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]

Group 1 - The core viewpoint of the article revolves around the discussions of the five major central bank leaders regarding interest rates and inflation, which are crucial for global markets and investments [1][3]. - Federal Reserve Chairman Jerome Powell indicated that interest rate decisions depend on economic data, suggesting that as long as the economy remains strong, there will be no immediate rate cuts [3]. - European Central Bank President Christine Lagarde acknowledged that while inflation targets are nearly met, vigilance is necessary due to rising wages and potential cost pass-through to prices [3][4]. Group 2 - Bank of England Governor Andrew Bailey expressed a contradictory stance, stating that while the general direction of interest rates is downward, predicting the terminal rate remains uncertain due to ongoing cost pressures [4]. - Bank of Japan Governor Kazuo Ueda maintained a conservative approach, emphasizing that interest rate hikes depend on three inflation factors, with current inflation still below target [5]. - Bank of Korea Governor Lee Chang-yong highlighted that the country remains in a monetary easing cycle, with a focus on financial stability, while noting significant tariff impacts on inflation [5]. Group 3 - Investment opportunities are identified in three main areas: first, the strong dollar and potential volatility in gold prices due to unresolved U.S. debt issues; second, sectors like renewable energy and high-end manufacturing in Europe and the UK that can benefit from slower policy shifts; third, technology stocks, particularly semiconductors and consumer electronics in Japan and South Korea, which may gain from ongoing easing policies [6].

Group 1: Federal Reserve Insights - Federal Reserve Chairman Powell emphasizes focus on job performance and avoidance of political involvement [1] - The U.S. economy is currently in a relatively good state, with a cautious approach suggested as long as it remains strong [5] - Inflation is expected to rise during the summer, with anticipated levels running as expected if tariff factors are ignored [5] Group 2: European Central Bank Perspectives - European Central Bank President Lagarde states that future interest rate paths will not be committed to, with data revealing the answers [1] - Inflation targets have been reached, but vigilance against inflation must be maintained [1] - Exchange rates will be considered in forecasts, reflecting the strength of the economy [1] Group 3: Bank of England Commentary - Bank of England Governor Bailey notes a downward trend in interest rates, with significant uncertainty regarding terminal rate levels [2] - Current inflation in the UK is driven entirely by price management, with no visible impact from tariffs on prices [2] - Monetary policy remains restrictive and is expected to become more neutral [2] Group 4: Bank of Japan Analysis - Bank of Japan Governor Ueda indicates that current interest rates are below neutral levels, with any rate hikes dependent on three inflation dynamics [3] - Potential inflation is currently below price targets, with a slow rise expected [3] Group 5: Bank of Korea Observations - Bank of Korea Governor Lee states that the country remains in a monetary easing cycle, closely monitoring financial stability risks for further rate cuts [4] - Tariff policies are expected to have a deflationary effect, with a 26% tariff and industry tariffs impacting GDP by over 1% [4] - The Korean won has appreciated significantly over the past two months, indicating a form of currency normalization [4]

欧洲央行行长拉加德：不会对汇率发表评论。 ...

欧洲央行行长拉加德：汇率反映了我们经济的强劲程度。 ...

智通财经7月1日电，新加坡元兑美元汇率升至1.2700，为2014年10月以来的最高水平。 ...

Summary of Key Points from Conference Call Industry Overview - The current economic situation shows marginal improvement, but external uncertainties persist, with prices remaining low, posing challenges [1][2] - The monetary policy has shifted from aggressive easing to an observation period, focusing on the transmission of institutional liabilities and financing support [2] Core Insights and Arguments - As of the end of June, institutions have significantly increased their positions, leading to a low volatility in bond yields, with a notable stock-bond effect [1][5] - Market expectations for the third quarter and the second half of the year are optimistic, with opportunities in July likely stemming from previous trading strategies [6][7] - The yield curve for government bonds has steepened, indicating a more relaxed liquidity environment, with potential for funding costs to fall below policy rates [7][8] - The main trading theme for the second half of the year will focus on institutional liabilities and yield recovery, which will take time to digest [9] Important but Overlooked Content - The performance of credit bonds has been weaker compared to interest rate bonds, particularly high-grade 3A credit bonds, which have seen significant adjustments [3][11] - The impact of ETF products on the ultra-long credit bond market is significant, improving liquidity and expected to continue expanding due to policy support [16] - The current yield on 10-year government bonds is approximately 1.6%, with a need for time to digest the decline in funding costs [9] - The performance of ultra-long credit strategies in June was strong, but sustainability is in question due to the unstable liability side of public funds [10][14] - The market for perpetual bonds (二勇) performed poorly in June, with a lack of expected gains despite market synchronization [13] Future Outlook - The trading rhythm for July 2025 is challenging to predict, with key dates being early July and the end of July, which may influence market sentiment [8] - The anticipated issuance of bonds in the second half of the year is expected to be lower, alleviating supply pressure [8] - The ultra-long credit strategy is expected to face challenges due to insufficient yield protection and poor volatility resistance, necessitating careful timing in operations [19]

巴西财长Haddad：通胀正在下降，雷亚尔兑美元汇率正在走强。 ...

西班牙6月份调和通胀率从5月份的2.0%升至2.2%，市场此前预期为维持在2.0%。该数据可能加剧市场 猜测，即欧洲央行正接近降息周期的尾声。 欧洲央行副行长路易斯·德金多斯表示，欧洲央行有望实现其设定的2%通胀目标。 新华财经北京6月27日电欧洲交易时段盘初，美元指数元徘徊在三年半以来的最低点附近，市场密切关 注美国货币政策的变化。欧元、英镑汇率守在隔夜触及2021年底以来最高水平的位置附近。此外，即将 到来的关税最后期限，进一步为市场增添了紧张气氛。美联储美联储主席鲍威尔的继任者传闻、市场对 鸽派政策的预期，以及地缘政治局势的缓和，共同构成了当前外汇市场的复杂格局。 美元指数在2025年的表现持续低迷，年初至今已累计下跌10%。26日，美元指数一度跌至自2022年3月 以来的最低点96.99。亚洲市场交易时段，美元指数整个6月预计下跌2%，大概率连续第六个月录得月 线下跌。 日元和瑞郎也对美元展现出不同程度的强势。特别是瑞郎兑美元汇率接近十年来的最强水平，显示了投 资者对于避险货币的需求增加以及美元整体弱势的局面。 欧元 法国和西班牙6月份通胀数据超出预期后，欧元兑美元扩大涨幅。欧元兑美元盘中高点触及1. ...