% respectively, with daily changes of 38.00BP, 9.00BP, 0.00BP [5].

Report Date - The report was released on June 24, 2025 [2] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On June 23, 2025, yields in the US, UK, France, etc. were 4.349%, 4.491%, 3.229% respectively [3] - Latest changes ranged from -0.045% (UK) to 0.001% (China) [3] - One-year changes varied from -0.834% (Japan) to 0.368% (UK) [3] 2-Year Treasury Yields of Major Economies - On June 23, 2025, yields in the UK, Germany, Japan, etc. were 3.885%, 1.836%, 0.733% respectively [3] - Latest changes ranged from -0.031% (UK) to 0.039% (South Korea) [3] - One-year changes varied from -1.425% (Italy) to 0.410% (Japan) [3] Dollar Exchange Rates Against Major Emerging Economies' Currencies - On June 23, 2025, rates against Brazil, South Africa, South Korea, etc. were 5.497, 17.873, 1382.350 respectively [3] - Latest changes ranged from -0.67% (South Africa) to 0.92% (Malaysian Ringgit) [3] - One-year changes varied from -9.98% (Thai Baht) to 2.47% (Brazilian Real) [3] Mainland and Offshore RMB Exchange Rates - On June 23, 2025, onshore, offshore, mid - price, and 12 - month NDF were 7.179, 7.175, 7.171, 6.997 respectively [3] - Latest changes ranged from -0.06% (offshore) to 0.02% (mid - price) [3] - One-year changes varied from -1.31% (offshore) to 0.83% (mid - price) [3] Stock Indices of Major Economies - On June 23, 2025, indices like S&P 500, Dow Jones, NASDAQ were 6025.170, 42581.780, 19630.970 respectively [3] - Latest changes ranged from -1.74% (India) to 0.96% (S&P 500) [3] - One-year changes varied from -18.98% (Thailand) to 30.79% (Hang Seng Index) [3] Credit Bond Indices - Latest changes in US investment - grade, euro - area investment - grade, etc. ranged from -0.00% (euro - area high - yield) to 0.21% (US investment - grade) [3] - One - year changes varied from 4.96% (US investment - grade) to 12.53% (emerging economies' high - yield) [3] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, SSE 50, etc. were 3381.58, 3857.90, 2684.78 respectively [4] - Percentage changes were 0.65% (A - shares), 0.29% (CSI 300), 0.41% (SSE 50) etc. [4] Valuation - PE (TTM) of CSI 300, SSE 50, CSI 500, etc. were 12.90, 11.18, 27.84 respectively [4] -环比 changes were 0.07 (CSI 300), 0.10 (SSE 50), 0.17 (CSI 500) etc. [4] Risk Premium - 1/PE - 10 - year interest rate for S&P 500 and German DAX were -0.44 and 2.52 respectively [4] -环比 changes were -0.01 (S&P 500) and 0.03 (German DAX) [4] Fund Flows - Latest values of A - shares, main board, small and medium - sized enterprise board, etc. were 491.60, 265.66, - etc. [4] - 5 - day average values were -465.86 (A - shares), -350.60 (main board), - etc. [4] Trading Volume - Latest trading volumes of Shanghai and Shenzhen markets, CSI 300, SSE 50, etc. were 11226.07, 2324.82, 720.36 respectively [4] -环比 changes were 549.21 (Shanghai and Shenzhen markets), 189.59 (CSI 300), 88.74 (SSE 50) etc. [4] Main Contract Premium or Discount - Basis for IF, IH, IC were -60.50, -31.98, -48.37 respectively [4] - Premium or discount rates were -1.57% (IF), -1.19% (IH), -0.85% (IC) [4] Treasury Bond Futures Trading Data - Closing prices of T00, TF00, T01, TF01 were 109.155, 106.275, 109.175, 106.345 respectively [5] - Percentage changes were all 0.00% [5] - Fund rates of R001, R007, SHIBOR - 3M were 1.4394%, 1.5629%, 1.6290% respectively [5] - Daily changes were -15.00 BP (R001), -3.00 BP (R007), 0.00 BP (SHIBOR - 3M) [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs Global Asset Market Performance - Bond Yields - **10 - year Treasury Yields**: On June 20, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.378%, 4.536%, 3.244% respectively. The latest changes, weekly changes, monthly changes, and annual changes varied across different countries. For example, the US had a latest change of - 0.015, a weekly change of - 0.023, a monthly change of - 0.152, and an annual change of 0.061 [3]. - **2 - year Treasury Yields**: On June 20, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.940%, 3.916%, 1.845% respectively. Similar to the 10 - year yields, there were different changes in the latest, weekly, monthly, and annual periods [3]. Global Asset Market Performance - Exchange Rates - **Dollar against Major Emerging Economies' Currencies**: On June 20, 2025, the exchange rates of the dollar against the South African rand, Brazilian currency, Russian ruble, etc. were 5.514, 17.993, 1370.750 respectively. The latest, weekly, monthly, and annual changes also showed differences. For example, the latest change against the South African rand was - 0.54% [3]. - **Renminbi**: On June 20, 2025, the on - shore and off - shore renminbi exchange rates were 7.182 and 7.179 respectively. The latest, weekly, monthly, and annual changes were also provided [3]. Global Asset Market Performance - Stock Indices - **Major Economies' Stock Indices**: On June 20, 2025, the Dow Jones, S&P 500, French CAC, etc. had closing prices of 5967.840, 42206.820, 19447.410 respectively. The latest, weekly, monthly, and annual changes in percentage were different for each index. For example, the latest change of the Dow Jones was - 0.15% [3]. - **Emerging Economies' Stock Indices**: On June 20, 2025, the Malaysian, Australian, and other emerging economies' stock indices had closing prices of 1502.740, 8723.538, etc. The latest, weekly, monthly, and annual changes were also presented [3]. Global Asset Market Performance - Credit Bond Indices - The emerging economies' investment - grade and high - yield credit bond indices, US investment - grade and high - yield credit bond indices, and euro - zone investment - grade and high - yield credit bond indices had different latest, weekly, monthly, and annual changes. For example, the latest change of the emerging economies' investment - grade credit bond index was 0.07% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3359.90, 3846.64, 2673.72 respectively on June 20, 2025. The percentage changes in price were - 0.07%, 0.09%, 0.31% respectively [5]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, etc. were 12.83, 11.08, 27.67 respectively. The环比 changes were 0.03, 0.05, - 0.18 respectively [5]. - **Risk Premium**: The risk premium of S&P 500 and German DAX were - 0.43 and 2.49 respectively, with环比 changes of 0.03 and - 0.06 respectively [5]. - **Fund Flow**: The latest values of fund flow in A - shares, the main board, etc. were - 555.34, - 347.45, etc. The 5 - day average values were also provided [5]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc. were 10676.86, 2135.23, 631.62 respectively. The环比 changes were - 1829.38, - 213.17, - 8.59 respectively [5]. - **Main Contract Premium/Discount**: The basis of IF, IH, IC were - 73.04, - 38.32, - 51.11 respectively, with amplitudes of - 1.90%, - 1.43%, - 0.91% respectively [5]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 109.150, 106.275, 109.150, 106.340 respectively on June 20, 2025. The percentage changes in price were - 0.00%, - 0.03%, 0.00%, - 0.01% respectively [6]. - The money market rates of R001, R007, SHIBOR - 3M were 1.4478%, 1.5910%, 1.6290% respectively, with daily changes of - 15.00, - 1.00, 0.00 BP respectively [6].

大类资产早报 研究中心宏观团队 2025/06/19 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/06/18 | 4.393 | 4.494 | 3.212 | 2.496 | 3.445 | 3.126 | 0.255 | 3.246 | | 最新变化 | 0.002 | -0.055 | -0.036 | -0.037 | -0.041 | -0.038 | -0.033 | -0.040 | | 一周变化 | -0.029 | -0.057 | -0.013 | -0.038 | 0.000 | 0.009 | -0.009 | 0.003 | | 一月变化 | -0.096 | -0.208 | -0.050 | -0.109 | -0.156 | -0.091 | -0.095 | -0. ...

Report Summary 1. Report Information - Report Title: "大类资产早报" - Release Date: June 17, 2025 - Author: Research Center Macro Team [2] 2. Global Asset Market Performance 2.1 Major Economies' 10 - Year Treasury Yields - On June 16, 2025, yields varied across countries, e.g., the US was 4.448%, the UK was 4.532%, and China was 1.644%. - Changes in yields differed in the latest, one - week, one - month, and one - year periods. For example, the US had a latest change of 0.047%, a one - week change of - 0.028%, a one - month change of - 0.032%, and a one - year change of 0.172%. [3] 2.2 Major Economies' 2 - Year Treasury Yields - As of June 16, 2025, the US was 3.900%, the UK was 3.901%, and Germany was 1.838%. - Yield changes also varied over different time frames. For instance, the US had a latest change of - 0.040%, a one - week change of - 0.020%, a one - month change of - 0.060%, and a one - year change of - 0.920%. [3] 2.3 Dollar Exchange Rates against Major Emerging Economies' Currencies - On June 16, 2025, exchange rates and their changes were presented. For example, the dollar - to - Brazilian real rate was 5.493 with a latest change of - 0.92%. - Changes over one - week, one - month, and one - year periods were also provided. The dollar - to - Brazilian real had a one - week change of - 1.19%, a one - month change of - 3.05%, and a one - year change of 3.66%. [3] 2.4 Stock Indexes and Credit Bond Indexes - Stock indexes of major economies and emerging economies showed different performances. For example, the S&P 500 had a one - week change of 0.04%, a one - month change of - 3.29%, and a one - year change not given. - Credit bond indexes also had their respective changes. For example, the US investment - grade credit bond index had a latest change of - 0.15%, a one - week change of 0.31%, a one - month change of 0.86%, and a one - year change of 4.61%. [3] 3. Stock Index Futures Trading Data 3.1 Index Performance - A - shares closed at 3388.73 with a 0.35% increase, the CSI 300 closed at 3873.80 with a 0.25% increase, etc. [4] 3.2 Valuation - PE (TTM) values were provided for different indexes, such as 12.78 for the CSI 300, 10.91 for the SSE 50, etc., along with their环比 changes. [4] 3.3 Risk Premium - Risk premium data and their环比 changes were presented for some indexes, e.g., the S&P 500 had a risk premium of - 0.55 with a环比 change of - 0.09. [4] 3.4 Fund Flows - Latest values and 5 - day average values of fund flows were given for different markets, such as 122.23 for A - shares and - 595.70 for the 5 - day average. [4] 3.5 Trading Volume - Latest trading volumes and their环比 changes were provided for different markets, e.g., 12150.76 for the Shanghai and Shenzhen stock markets with a环比 change of - 2521.21. [4] 3.6 Basis and Spread - Basis and spread data were given for stock index futures, such as - 4.00 for the IF basis with a - 0.10% spread. [4] 4. Treasury Bond Futures Trading Data - Closing prices and price changes of treasury bond futures (T00, TF00, T01, TF01) were presented, all with 0.00% changes on the given day. - Money market fund rates (R001, R007, SHIBOR - 3M) and their daily changes were also provided, e.g., R001 was 1.4450% with a - 13.00 BP change. [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View No clear core view is presented in the given content. It mainly provides data on global asset market performance, including bond yields, exchange rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields**: On June 13, 2025, the 10 - year Treasury yields of major economies varied. For example, the US was 4.401%, and the UK was 4.549%. Changes in yields were also provided for the latest, one - week, one - month, and one - year periods. For instance, the one - year change in the US was 0.074%, while in Italy it was - 0.384% [3]. - **2 - year Treasury Yields**: The 2 - year Treasury yields of major economies such as the US, UK, and Germany were presented. On June 13, 2025, the US 2 - year yield was 3.940%. Similar to the 10 - year yields, changes for different time periods were given [3]. - **Exchange Rates**: The exchange rates of the US dollar against major emerging economies' currencies were shown. On June 13, 2025, the exchange rate against the Brazilian real was 5.544, with the latest change being 0.11%. Changes for the latest, one - week, one - month, and one - year periods were provided [3]. - **Stock Indices**: The performance of major economies' stock indices was reported. On June 13, 2025, the Dow Jones was 5976.970, with a latest change of - 1.13%. Changes for different time periods were also included [3]. - **Credit Bond Indices**: The performance of credit bond indices, including emerging economies' investment - grade and high - yield, and US and euro - zone investment - grade and high - yield, was presented. The latest changes, one - week, one - month, and one - year changes were given [3]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were provided. For example, the closing price of A - shares was 3377.00, with a change of - 0.75% [4]. - **Valuation**: The PE (TTM) and its环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were reported. For instance, the PE (TTM) of CSI 300 was 12.72, with a环比 change of - 0.06 [4]. - **Risk Premium**: The risk premiums (1/PE - 10 - year interest rate) and their环比 changes of S&P 500 and German DAX were given. The risk premium of S&P 500 was - 0.46, with a环比 change of 0.01 [4]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were presented. The latest value of A - shares' fund flow was - 1393.57 [4]. - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext were reported. The latest trading volume of the Shanghai and Shenzhen stock markets was 14671.97 [4]. - **Main Contract Premiums/Discounts**: The basis and percentage changes of IF, IH, and IC were provided. The basis of IF was - 7.78, with a change of - 0.20% [4]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: The closing prices and percentage changes of Treasury bond futures T00, TF00, T01, and TF01 were presented. The closing price of T00 was 108.825, with a change of 0.02% [5]. - **Funding Rates**: The funding rates R001, R007, and SHIBOR - 3M and their daily changes (BP) were given. The R001 rate was 1.4620%, with a daily change of - 12.00 BP [5].

Report Overview - Report Title: "大类资产早报" - Report Date: June 13, 2025 - Author: Research Center Macro Team 1. Global Asset Market Performance 1.1 Main Economies' 10 - Year Treasury Yields - On June 12, 2025, yields in the US, UK, France, etc. were 4.361%, 4.475%, 3.180% respectively. Latest changes ranged from -0.061 (US) to 0.002 (China). One - year changes varied, with the UK up 0.255 and Italy down 0.475 [3]. 1.2 Main Economies' 2 - Year Treasury Yields - On June 12, 2025, yields in the US, UK, Germany, etc. were 4.010%, 3.861%, 1.810% respectively. Latest changes ranged from -0.046 (UK) to 0.072 (South Korea). One - year changes also showed differences, like the US down 0.910 and Japan up 0.349 [3]. 1.3 US Dollar to Main Emerging Economies' Currency Exchange Rates - On June 12, 2025, the exchange rate against the Brazilian real was 5.537. Latest changes were from -0.93% (South Korean won) to 0.26% (South African rand). One - year changes showed the Brazilian real up 5.56% and the South African rand down 3.99% [3]. 1.4 Main Economies' Stock Indexes - On June 12, 2025, the S&P 500 was at 6045.260. Latest changes were from -0.74% (German DAX) to 0.38% (S&P 500). One - year changes were significant, such as the German DAX up 27.75% and the French CAC down 2.91% [3]. 1.5 Credit Bond Indexes - On June 12, 2025, the US investment - grade credit bond index was 3392.930. Latest changes were from -0.02% (Eurozone high - yield credit bond index) to 0.43% (US investment - grade credit bond index). One - year changes were positive across the board, with the emerging economies' high - yield credit bond index up 13.14% [3][4]. 2. Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, etc. were 3402.66, 3892.20 respectively. The daily percentage changes were from -0.06% (CSI 300) to 0.26% (ChiNext) [5]. 2.2 Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 12.78, 10.90 respectively. The环比 changes were from -0.15% (German DAX) to 0.03% (CSI 500) [5]. 2.3 Risk Premium - The 1/PE - 10 - year interest rate of the S&P 500 was -0.47, with a环比 change of 0.05%. The German DAX was 2.44, with a环比 change of 0.09% [5]. 2.4 Fund Flows - The latest values of A - shares, the main board, etc. were -433.46, -411.02 respectively. The 5 - day average values also showed different trends [5]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 12717.69 billion, 2602.40 billion respectively. The环比 changes were from 16.02 (Small and Medium - sized Board) to 180.87 (ChiNext) [5]. 2.6 Main Contract Premium or Discount - The basis of IF, IH, IC were -8.60, -9.08, -19.93 respectively. The percentage changes were -0.22%, -0.34%, -0.34% respectively [5]. 3. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.850, 105.880 respectively. The daily percentage changes were from -0.03% (TF00) to 0.05% (T01) [6]. - The R001, R007, SHIBOR - 3M were 1.4348%, 1.5820%, 1.6390% respectively. The daily changes in basis points were from -13.00 (R001) to 0.00 (SHIBOR - 3M) [6].