Summary of Key Points from Conference Call Records Industry Overview Automotive and Consumer Sector - Sales of trade-in related products remained weak in early January - From January 1 to January 11, national retail sales of passenger cars decreased by 32% year-on-year [1] - As of January 9, sales of eight categories of home appliances fell by 41.9% year-on-year [1] Production and Construction - Production remained stable in the second week of January, with attention on the impact of the upcoming Spring Festival on production growth - The utilization rate of coking capacity was 77.5%, slightly down from 77.7% previously - The apparent consumption of major steel products was 9.377 million tons this week, up from 9.071 million tons previously [2] Real Estate - New and second-hand housing transaction volumes were weak in the second week of January - From January 10 to January 16, the average daily transaction area of commercial housing in 30 major cities was 195,000 square meters, roughly unchanged from the previous week but down 43.3% year-on-year - In third-tier cities, the year-on-year decline was 50% [3] Trade and Exports - In the second week of January, shipping rates from Shanghai to the East Coast of the U.S. increased by 1.2%, while rates to the West Coast decreased by 1.1% - The export freight index (CCFI) rose by 1.3% week-on-week, while the SCFI fell by 4.4% - In the first ten days of January, South Korea's export value decreased by 2.3% year-on-year, and import value fell by 4.5% [4] Economic Forecast - GDP growth for December 2025 is estimated at 4.6% based on statistical bureau data, while January 2026 is estimated at 4.3% based on high-frequency data - The impact of the Spring Festival is expected to lead to a significant increase in year-on-year data in the future [4] Liquidity - In the second week of January, funding rates showed a marginal increase, with the average weekly DR007 rate at 1.51%, up from 1.45% - The net financing of government bonds was -233.64 billion yuan, while net financing of credit bonds was 49.04 billion yuan [5] Prices - In the second week of January, commodity prices showed divergence, with coking coal and coke prices decreasing by 2.1% and 1.8% respectively - Food prices for pork, eggs, vegetables, and fruits increased by 0.6%, 3.3%, 0.2%, and 1.9% respectively [6] U.S. High-Frequency Data - In the second week of January, U.S. consumer spending continued to grow - The Redbook commercial retail sales increased by 5.7% year-on-year, down from 7.1% previously - TSA checkpoint numbers increased by 3.8% year-on-year, up from 2.1% [7]

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Core Viewpoints - From January 12 - 16, 2026, the central bank conducted short - term reverse repurchase net investment, with 6M outright reverse repurchase operations of 90 billion yuan and a net investment of 30 billion yuan. From January 12 - 18, 2026, the net payment scale of government bonds decreased, most of the maturity yields of inter - bank certificates of deposit declined, and the average leverage ratio of the inter - bank bond market decreased slightly. From January 19 - 25, 2026, the expected net payment of government bonds is 20.65 billion yuan, and the maturity scale of inter - bank certificates of deposit is about 70.64 billion yuan. On January 16, 2026, the median durations of medium - long - term and short - term interest - style pure bond funds increased by 0.06 years and decreased by 0.01 years week - on - week respectively [2]. Summary by Directory 1. Funds - **Fund Investment and Maturity**: From January 12 - 16, 2026, the central bank's 7 - day reverse repurchase investment was 951.5 billion yuan, and the repurchase was 138.7 billion yuan, achieving a net investment of 812.8 billion yuan. On January 15, the central bank conducted 90 billion yuan of 6M outright reverse repurchase, with 60 billion yuan of 6M outright reverse repurchase maturing this month, resulting in a net investment of 30 billion yuan. From January 19 - 23, 2026, the maturity scale of 7 - day reverse repurchase is 951.5 billion yuan, and 15 billion yuan of treasury cash fixed - term deposits will mature [6]. - **Fund Interest Rates**: From January 12 - 16, 2026, the average values of DR001 and R001 were 1.36% and 1.43% respectively, up 9.3 and 9.1 basis points compared with January 5 - 9, 2026; the average values of DR007 and R007 were 1.51% and 1.55% respectively, up 5.5 and 4.3 basis points compared with January 5 - 9, 2026. The short - term disturbing factors for the funds in the future include tax payment, capital freezing for new share subscriptions on the Beijing Stock Exchange, and a month - on - month increase in the net payment scale of government bonds [7]. 2. Government Bonds - **Net Financing Scale**: From January 12 - 18, 2026, the net financing of government bonds was about - 48.5 billion yuan, about 481.2 billion yuan more reduction compared with January 5 - 11, 2026. Among them, the net financing of treasury bonds was about - 119.2 billion yuan, and the net financing of local government bonds was about 70.7 billion yuan. From January 19 - 25, 2026, the expected net financing of government bonds is about 20.65 billion yuan, among which the net financing of treasury bonds is about - 10.7 billion yuan, and the net financing of local government bonds is about 217.2 billion yuan [8]. 3. Inter - bank Certificates of Deposit - **Maturity Yields**: As of January 16, 2026, the maturity yields of 1M and 3M inter - bank certificates of deposit were 1.5200% and 1.5950% respectively, down 1.3 basis points and basically unchanged compared with January 9, 2026; the maturity yield of 1Y inter - bank certificates of deposit was 1.6250%, down 0.8 basis points compared with January 9, 2026 [9]. - **Net Financing Amount**: From January 12 - 18, 2026, the net financing of inter - bank certificates of deposit was about - 254.9 billion yuan. From January 19 - 25, 2026, the expected maturity repayment amount of inter - bank certificates of deposit is 70.64 billion yuan, and the maturity renewal scale decreased slightly compared with the previous week [9]. 4. Institutional Behavior - **Leverage Ratio**: From January 12 - 16, 2026, the average leverage ratio of the inter - bank bond market was 107.88%, compared with 108.14% from January 5 - 9, 2026 [10]. - **Duration of Bond Funds**: On January 16, 2026, the median duration (MA5) of medium - long - term interest - style pure bond funds was 4.95 years, up 0.06 years week - on - week, at the 93.5% quantile since the beginning of 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.87 years, down 0.01 years week - on - week, at the 58.8% quantile since the beginning of 2022 [10].

Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core View of the Report This week (January 12 - January 16), the money market rates showed a divergence, with large - scale banks increasing their average daily lending, and funds reducing leverage. The maturity volume of certificates of deposit (CDs) increased, and most of the CD maturity yields declined. In the cash bond trading, the main buyers were insurance companies, which mainly increased their holdings of 15 - 30Y interest - rate bonds. Large - scale banks increased their purchases of 7 - 10Y interest - rate bonds, funds mainly increased their holdings of 1 - 3Y credit bonds and 3 - 5Y other bonds (including Tier 2 and perpetual bonds), and wealth management products increased their allocation to CDs [5]. 3. Summary by Directory 3.1 Money Market - **Open - market operations**: This week, there were 138.7 billion yuan of reverse repurchase maturities. The central bank cumulatively injected 951.5 billion yuan of reverse repurchases, 900 billion yuan of outright reverse repurchases were injected, and 600 billion yuan matured. The net injection for the whole week was 1112.8 billion yuan [5][8]. - **Money market rates**: As of January 16, R001, R007, DR001, and DR007 were 1.37%, 1.51%, 1.32%, and 1.44% respectively, with changes of 2.54BP, - 0.2BP, 4.72BP, and - 2.97BP compared to January 9, and were at the 17%, 9%, 14%, and 3% historical percentiles respectively [5][10]. - **Large - scale banks' lending**: From January 12 to January 16, the total lending scale of large - scale banks was 29.02 trillion yuan, with a daily maximum lending scale of 6.2 trillion yuan and an average daily lending scale of 5.8 trillion yuan, a 0.06 - trillion - yuan increase compared to the previous week's average [15]. - **Pledged repurchase trading volume**: The average daily trading volume was 8.62 trillion yuan, with a daily maximum of 8.94 trillion yuan, a 14.90% increase compared to the previous week's average. The average daily proportion of overnight repurchase transactions decreased by 0.64 percentage points, and as of January 16, it was at the 97.3% percentile [5][17]. 3.2 Certificates of Deposit and Bills - **CD issuance and financing**: The CD issuance scale increased compared to the previous week, and the net financing turned negative. The total issuance was 552.88 billion yuan, an increase of 377.82 billion yuan compared to the previous week. The total maturity was 808.46 billion yuan, an increase of 480.1 billion yuan compared to the previous week. The net financing was - 255.58 billion yuan, a decrease of 102.28 billion yuan compared to the previous week [5][21]. - **CD maturity volume**: The CD maturity volume increased this week, with a total of 808.46 billion yuan, an increase of 480.1 billion yuan compared to the previous week. In the new week (January 19 - January 23), the CD maturity was 706.39 billion yuan [21][26]. - **CD issuance rates**: The CD issuance rates of different banks and different maturities showed a divergence. As of January 16, the one - year CD issuance rates of joint - stock banks, state - owned banks, city commercial banks, and rural commercial banks changed by - 0.5BP, - 2.5BP, 3.04BP, and - 7BP respectively compared to January 9. The 1M, 3M, and 6M CD issuance rates changed by 1BP, 0.7BP, and - 4.88BP respectively compared to January 9 [28]. - **Shibor rates**: The Shibor rates increased. As of January 16, the overnight, 1 - week, 2 - week, 1M, and 3M Shibor rates changed by 5.3BP, 0.9BP, 0.9BP, 0.1BP, and 0.5BP respectively compared to January 9 [30]. - **CD maturity yields**: Most of the CD maturity yields declined. As of January 16, the 1M, 3M, 6M, 9M, and 1Y maturity yields of AAA - rated ChinaBond commercial bank CDs changed by - 1.25BP, 0BP, - 1.09BP, - 1BP, and - 0.75BP respectively compared to January 9 [5][34]. - **Bill rates**: The bill rates declined. As of January 16, the 3M state - owned bank direct discount rate, 3M state - owned bank transfer discount rate, 6M state - owned bank direct discount rate, and 6M state - owned bank transfer discount rate changed by - 2BP, - 2BP, - 8BP, and - 4BP respectively compared to January 9 [5][36]. 3.3 Institutional Behavior Tracking - **Inter - bank leverage ratio**: The inter - bank leverage ratio in the bond market decreased slightly. As of January 16, it decreased by 0.08 percentage points to 105.66% compared to January 9, and was at the 46.40% historical percentile since 2021 [39]. - **General fund leverage ratio**: The general fund leverage ratio declined slightly. As of January 16, the bank leverage ratio, securities leverage ratio, insurance leverage ratio, and general fund leverage ratio were 103.9%, 195.8%, 133.5%, and 104.1% respectively, with changes of - 0.1BP, 5.51BP, 0.46BP, and - 0.02BP compared to January 9, and were at the 48%, 7%, 93%, and 4% historical percentiles respectively [5][41]. - **Net purchase duration**: The net purchase weighted average duration of funds decreased, while that of insurance companies increased slightly. As of January 16, the net purchase weighted average duration (MA = 10) of funds was - 3.71 years, a decrease from - 2.51 years on January 9; that of wealth management products was - 1.54 years, a decrease; that of securities was - 7.49 years, a decrease; and that of insurance companies was 9.93 years, an increase [5][43]. - **Duration of pure - bond funds**: The duration of medium - and long - term pure - bond funds decreased slightly, while that of short - term pure - bond funds increased. As of January 16, the duration of medium - and long - term pure - bond funds decreased by 0.02 years to 3.26 years compared to January 9, and was at the 13% historical percentile since 2025; the duration of short - term pure - bond funds increased by 0.01 years to 1.77 years compared to January 9, and was at the 76% historical percentile since 2025 [47].

Report Core View - Bullish factors include the central bank conducting reverse repurchase operations with a net investment of 21.22 billion yuan, resulting in a marginal easing of liquidity. Also, Treasury bond futures closed slightly stable, heating up at the end of the session with a slight decline in yields [2] - Bearish factors are that both China's CPI and PPI rose in December, increasing inflation pressure, and the decreased expectation of the Fed's interest rate cut and rising global trade uncertainties have led to increased uncertainty in foreign capital inflows [2] - The trading advisory view suggests paying attention to the short - term decline of the basis and closely monitoring the price support from the central bank's liquidity operations [2] Data Presented in the Report (Sources from Wind) 1. Treasury Bond Yield - The report shows the trends of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bond yields from 2024 - 04 to 2025 - 12 [3] 2. Treasury Bond Term Spread - It presents the trends of the 7Y - 2Y and 30Y - 7Y Treasury bond spreads from 2024 - 04 to 2025 - 12 [4] 3. Treasury Bond Futures 3.1 Open Interest - The open interest trends of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2015 - 12 to 2025 - 12 are shown [6] 3.2 Trading Volume - The trading volume trends of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2024 - 04 to 2025 - 12 are presented [7] 3.3 Basis of Current - Quarter Contracts - The basis trends of current - quarter contracts for 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are shown in different time periods [8][9][12] 3.4 Inter - Delivery Spread (Current - Quarter - Next - Quarter) - The inter - delivery spread trends of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from different time periods are presented [16][17] 3.5 Inter - Variety Spread - The trends of the TS * 4 - T and T * 3 - TL inter - variety spreads from different time periods are shown [18][19]

Group 1: Macroeconomic Insights - The U.S. inflation rate for December 2025 was reported at 2.7% year-on-year, aligning with market expectations, while core CPI rose by 2.6%, slightly below expectations [5][6] - Energy inflation has significantly decreased, with December energy prices rising by only 2.3% year-on-year, down 1.9 percentage points from November [7] - The overall inflation level is expected to continue declining due to high base effects in early 2025, although potential rebound pressures may arise from fiscal policies and economic support measures [8][9] Group 2: Real Estate and Construction Sector - Poly Developments (600048.SH) has adjusted its headquarters structure to enhance management efficiency, maintaining its leading position in the industry [26][30] - The company reported a total sales amount of 121.6 billion yuan in December 2025, a year-on-year decrease of 18.9%, but it remains the top seller in the industry [28] - The company’s land acquisition in major cities accounted for over 85% of its total, with a total land acquisition amount of 771.3 billion yuan in 2025, reflecting a 13.0% year-on-year increase [29] Group 3: Media and Entertainment Sector - Xindong Company (02400.HK) saw its game "Heart Town" achieve over 500 million downloads shortly after its international launch, indicating strong performance and potential for future revenue growth [32][33] - The company plans to leverage partnerships with well-known IPs to enhance user engagement and revenue streams, particularly during peak seasons [32][34] Group 4: Retail Sector - Chao Hong Ji (002345.SZ) anticipates a significant increase in net profit for 2025, projecting a year-on-year growth of 125% to 175%, driven by brand enhancement and market expansion [36][37] - The company has successfully expanded its store network, reaching a total of 1,668 stores by the end of 2025, with a notable increase in new store openings [37]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - The decline in capital interest rates in December may be for two reasons: preparing for an interest - rate cut or being related to the Vanke incident [3][5] - The decline in capital interest rates does not necessarily indicate an upcoming interest - rate cut, considering the recent equity market fluctuations and the lessons of 2015 [4] - The target range for the 10 - year Treasury bond is 2 - 3%, with a central value of around 2.5% [6] 3. Summary by Related Catalogs 3.1 Event Review - Since December, the capital interest rate has declined first and then rebounded. The overnight interest rate DR001 dropped from 1.3 - 1.5% to below 1.3% (minimum 1.24%), and then rose to 1.33% on January 12 [2][3] 3.2 Reasons for the Decline in Capital Interest Rates in December 3.2.1 Preparing for an Interest - Rate Cut - Similar to the situation in late April 2025 when the capital interest rate declined before the central bank cut interest rates on May 7, 2025. However, the State Council's executive meeting on January 9 focused on structural policies rather than overall interest - rate cuts [3] - Considering the fluctuations in the equity market and the negative effects of excessive monetary loosening, the decline in capital interest rates does not necessarily mean an interest - rate cut [4] 3.2.2 Related to the Vanke Incident - The Vanke incident started to ferment at the end of November, and the capital interest rate began to decline. It further declined in mid - December. In previous major credit risk events (the Baoshang incident in 2019, the Yongmei incident in 2020, and the Vanke incident in 2025), the capital interest rate declined significantly. The central bank may aim to protect liquidity and prevent risk contagion [5] - The decline in capital interest rates in the Baoshang incident lasted for 1.5 months, in the Yongmei incident for 2 months. The current decline has lasted for 1.5 months, so it is reasonable for the interest rate to return to the previous range (DR001 1.3 - 1.5%) in mid - January [5] 3.3 Bond Market Views 3.3.1 Fundamental Analysis - The falsification of the under - expected economic recovery, combined with possible loose credit and fiscal policies at the beginning of 2026, will accelerate the cyclical recovery [6] 3.3.2 Monetary Policy - If there is a loose monetary policy (such as reserve requirement ratio cuts, interest - rate cuts, bond purchases), it will be a chance for under - allocation, similar to the situation in 2025 [6] 3.3.3 Inflation - Inflation is rising. Attention should be paid to whether the PPI month - on - month growth can remain positive [6] 3.3.4 Capital Interest Rates - If the month - on - month inflation continues to rise, there is a possibility of capital tightening, and the yield of short - term bonds will also start to rise [6] 3.3.5 Real Estate - Real estate is not used as a means to stabilize growth this time. Similar to the situation in the US after 2008, real estate is a lagging indicator. It may bottom out after the recovery of various economic indicators and the rise of the stock market [6] 3.3.6 Bonds - The target range for the 10 - year Treasury bond is 2 - 3%, with a central value of around 2.5% [6]

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - For the first quarter of 2026, the continuation of loose funds does not contradict concerns about long - bond supply. With the central bank's support, the volatility of inter - bank funds in the first quarter may be significantly weaker than seasonal, and the central level of fund rates will likely remain low. The downward trend of certificate of deposit (CD) rates will come but requires positive catalysts. Around the "cost reduction" of bank liabilities, the replacement of maturing time deposits and further deposit rate cuts in the first quarter are expected to drive CD rates lower [3][7][23] 3. Summary According to the Table of Contents 3.1 Long - bond Supply Surges: Need to Worry about Fund Convergence? 3.1.1 The Continuation of Loose Funds Does Not Contradict Concerns about Long - bond Supply - Long - bond supply - demand and inter - bank fund supply - demand are almost parallel dimensions. Currently, there is a shortage of duration indicators but no shortage of liquidity. The core of the current supply pressure is the lack of institutional capacity to absorb long - bonds, not the "pumping effect" of large - scale government bond net financing. Large banks' current behavior pattern is "no shortage of liquidity, shortage of duration indicators". In early January 2026, large banks' net fund lending reached a record high for the same period, and they increased their purchases of short - term treasury bonds [7][8][10] 3.1.2 The Key is the Central Bank's Current Willingness to Support Inter - bank Funds - After the iteration of the monetary policy framework, the central bank's ability to smooth out fund fluctuations is no longer a problem. The key is its willingness to support funds. In the first quarter of 2026, with the tone of moderate loosening and abundant liquidity, the central bank will likely hedge against fluctuations to ensure the stable operation of fund rates. Although there are concerns about inter - bank fund supply and demand due to early government bond issuance and seasonal factors, these may not be the core of the problem. Since the second half of 2024, the seasonality of inter - bank fund rates has been greatly weakened [14][16][17] 3.1.3 After the Iteration of the Monetary Policy Framework, the Central Bank's Ability to Stabilize Fund Fluctuations is Stronger - Since the second half of 2024, the central bank has continuously iterated the monetary policy framework to enhance liquidity control. The optimization of liquidity injection tools has two effects: injecting relatively cheap medium - and long - term funds without sending a clear interest - rate cut signal and strengthening the central bank's control over short - term funds. In the first quarter of 2026, the central bank's operations to support liquidity may be flexible, including large - scale outright/MLF injections, treasury bond trading, or even reserve requirement ratio cuts [18][20][22] 3.2 Funds May Remain Stable and Loose, and CD Rates Need Positive Catalysts to Decline - In early 2026, the central level of fund rates will likely remain low, and the volatility will be significantly lower than in the same period of history. If outright and MLF operations are insufficient to smooth out fund fluctuations, it may trigger a reserve requirement ratio cut. The prediction that CD issuance in 2025 would not catch up with the schedule was verified, and the 1 - year CD rate has stabilized around 1.60 - 1.65%. The downward trend of CD rates will come but needs positive catalysts. The replacement of maturing time deposits (the scale of maturing time deposits subject to repricing in the first quarter of 2026 accounts for 40% of the whole year) and further deposit rate cuts are expected to drive CD rates lower [23]

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: Core Viewpoints - Bullish factors for the 10-year Treasury bond last week include the recovery of allocation demand due to alleviated concerns about ultra-long-term supply and increased institutional allocation willingness, and a loose funding environment with the entry of incremental funds at the beginning of the year, leading to downward pressure on interest rates [2] - Bearish factors are the weak expectation of monetary easing as the Fed's rate cut expectation lacks strong fundamental support in the short term, and the pressure from the stock-bond seesaw, with capital preference for the bond market causing selling pressure on the stock market and yield fluctuations [2] - The trading advisory view is that the bond market sentiment was generally cautious last week. It is recommended to focus on the allocation window brought by the widening of spreads, buy configuration-type contracts on dips, maintain a wait-and-see attitude, and avoid unilateral chasing [2] Group 2: Data Presentations Yields - The document presents the historical data of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bond yields from 2024 to 2025 [3] Funding Rates - It shows the historical data of the weighted average interest rate of pledged repurchase by deposit-taking institutions for 1-day and 7-day tenors and the 7-day reverse repurchase rate from 2023 to 2025 [3] Term Spreads - The historical data of the 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024 to 2025 are presented [4] Futures Basis - The historical data of the basis of 2Y, 5Y, 10Y, and 30Y Treasury bond futures' current-quarter contracts are shown [7][8][9][15] Futures Inter - Delivery Spreads - The historical data of the inter - delivery spreads (current - quarter minus next - quarter) of 2Y, 5Y, 10Y, and 30Y Treasury bond futures are presented [11][13][16] Futures Trading Volume - The historical trading volume data of 2Y, 5Y, 10Y, and 30Y Treasury bond futures from 2015 to 2025 are shown [14] Futures Cross - Product Spreads - The historical data of the cross - product spreads of TS*4 - T and T*3 - TL are presented [17][18]

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]