Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - No explicit core view is presented in the provided content. The report mainly presents the performance data of various global asset markets. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields of Major Economies**: On September 12, 2025, the 10 - year Treasury yields of the US, UK, France, etc., were 4.022, 4.606, 3.441 respectively. There were no latest changes, but significant weekly, monthly, and yearly changes were observed. For example, the US had a one - year change of 0.266, while Italy had a one - year change of - 0.206 [3]. - **2 - Year Treasury Yields of Major Economies**: On September 12, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc., were 3.540, 3.927, 1.983 respectively. Weekly, monthly, and yearly changes also varied. For instance, the US had a one - year change of - 0.020, while Japan had a one - year change of 0.484 [3]. - **USD Exchange Rates Against Major Emerging Economies' Currencies**: As of September 12, 2025, the exchange rates of the US dollar against the Brazilian real, Russian ruble, etc., were 5.389, 108.000 respectively. There were no latest changes, and weekly, monthly, and yearly changes differed. For example, the Brazilian real had a one - year change of - 4.48% against the US dollar [3]. - **Major Economies' Stock Indices**: On September 12, 2025, the values of the S&P 500, Dow Jones Industrial Average, etc., were 6587.470, 46108.000 respectively. There were no latest changes, but weekly, monthly, and yearly changes were notable. For example, the S&P 500 had a one - year change of 19.34% [3]. - **Credit Bond Indices**: There were no latest changes in the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. Weekly, monthly, and yearly changes were positive in most cases. For example, the US high - yield credit bond index had a one - year change of 8.93% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, etc., were 3870.60, 4522.00 respectively, with different percentage changes. For example, the A - shares had a change of - 0.12% [5]. - **Valuation**: The PE (TTM) of the CSI 300, SSE 50, etc., were 14.13, 11.90 respectively, with corresponding环比 changes [5]. - **Risk Premium**: The risk premiums of the CSI 300, SSE 50, etc., were 3.70, 5.77 respectively, with no环比 changes [5]. - **Fund Flows**: The latest values of A - shares, the main board, etc., were 1342.66, 657.95 respectively [5]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc., were 25209.25, 6895.76 respectively, with corresponding环比 changes [5]. - **Main Contract Basis**: The basis of IF, IH, IC were 1.20, 0.06, - 7.75 respectively, with corresponding basis spreads [5]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices of T00, TF00, etc., were 107.880, 105.760 respectively, with percentage changes of 0.14%, 0.19% respectively [6]. - **Funding Rates and Daily Changes**: The funding rates of R001, R007, etc., were 1.3979%, 1.4651% respectively, with daily changes of - 9.00BP, - 2.00BP respectively [6].

每经AI快讯，周三(9月3日)纽约尾盘，离岸人民币(CNH)兑美元报7.1391元，较周二纽约尾盘跌6点，日 内整体交投于7.1354-7.1489元区间。 ...

来源：新浪外汇 转换为人民币汇率，相当于100人民币兑换10.3870英镑；或者100英镑兑换962.3713人民币。 新浪外汇消息2025年09月02日，截至15时14分，外汇市场上英镑兑美元汇率跌破1英镑兑换1.3464美 元。跌幅为-0.5833% 根据中国银行汇率牌价报价，截至15时12分，美元现汇买入价713.0900、现钞买入价713.0900、现汇卖 出价716.0900、现钞卖出价716.0900、中行折算价713.0900。 当前汇率价格为3个月新低，42个月新高。当前跌幅为3个月新低，3个月新高 文章来源:新浪外汇 ...

Group 1 - The euro to US dollar exchange rate is currently trading around 1.1663, showing a slight decline of 0.13% from the previous close of 1.1678, after a two-month consolidation phase [1] - The euro has experienced a significant rise over the past six months, moving from 1.0118 to 1.1829, with a recent low during the consolidation phase at 1.1391 [1] - Market expectations suggest that the Federal Reserve may announce an interest rate cut at the upcoming monetary policy meeting on September 17, which could act as a catalyst for a renewed upward trend in the euro to dollar exchange rate [1] Group 2 - Initial resistance for the euro to dollar exchange rate is seen at the August 22 high of 1.1742, followed by the July 24 weekly high of 1.1788 and the year-to-date high of 1.1830 from July 1, 2025 [2] - If the exchange rate breaks above this resistance zone, it may target the September 2021 high of 1.1909, just below the 1.2000 level [2] - Short-term support is focused on the 100-day simple moving average at 1.1495, with further support levels at the August low of 1.1391 and the May 29 weekly low of 1.1210 [2]

Core Viewpoint - The People's Bank of China announced the exchange rates of the Renminbi (RMB) against various currencies on August 28, 2023, providing a comprehensive overview of the current market rates for investors and analysts [1]. Exchange Rate Summary - The exchange rate for 100 US dollars is 710.63 RMB [1] - The exchange rate for 100 euros is 829.15 RMB [1] - The exchange rate for 100 Japanese yen is 4.8394 RMB [1] - The exchange rate for 100 Hong Kong dollars is 91.267 RMB [1] - The exchange rate for 100 British pounds is 961.55 RMB [1] - The exchange rate for 100 Australian dollars is 463.74 RMB [1] - The exchange rate for 100 New Zealand dollars is 417.69 RMB [1] - The exchange rate for 100 Singapore dollars is 554.21 RMB [1] - The exchange rate for 100 Swiss francs is 888.03 RMB [1] - The exchange rate for 100 Canadian dollars is 516.82 RMB [1] - The exchange rate for 100 Macau patacas is 112.92 RMB [1] - The exchange rate for 100 Malaysian ringgits is 59.34 RMB [1] - The exchange rate for 100 Russian rubles is 1124.08 RMB [1] - The exchange rate for 100 South African rand is 248.56 RMB [1] - The exchange rate for 100 South Korean won is 19514 RMB [1] - The exchange rate for 100 UAE dirhams is 51.552 RMB [1] - The exchange rate for 100 Saudi riyals is 52.671 RMB [1] - The exchange rate for 100 Hungarian forints is 4778.75 RMB [1] - The exchange rate for 100 Polish zlotys is 51.443 RMB [1] - The exchange rate for 100 Danish krone is 90.05 RMB [1] - The exchange rate for 100 Swedish krona is 133.77 RMB [1] - The exchange rate for 100 Norwegian krone is 141.45 RMB [1] - The exchange rate for 100 Turkish lira is 576.061 RMB [1] - The exchange rate for 100 Mexican pesos is 262.02 RMB [1] - The exchange rate for 100 Thai baht is 454.33 RMB [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report comprehensively presents the performance of global asset markets on August 25, 2025, including the yields of 10 - year and 2 - year government bonds of major economies, exchange rates of the US dollar against major emerging - economy currencies, stock indices of major economies, stock index futures trading data, government bond futures trading data, and money market conditions [2][3][4] 3. Summary by Relevant Catalogs Global Asset Market Performance - **Government Bond Yields**: - **10 - year government bonds**: Yields and their changes (latest, weekly, monthly, and yearly) of 10 - year government bonds in major economies such as the US, UK, France, etc. are presented. For example, the US 10 - year government bond yield on August 25, 2025, was 4.276, with a latest change of 0.021, a weekly change of - 0.058, a monthly change of - 0.136, and a yearly change of 0.362 [2] - **2 - year government bonds**: Yields and their changes of 2 - year government bonds in major economies like the US, UK, Germany, etc. are provided. For instance, the US 2 - year government bond yield on August 25, 2025, was 3.790, with a latest change of 0.050, a weekly change of 0.050, a monthly change of 0.070, and a yearly change of - 0.140 [2] - **Exchange Rates**: - **US dollar against emerging - economy currencies**: Exchange rates and their percentage changes of the US dollar against currencies of emerging economies such as Brazil, Russia, South Africa, etc. are shown. For example, the US dollar - Brazilian real exchange rate on August 25, 2025, was 5.412, with a latest change of - 0.26%, a weekly change of - 0.45%, a monthly change of - 3.17%, and a yearly change of - 1.31% [2] - **Renminbi**: Exchange rates and their percentage changes of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are presented. For example, the on - shore RMB exchange rate on August 25, 2025, was 7.154, with a latest change of - 0.19%, a weekly change of - 0.44%, a monthly change of - 0.35%, and a yearly change of - 0.29% [2] - **Stock Indices**: - **Major economies**: Stock indices and their percentage changes of major economies such as the US (S&P 500, Dow Jones, Nasdaq), UK, France, etc. are given. For example, the S&P 500 index on August 25, 2025, was 6439.320, with a latest change of - 0.43%, a weekly change of - 0.15%, a monthly change of 0.78%, and a yearly change of 16.17% [2] - **Emerging economies**: Stock indices and their percentage changes of emerging economies such as Russia, Japan, Hong Kong, etc. are provided. For example, the Hang Seng Index on August 25, 2025, was 25829.910, with a latest change of 1.94%, a weekly change of 2.59%, a monthly change of 1.05%, and a yearly change of 50.97% [2] - **Credit Bond Indices**: - Yields and their percentage changes of investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies are presented. For example, the US investment - grade credit bond index on August 25, 2025, was 3463.860, with a latest change of - 0.08%, a weekly change of 0.37%, a monthly change of 1.36%, and a yearly change of 4.30% [2] Stock Index Futures Trading Data - **Index Performance**: 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 3883.56, with a percentage change of 1.51% [3] - **Valuation**: PE(TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For example, the PE(TTM) of CSI 300 was 13.97, with a环比 change of 0.00 [3] - **Risk Premium**: 1/PE - 10 - year interest rate and their环比 changes of S&P 500 and German DAX are given. For example, the 1/PE - 10 - year interest rate of S&P 500 was - 0.62, with a环比 change of - 0.01 [3] - **Fund Flow**: Latest values and 5 - day average values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 are provided. For example, the latest value of A - share fund flow was - 177.24, and the 5 - day average value was - 340.99 [3] - **Trading Volume**: Latest values and环比 changes of trading volumes in Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are presented. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 31411.37, with a环比 change of 5944.27 [3] - **Main Contract Premium/Discount**: Basis and percentage basis of IF, IH, and IC are given. For example, the basis of IF was 5.38, with a percentage basis of 0.12% [3] Government Bond Futures Trading Data - Closing prices and percentage changes of government bond futures T00, TF00, T01, and TF01 are provided. For example, the closing price of T00 was 108.145, with a percentage change of 0.00% [4] - **Money Market**: - **Funding Rates**: R001, R007, and SHIBOR - 3M and their daily changes (in basis points) are presented. For example, R001 was 1.3901%, with a daily change of - 9.00 basis points [4] - **Big - Category Asset Morning Report**: Values and percentage changes of big - category assets on August 25, 2025, are provided. For example, the value was 1602.450, with a latest change of 0.31% [7]

Core Viewpoint - The Central Bank of Brazil has revised its inflation forecasts for 2025 and 2026, indicating a more optimistic outlook for the economy [1] Economic Forecasts - The inflation rate forecast for Brazil in 2025 has been lowered from 5.05% to 4.95% [1] - The inflation rate forecast for 2026 has been adjusted down from 4.41% to 4.4% [1] - The GDP growth forecast for 2025 remains at 2.21% [1] - The GDP growth forecast for 2026 is maintained at 1.87% [1] Interest Rates and Exchange Rates - The market predicts that the benchmark interest rate for Brazil will remain at 15% in 2025 [1] - The interest rate forecast for 2026 is set at 12.5% [1] - The exchange rate forecast for the end of 2025 remains unchanged at 1 USD to 5.6 BRL [1] - The exchange rate forecast for the end of 2026 is also unchanged at 1 USD to 5.7 BRL [1]

Core Viewpoint - The unprecedented low interest rate environment is the strongest driving force behind the current stock market rally, and understanding the central bank's monetary policy report is crucial for investment in both equity and fixed income markets [1][10]. Group 1: Monetary Policy Insights - The emphasis on "implementing and refining" an appropriately loose monetary policy indicates a focus on structural policies rather than direct quantitative measures, suggesting that the central bank will prioritize the optimization of structural monetary tools rather than further interest rate cuts before the end of the year [13][14]. - The central bank's consideration of raising the price level reasonably implies that if CPI and PPI do not show a trend of rising, there is no need to worry about tightening monetary policy, reinforcing the principle that "if funds are not tight, bond bears will not come" [13]. - The focus on "lowering the cost of bank liabilities" aims to ensure banks' interest margins, indicating a preference for targeted measures like reducing the rates of reverse repos rather than broad-based interest rate cuts [14]. Group 2: Credit and Loan Trends - In the second quarter, large and medium-sized banks continued to increase their market share in loan increments, with large banks' increments being about 40% of the first quarter's, while small rural financial institutions lagged behind [20][21]. - The increase in fiscal deposits by nearly 24% in the second quarter, compared to 17% in the first quarter, is attributed to the large issuance of government and local bonds, which has led to increased deposit accumulation [24]. - Non-bank financial institutions saw a significant increase in deposits, with over 2.2 trillion yuan added in the second quarter, indicating a shift of deposits towards non-bank products [28]. Group 3: Structural Monetary Tools - The balance of structural monetary tools has reached 3.8 trillion yuan, with a notable increase in technology-related re-loans from 300 billion to 800 billion yuan, which is a core reason for the strength of the technology sector [38][40]. - The report highlights a shift in the distribution of new loans over the past decade, moving from real estate and urban investment to a more diversified structure, although the short-term demand for social financing remains insufficient [43][45]. Group 4: Market Dynamics - The government has been the main department for financing leverage in the first half of the year, with significant increases in bond issuance, indicating a proactive fiscal stance [54]. - The insurance sector has seen a reduction in premium growth to around 5%, down from over 10% in previous years, which may lead to a shift of funds towards equity and fixed income products [56]. - The central bank's mention of the cultural and chip sectors reflects their importance in the current market, particularly in the context of domestic control amid U.S.-China tensions [62].

Core Viewpoint - In July, the uncertainty of U.S. tariff policies continued to increase global trade uncertainty, but market reactions weakened, leading to a rebound in the U.S. dollar index and a slight depreciation of the onshore RMB exchange rate, while the average exchange rate continued to strengthen. However, market participants did not accumulate expectations for a rebound [1][2]. Exchange Rate and Currency Trends - The U.S. dollar index rose by 3.4% in July, ending a five-month decline, reaching a high of 100.0, the highest since late May [2]. - The onshore RMB exchange rate fell by 0.4% to around 7.19, while the average exchange rate increased by 0.1% to 7.1727, marking the third consecutive month of appreciation [3]. - The CFETS RMB exchange rate index and the BIS currency basket reference index both ended a six-month decline, rising by 1.5% and 1.8% respectively [3]. Cross-Border Capital Flows - In July, there was a small net outflow of cross-border funds, with foreign investment in stock assets increasing, while foreign investors significantly reduced their holdings of RMB-denominated bonds, leading to a historical high in the scale of cross-border RMB and securities investment expenditures [7][8]. - The foreign investment in domestic stock markets increased from a net inflow of $1.2 billion in June to $2.7 billion in July [8]. Foreign Investment Behavior - Foreign investors reduced their holdings of RMB-denominated bonds for the third consecutive month, with the reduction scale reaching a historical high of 303.9 billion yuan [9]. - The average one-year USD/RMB forward discount narrowed significantly, leading to a decrease in the attractiveness of RMB bonds for foreign investors [9]. Banking and Forex Market Dynamics - In July, the banking sector recorded a surplus in foreign exchange settlement and sales for the fifth consecutive month, with a surplus of $45.6 billion, the highest in five months [13]. - The willingness of market participants to accumulate foreign exchange decreased, as indicated by a decline in the balance of foreign currency deposits in financial institutions [15]. Trade and Payment Trends - The surplus in goods trade increased by $22.6 billion to $89.4 billion, the second highest on record, due to a significant increase in foreign income [10]. - The service trade recorded a deficit increase of $2.8 billion, reflecting increased outbound demand during the summer [11].

Group 1: Exchange Rate Influences - Exchange rates are influenced by various factors, including economic growth, inflation levels, and interest rate differentials [1] - Strong economic growth attracts foreign investment, increasing demand for the domestic currency and leading to appreciation [1] - High inflation relative to other countries typically results in depreciation of the domestic currency due to decreased purchasing power [1] - Political stability and government policies significantly impact exchange rates, with unstable environments leading to depreciation and stable ones promoting appreciation [1] - Central banks influence exchange rates through monetary and fiscal policies, including interest rate adjustments and open market operations [1] Group 2: Foreign Exchange Trading Methods - Spot foreign exchange trading is the most basic form, where transactions are settled within two business days at current market rates [2] - Forward foreign exchange trading allows parties to agree on a future exchange rate and amount, helping to hedge against currency fluctuations [2] - Foreign exchange futures are standardized contracts traded on exchanges, offering higher liquidity and regulation compared to forwards [2] - Foreign exchange options provide buyers the right to buy or sell currency at a predetermined rate within a specified period, offering flexible risk management tools [2] - The foreign exchange market is the largest and most active financial market globally, with major trading centers in London, New York, and Tokyo, enabling 24-hour trading [2]