Core Point - The Malaysian Ringgit has depreciated by 0.3% against the US dollar, reaching a rate of 4.2570, marking the lowest level since June 24 [1] Group 1 - The depreciation of the Malaysian Ringgit indicates potential economic challenges for Malaysia [1]

Group 1: Company Fundamentals - The company's fundamentals are crucial, with financial statements reflecting operational performance, such as revenue indicating business results and net profit showcasing profitability [1] - Analyzing the balance sheet helps assess the asset and liability structure, evaluating the company's debt repayment ability [1] - The quality of the management team is vital, as effective leaders with market insight and decision-making skills can drive long-term strategic planning and resource allocation [1] - A sound governance structure ensures robust internal controls and risk management, protecting shareholder interests and maintaining operational stability [1] Group 2: Industry Development Trends - Industry development trends significantly impact stock investment, with emerging sectors like renewable energy and artificial intelligence attracting substantial capital [2] - Mature or declining industries face challenges such as market saturation and intense competition, limiting growth potential [2] - Understanding the competitive landscape, including market share and competitive advantages, is essential for assessing a company's position and growth prospects within its industry [2] Group 3: Macroeconomic Environment - The macroeconomic environment is a critical external factor affecting stock investment, with economic cycles directly influencing industry and company performance [3] - During economic expansion, strong consumer demand typically leads to increased corporate profits and rising stock markets, while economic downturns result in lower consumer spending and poor stock performance [3] - Monetary and fiscal policies play significant roles, with loose monetary policy enhancing market liquidity and fiscal measures stimulating economic growth, thereby impacting stock prices [3] - Factors like exchange rates and inflation also indirectly affect stock investments, influencing profits for export-oriented companies and altering asset allocation preferences [3] Group 4: Risk Control - Risk control is a continuous focus in stock investment, as market risks are inherent and can lead to significant price volatility [4] - Companies face various risks, including operational risks that can affect profitability and market reputation [4] - Diversification is a strategy to mitigate risk, encouraging investors to build a varied portfolio across different industries and company sizes to balance potential losses [4]

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The reports present the latest data on various futures, including price differences, spreads, ratios, and related economic indicators, providing investors with information for market analysis and decision - making [1][2][4][7] Summary by Related Catalogs 1. Stock Index Futures Spread - **Price Differences**: The latest values of IF, IH, IC, and IM price differences range from - 23.24 to - 200.00, with changes from - 0.50 to 11.42 compared to the previous day, and historical percentiles from 5.30% to 32.70% [1] - **Inter - period Spreads**: For IF, IH, IC, and IM inter - period spreads, the latest values range from - 8.80 to - 329.80, with changes from - 5.00 to 3.20 compared to the previous day, and historical percentiles from 8.60% to 61.30% [1] - **Cross - variety Ratios**: The cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc., have the latest values from 1.4485 to 2.1619, with changes from - 0.0167 to - 0.0016 compared to the previous day, and historical percentiles from 38.60% to 71.30% [1] 2. Treasury Bond Futures Spread - **Basis**: The latest basis values of TS, TF, T, and TL range from 0.0000 to 1.8885, with changes from - 0.0260 to 0.1426 compared to the previous day, and historical percentiles from 7.60% to 65.10% [2] - **Inter - period Spreads**: The inter - period spreads of TS, TF, T, and TL have the latest values from - 0.2340 to 0.2800, with changes from - 0.0400 to 0.0200 compared to the previous day, and historical percentiles from 8.00% to 19.80% [2] - **Cross - variety Spreads**: The cross - variety spreads such as TS - TF, TS - T, etc., have the latest values from - 18.6920 to - 0.0010, and historical percentiles from 1.30% to 2.10% [2] 3. Precious Metals Spot and Futures - **Spot Prices**: COMEX silver rose 0.68% to 37.04 dollars per ounce, London gold rose 0.33% to 3336.94 dollars per ounce, etc. [5] - **Futures Closing Prices**: COMEX gold fell 0.97% to 3336.00 dollars per ounce, AU2508 fell 0.54% to 777.06 yuan per gram, etc. [6] - **Basis**: Gold TD - Shanghai gold main contract was - 5.49, with a historical percentile of 0.80%, and silver TD - Shanghai silver main contract was - 34, with a historical percentile of 27.30% [4] - **Ratios**: COMEX gold/silver ratio was 90.06, down 1.64% [4] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield rose 1.2% to 4.35%, and the US dollar index fell 0.13% to 96.99 [4] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory increased 16.25% to 21456 kilograms, and COMEX gold inventory decreased 0.71% to 36785583 ounces [4] 4. Container Shipping - **Spot Quotes**: Shanghai - Europe shipping quotes vary, with Maersk down 5.13% to 2978 dollars per FEU and CMA CGM up 11.40% to 4085 dollars per FEU [7] - **Container Shipping Indexes**: SCFIS (European route) rose 9.61% to 2123.24, and SCFIS (US West route) fell 22.28% to 1619.19 [7] - **Futures Prices and Basis**: EC2508 (main contract) fell 2.48% to 1849.9, and the basis (main contract) rose 33.21% to 822.2 [7] - **Fundamental Data**: Global container shipping capacity supply remained unchanged at 3266.65 million TEU, and Shanghai's port punctuality rate rose 46.45% to 42.50 [7] 5. Overseas and Domestic Data/Information - **Overseas Data**: Eurozone's comprehensive PMI rose 0.80% to 50.60, and the US manufacturing PMI index rose 1.03% to 49.00 [7][9] - **Domestic Data**: China's June foreign exchange reserves, iron ore shipments, and other data are to be released, and some data such as SMM electrolytic copper social inventory are expected to be updated [9]

欧元区通胀数据显示出微妙变化。6月年化通胀率从1.9%反弹至2%，恰好触及欧洲央行设定的物价目 标。这一数据与市场预期保持一致，但背后的结构性特征值得关注。服务价格同比上升3.3%，食品和 烟酒价格上升3.1%，而能源价格则下降2.7%。核心通胀率维持在2.3%的水平，表明价格压力仍然存 在。 美国6月ADP就业数据的疲软表现为美联储政策预期带来新的变数。专业和商业服务以及医疗保健和教 育领域的就业岗位下降，成为服务业就业减少的主要原因。ADP首席经济学家理查德森指出，企业在招 聘上的犹豫态度以及不愿意补充离职员工，导致了就业岗位的减少。 这一数据引发了对即将公布的6月非农就业报告的高度关注。瑞银预计6月非农就业人数或仅增加10万 人，失业率或创2021年新高。花旗的预测更为悲观，认为非农就业仅增加8.5万人。如果6月就业数据表 现异常疲软，美联储最早可能在7月份采取降息行动。 美国就业市场的疲软表现与欧元区相对稳定的通胀环境形成对比。这种差异可能为欧元兑美元汇率提供 支撑因素。当前欧元兑美元汇率在1.17-1.18区间波动，市场正在权衡两大央行政策分化的影响。 美股市场的表现也反映出投资者对经济前景的复杂情 ...

周四（7月3日），韩元兑美元最终跌0.60%，报1364.54韩元。 ...

周三（7月2日），韩元兑美元最终涨0.12%，报1356.41韩元。 ...

路透调查：预计未来6个月捷克克朗兑欧元汇率将下跌0.6%至24.85（此前预期为24.88）。 ...

Currency Market Overview - The Euro to Dollar (EUR/USD) exchange rate halted its upward trend that began on June 18, fluctuating around 1.1800 during European trading on Wednesday [1] - The British Pound to Dollar (GBP/USD) has risen for the fourth consecutive trading day, trading above 1.3700 on Thursday [1] - The Dollar to Yen (USD/JPY) maintained its overnight rebound, fluctuating around 143.50 [1] - The Australian Dollar to Dollar (AUD/USD) remained in a range below the year-to-date high of 0.6590 reached on Tuesday [1] - The New Zealand Dollar to Dollar (NZD/USD) showed positive momentum near 0.6050 [1] - The Dollar to Canadian Dollar (USD/CAD) fluctuated in a narrow range around 1.3650 [1] Key Economic Indicators - The market is awaiting the release of the U.S. ADP employment figures for June at 20:15 [1] Federal Reserve Insights - Federal Reserve Chair Jerome Powell stated that it is too early to assert whether a rate cut in July is premature, indicating flexibility in decision-making [2][4] - U.S. Treasury Secretary Janet Yellen expressed confidence that the Federal Reserve will cut rates before autumn, with a guarantee of a cut by September at the latest [5] International Central Bank Commentary - Bank of Japan Governor Kazuo Ueda noted that current interest rates are below neutral levels, with any rate hike dependent on three inflation dynamics [7] - European Central Bank President Christine Lagarde mentioned that while the mission is not complete, the goals have been achieved, emphasizing vigilance regarding inflation [8] - Bank of England Governor Andrew Bailey indicated that the direction of interest rates remains downward, with significant uncertainty regarding terminal rate levels [9] Technical Analysis - The EUR/USD is showing short-term overbought conditions with immediate support at 1.1800 and further support at 1.1740 and 1.1700-1.1690 [16] - The AUD/USD maintains a bullish outlook, with potential resistance at 0.6583 and further at 0.6650, while initial support is at 0.6529 [17] - The GBP/USD has shown a slight decline below the 20-period simple moving average, with next support at 1.3650 [17]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports mainly present daily data on various financial products, including futures price differences, spot-futures price relationships, and related economic indicators. They aim to help investors understand the current market situation and potential trends in different sectors such as stock index futures, treasury bond futures, precious metals, and shipping industry futures. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Differences**: Provides detailed data on the current values, changes from the previous day, and historical percentile rankings of price differences for various stock index futures contracts, including IF, IH, IC, and IM, in terms of both spot-futures spreads and inter - contract spreads [1]. - **Cross - Variety Ratios**: Presents the current values, changes, and historical percentile rankings of cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1]. Treasury Bond Futures Spread Daily Report - **Basis and Spread Data**: Offers data on the basis (including IRR percentile), inter - contract spreads, and cross - variety spreads for different treasury bond futures contracts like TS, TF, T, and TL, along with their changes and historical percentile rankings [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Shows domestic and international futures closing prices, spot prices, and their daily changes and percentage changes for gold and silver [5]. - **Basis and Ratios**: Presents basis data (including historical percentile rankings) and price ratios between different precious metal products [5]. - **Interest Rates, Exchange Rates, and Positions**: Provides information on interest rates (such as 10 - year and 2 - year US Treasury yields), exchange rates (like the US dollar index and offshore RMB exchange rate), and inventory and position data for precious metals [5]. Shipping Industry Spot - Futures Daily Report - **Freight Rates**: Includes Shanghai - Europe future 6 - week freight rate references, settlement price indices, and Shanghai export container freight rates, along with their daily and monthly changes [8]. - **Futures Prices and Basis**: Presents futures prices and basis data for shipping industry futures contracts, and their changes and percentage changes [8]. - **Fundamental Data**: Offers data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators [8]. Trading Calendar - **Overseas and Domestic Data/Info**: Lists overseas and domestic economic indicators and financial events, including their time, data sources, and related countries/regions or product types [10].

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]