Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View No clear core view is presented in the given content. It mainly provides data on global asset market performance, including bond yields, exchange rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields**: On June 13, 2025, the 10 - year Treasury yields of major economies varied. For example, the US was 4.401%, and the UK was 4.549%. Changes in yields were also provided for the latest, one - week, one - month, and one - year periods. For instance, the one - year change in the US was 0.074%, while in Italy it was - 0.384% [3]. - **2 - year Treasury Yields**: The 2 - year Treasury yields of major economies such as the US, UK, and Germany were presented. On June 13, 2025, the US 2 - year yield was 3.940%. Similar to the 10 - year yields, changes for different time periods were given [3]. - **Exchange Rates**: The exchange rates of the US dollar against major emerging economies' currencies were shown. On June 13, 2025, the exchange rate against the Brazilian real was 5.544, with the latest change being 0.11%. Changes for the latest, one - week, one - month, and one - year periods were provided [3]. - **Stock Indices**: The performance of major economies' stock indices was reported. On June 13, 2025, the Dow Jones was 5976.970, with a latest change of - 1.13%. Changes for different time periods were also included [3]. - **Credit Bond Indices**: The performance of credit bond indices, including emerging economies' investment - grade and high - yield, and US and euro - zone investment - grade and high - yield, was presented. The latest changes, one - week, one - month, and one - year changes were given [3]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were provided. For example, the closing price of A - shares was 3377.00, with a change of - 0.75% [4]. - **Valuation**: The PE (TTM) and its环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were reported. For instance, the PE (TTM) of CSI 300 was 12.72, with a环比 change of - 0.06 [4]. - **Risk Premium**: The risk premiums (1/PE - 10 - year interest rate) and their环比 changes of S&P 500 and German DAX were given. The risk premium of S&P 500 was - 0.46, with a环比 change of 0.01 [4]. - **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 were presented. The latest value of A - shares' fund flow was - 1393.57 [4]. - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext were reported. The latest trading volume of the Shanghai and Shenzhen stock markets was 14671.97 [4]. - **Main Contract Premiums/Discounts**: The basis and percentage changes of IF, IH, and IC were provided. The basis of IF was - 7.78, with a change of - 0.20% [4]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: The closing prices and percentage changes of Treasury bond futures T00, TF00, T01, and TF01 were presented. The closing price of T00 was 108.825, with a change of 0.02% [5]. - **Funding Rates**: The funding rates R001, R007, and SHIBOR - 3M and their daily changes (BP) were given. The R001 rate was 1.4620%, with a daily change of - 12.00 BP [5].

Group 1 - The yield on India's 10-year government bonds increased by 3 basis points to 6.37% [1] - The Indian Rupee depreciated by 0.7% against the US Dollar [1] - The rise in oil prices is cited as a contributing factor to these financial movements [1]

2025年6月13日银行间外汇市场人民币汇率中间价 美元/人民币报7.1772，下调（人民币升值）31点； 欧元/人民币报8.3083，上调505点； 港元/人民币报0.91444，下调3.7点； 英镑/人民币报9.7619，上调283点； 澳元/人民币报4.6780，上调105点； 加元/人民币报5.2715，上调218点； 100日元/人民币报5.0028，上调265点； 人民币/俄罗斯卢布报11.1440，上调823点； 新西兰元/人民币报4.3441，上调165点； 人民币/林吉特报0.5887，下调6.5点； 瑞士法郎/人民币报8.8560，上调920点； 新加坡元/人民币报5.6090，上调195点。 ...

Core Viewpoint - European investors are reducing their exposure to the US dollar, with further risks anticipated ahead [1] Group 1: Currency Exposure - Societe Generale analysts report that Dutch pension funds increased their foreign exchange hedging ratio by 3 percentage points in the first quarter [1] - Danish pension funds have cut their US dollar exposure by $37 billion this year [1] Group 2: Market Predictions - Societe Generale is betting on the euro strengthening against the dollar, with a target of 1.20 for the EUR/USD exchange rate [1] - Analysts indicate that Danish pension funds have become significant buyers of euros against the dollar as exchange rates rise [1]

【资讯导读】 ·美国5月消费者价格指数同比上涨 ·贝森特：希望继续担任美国财政部长直至2029年 ·欧洲央行称黄金已成为全球央行第二大储备资产 ·欧洲央行管委马赫鲁夫：欧洲央行利率在可预见的未来可能会保持不变 ·国际油价涨逾4% 美元指数下跌0.47% 【市场资讯】 ·美国劳工部11日公布的数据显示，今年5月美国消费者价格指数（CPI）同比上涨2.4%，较上月2.3%的 涨幅有所上升。剔除波动较大的食品和能源价格后，5月核心CPI同比上涨2.8%。美国CPI环比上涨 0.1%，其中食品价格涨势明显，从4月环比下跌0.1%转为5月环比上涨0.3%。不过，由于能源价格环比 有所回落，当月CPI涨幅相对缓和。市场分析人士认为，5月美国通胀数据涨幅有限，原因可能是企业 使用已有库存导致价格维持相对稳定。美国加征进口关税的影响可能在未来几个月更为明显。 ·美国至6月11日10年期国债竞拍-得标利率4.421%，前值4.34%。美国至6月11日10年期国债竞拍-投标倍 数2.52，前值2.6。 ·美国财政部长贝森特在美国众议院筹款委员会的听证会上发表讲话。在被问及是否愿意担任美联储主 席时，贝森特明确表示，他希望继续担任 ...

匈牙利福林兑欧元汇率突破400关口。 ...

周二（6月10日），韩元兑美元最终跌0.94%，报1367.15韩元。 日内至北京时间13:00，该货币对持续走低，后续交易时间内低位震荡。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report No clear core view is presented in the given content. The report mainly provides data on global asset market performance, including bond yields, exchange rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: Yields vary across different economies. For example, on 2025/06/06, the US was at 4.508, with a latest change of 0.115, a one - year change of - 0.043. Some yields have increased recently, while others have decreased [2]. - **2 - Year Treasury Bond Yields**: Similar to 10 - year yields, there are differences among economies. The US 2 - year yield on 2025/06/06 was 3.870, with a latest change of - 0.090 and a one - year change of - 1.060 [2]. - **Exchange Rates**: The US dollar's exchange rates against major emerging economies' currencies show different trends. For instance, against the Brazilian real, it was 5.560 on 2025/06/06, with a latest change of - 0.50% and a one - year change of 7.74% [2]. - **Stock Indices**: Stock indices also have diverse performances. The S&P 500 on 2025/06/06 was 6000.360, with a latest change of 1.03% and a one - year change of 13.09% [2]. - **Credit Bond Indices**: Different types of credit bond indices (investment - grade and high - yield) in different regions (US, eurozone, emerging economies) have various changes. For example, the US investment - grade credit bond index had a latest change of - 0.49% [2]. Stock Index Futures Trading Data - **Index Performance**: A - share closed at 3385.36 with a 0.04% change. Different indices like the CSI 300, SSE 50, etc., have different closing prices and percentage changes [3]. - **Valuation**: PE (TTM) values for different indices are provided, such as 12.56 for the CSI 300, with corresponding环比 changes [3]. - **Risk Premium**: Risk premium data (1/PE - 10 rate) and their环比 changes are given for multiple indices [3]. - **Fund Flows**: The latest values and 5 - day average values of fund flows for different segments of the A - share market are presented. For example, the latest value of A - share fund flow was - 518.24 [3]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets and different indices are provided, along with环比 changes [3]. - **Basis and Spread**: The basis and spread data for index futures like IF, IH, and IC are given [3]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: The closing prices and percentage changes of treasury bond futures (T00, TF00, T01, TF01) are shown. For example, T00 closed at 108.710 with a 0.03% change [4]. - **Funding Rates**: Funding rates (R001, R007, SHIBOR - 3M) and their daily changes are provided [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot prices of mainstream radiata pine products in Shandong and Jiangsu remained flat compared to last week. European spruce and fir in the Jiangsu market are still in short supply. There is 1 ship departing from New Zealand in June, expected to arrive in China in June, with an estimated arrival volume of 1.12 million cubic meters. The total inventory of the four major ports increased slightly by 58,300 cubic meters from the previous week. The BDI index rose by 15.2% week-on-week, and the SCFI index increased by 8.1%. The US dollar index was relatively stable, with the exchange rate of the US dollar against the RMB down by 0.1% and against the New Zealand dollar down by 0.9% week-on-week [4][5]. Summary by Directory 1. Overview - Spot price: The price of 3.9m 30+ radiata pine in Shandong is 750 yuan/cubic meter, and in Jiangsu is 775 yuan/cubic meter, both unchanged from last week. The price of 3.9m 40+ radiata pine in Shandong is 810 yuan/cubic meter, and 5.9m 30+ radiata pine is 760 yuan/cubic meter, also unchanged. European spruce and fir in the Jiangsu market have low trading volume and are in short supply [4]. - Supply: As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [4][7]. - Demand and inventory: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. - Other factors: As of the week of June 8, the Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The related Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. In terms of exchange rates, the US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5]. 2. Supply - As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [7]. 3. Demand and Inventory - Demand: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). - Inventory: The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. 4. Market Trends - As of June 6, the closing price of the main contract LG2507 was 768.5 yuan/cubic meter, up 0.3% from last week. The futures price first fell and then rose this week, and the fundamentals maintained a weak supply - demand pattern. The monthly spread tended to narrow, with the 07 - 09 monthly spread at -16 yuan/cubic meter, the 07 - 11 monthly spread at -20.5 yuan/cubic meter, and the 09 - 11 monthly spread at -4.5 yuan/cubic meter [14]. 5. Price and Spread - Spot price: The prices of various specifications of radiata pine in Shandong and Jiangsu remained unchanged from last week. For example, the price of 3.9m 30+ radiata pine in Shandong was 750 yuan/cubic meter, and in Jiangsu was 775 yuan/cubic meter, both unchanged [19]. - Regional spread: The document provides spread data between Shandong and Jiangsu for various tree species and specifications, such as the spread of 3.9m 30+ radiata pine between the two regions [19][24]. - Tree species and specification spread: It shows the spread between different tree species and specifications, such as the spread between 3.9m 30+ radiata pine and 5.9m 40+ radiata pine [43][44]. 6. Other - Freight index: The Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. - Exchange rate: The US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5][56][57].

·国家外汇管理局披露，中国5月末外汇储备规模为32853亿美元，较4月末上升36亿美元。外汇局称，5月受主要经济体财政政策、货币政策和经济增长前景 等因素影响，美元指数小幅震荡，全球金融资产价格涨跌互现，汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升；我国经济持续回升向 好，经济发展质量稳步提升，为外汇储备规模保持基本稳定提供支撑。（新华财经） ·人民银行数据显示，5月末黄金储备报7383万盎司（约2296.37吨），环比增加6万盎司（约1.86吨），为连续第7个月增持黄金。（新华财经） ·2025年度长三角地区主要领导座谈会在南京举行。会议指出，要巩固经济回升向好态势，增强高质量发展动能。共同实施一批跨区域"两重"项目，加速释 放长三角投资潜力。深入实施"满意消费长三角"提升行动，持续增强消费发展动能。推动内外贸一体化发展，共建共享新型贸易基础设施，不断增强企业应 对风险挑战的底气和信心。（新华财经） ·《深圳市提振消费专项行动实施方案》已正式印发，方案提出39条具体措施，提及支持消费及文旅项目发行基础设施领域不动产投资信托基金（REITs）； 引导金融机构增加对批发零售、住宿餐饮、文化旅游、教 ...