1. Report Information - Report Title: "Big Asset Morning Report" - Report Date: January 30, 2026 - Report Team: Macro Team of the Research Center [2] 2. Global Asset Market Performance 2.1 Bond Market - **10 - year Treasury Bonds**: Yields of 10 - year Treasury bonds in major economies vary, with the US at 4.233, the UK at 4.510, France at 3.418, etc [3]. - **2 - year Treasury Bonds**: The US 2 - year Treasury bond yield is 3.561, the UK's is 3.706, and Germany's is 2.078 [3]. 2.2 Exchange Rate Market - **Dollar against Major Emerging Economies' Currencies**: The exchange rate of the dollar against the Brazilian real is 5.190, against the South African rand is 15.738, etc [3]. - **Renminbi**: The on - shore RMB is at 6.952, the off - shore RMB is at 6.945, and the RMB central parity rate is 6.977 [3]. 2.3 Stock Market - **Major Economies' Stock Indices**: The S&P 500 is at 6969.010, the Dow Jones Industrial Average is at 49071.560, and the Nasdaq is at 23685.120 [3]. 2.4 Credit Bond Index - The euro - zone investment - grade credit bond index is at 267.857, and the euro - zone high - yield credit bond index is at 413.160 [3]. 3. Stock Index Futures Trading Data 3.1 Index Performance - **Closing Prices**: The A - share index closes at 4157.98, the CSI 300 at 4753.87, the SSE 50 at 3110.91, etc [4]. - **Price Changes (%)**: The A - share index rises 0.16%, the CSI 300 rises 0.76%, the SSE 50 rises 1.65%, while the ChiNext falls 0.57% and the CSI 500 falls 0.97% [4]. 3.2 Valuation - **PE (TTM)**: The PE (TTM) of the CSI 300 is 14.31, the SSE 50 is 11.82, the CSI 500 is 38.58, etc [4]. - **Quarter - on - Quarter Changes**: The PE (TTM) of the CSI 300 has a 0.11 quarter - on - quarter change, the SSE 50 has 0.15, and the CSI 500 has - 0.37 [4]. 3.3 Risk Premium - **1/PE - 10 - year Interest Rate**: The risk premium of the S&P 500 is - 0.64, and that of the German DAX is 2.46 [4]. - **Quarter - on - Quarter Changes**: The risk premium of the S&P 500 has a 0.02 quarter - on - quarter change, and the German DAX has 0.12 [4]. 3.4 Fund Flows - **Latest Values**: The net fund outflow of A - shares is - 952.92, the main board is - 653.65, and the ChiNext is - 134.31 [4]. - **Average of the Past 5 Days**: The average net fund outflow of A - shares in the past 5 days is - 1146.55, the main board is - 874.95, and the ChiNext is - 205.36 [4]. 4. Transaction Amount and Basis 4.1 Transaction Amount - **Latest Values**: The total trading volume of the Shanghai and Shenzhen stock markets is 32300.08, the CSI 300 is 9179.66, and the SSE 50 is 2948.88 [5]. - **Quarter - on - Quarter Changes**: The total trading volume of the Shanghai and Shenzhen stock markets has a 2645.98 quarter - on - quarter change, the CSI 300 has 885.52, and the SSE 50 has 422.65 [5]. 4.2 Basis of Main Contracts - **Basis**: The basis of IF is 30.13, IH is 19.49, and IC is - 0.24 [5]. - **Basis Ratio**: The basis ratio of IF is 0.63%, IH is 0.63%, and IC is - 0.00% [5]. 5. Treasury Bond Futures Trading Data - **Closing Prices**: The T2303 closes at 108.25, TF2303 at 105.88, T2306 at 108.26, and TF2306 at 105.91 [5]. - **Price Changes (%)**: T2303 rises 0.04%, T2306 rises 0.06%, while TF2303 has no change and TF2306 has a - 0.00% change [5]. 6. Capital Interest Rate - **Interest Rates**: R001 is 1.4381%, R007 is 1.6245%, and SHIBOR - 3M is 1.5910% [5]. - **Daily Changes (BP)**: R001 has a - 17.00 BP daily change, R007 has a 1.00 BP change, and SHIBOR - 3M has no change [5].

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.244, UK 4.543, France 3.427, Germany 2.856, Italy 3.464, Spain 3.220, Switzerland 0.228, Greece 3.466, Japan 2.234, Brazil 6.205, China 1.814, Australia 4.814, New Zealand 4.628 [2] - The latest yields of 2 - year government bonds in major economies: US 3.573, UK 3.735, Germany 2.096, Japan 1.242, Italy 2.148, China (1Y yield) 1.292, Australia 4.189 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.197, South Africa zar 15.773, South Korean won 1436.250, Thai baht 31.052, Malaysian ringgit 3.920 [2] - The latest exchange rates of the RMB: on - shore RMB 6.948, off - shore RMB 6.944, RMB central parity rate 6.976, RMB 12 - month NDF 6.815 [2] - The latest values of major economies' stock indices: S&P 500 6978.030, Dow Jones Industrial Average 49015.600, NASDAQ 23857.450, Mexican stock index 69959.730, UK stock index 10154.430, French CAC 8066.680, German DAX 24822.790, Spanish stock index 17607.600, Russian stock index (not available), Nikkei 53358.710, Hang Seng Index 27826.910, Shanghai Composite Index 4151.238, Taiwan stock index 32803.820, South Korean stock index 5170.810, Indian stock index 8320.556, Thai stock index 1338.900, Malaysian stock index 1756.490, Australian stock index 9250.602, emerging - economy stock index 1556.800 [2] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 267.587, Eurozone high - yield credit - bond index 413.360 [2] Stock Index Futures Trading Data - Index performance: A - share closing price 4151.24 (up 0.27%), CSI 300 closing price 4717.99 (up 0.26%), SSE 50 closing price 3060.56 (up 0.27%), ChiNext closing price 3323.56 (down 0.57%), CSI 500 closing price 8601.16 (up 0.61%) [3] - Valuation: PE(TTM) of CSI 300 14.20 (up 0.06), SSE 50 11.67 (up 0.04), CSI 500 38.95 (up 0.25), S&P 500 27.87 (unchanged), German DAX 19.26 (down 0.06) [3] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.66 (unchanged), German DAX 2.34 (up 0.04) [3] - Fund flow: A - share latest value - 1539.22, 5 - day average - 1092.50; Main - board latest value - 940.00, 5 - day average - 842.94; ChiNext latest value - 483.26, 5 - day average - 201.04; CSI 300 latest value - 581.72, 5 - day average - 527.18 [3] Other Trading Data - Transaction amount: Shanghai and Shenzhen stock markets latest value 29654.10 (up 704.28), CSI 300 latest value 8294.14 (up 1141.46), SSE 50 latest value 2526.23 (up 502.96), Small - and - medium - sized board latest value 5584.64 (up 21.30), ChiNext latest value 7441.76 (down 8.67) [4] - Main contract basis: IF basis 14.81 (0.31%), IH basis 9.24 (0.30%), IC basis 20.84 (0.24%) [4] - Treasury - bond futures: T2303 closing price 108.21 (up 0.02%), TF2303 closing price 105.87 (up 0.03%), T2306 closing price 108.19 (up 0.02%), TF2306 closing price 105.92 (up 0.03%) [4] - Fund interest rates: R001 1.4381% (down 19.00 BP), R007 1.6122% (down 2.00 BP), SHIBOR - 3M 1.5947% (down 1.00 BP) [4]

Global Asset Market Performance - The latest yields of 10-year government bonds in major economies: US 4.226%, UK 4.511%, France 3.493%, Germany 2.905%, Italy 3.512%, Spain 3.270%, Switzerland 0.278%, Greece 3.506%, Japan 2.248%, Brazil 6.208%, China 1.825%, South Korea 3.603%, Australia 4.818%, New Zealand 4.589% [3] - The latest yields of 2-year government bonds in major economies: US 3.595%, UK 3.722%, Germany 2.127%, Japan 1.240%, Italy 2.205%, China (1Y yield) 1.273%, South Korea 2.924%, Australia 4.183% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.286, South Africa (zar) 16.127, South Korean won 1464.000, Thai baht 31.195, Malaysian ringgit 4.007 [3] - The latest exchange rates of the RMB: on - shore RMB 6.963, off - shore RMB 6.949, RMB central parity rate 6.993, RMB 12 - month NDF 6.817 [3] - The latest values of major economies' stock indices: S&P 500 6915.610, Dow Jones Industrial Average 49098.710, Nasdaq 23501.240, Mexican stock index 68195.150, UK stock index 10143.440, France CAC 8143.050, Germany DAX 24900.710, Spanish stock index 17544.400, Russian stock index (not available), Nikkei 53846.870, Hang Seng Index 26749.510, Shanghai Composite Index 4136.164, Taiwan stock index 31961.510, South Korean stock index 4990.070, Indian stock index 8951.010, Thai stock index 1314.390, Malaysian stock index 1719.990, Australian stock index 9189.871, emerging - economy stock index 1501.110 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3555.310, euro - zone investment - grade credit - bond index 266.753, emerging - economy investment - grade credit - bond index 290.590, US high - yield credit - bond index 2933.910, euro - zone high - yield credit - bond index 412.990, emerging - economy high - yield credit - bond index 1838.807 [3] Stock Index Futures Trading Data - Index performance: A - share closing price 4136.16 (up 0.33%), CSI 300 closing price 4702.50 (down 0.45%), SSE 50 closing price 3032.19 (down 0.69%), ChiNext closing price 3349.50 (up 0.63%), CSI 500 closing price 8590.17 (up 2.42%) [4] - Valuation: PE(TTM) of CSI 300 14.08 (down 0.09%), SSE 50 11.49 (down 0.11%), CSI 500 38.90 (up 0.83%), S&P 500 27.62 (up 0.01%), Germany DAX 19.32 (up 0.03%) [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.61 (up 0.01%), Germany DAX 2.27 (down 0.03%) [4] - Fund flow: A - share latest value - 58.18, main - board latest value - 331.92, ChiNext latest value 183.94, CSI 300 latest value - 814.22, A - share 5 - day average - 466.98, main - board 5 - day average - 321.96, ChiNext 5 - day average - 123.99, CSI 300 5 - day average - 457.40 [4] - Transaction amount: Shanghai and Shenzhen stock markets latest value 30852.24 (up 3934.91), CSI 300 latest value 7556.18 (up 653.83), SSE 50 latest value 2004.56 (up 70.45), small - and medium - sized board latest value 6259.27 (up 921.92), ChiNext latest value 8169.10 (up 1353.75) [5] - Main contract basis and spread: IF basis 6.70 (0.14%), IH basis 5.61 (0.18%), IC basis 68.03 (0.79%) [5] Treasury Futures Trading Data - Treasury futures closing prices: T2303 108.20 (up 0.04%), TF2303 105.88 (up 0.04%), T2306 108.19 (up 0.06%), TF2306 105.90 (up 0.05%) [5] - Fund interest rates: R001 1.4654% (down 8.00BP), R007 1.5360% (down 1.00BP), SHIBOR - 3M 1.5980% (unchanged) [5]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - No clear core viewpoints are presented in the provided content. The document mainly shows data on global asset market performance, stock index futures trading, and bond futures trading 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bonds**: Yields of 10 - year treasury bonds in various major economies are presented. For example, the US is at 4.246, the UK at 4.473, and China at 1.830 [2] - **2 - Year Treasury Bonds**: Yields of 2 - year treasury bonds in different countries are given. The US 2 - year yield is 3.607, and China's 1 - year yield is 1.275 [2] - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are shown. For instance, the US dollar to Brazilian real is 5.288, and to South African rand is 16.133 [2] - **Stock Indices**: The latest values of major economy stock indices are provided. The S&P 500 is 6913.350, the Dow Jones Industrial Index is 49384.010, and the Shanghai Composite Index is 4122.576 [2] - **Credit Bond Indices**: The latest values of different credit - bond indices are presented. For example, the US investment - grade credit - bond index is 3554.310, and the euro - area high - yield credit - bond index is 412.940 [2] Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are given. A - shares closed at 4122.58 with a 0.14% increase [3] - **Valuation**: PE (TTM) and their环比changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. The PE (TTM) of CSI 300 is 14.17 with a - 0.01环比 change [3] - **Risk Premium**: 1/PE - 10 - year interest rates and their环比 changes of S&P 500 and German DAX are provided. The 1/PE - 10 - year interest rate of S&P 500 is - 0.63 with a - 0.03环比 change [3] - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, small - and - medium - sized enterprise board, ChiNext, and CSI 300 are shown. The latest fund flow in A - shares is - 682.69 [3] - **Transaction Amount**: The latest values and环比 changes of trading amounts in the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and - medium - sized board, and ChiNext are given. The latest trading amount in the Shanghai and Shenzhen stock markets is 26917.33 with a 911.34环比 change [4] - **Main Contract Basis and Spread**: The basis and spread of IF, IH, and IC are presented. The basis of IF is - 4.31 with a - 0.09% spread [4] Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are given. T2303 closed at 108.15 with a - 0.05% change [4] - **Funding Rates**: The R001 is 1.4822%, R007 is 1.5473%, and SHIBOR - 3M is 1.5980%, with daily changes of - 6.00 BP, 1.00 BP, and 0.00 BP respectively [4]

Group 1: Global Asset Market Performance - **10 - year Treasury Bonds**: The latest yields of 10 - year Treasury bonds in major economies are as follows: US 4.294, UK 4.457, France 3.526, Germany 2.858, Italy 3.501, Spain 3.254, Switzerland 0.248, Greece 3.492, Japan 2.351, Brazil 6.271, China 1.832, South Korea (not available), Australia 4.782, New Zealand 4.515 [1] - **2 - year Treasury Bonds**: The yields of 2 - year Treasury bonds are: US 3.598, UK 3.667, Germany 2.068, Japan 1.212, Italy 2.168, China (1Y yield) 1.270, South Korea (not available), Australia 4.102 [1] - **USD Exchange Rates against Major Emerging - Market Currencies**: The latest exchange rates are: South Africa zar 5.376, Russia 16.425, South Korean won 1477.550, Thai baht 31.075, Malaysian ringgit 4.055 [1] - **Renminbi**: The latest values are: on - shore RMB 6.961, off - shore RMB 6.956, mid - price 7.001, 12 - month NDF 6.834 [1] - **Stock Indices of Major Economies**: The latest indices are: Dow Jones 6796.860, S&P 500 48488.590, Industrial Index 22954.320, Nasdaq 67683.380, Mexican Index 10126.780, UK Index 8062.580, France CAC 24703.120, Germany DAX 17429.100, Spanish Index (not available), Russian Index (not available), Nikkei 52991.100, Hang Seng Index 26487.510, Shanghai Composite Index 4113.649, Taiwan Index 31759.990, South Korean Index 4885.750, Indian Index 9134.700, Thai Index 1296.370, Malaysian Index 1699.060, Australian Index 9138.573, Index 1480.630 [1] - **Credit Bond Indices**: The latest values are: US investment - grade credit bond index 3534.390, Eurozone investment - grade credit bond index 266.750, emerging - economy investment - grade credit bond index 289.830, US high - yield credit bond index 2925.390, Eurozone high - yield credit bond index 411.820, emerging - economy high - yield credit bond index 1823.969 [1] Group 2: Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 4113.65, 4718.88, 3070.65, 3277.98, and 8247.80 respectively. The percentage changes are - 0.01%, - 0.33%, - 0.17%, - 1.79%, and - 0.48% respectively [2] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.22, 11.74, 37.41, 27.14, and 19.17 respectively. The环比 changes are 0.00, 0.03, - 0.19, - 0.58, and - 0.20 respectively [2] - **Risk Premium**: The risk premium (1/PE - 10 - year interest rate) of S&P 500 and Germany DAX are - 0.61 and 2.36 respectively. The环比 changes are 0.01 and 0.03 respectively [2] - **Fund Flows**: The latest values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are - 1609.92, - 783.62, (not available), - 635.48, and - 346.24 respectively. The 5 - day average values are - 890.02, - 614.69, (not available), - 245.35, and - 396.73 respectively [2] Group 3: Other Trading Data - **Trading Volume**: The latest trading volume of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are 27776.57, 6719.61, 1757.36, 5667.08, and 7026.80 respectively. The环比 changes are 693.08, 168.12, 95.56, 190.51, and - 64.76 respectively [3] - **Main Contract Basis and Spread**: The basis of IF, IH, and IC are - 10.28, 4.75, and 1.00 respectively, with spreads of - 0.22%, 0.15%, and 0.01% respectively [3] - **Treasury Bond Futures**: The closing prices of T2303, TF2303, T2306, and TF2306 are 108.18, 105.88, 108.11, and 105.88 respectively. The percentage changes are 0.13%, 0.09%, 0.12%, and 0.06% respectively [3] - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M are 1.4212%, 1.5429%, and 1.6000% respectively. The daily changes are - 11.00 BP, 1.00 BP, and 0.00 BP respectively [3]

1. Report Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - From January 12th to January 16th, the US December CPI year - on - year growth rate met expectations and remained the same as the previous value. Global geopolitical risks continued to impact the market. The US dollar index rose weekly. Stocks and commodities performed strongly, while the bond market declined. In terms of the US dollar, commodities > stocks > bonds. In the domestic market, the stock market was divided, and the bond market and commodities rose weekly. Commodities > bonds > stocks. Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes [5][8][19]. 3. Summary by Directory Global Major Asset Performance - **Global Stock Market**: From January 12th to January 16th, market sentiment was relatively cautious. Trump called for setting a 10% credit card interest rate cap starting from January 20, 2026, pressuring US stocks. Most global stock markets rose, with the Asia - Pacific region leading in gains. Emerging markets outperformed developed markets, and the VIX index rose weekly. For example, the MSCI Asia - Pacific region rose 2.75% weekly and 5.62% year - to - date, while the MSCI US fell 0.38% weekly but rose 1.39% year - to - date [10][13][14]. - **Global Bond Market**: Recently, most Fed officials' statements were hawkish, cooling market expectations of interest rate cuts. Medium - and long - term US Treasury yields generally rose, with the 10 - year US Treasury yield rising 6BP to 4.24% weekly. The bond market was weak, and globally, high - yield bonds > credit bonds > government bonds [16]. - **Global Foreign Exchange Market**: From January 12th to January 16th, data such as the US November retail sales month - on - month growth rate were good, and the US dollar index rose weekly. Most major non - US currencies depreciated against the US dollar, and the RMB exchange rate was volatile and strong. The US dollar index rose 0.23% weekly [16][17]. - **Global Commodity Market**: Geopolitical factors supported the weekly rise of international oil prices. Precious metal prices rose, while most non - ferrous metal and agricultural product prices fell. International silver prices rose significantly [17]. Domestic Major Asset Performance - **Domestic Stock Market**: Market risk appetite declined. Most major broad - based A - share indices rose, and the average daily trading volume of the two markets increased compared to the previous week. The performance of large - cap blue - chip stocks was weak. Computer and electronics sectors led in gains, while the military and agriculture, forestry, animal husbandry, and fishery sectors performed poorly. The Shanghai Composite Index fell 0.45% weekly [20][22]. - **Domestic Bond Market**: From January 12th to January 16th, the central bank's net open - market operations injected 111.28 billion yuan. The capital market fluctuated, and the bond market was strong weekly. Overall, government bonds > credit bonds > corporate bonds [23]. - **Domestic Commodity Market**: The domestic commodity market rose weekly. Among major commodity sectors, precious metals led in gains. For example, the Nanhua Precious Metals Index rose 9.41% weekly [24][25]. Major Asset Price Outlook - Geopolitical risk factors may still change in the short - term, significantly affecting the prices of major asset classes. It is necessary to pay attention to their subsequent changes [4][26].

1. Global Asset Market Performance 1.1 Bond Yields - 10 - year Treasury bond yields in major economies: US 4.133%, UK 4.339%, France 3.489%, Germany 2.813%, Italy 3.449%, Spain 3.214%, Switzerland 0.224%, Greece 3.319%, Japan 2.179%, Brazil 6.200%, China 1.845%, Australia 4.717%, New Zealand 4.480 [3] - 2 - year Treasury bond yields in major economies: US 3.512%, UK 3.619%, Germany 2.073%, Japan 1.169%, Italy 2.168%, China (1Y yield) 1.254%, Australia 4.034 [3] 1.2 Exchange Rates - USD exchange rates against major emerging - economy currencies: Brazil 5.393, South Africa zar 16.406, Korean won 1463.850, Thai baht 31.430, Malaysian ringgit 4.049 [3] - RMB exchange rates: on - shore 6.973, off - shore 6.970, mid - price 7.012, 12 - month NDF 6.850 [3] 1.3 Stock Indices - Major economy stock indices: S&P 500 6926.600, Dow Jones Industrial Average 49149.630, Nasdaq 23471.750, Mexican index 67403.080, UK index 10184.350, France CAC 8330.970, Germany DAX 25286.240, Spanish index 17695.700, Russian index (not available), Nikkei 54341.230, Hang Seng Index 26999.810, Shanghai Composite Index 4126.093, Taiwan index 30941.780, Korean index 4723.100, Indian index 9032.584, Thai index 1244.300, Malaysian index 1710.910, Australian index 9151.810, emerging - economy index 1479.390 [3] 1.4 Credit Bond Indices - Credit bond indices: US investment - grade 3559.380, Eurozone investment - grade 267.017, emerging - economy investment - grade 290.810, US high - yield 2928.070, Eurozone high - yield 412.500, emerging - economy high - yield 1826.996 [3] 2. Stock Index Futures Trading Data 2.1 Index Performance - Closing prices: A - share 4126.09, CSI 300 4741.93, SSE 50 3112.07, ChiNext 3349.14, CSI 500 8227.70 [4] - Percentage changes: A - share - 0.31%, CSI 300 - 0.40%, SSE 50 - 0.67%, ChiNext 0.82%, CSI 500 1.04% [4] 2.2 Valuation - PE (TTM): CSI 300 14.35, SSE 50 11.93, CSI 500 37.33, S&P 500 27.67, Germany DAX 19.62 [4] -环比 changes: CSI 300 - 0.11, SSE 50 - 0.13, CSI 500 0.34, S&P 500 - 0.15, Germany DAX - 0.10 [4] 2.3 Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.52, Germany DAX 2.28 [4] -环比 changes: S&P 500 0.06, Germany DAX 0.06 [4] 2.4 Fund Flows - Latest values: A - share - 616.58, Main Board - 873.11, ChiNext 170.54, CSI 300 - 319.15 [4] - 5 - day average values: A - share - 453.60, Main Board - 518.16, ChiNext 52.21, CSI 300 - 202.61 [4] 3. Other Trading Data 3.1 Stock Market Trading Volume - Latest trading volume values: Shanghai and Shenzhen stock markets 39413.89, CSI 300 8913.34, SSE 50 2160.78, Small - and - medium - sized board 7888.95, ChiNext 11515.33 [5] -环比 changes: Shanghai and Shenzhen stock markets 2904.04, CSI 300 902.79, SSE 50 272.25, Small - and - medium - sized board 398.47, ChiNext 738.14 [5] 3.2 Futures Basis - Basis: IF - 1.93, IH 1.93, IC - 29.90 [5] - Basis amplitude: IF - 0.04%, IH 0.06%, IC - 0.36% [5] 3.3 Treasury Futures - Closing prices: T2303 107.93, TF2303 105.66, T2306 107.87, TF2306 105.65 [5] - Percentage changes: T2303 0.07%, TF2303 0.03%, T2306 0.08%, TF2306 0.04% [5] 3.4 Fund Rates - Fund rates: R001 1.4913%, R007 1.6037%, SHIBOR - 3M 1.6000% [5] - Daily changes (BP): R001 - 8.00, R007 3.00, SHIBOR - 3M 0.00 [5]

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]

1. Report's Industry Investment Rating - No information provided in the content 2. Report's Core View - No clear core view presented in the content 3. Summary According to Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bonds**: Yields of 10 - year Treasury bonds in major economies are as follows: US 4.174, UK 4.480, France 3.553, Germany 2.841, Italy 3.533, Spain 3.270, Switzerland 0.246, Greece 3.413, Brazil 6.190, China 1.876, Australia 4.793, New Zealand 4.509 [3] - **2 - Year Treasury Bonds**: Yields of 2 - year Treasury bonds in major economies are: US 3.464, UK 3.693, Germany 2.098, Japan 1.179, Italy 2.204, China (1Y yield) 1.341, Australia 4.084 [3] - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.376, South Africa zar 16.356, South Korean won 1447.500, Thai baht 31.245, Malaysian ringgit 4.047. The latest onshore RMB is 6.984, offshore RMB is 6.981, RMB central parity is 7.017, and RMB 12 - month NDF is 6.864 [3] - **Stock Indices**: The latest values of major economy stock indices are: S&P 500 6944.820, Dow Jones Industrial Average 49462.080, Nasdaq 23547.170, Mexican index 65022.240, UK index 10122.730, France CAC 8237.430, Germany DAX 24892.200, Spanish index 17647.100, Japanese Nikkei 52518.080, Hong Kong Hang Seng Index 26710.450, Shanghai Composite Index 4083.667, Taiwan index 30576.300, South Korean index 4525.480, Indian index 8933.609, Thai index 1274.750, Malaysian index 1672.350, Australian index 8996.918, emerging - economy index 1467.160 [3] - **Credit Bond Indices**: The latest values of credit bond indices are: US investment - grade credit bond index 3545.480, euro - zone investment - grade credit bond index 266.170, emerging - economy investment - grade credit bond index 290.480, US high - yield credit bond index 2921.870, euro - zone high - yield credit bond index 411.440, emerging - economy high - yield credit bond index 1827.901 [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 4083.67, 4790.69, 3158.76, 3319.29, and 7814.14 respectively, with daily percentage changes of 1.50%, 1.55%, 1.90%, 0.75%, and 2.13% [4] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.52, 12.13, 35.38, 27.74, and 19.26 respectively, with环比 changes of 0.19, 0.15, 0.71, 0.17, and 0.01 [4] - **Risk Premium**: The risk premium for S&P 500 (1/PE - 10 - year rate) is - 0.57 with a环比 change of - 0.04, and for Germany DAX is 2.35 with a环比 change of 0.02 [4] - **Fund Flows**: The latest fund flow values for A - shares, main board, ChiNext, and CSI 300 are 631.23, 552.00, 78.91, and 396.75 respectively. The 5 - day average values are - 65.98, - 129.00, 41.00, and 104.37 respectively [4] Other Trading Data - **Transaction Amount**: The latest transaction amounts of Shanghai and Shenzhen stock exchanges, CSI 300, SSE 50, small - and medium - sized board, and ChiNext are 28065.07, 7254.15, 1800.48, 5735.57, and 7565.29 respectively, with环比 changes of 2602.36, 948.38, 104.86, 498.64, and 603.11 [5] - **Main Contract Basis and Spread**: The basis of IF, IH, and IC are - 12.69, 3.04, and - 27.74 respectively, with spreads of - 0.26%, 0.10%, and - 0.35% [5] - **Treasury Bond Futures**: The closing prices of T2303, TF2303, T2306, and TF2306 are 107.70, 105.57, 107.66, and 105.57 respectively, with daily percentage changes of - 0.14%, - 0.13%, - 0.18%, and - 0.14% [5] - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M are 1.3302%, 1.4930%, and 1.5960% respectively, with daily changes of - 16.00 BP, 0.00 BP, and 0.00 BP [5]