Report Overview - The report is the "Major Asset Morning Report" released by the macro team of the research center of Heyian Futures on August 1, 2025, presenting the performance of global asset markets [1]. Global Asset Market Performance Bond Yields - **10 - year Treasury Yields**: Yields of major economies showed different changes on July 31, 2025. For example, the US was at 4.376% with a latest change of 0.004%, a one - week change of - 0.022%, a one - month change of 0.028%, and a one - year change of 0.124%. Japan was at 3.958% with a latest change of 0.015%, a one - week change of 0.041%, a one - month change of 0.075%, and a one - year change of - 0.534% [2]. - **2 - year Treasury Yields**: The US 2 - year Treasury yield on July 31, 2025, was 3.860% with a latest change of - 0.050%, a one - week change of 0.030%, a one - month change of - 0.090%, and a one - year change of - 0.630%. Japan was at 0.817% with a latest change of - 0.006%, a one - week change of - 0.027%, a one - month change of 0.074%, and a one - year change of 0.471% [2]. Exchange Rates - **USD against Major Emerging Economies' Currencies**: On July 31, 2025, the exchange rate of USD against the Brazilian real was 5.600 with a latest change of 0.52%, a one - week change of 1.45%, a one - month change of 3.54%, and a one - year change of 0.26%. Against the South African rand, it was 18.218 with a latest change of 1.22%, a one - week change of 3.33%, a one - month change of 4.00%, and a one - year change of - 0.94% [2]. - **Renminbi**: The on - shore RMB was at 7.200 on July 31, 2025, with a latest change of 0.04%, a one - week change of 0.63%, a one - month change of 0.41%, and a one - year change of - 1.03%. The offshore RMB was at 7.209 with a latest change of - 0.03%, a one - week change of 0.78%, a one - month change of 0.54%, and a one - year change of - 1.10% [2]. Stock Indices - **Major Economies' Stock Indices**: On July 31, 2025, the S&P 500 was at 6339.390 with a latest change of - 0.37%, a one - week change of - 0.38%, a one - month change of 0.96%, and a one - year change of 14.11%. The German DAX was at 24065.470 with a latest change of - 0.81%, a one - week change of - 0.95%, a one - month change of 0.55%, and a one - year change of 29.68% [2]. - **Emerging Economies' Stock Indices**: The Malaysian stock index was at 1513.250 on July 31, 2025, with a latest change of - 0.74%, a one - week change of - 1.76%, a one - month change of - 2.31%, and a one - year change of - 7.14%. The Australian stock index was at 8999.022 with a latest change of - 0.18%, a one - week change of 0.22%, a one - month change of 1.87%, and a one - year change of 9.63% [2]. Credit Bond Indices - Credit bond indices of different regions and levels showed various changes. For example, the US investment - grade credit bond index had a latest change of 0.06%, a one - week change of 0.43%, a one - month change of 0.27%, and a one - year change of 5.64% [2][3]. Stock Index Futures Trading Data Index Performance - The closing price of A - shares was 3573.21 with a decline of 1.18%. The closing price of the CSI 300 was 4075.59 with a decline of 1.82% [4]. Valuation - The PE (TTM) of the CSI 300 was 13.19 with a环比 change of - 0.20. The PE (TTM) of the S&P 500 was 26.89 with a环比 change of - 0.10 [4]. Risk Premium - The risk premium of the S&P 500 (1/PE - 10 - year interest rate) was - 0.66 with a环比 change of 0.01. The risk premium of the German DAX was 2.16 with a环比 change of 0.05 [4]. Fund Flow - The latest value of the A - share fund flow was - 1635.89, and the 5 - day average was - 973.63 [4]. Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 19360.35, with a环比 change of 917.56 [4]. Main Contract Premium/Discount - The basis of the IF contract was - 18.59, with a premium/discount rate of - 0.46% [4]. Treasury Futures Trading Data - The closing price of the T00 Treasury futures was 108.485 with a rise of 0.16%. The closing price of the TF00 was 105.725 with a rise of 0.08% [5]. - The R001 fund rate was 1.5634% with a daily change of - 5.00 BP. The R007 was 1.5806% with a daily change of - 3.00 BP [5].

Report Information - Report Title: Big Asset Morning Report - Report Date: July 16, 2025 - Report Team: Macro Team of the Research Center [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 15, 2025, yields in different countries varied, e.g., the US was 4.483%, the UK was 4.624%, etc. - Latest changes ranged from -0.026% (France) to 0.048% (US). - One - week changes were between -0.008% (UK) and 0.082% (US). - One - month changes were from -0.012% (Japan) to 0.178% (Germany). - One - year changes were from -0.664% (Japan) to 0.500% (UK) [3] 2 - Year Treasury Yields of Major Economies - On July 15, 2025, the US was 3.900%, the UK was 3.830%, etc. - Latest changes were from -0.023% (Italy) to 0.040% (US). - One - week changes: some data were missing, with others ranging from -0.037% (UK) to 0.074% (Australia). - One - month changes were from -0.028% (Italy) to 0.170% (US). - One - year changes were from -1.345% (Italy) to 0.432% (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 15, 2025, the rate against the Brazilian real was 5.557, etc. - Latest changes were from -0.56% (Brazil) to 0.33% (South Korean won). - One - week changes were from -0.38% (Thai baht) to 2.00% (Brazil). - One - month changes were from -1.41% (South African rand) to 1.06% (South Korean won). - One - year changes were from -11.41% (Thai baht) to 1.77% (Brazil) [3] RMB Exchange Rates - On July 15, 2025, the on - shore RMB was 7.183, the off - shore RMB was 7.185, etc. - Latest changes were from 0.01% (RMB central parity rate) to 0.17% (off - shore RMB). - One - week changes were from -0.05% (RMB central parity rate) to 0.06% (on - shore RMB). - One - month changes were from -0.35% (RMB central parity rate) to -0.02% (RMB 12 - month NDF). - One - year changes were from -1.43% (off - shore RMB) to 0.29% (RMB central parity rate) [3] Stock Indices of Major Economies - On July 15, 2025, the S&P 500 was 6243.760, the Dow Jones Industrial Average was 44023.290, etc. - Latest changes were from -1.15% (Spanish index) to 1.60% (Hang Seng Index). - One - week changes were from -1.45% (Spanish index) to 4.07% (Thai index). - One - month changes were from -0.34% (Mexican index) to 8.98% (South Korean index). - One - year changes were from -11.51% (Thai index) to 38.15% (Hang Seng Index) [3] Credit Bond Indices - Latest changes were from -0.24% (US investment - grade credit bond index) to 0.11% (Eurozone investment - grade credit bond index). - One - week changes were from -0.34% (US investment - grade credit bond index) to 0.18% (Eurozone high - yield credit bond index). - One - month changes were from 0.16% (US investment - grade credit bond index) to 1.31% (Emerging - market high - yield credit bond index). - One - year changes were from 4.75% (US investment - grade credit bond index) to 13.83% (Emerging - market high - yield credit bond index) [3][4] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares were 3505.00, CSI 300 was 4019.06, etc. - Percentage changes were from -0.42% (A - shares) to 1.73% (ChiNext). Valuation - PE (TTM): CSI 300 was 13.32, S&P 500 was 26.55, etc. -环比 changes were from -0.11% (S&P 500) to -0.01% (CSI 300). Risk Premium - 1/PE - 10 - year interest rate: S&P 500 was -0.72, German DAX was 2.15. -环比 changes were from -0.04% (S&P 500) to 0.04% (German DAX). Fund Flows - Latest values were from -1048.16 (A - shares) to -148.29 (CSI 300). - 5 - day average values were from -566.14 (A - shares) to -23.58 (CSI 300). Trading Volume - Latest values were from 798.06 (SSE 50) to 16120.48 (Shanghai and Shenzhen stock markets). -环比 changes were from -102.33 (SSE 50) to 1533.09 (Shanghai and Shenzhen stock markets). Basis and Spread - Basis: IF was -38.46, IH was -13.03, IC was -10.56. - Spread: IF was -0.96%, IH was -0.47%, IC was -0.18% [5] Treasury Futures Trading Data Treasury Futures - Closing prices: T00 was 108.890, TF00 was 106.025, etc. - Percentage changes were from -0.10% (T01) to -0.07% (TF00). Funding Rates - R001 was 1.5745%, R007 was 1.5877%, SHIBOR - 3M was 1.5590%. - Daily changes (BP) were from 0.00 (SHIBOR - 3M) to 5.00 (R007) [6]

Report Overview - Report Date: July 14, 2025 [1] - Report Team: Research Center's Macro Team Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 11, 2025, yields varied widely: US (4.411%), UK (4.621%), etc [2]. - Latest changes ranged from 0.002% (Greece) to 0.060% (US). - One - week changes were between 0.044% (Switzerland) and 0.134% (France). - One - month changes spanned from 0.010% (US) to 0.190% (Germany). - One - year changes varied from - 0.412% (Italy) to 0.450% (UK). 2 - Year Treasury Yields of Major Economies - As of July 11, 2025, yields were as follows: US (3.860%), UK (3.851%), etc [2]. - Latest changes were from - 0.040% (US) to 0.025% (Australia). - One - week changes ranged from - 0.019% (South Korea) to 0.128% (Australia). - One - month changes were between - 0.083% (UK) and 0.140% (Australia). - One - year changes varied from - 1.352% (Italy) to 0.421% (Japan). Dollar Exchange Rates Against Major Emerging Economies' Currencies - On July 11, 2025, exchange rates were: Brazil (5.560), South Africa (17.942), etc [2]. - Latest changes were from 0.10% (Malaysian ringgit) to 1.10% (South African rand). - One - week changes ranged from 0.10% (Malaysian ringgit) to 2.56% (Brazilian real). - One - month changes were between - 0.02% (South African rand) and 2.56% (Brazilian real). - One - year changes varied from - 11.58% (Thai baht) to 0.12% (Brazilian real). Stock Indices of Major Economies - On July 11, 2025, indices included: S&P 500 (6259.750), Dow Jones (44371.510), etc [2]. - Latest changes were from - 0.94% (Spanish index) to 0.60% (Indian index). - One - week changes ranged from - 2.39% (Mexican index) to 3.98% (South Korean index). - One - month changes were between - 1.66% (Indian index) and 6.07% (Nasdaq). - One - year changes varied from - 4.91% (Malaysian index) to 32.01% (German DAX). Credit Bond Indices - Latest changes in credit bond indices were from - 0.49% (US investment - grade) to - 0.03% (Eurozone high - yield) [2][3] - One - week changes ranged from - 0.62% (US investment - grade) to 0.26% (Eurozone high - yield) - One - month changes were between 0.32% (Eurozone investment - grade) and 1.62% (emerging economies high - yield) - One - year changes varied from 5.51% (US investment - grade) to 14.46% (emerging economies high - yield) Stock Index Futures Trading Data Index Performance - Closing prices on July 11, 2025: A - share (3510.18), CSI 300 (4014.81), etc [4] - Percentage changes were from - 0.01% (SSE 50) to 0.80% (ChiNext) Valuation - PE (TTM) values: CSI 300 (13.31), SSE 50 (11.39), etc -环比变化 were from - 0.09% (S&P 500) to 0.21% (CSI 500) Risk Premium - 1/PE - 10 - year interest rate values: S&P 500 (- 0.65), German DAX (2.10) -环比变化 were from - 0.04% (S&P 500) to 0.02% (German DAX) Fund Flows - Latest values: A - shares (75.13), Main Board (- 50.13), etc - 5 - day average values were from - 178.82 (A - shares) to 48.76 (CSI 300) Trading Volume - Latest trading volumes: Shanghai and Shenzhen markets (17121.19), CSI 300 (4437.81), etc -环比变化 were from 184.64 (Small - and Medium - sized Board) to 959.44 (CSI 300) Main Contract Basis - Basis values: IF (- 21.41), IH (- 5.17), IC (- 4.08) - Basis percentages were from - 0.53% (IF) to - 0.07% (IC) Treasury Bond Futures Trading Data - Closing prices on July 11, 2025: T00 (108.830), TF00 (105.995), etc [5] - Percentage changes were from - 0.22% (T01) to - 0.15% (TF01) - Funding rates: R001 (1.4038%), R007 (1.5086%), SHIBOR - 3M (1.5570%) - Daily changes in basis points were from - 12.00 (R001) to 0.00 (SHIBOR - 3M)

Report Information - Report Date: July 2, 2025 [2] - Report Title: Big - Asset Morning Report [9] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - As of July 1, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.243%, 4.453%, 3.250% respectively. The latest changes ranged from - 0.035% (UK) to 0.052% (Japan), weekly changes from - 0.119% (Brazil) to 0.063% (Germany), monthly changes from - 0.213% (US) to 0.183% (Switzerland), and annual changes from - 0.961% (Japan) to 0.371% (UK) [3] 2 - Year Treasury Yields of Major Economies - On July 1, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.730%, 3.821%, 1.844% respectively. The latest changes ranged from - 0.013% (Germany) to 0.030% (US), weekly changes from - 0.170% (US) to 0.026% (South Korea), monthly changes from - 0.230% (US) to 0.063% (Germany), and annual changes from - 1.424% (Italy) to 0.438% (Japan) [3] US Dollar Exchange Rates Against Major Emerging - Market Currencies - As of July 1, 2025, the exchange rates of the US dollar against the Brazilian real, Russian ruble, etc. were 5.459, 108.000 respectively. The latest changes ranged from - 0.65% (South African rand) to 0.50% (Brazilian real), weekly changes from - 1.20% (Malaysian ringgit) to 0.00% (Russian ruble), monthly changes from - 3.19% (Brazilian real) to 0.00% (Russian ruble), and annual changes from - 11.54% (Thai baht) to 0.49% (Brazilian real) [3] Stock Indices of Major Economies - On July 1, 2025, the S&P 500, Dow Jones Industrial Average, etc. were 6198.010, 44494.940 respectively. The latest changes ranged from - 1.24% (Nikkei) to 1.88% (Thai index), weekly changes from - 0.45% (South Korean index) to 3.26% (Dow Jones), monthly changes from - 1.84% (Indian index) to 6.78% (Nikkei), and annual changes from - 15.03% (Thai index) to 33.52% (Hang Seng Index) [3] Credit Bond Indices - As of July 1, 2025, the US investment - grade corporate bond index, euro - area investment - grade corporate bond index, etc. were 3428.740, 263.071 respectively. The latest changes ranged from 0.04% (euro - area high - yield corporate bond index) to 0.28% (emerging - market high - yield corporate bond index), weekly changes from - 0.01% (euro - area high - yield corporate bond index) to 0.95% (emerging - market high - yield corporate bond index), monthly changes from 0.33% (euro - area high - yield corporate bond index) to 2.22% (emerging - market high - yield corporate bond index), and annual changes from 6.12% (euro - area investment - grade corporate bond index) to 14.36% (emerging - market high - yield corporate bond index) [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3457.75, 3942.76 respectively. The daily changes were 0.39% (A - shares), 0.17% (CSI 300), etc. [5] Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 13.12, 11.26 respectively. The环比 changes were 0.05 (CSI 300), 0.05 (SSE 50), etc. [5] Risk Premium - The risk premiums of CSI 300, SSE 50, etc. were 3.70, 5.77 respectively. The环比 changes were 0.00 (CSI 300), 0.00 (SSE 50), etc. [5] Fund Flows - The latest values of A - shares, main board, etc. were - 746.29, - 399.28 respectively. The 5 - day average values were - 280.06 (A - shares), - 209.33 (main board), etc. [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 14660.15, 2360.70 respectively. The环比 changes were - 208.42 (Shanghai and Shenzhen stock markets), - 527.51 (CSI 300), etc. [5] Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 56.76, - 27.91, - 66.67 respectively. The magnitudes were - 1.44% (IF), - 1.03% (IH), - 1.12% (IC) [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 109.005, 106.205 respectively. The daily changes were - 0.14% (T00), - 0.10% (TF00), etc. [6] - The funding rates of R001, R007, SHIBOR - 3M were 1.4493%, 1.6175%, 1.6280% respectively. The daily changes were - 56.00 (R001), - 39.00 (R007), 0.00 (SHIBOR - 3M) [6]

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].

Report Overview - Report Title: "大类资产早报" - Report Date: June 13, 2025 - Author: Research Center Macro Team 1. Global Asset Market Performance 1.1 Main Economies' 10 - Year Treasury Yields - On June 12, 2025, yields in the US, UK, France, etc. were 4.361%, 4.475%, 3.180% respectively. Latest changes ranged from -0.061 (US) to 0.002 (China). One - year changes varied, with the UK up 0.255 and Italy down 0.475 [3]. 1.2 Main Economies' 2 - Year Treasury Yields - On June 12, 2025, yields in the US, UK, Germany, etc. were 4.010%, 3.861%, 1.810% respectively. Latest changes ranged from -0.046 (UK) to 0.072 (South Korea). One - year changes also showed differences, like the US down 0.910 and Japan up 0.349 [3]. 1.3 US Dollar to Main Emerging Economies' Currency Exchange Rates - On June 12, 2025, the exchange rate against the Brazilian real was 5.537. Latest changes were from -0.93% (South Korean won) to 0.26% (South African rand). One - year changes showed the Brazilian real up 5.56% and the South African rand down 3.99% [3]. 1.4 Main Economies' Stock Indexes - On June 12, 2025, the S&P 500 was at 6045.260. Latest changes were from -0.74% (German DAX) to 0.38% (S&P 500). One - year changes were significant, such as the German DAX up 27.75% and the French CAC down 2.91% [3]. 1.5 Credit Bond Indexes - On June 12, 2025, the US investment - grade credit bond index was 3392.930. Latest changes were from -0.02% (Eurozone high - yield credit bond index) to 0.43% (US investment - grade credit bond index). One - year changes were positive across the board, with the emerging economies' high - yield credit bond index up 13.14% [3][4]. 2. Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, etc. were 3402.66, 3892.20 respectively. The daily percentage changes were from -0.06% (CSI 300) to 0.26% (ChiNext) [5]. 2.2 Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 12.78, 10.90 respectively. The环比 changes were from -0.15% (German DAX) to 0.03% (CSI 500) [5]. 2.3 Risk Premium - The 1/PE - 10 - year interest rate of the S&P 500 was -0.47, with a环比 change of 0.05%. The German DAX was 2.44, with a环比 change of 0.09% [5]. 2.4 Fund Flows - The latest values of A - shares, the main board, etc. were -433.46, -411.02 respectively. The 5 - day average values also showed different trends [5]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 12717.69 billion, 2602.40 billion respectively. The环比 changes were from 16.02 (Small and Medium - sized Board) to 180.87 (ChiNext) [5]. 2.6 Main Contract Premium or Discount - The basis of IF, IH, IC were -8.60, -9.08, -19.93 respectively. The percentage changes were -0.22%, -0.34%, -0.34% respectively [5]. 3. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.850, 105.880 respectively. The daily percentage changes were from -0.03% (TF00) to 0.05% (T01) [6]. - The R001, R007, SHIBOR - 3M were 1.4348%, 1.5820%, 1.6390% respectively. The daily changes in basis points were from -13.00 (R001) to 0.00 (SHIBOR - 3M) [6].

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].

Global Asset Market Performance - The 10-year treasury bond yields of major economies on May 20, 2025, were 4.489% in the US, 4.702% in the UK, etc. The latest, weekly, monthly, and annual changes varied across countries [3]. - The 2-year treasury bond yields of major economies on May 20, 2025, were 3.980% in the US, 4.003% in the UK, etc. Changes also differed in different time - spans [3]. - The US dollar exchange rates against major emerging - economy currencies on May 20, 2025, were 5.652 against the Brazilian real, 108.000 against the Russian ruble, etc. Weekly, monthly, and annual changes were presented [3]. - Major economy stock indices on May 20, 2025, included 5940.460 for the S&P 500, 42677.240 for the Dow Jones Industrial Average, etc. Their latest, weekly, monthly, and annual changes were provided [3]. - Credit bond indices: for the latest change, all investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies were 0.00%. Weekly, monthly, and annual changes were also shown [3]. Stock Index Futures Trading Data - Closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3380.48, 3898.17, 2716.63, 2048.46, and 5747.37 respectively, with corresponding percentage changes [4]. - PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 12.59, 10.94, 29.00, 25.51, and 39.29 respectively, along with their环比changes [4]. - Risk premiums of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 3.70, 5.77, - 0.38, - 0.53, and - 0.04 respectively, with no环比changes [4]. - The latest values and 5 - day average values of capital flows in A - shares, main board, SME board, ChiNext, and CSI 300 were presented [4]. - The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 11696.81, 2016.37, 566.74, 2657.66, and 3242.13 respectively, with环比changes [4]. - The basis and amplitude of IF, IH, and IC in stock index futures were - 32.77, - 17.23, - 96.57 and - 0.84%, - 0.63%, - 1.68% respectively [4]. Treasury Bond Futures Trading Data - Closing prices of T00, TF00, T01, and TF01 treasury bond futures were 108.565, 105.705, 108.840, and 105.955 respectively, with corresponding percentage changes [5]. - R001, R007, and SHIBOR - 3M in the money market were 1.5556%, 1.5986%, and 1.6420% respectively, with daily changes in basis points [5]. Domestic and Foreign Markets - There are domestic and foreign currency markets, bond markets, stock markets, and exchange - rate markets [6][7]

Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - The 10 - year Treasury yields of various major economies on May 16, 2025, and their latest, weekly, monthly, and yearly changes are presented. For example, the US 10 - year Treasury yield was 4.480 on May 16, 2025, with a latest change of 0.047, a weekly change of 0.100, a monthly change of 0.144, and a yearly change of - 0.015 [3]. 2 - Year Treasury Yields of Major Economies - The 2 - year Treasury yields of some major economies on May 16, 2025, and their corresponding changes are shown. For instance, the US 2 - year Treasury yield was 4.050 on that date, with a latest change of 0.030, a weekly change of 0.270, a monthly change of 0.310, and a yearly change of - 0.770 [3]. Dollar Exchange Rates Against Major Emerging - Market Currencies - The exchange rates of the dollar against major emerging - market currencies on May 16, 2025, and their changes are provided. For example, the dollar - Brazilian real exchange rate was 5.665 on that day, with a latest change of - 0.31%, a weekly change of 0.19%, a monthly change of - 3.76%, and a yearly change of 11.28% [3]. Stock Indices of Major Economies - The stock indices of major economies on May 16, 2025, and their latest, weekly, monthly, and yearly percentage changes are given. For example, the S&P 500 index was 5958.380 on that date, with a latest change of 0.70%, a weekly change of 5.27%, a monthly change of 10.41%, and a yearly change of 14.86% [3]. Credit Bond Indices - The credit bond indices of different regions and levels on May 16, 2025, and their changes are presented. For example, the US investment - grade credit bond index was 3344.160 on that day, with a latest change of 0.13%, a weekly change of 0.19%, a monthly change of 0.90%, and a yearly change of 5.44% [3][4]. 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 provided. For example, the closing price of A - shares was 3367.46 with a change of - 0.40% [5]. Valuation - The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are given. For example, the PE (TTM) of CSI 300 was 12.56 with a环比 change of - 0.08 [5]. Risk Premium - The risk premiums and their环比 changes of S&P 500 and German DAX are presented. For example, the risk premium of S&P 500 was - 0.56 with a环比 change of - 0.08 [5]. 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 provided. For example, the latest fund flow in A - shares was - 263.31 [5]. 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 enterprise board, and ChiNext are given. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 10895.29 with a环比 change of - 628.66 [5]. Main Contract Basis and Spread - The basis and spread of IF, IH, and IC are presented. For example, the basis of IF was - 43.09 with a spread of - 1.11% [5]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 are provided. For example, the closing price of T00 was 108.480 with a change of 0.02% [6]. - The funding rates of R001, R007, and SHIBOR - 3M and their daily changes are given. For example, the funding rate of R001 was 1.6513% with a daily change of 10.00 BP [6].

Report Information - Report Date: May 15, 2025 [2] - Team: Research Center's Macro Team [2] Global Asset Market Performance 10-Year Treasury Yields - On May 14, 2025, the 10-year Treasury yields of the US, UK, and France were 4.538%, 4.712%, and 3.378% respectively [3]. - Latest changes in yields for major economies varied, with the US up 0.071 and Switzerland down -0.009 [3]. - One-year changes showed significant differences, like the UK up 0.491 and Japan down -0.780 [3]. 2-Year Treasury Yields - On May 14, 2025, the 2-year Treasury yields of the US, UK, and Germany were 3.980%, 4.018%, and 1.938% respectively [3]. - Latest changes in yields had different trends, such as the US up 0.100 and South Korea down -0.024 [3]. - One-year changes also differed greatly, like the US down -0.990 and Japan up 0.423 [3]. Exchange Rates - On May 14, 2025, the US dollar to Brazilian real exchange rate was 5.638, and the latest change was 0.53% [3]. - The onshore and offshore RMB exchange rates were 7.208 and 7.211 respectively, with latest changes of 0.05% and 0.17% [3]. - One-year changes in exchange rates showed various trends, such as the US dollar to Brazilian real up 11.06% and the US dollar to Malaysian ringgit down -9.52% [3]. Stock Indices - On May 14, 2025, the S&P 500 index was 5892.580, and the latest change was 0.10% [3]. - The Hang Seng Index was 23640.650, with a latest change of 2.30% [3]. - One-year changes in stock indices also varied, like the S&P 500 up 13.74% and the French CAC down -2.00% [3]. Credit Bond Indices - Latest changes in credit bond indices showed different trends, with the US investment - grade credit bond index down -0.30% and the euro - zone high - yield credit bond index unchanged at 0.00% [3][4]. - One - year changes were positive across the board, with the US investment - grade credit bond index up 4.70% and the emerging economies high - yield credit bond index up 12.31% [4]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, and SSE 50 were 3403.95, 3943.21, and 2753.79 respectively, with corresponding daily increases of 0.86%, 1.21%, and 1.69% [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, and S&P 500 were 12.72, 11.08, and 25.21 respectively, with环比 changes of 0.15, 0.15, and 0.03 [5]. Fund Flows - The latest net inflow of A - shares was 149.28, while the 5 - day average was -304.29 [5]. Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 13167.27, with a环比 increase of 252.02 [5]. Basis and Spread - The basis of IF, IH, and IC were -35.81, -16.19, and -101.32 respectively, with corresponding spreads of -0.91%, -0.59%, and -1.75% [5]. Treasury Futures Trading Data Closing Prices and Price Changes - The closing prices of T00, TF00, T01, and TF01 were 108.535, 105.810, 108.690, and 106.080 respectively, with price increases of 0.17%, 0.06%, 0.15%, and 0.04% [6]. Funding Rates - The R001, R007, and SHIBOR - 3M were 1.4412%, 1.5440%, and 1.6530% respectively, with daily changes of -9.00 BP, 1.00 BP, and -1.00 BP [6].