研究中心宏观团队 2025/06/12 | | 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 | | 2025/06/11 | 4.422 | 4.551 | 3.225 | 2.534 | 3.445 | 3.117 | 0.264 | 3.243 | | 最新变化 | -0.050 | 0.010 | 0.023 | 0.012 | 0.010 | 0.020 | -0.003 | 0.030 | | 一周变化 | 0.066 | -0.054 | 0.021 | 0.008 | -0.046 | 0.001 | 0.053 | -0.008 | | 一月变化 | -0.045 | -0.118 | -0.128 | -0.144 | -0.252 | -0.180 | -0.099 | -0.205 | | 一年变化 | ...

| 最新变化 | 0.19% | 0.08% | 0.09% | 0.01% | 0.08% | 0.13% | | --- | --- | --- | --- | --- | --- | --- | | 一周变化 | -0.04% | -0.04% | 0.11% | 0.33% | 0.40% | 0.49% | | 一月变化 | 0.74% | 0.54% | 0.64% | 1.47% | 1.28% | 1.80% | | 一年变化 | 6.49% | 6.55% | 6.77% | 9.94% | 8.47% | 13.06% | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3399.77 | 3885.25 | 2686.83 | 2061.29 | 5805.65 | | 涨跌（%） | 0.43 | 0.29 | -0.08 | 1.07 | 0.76 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report No clear core view is presented in the given content. The report 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 Bond Yields**: Yields vary across different economies. For example, on 2025/06/06, the US was at 4.508, with a latest change of 0.115, a one - year change of - 0.043. Some yields have increased recently, while others have decreased [2]. - **2 - Year Treasury Bond Yields**: Similar to 10 - year yields, there are differences among economies. The US 2 - year yield on 2025/06/06 was 3.870, with a latest change of - 0.090 and a one - year change of - 1.060 [2]. - **Exchange Rates**: The US dollar's exchange rates against major emerging economies' currencies show different trends. For instance, against the Brazilian real, it was 5.560 on 2025/06/06, with a latest change of - 0.50% and a one - year change of 7.74% [2]. - **Stock Indices**: Stock indices also have diverse performances. The S&P 500 on 2025/06/06 was 6000.360, with a latest change of 1.03% and a one - year change of 13.09% [2]. - **Credit Bond Indices**: Different types of credit bond indices (investment - grade and high - yield) in different regions (US, eurozone, emerging economies) have various changes. For example, the US investment - grade credit bond index had a latest change of - 0.49% [2]. Stock Index Futures Trading Data - **Index Performance**: A - share closed at 3385.36 with a 0.04% change. Different indices like the CSI 300, SSE 50, etc., have different closing prices and percentage changes [3]. - **Valuation**: PE (TTM) values for different indices are provided, such as 12.56 for the CSI 300, with corresponding环比 changes [3]. - **Risk Premium**: Risk premium data (1/PE - 10 rate) and their环比 changes are given for multiple indices [3]. - **Fund Flows**: The latest values and 5 - day average values of fund flows for different segments of the A - share market are presented. For example, the latest value of A - share fund flow was - 518.24 [3]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets and different indices are provided, along with环比 changes [3]. - **Basis and Spread**: The basis and spread data for index futures like IF, IH, and IC are given [3]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: The closing prices and percentage changes of treasury bond futures (T00, TF00, T01, TF01) are shown. For example, T00 closed at 108.710 with a 0.03% change [4]. - **Funding Rates**: Funding rates (R001, R007, SHIBOR - 3M) and their daily changes are provided [4].

Domestic Insights - In the first week of June, upstream production activity showed an overall decline, with significant weakening in the automotive supply chain and real estate sales and investment data[2] - The growth rate of consumption in categories like automotive and home appliances has slowed, likely due to the exhaustion of fiscal subsidy funds in some regions, which is expected to impact May's retail sales growth[2] - Despite resilient export data, May's export growth rate is expected to decline further, and overall economic data may also show a downward trend[2] - The economic growth rate from January to April significantly exceeded the 5% target, thus the current downward trend in economic data is unlikely to impact the annual growth target significantly, with low probability for new policies to be implemented in June and July[2] Overseas Insights - In May, the U.S. added 139,000 non-farm jobs, slightly above the market expectation of 130,000, but the previous months' data was revised down by 95,000 jobs, maintaining the unemployment rate at a low of 4.2%[17] - The U.S. government has requested countries to submit their best trade negotiation proposals by June 4, with only Vietnam complying, while Japan, India, Europe, and Canada remain firm in their positions[3] - The Trump administration's tax cut policy faces obstacles in the Senate, with significant discussions expected in July[3]

研究中心宏观团队 2025/06/06 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 国外货币市场 债 券 市 场 国内债券市场 国外债券市场 股 票 市 场 汇 率 市 场 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

| 大类资产早报 | | --- | 研究中心宏观团队 2025/06/05 | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/06/04 | 4.356 | 4.605 | 3.203 | 2.526 | 3.490 | 3.116 | 0.211 | 3.251 | -0.100 | -0.032 | 0.014 | 0.002 | -0.004 | 0. ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the provided content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On May 30, 2025, the 10 - year Treasury yields in the US, UK, France, etc. showed different changes. For example, the US yield was 4.403, with a latest change of - 0.017, a one - week change of - 0.110, a one - month change of 0.229, and a one - year change of - 0.021. Other countries also had their respective yield values and changes [3]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields in the US, UK, Germany, etc. on May 30, 2025, had various changes. For instance, the US yield was 3.960, with a latest change of 0.040, a one - week change of - 0.040, a one - month change of - 0.090, and a one - year change of - 0.860 [3]. - **Exchange Rates**: The US dollar exchange rates against major emerging economies' currencies on May 30, 2025, had different changes. For example, against the Brazilian real, it was 5.723, with a latest change of 1.35%, a one - week change of 1.82%, and a one - month change of 11.09% [3]. - **Stock Indices**: Major economies' stock indices on May 30, 2025, showed different performances. For example, the Dow Jones Industrial Average was 5911.690, with a latest change of - 0.01%, a one - week change of 1.88%, a one - month change of 11.39%, and a one - year change not provided. Other indices also had their respective values and changes [3]. - **Credit Bond Indices**: Different credit bond indices had different changes. For example, the emerging economies' investment - grade credit bond index had a latest change of 0.18%, a one - week change of 1.11%, a one - month change of - 0.24%, and a one - year change of 5.43% [3]. Stock Index Futures Trading Data - **Index Performance**: On May 30, 2025, the A - share index closed at 3347.49, with a decline of 0.47%. Other indices like the CSI 300, SSE 50, ChiNext, and CSI 500 also had their respective closing prices and percentage changes [4]. - **Valuation**: The PE (TTM) of the CSI 300 was 12.46, with a环比 change of - 0.03. Other indices had their own PE values and changes [4]. - **Risk Premium**: The risk premium of the S&P 500 was - 0.42, with a环比 change of 0.02. The German DAX had a risk premium of 2.37, with a环比 change of 0.00 [4]. - **Fund Flows**: The latest value of A - share fund flow was - 1066.19, and the 5 - day average was - 323.24. Other sectors also had their respective fund flow data [4]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 11391.79, with a环比 change of - 462.43. Other indices had their own trading volume data and changes [4]. - **Basis and Spread**: The basis of IF was - 17.83, with a spread of - 0.46%. Other contracts also had their respective basis and spread data [4]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: On May 30, 2025, the closing prices of T00, TF00, T01, and TF01 were 108.490, 105.715, 108.725, and 106.020 respectively, with no changes in percentage [5]. - **Funding Rates**: The R001 was 1.5667%, with a daily change of - 17.00 BP. The R007 was 1.6972%, with a daily change of - 4.00 BP. The SHIBOR - 3M was 1.6520%, with no daily change [5].

研究中心宏观团队 2025/05/30 | | 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 | | 2025/05/29 | 4.420 | 4.647 | 3.176 | 2.506 | 3.488 | 3.109 | - | 3.230 | | 最新变化 | -0.060 | -0.079 | -0.047 | -0.047 | -0.046 | -0.045 | - | -0.047 | | 一周变化 | -0.110 | -0.102 | -0.144 | -0.136 | -0.163 | -0.148 | - | -0.148 | | 一月变化 | 0.210 | 0.139 | -0.060 | -0.013 | -0.139 | -0.071 | - | -0.117 | | 一年变化 | 0.007 | 0 ...

| 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3340.69 | 3839.40 | 2685.28 | 1991.64 | 5652.15 | | 涨跌（%） | -0.18 | -0.54 | -0.52 | -0.68 | -0.31 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 12.45 | 10.86 | 28.55 | 25.33 | 20.74 | | 环比变化 | -0.04 | -0.01 | -0.06 | 0.51 | 0.17 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.50 | 2.29 | | 环比变化 | - | - | - | - | -0.01 | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新值 | -472.89 ...

Tabl e_Title 2025 年 5 月 26 日 丁沛舟 高级分析师 期货从业资格号：F3002969 投资咨询从业证书号：Z0012005 dingpz@essence.com.cn 010-58747724 相关报告 大类资产运行周报（20250224 -20250228）-美国关税引发市场忧虑 风 险资产价格回落 大类资产运行周报（20250303 -20250307）-关税政策不确定性仍存 风 险资产走势分化 大类资产运行周报（20250310 -20250314）-美国通胀预期降温 债市偏 弱运行 大类资产运行周报（20250317 -20250321）-美联储按兵不动 美股周度 企稳 大类资产运行周报（20250324 -20250328）-市场避险情绪升温 权益资 产回落 大类资产运行周报（20250331 -20250404）-市场避险情绪升温 权益资 产回落 大类资产运行周报（20250407 -20250411）-关税政策短期趋向缓和 美 股大幅反弹 大类资产运行周报（20250414 -20250418）-美联储按兵不动 美元指数 持续回落 大类资产运行周报（20250421 - ...