Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No explicit core viewpoints are presented in the given content. It mainly offers data on global asset market performance, stock index futures trading, and bond futures trading. 3. Directory - Based Summaries Global Asset Market Performance - **10 - Year Treasury Bonds**: Yields of 10 - year treasury bonds in major economies are as follows: US 4.177, UK 4.372, France 3.505, Germany 2.840, etc. [2] - **2 - Year Treasury Bonds**: Yields of 2 - year treasury bonds in major economies are as follows: US 3.535, UK 3.650, Germany 2.093, etc. [2] - **Exchange Rates**: Dollar exchange rates against major emerging - economy currencies are provided, such as 5.375 against the Brazilian currency, 16.390 against the South African rand, etc. [2] - **Stock Indices**: Latest values of major economy stock indices are given, including S&P 500 at 6977.270, Dow Jones Industrial Index at 49590.200, etc. [2] - **Credit Bond Indices**: Values of credit bond indices in different regions are presented, like US investment - grade credit bond index at 3546.240, Euro - zone investment - grade credit bond index at 266.750, etc. [2] Stock Index Futures Trading Data - **Index Performance**: A - share closed at 4165.29 with a 1.09% increase,沪深300 at 4789.92 with a 0.65% increase, etc. [3] - **Valuation**: PE (TTM) values are reported, such as 14.48 for 沪深300, 12.04 for 上证50, etc., along with their环比变化. [3] - **Risk Premium**: Risk premium data and their环比变化 are provided for some indices, e.g., - 0.59 for S&P 500 with a - 0.02环比变化. [3] - **Fund Flows**: Latest values and 5 - day average values of fund flows for different sectors are given, like 285.89 for A - shares, - 117.28 for the main board, etc. [3] Bond Futures Trading Data - **Stock Index Futures**:成交金额 and环比变化 are reported for 沪深两市, 沪深300, etc.主力升贴水 data for IF, IH, IC are also provided. [4] - **Treasury Bond Futures**: Closing prices and percentage changes for T2303, TF2303, etc. are presented. [4] - **Funding Rates**: R001 is at 1.3895% with a - 13.00 BP日度变化, R007 at 1.5249% with no change, etc. [4]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.150%, UK 4.415%, France 3.521%, Germany 2.849%, Italy 3.514%, Spain 3.251%, Switzerland 0.241%, Greece 3.379%, Japan 2.116%, Brazil 6.234%, China 1.892%, Australia 4.758%, New Zealand 4.492% [3] - The latest yields of 2 - year government bonds in major economies: US 3.472%, UK 3.673%, Germany 2.088%, Japan 1.162%, Italy 2.200%, China (1Y yield) 1.339%, Australia 4.078% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil (latest 5.389), Russia (-), South Africa zar 16.453, Korean won 1448.250, Thai baht 31.280, Malaysian ringgit 4.058 [3] - The latest exchange rates related to the RMB: on - shore RMB 6.992, off - shore RMB 6.994, RMB mid - price 7.019, RMB 12 - month NDF 6.871 [3] - The latest values of major economies' stock indices: S&P 500 6920.930, Dow Jones Industrial Average 48996.080, Nasdaq 23584.280, Mexican stock index 64871.700, UK stock index 10048.210, France CAC 8233.920, Germany DAX 25122.260, Spanish stock index 17596.400, Russian stock index (-), Nikkei 51961.980, Hang Seng Index 26458.950, Shanghai Composite Index 4085.772, Taiwan stock index 30435.470, Korean stock index 4551.060, Indian stock index 8944.813, Thai stock index 1280.820, Malaysian stock index 1676.830, Australian stock index 9017.996, emerging - economy stock index 1462.970 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3549.910, euro - zone investment - grade credit - bond index 266.569, emerging - economy investment - grade credit - bond index 290.690, US high - yield credit - bond index 2923.370, euro - zone high - yield credit - bond index 411.980, emerging - economy high - yield credit - bond index 1826.798 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - shares' closing price is 4085.77 with a 0.05% change; CSI 300's closing price is 4776.67 with a - 0.29% change; SSE 50's closing price is 3145.12 with a - 0.43% change; ChiNext's closing price is 3329.69 with a 0.31% change; CSI 500's closing price is 7875.08 with a 0.78% change [4] - Valuation: PE(TTM) of CSI 300 is 14.44 with a - 0.08 change; SSE 50 is 12.05 with a - 0.08 change; CSI 500 is 35.66 with a 0.28 change; S&P 500 is 27.64 with a - 0.10 change; Germany DAX is 19.49 with a 0.18 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.53 with a 0.04 change; Germany DAX is 2.28 with a - 0.06 change [4] - Fund flow: The latest value of A - shares' fund flow is - 1026.33, the main board is - 902.23, the ChiNext is - 175.31, and the CSI 300 is - 368.61. The 5 - day average of A - shares is - 99.55, the main board is - 174.28, the ChiNext is 38.66, and the CSI 300 is 60.80 [4] Group 3: Other Trading Data - Transaction amount: The latest value of the Shanghai and Shenzhen stock markets is 28541.41 with a 476.34 change; CSI 300 is 6648.98 with a - 605.17 change; SSE 50 is 1693.07 with a - 107.41 change; small - and - medium - sized board is 6082.81 with a 347.24 change; ChiNext is 7569.99 with a 4.70 change [5] - Main contract basis and spread: IF's basis is - 23.67 with a - 0.50% spread; IH's basis is - 1.32 with a - 0.04% spread; IC's basis is - 72.48 with a - 0.92% spread [5] - Treasury futures: T2303's closing price is 107.61 with a - 0.08% change; TF2303 is 105.50 with a - 0.07% change; T2306 is 107.56 with a - 0.09% change; TF2306 is 105.49 with a - 0.08% change [5] - Fund interest rates: R001 is 1.3365% with a - 15.00 BP change; R007 is 1.5323% with a 4.00 BP change; SHIBOR - 3M is 1.5970% with a 0.00 BP change [5]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View - No clear core view is presented in the given content. 3. Summary by Related Catalogs Global Asset Market Performance - The report lists the latest data of 10 - year and 2 - year government bonds of major economies, dollar - to - major emerging - economy currency exchange rates, on - shore and off - shore RMB, major economy stock indices, and credit - bond indices. However, all the latest values are marked as "-" [2]. Stock Index Futures Trading Data - Index performance: A股 closed at 4023.42 with a 1.38% increase,沪深300 at 4717.75 with a 1.90% increase,上证50 at 3099.75 with a 2.26% increase,创业板 at 3294.55 with a 2.85% increase, and中证500 at 7651.20 with a 2.49% increase [3]. - Valuation: PE(TTM) of沪深300 is 14.33 with a 0.16环比 change,上证50 is 11.98 with a 0.13环比 change, and中证500 is 34.67 with a 0.87环比 change [3]. - Risk premium: No valid data provided for 1/PE - 10利率 and its环比 change [3]. - Fund flow: The latest value of A股 fund flow is 778.45,主板 is 177.68,创业板 is 398.72, and沪深300 is 368.04. The 5 - day average is - 258.09 for A股, - 275.95 for主板, 4.23 for创业板, and 48.13 for沪深300 [3]. Transaction Amount and Other Data - Transaction amount: The latest values of沪深两市,沪深300,上证50,中小板, and创业板 are 25462.71, 6305.77, 1695.62, 5236.93, and 6962.18 respectively, with环比 changes of 5011.29, 1860.85, 618.94, 834.18, and 1525.26 [4]. - Main contract basis: The basis of IF is - 20.75 (- 0.44%), IH is - 0.95 (- 0.03%), and IC is - 55.20 (- 0.72%) [4]. Treasury Futures Trading Data - Treasury futures: T2303 closed at 107.86 with a 0.00% change, TF2303 at 105.71 with a - 0.05% change, T2306 at 107.85 with a - 0.03% change, and TF2306 at 105.72 with a - 0.02% change [4]. Money Market - Fund rates: R001 is 1.3315% with a - 83.00 BP daily change, R007 is 1.4861% with a - 67.00 BP daily change, and SHIBOR - 3M is 1.5960% with a 0.00 BP daily change [4].

Precious metals, as well as U.S. assets such as Treasury bonds rallied. The iShares 20+ Year Treasury Bond ETF rose 0.4%. The Dow rose nearly 600 points, or 1.2%. The S&P 500 was up 0.6%. The Nasdaq Composite was up 0.7%. The Dow traded as high as 49,209.95 before paring gains. The Dow Jones Industrial Average marked its highest close on record after Wall Street shrugged off the U.S.' capture of Venezuelan President Nicolás Maduro. ...

Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoints of the Report - In December 2025, the weakening of the US dollar and the improvement of risk appetite led to a steeper curve overseas, while in China, loose funds drove the yield curve to steepen. The bond market remained volatile due to the supply - demand contradiction at the long end [2]. - In 2026, the PPI is facing three positive factors: the tail - lifting factor, imported inflation, and the continued effectiveness of the "anti - involution" policy. Under the neutral scenario, the PPI is expected to turn positive in the second quarter of 2026 and reach around 1.2% by the end of the year. The mild re - inflation needs to resonate with other factors to significantly affect the bond market [3][55]. - Currently, the bond market is in a wait - and - see state. It is expected to remain volatile in the short term, lacking the motivation and space for trend trading. There are some structural opportunities, such as the follow - up rise opportunity of 5 - 7Y China Development Bank bonds and the compression opportunity of credit spreads [4]. Summary by Directory PART1: December 2025 - Curve Steepening Driven by Overseas and Domestic Factors Overseas - In December 2025, the Fed announced reserve management - style purchases (RMP) and continued to cut interest rates. The US dollar index weakened, liquidity improved, the US stock market rose, and risk appetite recovered. The US bond yield curve steepened due to factors like Fed's short - term bond purchase, market concerns about Fed independence, and rising commodity prices. Precious and industrial metals performed well, with copper benefiting from AI demand and gold and silver supported by geopolitical events [10][16]. Domestic - In November 2025, the domestic economic fundamentals showed a divergence between quantity and price, and in December, both supply and demand declined. The capital market was generally loose, and the overnight interest rate hit a new low for the year. The bond market remained volatile due to the long - end supply - demand contradiction, and the yield curve steepened [17][23]. - In terms of institutional behavior, large banks and insurance companies, as allocation players, increased their bond - buying in the secondary market in December. Large banks added some policy - related financial bonds and focused on 5 - 7 - year varieties. Insurance companies mainly added long - term treasury bonds. Trading players became conservative. Rural commercial banks mainly invested in certificates of deposit, funds reduced duration and mainly sold long - term treasury bonds, and wealth management products seasonally reduced bond allocation and slightly increased credit bond allocation [26][35][47]. PART2: How the 2026 Re - inflation Narrative May Affect the Bond Market 2026 PPI's Three Positive Factors - The tail - lifting factor can support the PPI to turn positive in the second half of 2026 even without new price - increasing factors [55]. - Imported inflation may occur as overseas capital expenditure and manufacturing investment are likely to rise in 2026. The US deficit rate may expand, and the Fed's new round of easing may release emerging market countries' capital expenditure demand [57]. - The "anti - involution" policy has shown a supporting effect on the PPI. Since August 2025, the month - on - month PPI of the mining industry has turned positive, driving the overall PPI to turn positive since October [60]. PPI Forecast under Different Scenarios - Under the pessimistic scenario, the PPI is expected to turn positive in the second half of 2026 with an average monthly PPI growth rate of 0%. Under the neutral scenario, with a monthly average PPI growth rate of 0.1%, the PPI is expected to turn positive in the second quarter of 2026 and reach around 1.2% by the end of the year. Under the optimistic scenario, with a monthly average PPI growth rate of 0.2%, the PPI is expected to turn positive in April 2026 and exceed 2% in the second half of the year [67]. PPI's Impact on the Bond Market - Historically, during the four PPI upward cycles since 2009, three typical upward periods were driven by the resonance of domestic and overseas demand or supply - demand. The PPI and the bond market generally move in the same direction, but there were several periods of divergence, mainly due to strong economic recovery expectations or PPI being mainly affected by the supply side while the domestic demand did not improve significantly and the monetary policy remained loose [69][71]. - In 2026, the mild re - inflation needs to resonate with other factors such as total demand, central bank's capital management, financial institutions' liability - side stability, and the flow of activated household deposits to significantly affect the bond market. The trading of typical total assets based on re - inflation may have limited odds [78]. PART3: Bond Market Strategy for January 2026 - In January 2026, the bond market may still be in a wait - and - see period. Potential risks include government bond supply pressure, the spring rally in the equity market, and the first - quarter credit boom. Potential positive factors include the possible relaxation of large banks' bond - allocation pressure and the relatively loose capital market, with a higher probability of a reserve - requirement ratio cut than an interest - rate cut in January [81]. - The bond market is expected to remain volatile in the short term, lacking the motivation and space for trend trading. Structurally, there are opportunities such as the follow - up rise of 5 - 7Y China Development Bank bonds and the compression of credit spreads in credit bonds [4][83].

Core Viewpoint - The article discusses the complexity behind the national debt of 200 trillion, emphasizing that understanding the sources, uses, and benefits of this debt is crucial rather than merely reacting to the large number [1][12]. Group 1: National Debt Understanding - National debt is essentially money borrowed by the government from various institutions and individuals through the issuance of bonds, which investors purchase for interest payments [1][3]. - The government borrows money to fund investments and infrastructure projects, such as railways, highways, hospitals, and schools, which are essential for development [3][4]. - The significant national debt should not be viewed solely as a negative; if the borrowed funds are used effectively, they can be seen as investments rather than liabilities [4][12]. Group 2: Investment Areas - A major portion of the national debt has been allocated to infrastructure projects, which, despite high initial costs, create substantial long-term value and improve efficiency [4][5]. - Investments in education have been significant, with funds directed towards building schools and improving conditions, which ultimately yield high returns through the development of skilled talent [5][7]. - Healthcare and social security have also seen increased funding, leading to improved access and quality of services, particularly in rural areas [7][12]. Group 3: Debt Implications - The average debt per person, while alarming at 140,000, does not imply that each individual is responsible for this amount; rather, it reflects a complex system of government financing through taxes and long-term repayment plans [8][12]. - Government debt often corresponds with valuable assets created through investments, such as highways that generate toll revenue and stimulate regional development [8][9]. - The rationale for borrowing rather than relying solely on tax revenue is to enable faster development and investment in infrastructure, which can lead to greater future income [9][11]. Group 4: Debt Management - The government is aware of the risks associated with high debt levels and manages borrowing based on economic growth and repayment capacity [11][12]. - Local government debt also contributes to the national debt, as regional authorities borrow to fund local development projects, which can lead to economic growth [11][12]. - A balanced view of national debt should consider its structure, purpose, and the economic context, rather than focusing solely on the total amount [12][14].

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: 4.123% in the US, 4.497% in the UK, 3.562% in France, 2.854% in Germany, 3.548% in Italy, 3.286% in Spain, 0.276% in Switzerland, 3.439% in Greece, 2.059% in Japan, 6.197% in Brazil, 1.851% in China, 4.746% in Australia, 4.381% in New Zealand [1] - The latest yields of 2 - year government bonds in major economies: 3.449% in the US, 3.721% in the UK, 2.119% in Germany, 1.168% in Japan, 2.193% in Italy, 1.332% in China (1Y yield), 4.041% in Australia [1] - The exchange rates of the US dollar against major emerging - economy currencies: 16.593 against the South African rand, 1439.750 against the South Korean won, 31.505 against the Thai baht, 4.049 against the Malaysian ringgit. The latest on - shore RMB exchange rate is 6.996, and the offshore RMB exchange rate is 6.992 [1] - The latest values of major economies' stock indices: 6896.240 for the Dow Jones, 48367.060 for the S&P 500, 23419.080 for the Industrial Index, 64366.700 for the Nasdaq, 9940.710 for the Mexican stock index, 8168.150 for the UK stock index, 24490.410 for the French CAC, 17354.900 for the German DAX, etc [1] - The latest value of the US investment - grade credit bond index is 5.475 [1] Stock Index Futures Trading Data - Index performance: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3965.12, 4651.28, 3036.55, 3242.90, and 7458.94 respectively. The percentage changes are - 0.00%, 0.26%, 0.06%, 0.63%, and 0.38% respectively [2] - Valuation: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are 14.19, 11.83, 33.79, 27.55, and 18.95 respectively. The环比 changes are 0.03, 0.02, 0.09, - 0.03, and 0.10 respectively [2] - Risk premium: The 1/PE - 10 - year interest rate of S&P 500 is - 0.49, and that of German DAX is 2.42. The环比 changes are 0.00 and - 0.06 respectively [2] - Fund flow: The latest values of A - shares, the main board, the small and medium - sized enterprise board, ChiNext, and CSI 300 are - 279.78, - 268.14, N/A, - 0.27, and 84.86 respectively. The 5 - day average values are - 155.53, - 161.57, N/A, 5.04, and 31.34 respectively [2] Other Trading Data - Transaction amount: The latest values of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, the small and medium - sized board, and ChiNext are 21423.26, 4571.85, 1131.75, 4636.74, and 5594.95 respectively. The环比 changes are 29.88, - 254.29, - 39.45, 7.14, and 215.29 respectively [3] - Main contract's premium or discount: The basis of IF, IH, and IC are - 29.08, - 1.15, and - 77.94 respectively. The amplitudes are - 0.63%, - 0.04%, and - 1.04% respectively [3] - Treasury futures trading data: The closing prices of T2303, TF2303, T2306, and TF2306 are 107.94, 105.82, 107.95, and 105.82 respectively. The percentage changes are - 0.03%, - 0.02%, - 0.04%, and - 0.02% respectively [3] - Fund interest rates: The R001, R007, and SHIBOR - 3M are 1.3782%, 2.0620%, and 1.6000% respectively. The daily changes are - 56.00BP, 12.00BP, and 0.00BP respectively [3]

Core Viewpoint - The Japanese government plans to significantly increase the departure tax for outbound travelers starting July next year, alongside introducing an entry fee, which has sparked public debate regarding the fairness of these measures [1][2]. Group 1: Departure Tax Increase - The "international traveler departure tax" will rise from the current 1,000 yen (approximately 45 RMB) to 3,000 yen, automatically collected when purchasing international flight tickets [2]. - The government anticipates that revenue from this tax will reach 130 billion yen by the fiscal year 2026, which is 2.7 times the revenue from the previous fiscal year [2]. Group 2: Entry Fee Proposal - A new "entry fee" is planned for 2026, with visa application fees set to increase fivefold; single-entry visa fees will rise to 15,000 yen, while multiple-entry visa fees will increase to 30,000 yen [2]. Group 3: Fiscal Pressure and Debt Concerns - The increase in departure tax and visa fees reflects broader fiscal pressures, as Japan prepares to implement its largest-ever budget next year, with surging social security and defense spending [3]. - Despite rising tax revenues, the government is expected to incur nearly 30 trillion yen in debt next year, with national debt already at twice Japan's GDP [3]. - The ongoing fiscal expansion is causing market panic and increasing downward pressure on the yen's exchange rate [3].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The prices of treasury bond futures generally declined, with the T2603 contract falling 0.3% and the trading volume decreasing. The IRR of the CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, with no arbitrage opportunities. Short - term market interest rates showed mixed trends, and the yields of key - term treasury bonds generally increased. The yields of overseas key - term treasury bonds mostly decreased [2]. - The 10 - year treasury bond active bond yield rose to 1.859%. The central bank's net injection of funds in the open market and the loose year - end market liquidity, along with the expected introduction of loose policies in early 2026, provided some support for the prices of short - term treasury bond futures [3]. Summary by Directory Futures Market - **Price and Volume**: The prices of all treasury bond futures contracts declined, with the T2603 contract dropping 0.3%. The trading volume of each contract varied, and the open interest of most contracts decreased. The cross - period spreads also changed [2]. - **IRR**: The IRR of the CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, indicating no arbitrage opportunities [2]. Spot Market - **Short - term Market Interest Rates**: Short - term market interest rates showed mixed trends. SHIBOR 7 - day, DR007, and GC007 interest rates increased, while SHIBOR overnight decreased [2]. - **Chinese Key - term Treasury Bond Yields**: The yields of key - term treasury bonds generally increased. The 10 - year treasury bond yield rose 2.32bp to 1.86%, and the long - short (10 - 2) treasury bond yield spread was 41.87bp [2]. - **Overseas Key - term Treasury Bond Yields**: The yields of overseas key - term treasury bonds mostly decreased. The 10 - year US, German, and Japanese treasury bond yields decreased by 2bp, 2bp, and 0.2bp respectively [2]. Macro News and Strategies - **Domestic**: The central bank's net injection of 4150 billion yuan in the open market, the decrease in Shibor overnight to a new low since August 2023, the decline in industrial enterprise profits in November, the measures to stabilize the real estate market, and the expected implementation of more active fiscal and monetary policies in 2026 [3]. - **International**: The significant increase of 4.3% in the initial value of the US Q3 real GDP, the remarks of the US Treasury Secretary on the inflation target, and the decline in US bond yields [3].

Group 1: Global Asset Market Performance - The latest yields of 10 - year treasury bonds in major economies: US 4.165%, UK 4.535%, France 3.611%, Germany 2.897%, Italy 3.598%, Spain 3.332%, Switzerland 0.307%, Greece 3.482%, Japan 2.077%, Brazil 6.184%, China 1.835%, Australia 4.794%, New Zealand 4.475% [3] - The latest yields of 2 - year treasury bonds in major economies: US 3.508%, UK 3.736%, Germany 2.147%, Japan 1.113%, Italy 2.262%, China (1Y yield) 1.356%, Australia 4.075% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.592, South Africa zar 16.711, South Korean won 1480.700, Thai baht 31.180, Malaysian ringgit 4.078. The latest on - shore RMB is 7.037, offshore RMB is 7.031, RMB central parity is 7.057, and RMB 12 - month NDF is 6.902 [3] - The latest values of major economies' stock indices: S&P 500 6878.490, Dow Jones Industrial Average 48362.680, Nasdaq 23428.830, Mexican stock index 64778.180, UK stock index 9865.970, French CAC 8121.070, German DAX 24283.970, Spanish stock index 17158.000, Russian stock index (not available), Nikkei 50402.390, Hang Seng Index 25801.770, Shanghai Composite Index 3917.364, Taiwan stock index 28149.640, South Korean stock index 4105.930, Indian stock index 8645.844, Thai stock index 1269.680, Malaysian stock index 1671.290, Australian stock index 9000.726, emerging - economy stock index 1383.830 [3] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 264.992, Eurozone high - yield credit - bond index 409.720 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price is 3917.36 with a 0.69% increase, CSI 300 closing price is 4611.62 with a 0.95% increase, SSE 50 closing price is 3020.23 with a 0.53% increase, ChiNext closing price is 3191.98 with a 2.23% increase, and CSI 500 closing price is 7255.66 with a 1.20% increase [4] - Valuation: PE(TTM) of CSI 300 is 14.05 with a 0.08环比 change, SSE 50 is 11.76 with a 0.06环比 change, CSI 500 is 32.95 with a 0.37环比 change, S&P 500 is 27.48 with a 0.18环比 change, and German DAX is 18.79 with a - 0.01环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.53 with a - 0.04环比 change, German DAX is 2.42 with a - 0.01环比 change [4] - Fund flow: The latest value of A - share fund flow is 58.51, main - board is - 112.17, ChiNext is 108.59, and CSI 300 is 222.28. The 5 - day average values are - 66.43 for A - shares, - 50.91 for the main board, - 1.48 for ChiNext, and 131.41 for CSI 300 [4] Group 3: Other Trading Data - Transaction amount: The latest transaction amount of the Shanghai and Shenzhen stock markets is 18619.40 with a 1360.25环比 change, CSI 300 is 4482.41 with a 766.64环比 change, SSE 50 is 1067.35 with a 117.95环比 change, small - and - medium - sized board is 3801.25 with a 289.02环比 change, and ChiNext is 4826.42 with a 443.70环比 change [5] - Main contract basis and spread: IF basis is - 46.82 with a - 1.02% spread, IH basis is - 1.83 with a - 0.06% spread, IC basis is - 132.46 with a - 1.83% spread [5] - Treasury futures: T2303 closing price is 107.98 with a - 0.16% change, TF2303 closing price is 105.86 with a - 0.10% change, T2306 closing price is 108.01 with a - 0.16% change, TF2306 closing price is 105.86 with a - 0.10% change [5] - Fund rates: R001 is 1.3547% with a - 16.00 BP daily change, R007 is 1.5063% with a 0.00 BP daily change, SHIBOR - 3M is 1.6010% with a 0.00 BP daily change [5]