1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - For stock indices, the revenue growth rate of A-shares excluding finance in Q1 2025 was -0.33% year-on-year, rising for two consecutive quarters, indicating that the asset-side earnings of listed companies are bottoming out. The central bank cut interest rates to narrow the negative carry of enterprises and bring the index back to a slow bull trend. The net profit growth rate was 3.4% year-on-year, showing a positive change from previous quarters. However, it remains to be seen whether enterprises can maintain this level under the background of the tariff war, and the accounts receivable ratio is still rising. The ROE is at the bottoming stage of the downward cycle since Q2 2021, significantly affected by the low PPI. The net profit margin and gross profit margin have slightly increased, while the asset turnover has declined, and the equity multiplier has remained basically flat. Overall, the Q1 earnings data of the A-share market are mixed, indicating that the profitability of listed companies is still bottoming out but showing signs of recovery. The valuation of A-shares is at a historical median, and future quasi-stabilization funds are expected to maintain the overall stability of A-share valuations. The growth indicators of small-cap indices have turned positive [1]. - For treasury bonds, the tariff negotiation's negative impact on the bond market has basically ended, and the dominant factors have returned to the capital and fundamental aspects. The economic and financial data in April show that the effect of the stable growth policy is continuously emerging, but the problem of weak real financing demand still exists. In the short term, the economic fundamentals will continue to recover moderately, and the capital side will lack the impetus for significant fluctuations after the double cuts. It is expected that the short-term bond market will continue to fluctuate within a range [2]. 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - **Stock Index Futures**: On May 26, 2025, IH was at 2,684.4, down 8.6 or -0.32% from May 23; IF was at 3,831.2, down 15.0 or -0.39%; IC was at 5,594.6, up 32.8 or 0.59%; IM was at 5,925.0, up 53.0 or 0.90% [3]. - **Stock Indices**: The Shanghai Composite 50 was at 2,699.4, down 12.4 or -0.46% from May 23; the CSI 300 was at 3,860.1, down 22.2 or -0.57%; the CSI 500 was at 5,669.5, up 16.4 or 0.29%; the CSI 1000 was at 6,028.8, up 39.1 or 0.65% [3]. - **Treasury Bond Futures**: On May 26, 2025, TS was at 102.43, up 0.022 or 0.02% from May 23; TF was at 106.06, up 0.01 or 0.01%; T was at 108.86, up 0.005 or 0.00%; TL was at 119.76, up 0.16 or 0.13% [3]. 3.2 Market News - The People's Bank of China conducted 382 billion yuan of 7-day reverse repurchase operations today, with the operating rate remaining flat at 1.40%. There were 135 billion yuan of reverse repurchases maturing today, resulting in a net investment of 247 billion yuan [4]. 3.3 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts, as well as the trends of the Shanghai Composite 50, CSI 300, CSI 500, and CSI 1000 stock indices [6][7][10]. - **Treasury Bond Futures**: The report includes charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][18]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as forward exchange rates and currency indices [21][22][25].

Core Points - Beauce Gold Fields has received Board approval to extend the exercise date of 6,000,000 outstanding common share purchase warrants until June 14, 2027 [1][2] - The warrants, originally set to expire on June 15, 2025, have an exercise price of $0.10, and none have been exercised to date [2] Company Overview - Beauce Gold Fields is focused on exploring and developing the largest placer gold district in eastern North America, with the goal of tracing old placer gold workings back to a bedrock source to uncover economic lode gold deposits [3] - The flagship property is the St-Simon-les-Mines Gold project, which is historically significant as the site of Canada's first gold rush, predating the Yukon Klondike [3] - The Beauce region has a rich history of placer gold mining, with operations from the 1860s to the 1960s, producing some of the largest gold nuggets in Canadian mining history, ranging from 50 ounces to 71 ounces [3] - The company is currently exploring recently discovered antiform systems that may have contributed to extensive auriferous placer deposits in Beauce [3] - The geological model suggests that placer gold formed in stressed quartz pockets within layered domed Axis of Antiforms, similar to notable global Saddle Reef formations [3]

Core Viewpoint - The short-duration bond market is experiencing significant volatility, challenging the perception of these bonds as low-risk assets, prompting fund managers to reconsider their defensive strategies in light of uncertain liquidity conditions [2][3][10] Group 1: Market Dynamics - Following the Spring Festival, there has been a noticeable increase in investor risk appetite, leading to pressure on bond fund managers who typically rely on short-duration bonds as a defensive strategy [3][4] - Despite expectations that short-duration bonds would perform well in a tightening liquidity environment, they have shown greater volatility than long-duration bonds, contradicting traditional investment logic [4][5] - Since early 2025, the yield on China's 3-year government bonds has fluctuated significantly, rising from 1.3052% to a peak of 1.6926% before settling at 1.5100%, indicating a challenging environment for bond investors [4][6] Group 2: Factors Influencing Short-Duration Bonds - The persistent pressure on short-duration bonds is attributed to high funding rates and the negative carry effect, which has led institutions to reduce their leverage and holdings in these bonds [6][7] - The overall liquidity in the market has remained tight, with the DR001 rate hovering between 1.4% and 1.5%, reflecting cautious expectations regarding short-term liquidity [6][7] - The market has seen a significant reduction in the volume of pledged repo transactions, indicating a contraction in overall market leverage since February [7][8] Group 3: Investor Sentiment and Strategy - Investors have reported increased volatility in short-term financial products, contrasting with previous experiences of stable returns, leading to a sense of unease among them [9][10] - The shift from a defensive to a more volatile investment landscape serves as a reminder for fund managers and investors to remain vigilant and adaptable in their strategies, especially in uncertain macroeconomic conditions [10]

Core Insights - The recent upward trend in Japanese government bond yields is attributed to a steepening yield curve and widening term spreads, with the 30Y yield reaching 3.06% as of May 22, marking a historical high [1][12] - The Japanese economy is emerging from a prolonged deflationary period, with CPI and core CPI recorded at 3.6% and 3.5% respectively in April 2025, exceeding the Bank of Japan's inflation target for over two years [2][16] - The proportion of Japanese government bonds held by the Bank of Japan has slightly decreased, with the central bank holding 557 trillion yen as of March 2025, down 4.6% from November 2023 [3][28] Group 1: Japanese Bond Market Dynamics - The yield curve for Japanese government bonds has steepened, with the 10s30s spread increasing to 167 basis points, driven by comments from Prime Minister Kishida and disappointing bond auction results [1][12][13] - The Bank of Japan's monetary policy is transitioning from negative to positive rates, with expectations of gradual interest rate hikes beginning in 2024 [2][21] - The Japanese government debt-to-GDP ratio has risen significantly, reaching 260% by 2025, raising concerns about long-term economic implications [4][25][26] Group 2: Impact on Asset Classes - The rising yields on Japanese bonds are expected to increase the financial burden on the Japanese government, potentially leading to higher interest payments [5][36] - The narrowing of the Japan-U.S. interest rate differential may lead to a depreciation of the dollar and an appreciation of non-U.S. currencies, impacting global capital flows [5][36] - The outlook for equities suggests that both Japanese and U.S. stocks may face short-term pressure, while the impact on Hong Kong and A-shares is expected to be more indirect [5][36]

丨证券研究报告丨 research.95579.com 1 丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 难有趋势行情，关注曲线交易机会 报告要点 [Table_Summary] 2021 年以来债市延续的"资产荒"的逻辑在今年并不适用，债市整体呈现"负债荒"，负债缺 口和负债结构是今年债市交易的主线，当前市场缺少负债稳定的配置盘力量。债市难以趋势性 上行，在基本面稳定但仍有潜在不确定性的情况下，持续的负 carry 才能推动长端利率趋势性 回调，而二季度资金价格收紧概率不高。但债市近期缺乏赔率，模型显示 10bp 的正 carry 可拉 动银行间债市杠杆率抬升 0.1-0.2 个百分点左右。建议 10 年期国债收益率在 1.65%以上、30 年国债收益率在 1.9%以上逢调配置，负债稳定的机构可适当关注 3 年以上信用债票息机会。 分析师及联系人 [Table_Author] 赵增辉 SAC：S0490524080003 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% cjzqdt11111 2025-05-22 固定收益丨点评报告 [Table_Title2 ...

20 May 2025 | 3:52PM EDT Global Market Views: Smaller Tails Widen Some Paths, Narrow Others 1. Some paths widen, some narrow. Equity markets have relaxed over the past month following a succession of positive trade-related developments between the 90-day pause on reciprocal tariffs and the recent tariff reduction with respect to China. Tariff rates are now lower, but not low, and the same can be said about recession risks in the US. The lowering of trade tensions means that even if hard data 'catch down' to ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 疼痛 是人们就医的首要原因，仅背痛一项就影响着全球超过 6 亿人。尽管存在使人成瘾的风险，阿片类药物在美国仍被广泛用于术后和严重疼痛的 治疗。鉴于阿片类药物使用障碍造成的巨大经济负担和社会影响，美国联邦医疗保健机构已将开发更安全的替代品列为优先事项。 在过去的三十年里，疼痛研究一直致力于靶向外周感觉神经元中的离子通道，尤其是电压门控钠通道 Nav1.7 和 Nav1.8。尽管这种方法已取得一些 成效，但鉴于中枢敏化在广泛性慢性疼痛中的作用，更有效的慢性疼痛治疗方法可能需要同时靶向 外周神经系统 （PNS） 和 中枢神经系统 （CNS） 。 G 蛋白偶联受体 （GPCR） 在外周神经系统 （PNS） 和中枢神经系统 （CNS） 中均有广泛表达，是药物作用靶点中最大的家族，其中包括镇痛药 物靶点。 2025 年 5 月 19 日，杜克大学医学中心 纪如荣 教授团队在国际顶尖学术期刊 Cell 上发表了题为： Arrestin-biased allosteric modulator of neurotensin receptor 1 alleviates acute and ...

V i e w p o i n t | 15 May 2025 18:25:24 ET │ 22 pages Global Macro Strategy - Views and Trade Ideas Answering Questions Now CITI'S TAKE On Monday, our attitude to the tariff news was "trade first, ask questions later" when it came to our portfolio. The left tail of US growth risks has been trimmed, so we paid US rates and reduced USD shorts. Now it's time to answer those questions. Markets feel stuck in an information gap, waiting for flows, fiscal, and trade updates. Trade War Subplots — Recent developmen ...

Group 1: Report Information - Report Title: "TS Contract: Can It Still Be Used for Cash-and-Carry Arbitrage? - Interest Rate Weekly (Week 3 of May)" [1] - Report Date: May 19, 2025 [2] - Chief Analyst: Yan Ziqi, with a practice certificate number of S0010522030002 [2] - Research Assistant: Hong Ziyan, with a practice certificate number of S0010123060036 [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Views - Since the implementation of reciprocal tariffs on April 3, the bond market's maturity yields have first decreased and then increased. Among treasury bond futures, the TL contract has been strong, while the TS/TF/T main contracts have declined [2]. - The weak performance of the TS contract is due to the previous large premium and the change in the expectation of loose monetary policy. The market's expectation of loose monetary policy changed significantly in Q1, and there are differences in the short - term expectation of loose monetary policy after the double - cut in May. The yield curve has flattened instead of steepening as expected [3]. - As of May 16, the basis of the TS main contract is - 0.07 yuan, and the IRR is 1.79%. The basis has significantly converged, and the IRR is close to the capital interest rate, so the cost - effectiveness of cash - and - carry arbitrage is insufficient [4]. - In the short term, the TS contract may still be in a premium state because of the continuous negative carry. The inversion between R001 and the 2 - year treasury bond maturity yield has decreased from about 60bp at the beginning of the year to 15bp on May 16, and the negative carry phenomenon of some varieties will continue [4]. - Considering that the tight capital situation in Q1 will not repeat, the short - term interest rate has a ceiling and the probability of a sharp decline is low. With the significant convergence of the basis, one can consider participating in the possible rise of the TS contract [4]. Group 4: Analyst and Research Assistant Introduction - Analyst Yan Ziqi is the assistant director of the Research Institute of Hua'an Securities and the chief analyst of fixed income. He has 8 years of experience in sell - side fixed income and equity research, and has won the second place in the 2024 Wind Gold Analyst and the best analyst in the 2023 Choice fixed income industry [12]. - Research Assistant Hong Ziyan is a master of financial engineering from the University of Southern California, covering macro - interest rates, institutional behavior, and treasury bond futures research [12].

If you were talking to your 20-year-old self, ready to graduate college, what is something that you wish you did differently. The thing I would have done differently would have been uh be less arrogant. I think you come out of school, you think you know it all.I was just uh speaking with Bill Bellichic. He was saying the same thing. Kids come out of college and they think they know something.They're, you know, they don't become arrogant. Because I was asking him, um, does arrogance a problem. He said for ab ...