Report Overview - The report is a macro team report from the research center, titled "Large Asset Morning Report", dated May 9, 2025, presenting global asset market performance, stock index futures trading data, and treasury bond futures trading data [1] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On May 8, 2025, the 10-year treasury yields of the US, UK, France, etc. were 4.380, 4.545, 3.239 respectively. The latest changes were 0.109, 0.087, 0.045; weekly changes were 0.170, 0.037, 0.003; monthly changes were 0.194, -0.069, -0.158; annual changes were -0.325, 0.184, 0.112 [2] 2-Year Treasury Yields of Major Economies - On May 8, 2025, the 2-year treasury yields of the US, UK, Germany, etc. were 3.780, 3.921, 1.769 respectively. The latest changes were 0.180, 0.124, 0.059; weekly changes were 0.010, 0.062, 0.030; monthly changes were -0.030, -0.069, -0.005; annual changes were -1.080, -0.550, -1.239 [2] Dollar Exchange Rates Against Major Emerging Market Currencies - On May 8, 2025, the dollar exchange rates against the Brazilian real, Russian ruble, South African rand, etc. were 5.663, - , 18.201 respectively. The latest changes were -1.43%, - , -0.35%; weekly changes were 0.14%, - , -1.75%; monthly changes were -4.25%, - , -7.42%; annual changes were 9.77%, - , -4.37% [2] Stock Indices of Major Economies - On May 8, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, Nasdaq, etc. were 5663.940, 41368.450, 17928.140 respectively. The latest changes were 0.58%, 0.62%, 1.07%; weekly changes were 2.45%, 2.84%, 3.24%; monthly changes were 11.89%, 8.96%, 14.90%; annual changes were 12.19%, 8.62%, 14.84% [2] Credit Bond Indices - The latest changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, and emerging market investment-grade credit bond index were -0.40%, -0.07%, -0.23% respectively; weekly changes were -0.88%, -0.04%, -0.38%; monthly changes were 0.28%, 1.33%, 0.22%; annual changes were 7.02%, 6.35%, 7.53% [2] Stock Index Futures Trading Data Index Performance - The closing prices of A-shares, CSI 300, SSE 50, etc. were 3352.00, 3852.90, 2679.51 respectively, with changes of 0.28%, 0.56%, 0.33% [3] Valuation - The PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 12.45, 10.81, 29.04 respectively, with环比 changes of 0.04, 0.00, 0.17 [3] Risk Premium - The risk premiums of the S&P 500 and German DAX (1/PE - 10-year interest rate) were -0.25, 2.80 respectively, with环比 changes of -0.13, -0.12 [3] Fund Flows - The latest values of A-shares, the main board, and the GEM were 178.56, 85.42, 96.57 respectively [3] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 12933.77, 2469.87, 634.09 respectively, with环比 changes of -1749.40, -390.24, -172.46 [3] Basis - The basis of IF, IH, and IC were -36.90, -14.71, -113.81 respectively, with amplitudes of -0.96%, -0.55%, -1.97% [3] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 109.060, 106.180, 109.215, 106.515 respectively, with changes of -0.18%, -0.06%, -0.18%, -0.04% [4] - The funding rates of R001, R007, and SHIBOR-3M were 1.5757%, 1.6477%, 1.7200% respectively, with daily changes of -13.00, -6.00, -2.00 [4]

Core Viewpoint - The Deputy Governor of the Bank of England, Lombardelli, stated that there have not been significant changes in trade patterns, with the primary impact being felt through exchange rates [1] Group 1 - The current trade model remains largely unchanged, indicating stability in trade dynamics [1] - The most substantial effect observed so far is through fluctuations in exchange rates, highlighting the importance of currency valuation in trade [1]

Group 1 - The direct impact of tariff changes is primarily transmitted through exchange rates [1]

| | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/05/07 | 4.297 | 4.512 | 3.257 | 2.539 | 3.626 | 3.191 | 0.280 | 3.369 | | 最新变化 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | | 一周变化 | 0.060 | 0.034 | 0.070 | 0.071 | 0.053 | 0.070 | -0.099 | 0.079 | | 一月变化 | 0.267 | -0.007 | -0.120 | -0.111 | -0.145 | -0.112 | -0.162 | -0.088 | | 一年变化 | -0.346 | 0.179 | 0.167 | ...

周三（5月7日），韩元兑美元最终跌0.92%，报1391.18韩元。 ...

Group 1 - The US dollar has depreciated against the Canadian dollar by approximately 0.4%, reaching a daily low of 1.3766, coinciding with a meeting between US President Trump and Canadian Prime Minister Carney [1] - The Canadian stock index initially declined, hitting a daily low of 24865.49 points before rebounding to a daily high of 25025.09 points [1] Group 2 - The yield on Canadian 10-year government bonds experienced a V-shaped reversal, increasing by over 2 basis points and approaching a daily high of 3.214% [4]

瑞士央行行长：我们的使命是在瑞士实现价格稳定，我们必须确保这一目标，因此我们采用利率和汇率 工具；我们已表示准备在必要时干预外汇市场。 ...

周一（5月5日）纽约尾盘，美元兑日元下跌0.86%，报143.73日元，日内交投区间为145.00-143.54日 元。 欧元兑日元跌0.70%，报162.65日元；英镑兑日元跌0.63%，报191.134日元。 ...

Group 1: Hong Kong Dollar and Stock Market - The Hong Kong dollar has reached the Strong-side Convertibility Undertaking for the first time in five years, indicating a potential bullish outlook for the Hong Kong stock market [3][5] - The Hong Kong banking system has approximately 8 trillion HKD in deposits, compared to over 300 trillion CNY in mainland China, highlighting the relatively small size of the HKD market [3] - Southbound capital has significantly increased, with a net inflow of 1.4 trillion HKD in just over a year and a half, leading to a shortage of HKD liquidity [3][5] Group 2: U.S. Stock Market Performance - The S&P 500 has achieved a nine-day winning streak, the longest since 2004, recovering from declines caused by tariff announcements [7][8] - Market expectations indicate that the Federal Reserve may cut interest rates three times this year, totaling a reduction of approximately 75 basis points [8][9] - The earnings reports from major companies like Microsoft and Facebook have exceeded expectations, while Apple and Amazon's results were less favorable, indicating a high market efficiency [8][9] Group 3: Taiwan Dollar and Financial Risks - The New Taiwan Dollar has appreciated significantly, with a rise of over 8.5% against the U.S. dollar in recent trading days [11][12] - The appreciation poses risks for Taiwanese insurance companies heavily invested in U.S. dollar-denominated bonds, leading to potential losses exceeding 8% [12] - Regulatory bodies in Taiwan are urging insurance companies to assess the impact of currency fluctuations on their operations [12] Group 4: Oil Price Decline and Sector Impact - International oil prices have dropped nearly 10% over the past six trading days, primarily due to Saudi Arabia's decision to increase production in response to non-compliance by other OPEC members [17][18] - The decline in oil prices is expected to negatively impact oil and gas companies while benefiting sectors like airlines [18] Group 5: Currency Fluctuations and Economic Implications - The offshore RMB has appreciated to 7.2, which is favorable for the stock market but detrimental for export-oriented companies [19][20] - The People's Bank of China has conducted a significant reverse repo operation, indicating potential conditions for a reserve requirement ratio cut [20] Group 6: Developments in Autonomous Driving - Xiaomi has rebranded its "smart driving" feature to "assisted driving," reflecting a shift towards a more rational approach in the industry following recent discussions on safety [21][22] - This change may initially be viewed as a negative for the autonomous driving sector but could ultimately be beneficial as the industry matures [22] Group 7: Real Estate Market Trends - The sales data for the top 100 real estate companies in April showed a year-on-year decline of 16.9%, indicating a worsening trend compared to March [23] - Shenzhen Metro has reported significant losses, primarily due to investments in Vanke, which are seen as a financial burden [23][24]

"台湾央行"重申，美国财政部未要求新台币升值；呼吁市场评论人员勿以臆测方式评论汇市。 ...