Report Information - Report Date: July 24, 2025 [2] - Report Title: Global Asset Market Performance and Related Trading Data Key Points of Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 23, 2025, yields in the US, UK, France, etc., were 4.383%, 4.634%, 3.299% respectively, with various changes in the latest, weekly, monthly, and yearly periods [3] 2 - Year Treasury Yields of Major Economies - On July 23, 2025, yields in the US, UK, Germany, etc., were 3.850%, 3.876%, 1.839% respectively, with different changes over different time - spans [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 23, 2025, the exchange rate of the dollar against the Brazilian real was 5.520, with a latest change of - 0.81%, and different changes in other time periods [3] Stock Indices of Major Economies - On July 23, 2025, the S&P 500 was at 6358.910, with a latest change of 0.78%, and different changes in weekly, monthly, and yearly periods. Other indices like the Dow Jones Industrial Average, Nasdaq, etc., also had their respective performances [3] Credit Bond Indices - The US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc., had different changes in the latest, weekly, monthly, and yearly periods [3][4] Key Points of Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc., were 3582.30, 4119.77, 2801.20 respectively, with corresponding percentage changes [5] Valuation - The PE (TTM) of CSI 300, SSE 50, and other indices were 13.53, 11.44, etc., with corresponding环比changes [5] Risk Premium - The risk premium of the S&P 500 was - 0.68, with a环比change of - 0.07, and the German DAX had its own values [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc., were - 1079.62, - 851.71, etc., with different 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc., were 18646.00, 4703.31, etc., with corresponding环比changes [5] Main Contract Basis - The basis of IF, IH, IC were - 10.57, 1.60, - 76.76 respectively, with corresponding percentage changes [5] Key Points of Treasury Futures Trading Data Treasury Futures - The closing prices of T00, TF00, T01, TF01 were 108.520, 105.790, 108.600, 105.875 respectively, with corresponding percentage changes [6] Funding Rates - The R001, R007, SHIBOR - 3M were 1.4268%, 1.5017%, 1.5510% respectively, with corresponding daily changes in basis points [6]

Core Viewpoint - The European Central Bank (ECB) is expected to maintain interest rates at 2% during its upcoming decision, marking the first pause in over a year, as it awaits clarity on the impact of Trump's tariff policies on inflation [1][2][5]. Interest Rate Policy - A Bloomberg survey indicates that all but two economists expect the ECB to keep the deposit rate unchanged, with a majority predicting a 25 basis point cut in September [1]. - The ECB is projected to cumulatively lower rates by 200 basis points between June 2024 and June 2025, aiming to position the deposit rate in a neutral zone [1]. - ECB officials are divided on future policy directions, with some open to further easing due to concerns about inflation potentially falling below the 2% target [2][3][4]. Economic Outlook - Trump's threat to impose a 30% tariff on the EU starting in August has heightened uncertainty, with risks of a less favorable outcome from trade negotiations compared to previous forecasts [6]. - The ECB's Vice President warned of potential stagnation in output for the eurozone in Q2 and Q3 if trade talks fail [6][9]. - Positive economic signals include planned military and infrastructure spending, with over 100 billion euros (approximately 117 billion dollars) in new projects announced by top German companies [9]. Euro Strength - The euro has appreciated by 13% against the dollar this year, raising concerns among policymakers about the impact on export prices and import costs [10]. - Some officials suggest that a stronger euro could lead to a reconsideration of rate cuts, while others believe such concerns are overstated [10][11]. Communication Challenges - The ECB's upcoming policy statement and President Lagarde's remarks will be closely monitored for indications of future rate cuts, particularly the use of terms like "pause" which may signal that rate cuts are not over [11][12]. - The assessment of economic risks is crucial, with expectations that if risks remain skewed to the downside, it could signal a forthcoming rate cut in September [11]. Personnel Changes - The July meeting will mark the first participation of the new Dutch central bank governor, who is viewed as a moderate hawk, while the Austrian hawk representative will attend for the last time before retirement [12].

Economic Overview - China's GDP reached 66 trillion RMB, growing by 5.3% year-on-year, equivalent to approximately 9.19 trillion USD, accounting for 62% of the US GDP [1][14] - The first half of the year saw total imports and exports of 21.8 trillion RMB, with exports at 13 trillion RMB, reflecting a growth rate of 7.2% [3] Export Dynamics - Despite a significant drop in exports to the US, overall exports remained positive, driven by increased trade with ASEAN, which saw a 13% rise, making it the largest buyer [3] - Exports to the EU increased by 6.6%, while Latin America, the Middle East, and Africa experienced double-digit growth [3] Investment Trends - National fixed asset investment grew by 2.8% in the first half of the year, but excluding real estate, the growth rate surged to 6.6% [6] - Real estate development investment decreased by 11%, but the decline narrowed from 14% at the beginning of the year to 9% by June, indicating the effectiveness of policies aimed at stabilizing the housing market [8] Manufacturing Sector - The industrial growth rate for large-scale manufacturing was 6.4%, with equipment manufacturing exceeding 10% and high-tech manufacturing at 9.5%, indicating a shift of investment towards sectors capable of producing advanced technologies [8] Consumer Behavior - Retail sales totaled 24.5 trillion RMB, with a growth rate of 5%, but the Consumer Price Index (CPI) was at -0.1%, suggesting weak demand [10] - Consumer sentiment is affected by concerns over housing, education, and healthcare costs, leading to increased savings rather than spending [11][12] Future Outlook - The stability of infrastructure and manufacturing sectors is expected to continue, while the recovery of the real estate market hinges on consumer willingness to take on debt [7] - The economic landscape is characterized by a search for new markets in exports, structural adjustments in investments, and cautious consumer spending [16]

周三（7月23日），韩元兑美元最终涨0.28%，报1376.80韩元。 ...

Core Viewpoint - The New Taiwan Dollar has appreciated by 0.5%, with the exchange rate against the US Dollar reported at 29.308 [1] Group 1 - The appreciation of the New Taiwan Dollar indicates a strengthening of the currency in the foreign exchange market [1]

Core Viewpoint - The offshore Chinese yuan (CNH) against the US dollar showed a slight decline, closing at 7.1712, down 2 points from the previous trading day [1] Group 1 - The offshore yuan exhibited a V-shaped trading pattern throughout the day, with trading fluctuating between 7.1684 and 7.1798 [1]

Group 1 - The US Dollar Index (DXY) decreased by 0.50%, currently at 97.34 [1] - The Euro against the US Dollar (EUR/USD) increased by 0.50%, currently at 1.1753 [1] - The Australian Dollar against the US Dollar (AUD/USD) also rose by 0.50%, currently at 0.6557 [1]

可口可乐(KO.N)CFO：需要一段时间才能看到汇率带来的好处。 ...

Group 1 - The article emphasizes the significant impact of currency exchange rates on various activities such as studying abroad, overseas travel, and cross-border e-commerce, highlighting that even minor fluctuations can lead to substantial financial differences [2][11] - The current exchange rate of GBP to CNY is 9.6149, which is relatively high, and parents planning to send their children to study in the UK should be cautious, as a previous case showed a loss exceeding 1000 GBP due to rising rates [3] - The USD to CNY exchange rate stands at 7.1498, and while it appears stable, it poses risks for foreign trade practitioners and online shoppers, with potential losses of thousands of yuan due to minor fluctuations [4] Group 2 - The EUR to CNY exchange rate is 8.3151, and despite slow economic recovery in the Eurozone, it remains strong, posing risks for those planning to shop or study in Europe, as evidenced by a previous loss of 1.5 million CNY due to a 0.15 exchange rate difference [5] - The JPY to CNY exchange rate is 4.8262, indicating a favorable time for travel and shopping in Japan, with significant cost savings compared to two years ago, making it an attractive option for consumers [5] - The AUD to CNY exchange rate is 4.6527, closely linked to commodity prices, suggesting that individuals planning to study or invest in Australia should monitor exchange rate trends to mitigate risks [7] Group 3 - The HKD to CNY exchange rate is 0.91092, showing minor fluctuations but still relevant for those investing or studying in Hong Kong, as small changes can lead to significant financial impacts [8] - The article concludes that while occasional shoppers may not feel the effects of daily exchange rate changes, those involved in large currency exchanges should set target rates to optimize costs [11] - Establishing a habit of monitoring exchange rates is crucial for managing finances effectively in a globalized economy [11]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The log market maintains a weak supply - demand pattern. The spot prices of mainstream log varieties have generally declined slightly this week. The futures market shows a high - level volatile trend, with the closing price of the main contract rising, and the monthly spread tends to narrow [4][15][16]. 3. Summary by Relevant Catalogs 3.1 Supply - As of July 13, there were 19 vessels departing from New Zealand in July, among which 17 were bound for the Chinese mainland, and 2 were for Taiwan, China and South Korea with reduced loads. It is expected that about 16 vessels will arrive in July and 3 in August, with an estimated arrival volume of 1.63 million cubic meters in July [5][8]. 3.2 Demand and Inventory - **Daily shipment volume**: As of the week of July 11, the daily shipment volume of Lanshan Port was 19,200 cubic meters (a week - on - week decrease of 3,100 cubic meters), and that of Taicang Port was 11,000 cubic meters (a week - on - week increase of 600 cubic meters) [6][12]. - **Port inventory**: The inventory of Lanshan Port was about 1.1808 million cubic meters (a week - on - week increase of 18,000 cubic meters), Taicang Port was about 506,400 cubic meters (a week - on - week decrease of 15,400 cubic meters), Xinminzhou was about 410,300 cubic meters (a week - on - week decrease of 17,000 cubic meters), and Jiangdu Port was about 217,200 cubic meters (a week - on - week increase of 21,500 cubic meters). The total inventory of the four major ports was 2.3147 million cubic meters, a week - on - week increase of 7,100 cubic meters [6][12]. 3.3 Market Trend - The log contract market maintains a weak supply - demand pattern. This week, the monthly spread tends to narrow. The 09 - 11 monthly spread is - 3 yuan per cubic meter, the 09 - 01 monthly spread is - 9.5 yuan per cubic meter, and the 11 - 01 monthly spread is - 6.5 yuan per cubic meter [15]. - As of July 18, the closing price of the main contract LG2509 was 828.5 yuan per cubic meter, a week - on - week increase of 6.0%. This week, the market showed a high - level volatile trend, and the fundamentals remained unchanged [16]. 3.4 Price and Spread - **Spot price**: The prices of 3.9 - meter 30 + radiata pine in Shandong and Jiangsu decreased by 10 yuan per cubic meter compared with last week; the price of 3.9 - meter 40 + radiata pine in Shandong remained unchanged, and that in Jiangsu also remained unchanged; the price of 5.9 - meter 30 + radiata pine in Shandong decreased by 10 yuan per cubic meter [4][19]. - **Regional spread**: The report presents the price spreads of different tree species and specifications between Shandong and Jiangsu, such as the spreads of 3.9 - meter 30 + radiata pine, 3.9 - meter 40 + radiata pine, etc. [22][23][27] - **Tree species and specification spread**: The report shows the price spreads between different tree species and specifications, like the spreads between 3.9 - meter radiata pine 30 + and 40 +, 3.9 - meter radiata pine 30 + and 5.9 - meter radiata pine 40 +, etc. [38][40][42] 3.5 Other - **Freight and exchange rate**: As of the week of July 20, the Baltic Dry Index (BDI) was 2,052 points, a week - on - week increase of 389 points (23.4%); the Handysize Shipping Index (BHSI) was 673 points, a week - on - week increase of 4.3%; the Shanghai Containerized Freight Index (SCFI) was 1,646.90 points, a week - on - week decrease of 5.0%. In terms of exchange rates, the US dollar index fluctuated at a low level. The US dollar to RMB exchange rate was 7.182, a week - on - week increase of 0.1%, and the US dollar to New Zealand dollar exchange rate slightly increased by 0.8% to 1.677 [6][52][53]