来源：滚动播报 周四（11月13日）欧市尾盘，德国10年期国债收益率上涨4.4个基点，报2.688%，日内交投于 2.639%-2.690%区间，北京时间16:35微跌刷新日低，之后持续上涨。两年期德债收益率涨3.0个基点， 报2.028%，日内交投于2.002%-2.031%区间；30年期德债收益率涨5.2个基点，报3.280%。2/10年期德债 收益率利差涨1.496个基点，报+65.858个基点。 ...

Core Viewpoint - The yields on various European government bonds have decreased, indicating a potential shift in market sentiment towards safer assets [1] Group 1: France - The yield on the 10-year French government bond fell by 1.8 basis points to 3.420% [1] - The 2-year French bond yield decreased by 1.4 basis points [1] - The 30-year French bond yield dropped by 2.0 basis points [1] Group 2: Italy - The yield on the 10-year Italian government bond decreased by 1.2 basis points to 3.400% [1] Group 3: Spain - The yield on the 10-year Spanish government bond fell by 1.2 basis points to 3.162% [1] Group 4: Greece - The yield on the 10-year Greek government bond decreased by 1.0 basis point to 3.280% [1]

Group 1 - The core point of the article is that the UK 2-year benchmark government bond yield has fallen to 3.716%, marking the lowest level since August 2024, with a decrease of 9 basis points on the same day [1]

Group 1 - The core point of the article is that UK government bonds opened higher, with the 10-year bond yield decreasing by 5 basis points to 4.41% [1]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report 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 trading data of stock index futures and treasury bond futures. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: Yields vary across different economies. For example, on 2025/11/10, the US 10 - year treasury bond yield was 4.117, with a latest change of 0.019, a one - week change of 0.006, a one - month change of 0.083, and a one - year change of - 0.168 [3]. - **2 - Year Treasury Bond Yields**: Different economies also show different trends. The US 2 - year treasury bond yield on 2025/11/10 was 3.570, with a latest change of - 0.060, a one - week change of - 0.040, a one - month change of 0.090, and a one - year change of - 0.540 [3]. - **Dollar to Major Emerging Economies Currency Exchange Rates**: The exchange rates have different changes. For example, the dollar - to - Brazilian real exchange rate on 2025/11/10 was 5.301, with a latest change of - 0.62%, a one - week change of - 1.07%, a one - month change of - 3.02%, and a one - year change of - 8.41% [3]. - **Stock Indices**: Stock indices of various economies have different performances. For instance, the S&P 500 index value on 2025/11/10 was 6832.430, with a latest change of 0.51%, a one - week change of 0.31%, a one - month change of - (not provided), and a one - year change of - (not provided) [3]. - **Credit Bond Indices**: Different credit bond indices have different changes. For example, the US investment - grade credit bond index had a one - month change of - 0.17% and a one - year change of 0.01% [3]. Stock Index Futures Trading Data - **Index Performance**: The closing price of A - shares was 4018.60, with a change of 0.53%. The closing price of the CSI 300 was 4695.05, with a change of 0.35% [5]. - **Valuation**: The PE(TTM) of the CSI 300 was 14.36, with a环比 change of 0.08. The PE(TTM) of the S&P 500 was 28.41, with a环比 change of 0.44 [5]. - **Risk Premium**: The risk premium of the S&P 500 (1/PE - 10 - year interest rate) was - 0.60, with a环比 change of - 0.08. The risk premium of the German DAX was 2.38, with a环比 change of - 0.08 [5]. - **Fund Flow**: The latest value of A - share fund flow was - 456.59, and the 5 - day average was - 482.23 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 21744.54, with a环比 change of 1754.01 [5]. - **Main Contract Premium or Discount**: The basis of IF was - 23.05, with a magnitude of - 0.49%. The basis of IH was 0.14, with a magnitude of 0.00% [5]. Treasury Bond Futures Trading Data - **Closing Price and Change**: The closing price of T00 was 108.485, with a change of 0.00%. The closing price of TF00 was 105.940, with a change of 0.00% [6]. - **Funding Rate**: The R001 was 1.5226%, with a daily change of 5.00 BP. The R007 was 1.5039%, with a daily change of 3.00 BP [6].

Core Viewpoint - The 10-year Japanese government bond yield has decreased by 1 basis point to 1.69% as of November 11 [1] Group 1 - The decline in the 10-year Japanese government bond yield indicates a potential shift in investor sentiment towards safer assets [1]

每经AI快讯，当地时间11月10日，英国10年期国债收益率跌0.4个基点，报4.460%。 ...

每经AI快讯，周一(11月10日)欧市尾盘，法国10年期国债收益率跌2.3个基点，报3.440%。意大利10年 期国债收益率跌2.0个基点，报3.413%。西班牙10年期国债收益率跌1.1个基点，报3.174%。希腊10年期 国债收益率跌1.5个基点，报3.291%。 ...

Core Viewpoint - European bond yields are experiencing an upward trend, with notable increases in various countries' long-term bonds, indicating a shift in market sentiment towards higher interest rates [1] Summary by Category France - The yield on France's 10-year government bonds rose by 1.5 basis points to 3.460%, with a cumulative increase of 3.9 basis points for the week [1] - The 2-year French bond yield increased by 3.3 basis points, while the 30-year yield rose by 5.0 basis points over the same period [1] Italy - Italy's 10-year government bond yield increased by 1.6 basis points to 3.429%, with a weekly rise of 4.5 basis points [1] Spain - Spain's 10-year government bond yield rose by 1.4 basis points to 3.181%, accumulating a weekly increase of 3.8 basis points [1] Greece - Greece's 10-year government bond yield increased by 1.5 basis points to 3.304%, with a weekly rise of 4.4 basis points [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The central bank's bond - buying operation in October released a loose signal, and the market generally expects the central bank to purchase mainly medium - and short - term bonds. In the short term, short - end interest rates are expected to continue to decline and may drive long - end interest rates down. However, the potential suppression of long - end interest rates due to the recovery of risk appetite should be vigilant. It is recommended to try long positions with light positions on dips [104]. Group 3: Summary by Directory 1. Market Review - **Weekly Data**: The 30 - year (TL2512), 10 - year (T2512), 5 - year (TF2512), and 2 - year (TS2512) Treasury bond futures had weekly declines of 0.63%, 0.22%, 0.15%, and 0.07% respectively. The trading volumes of TS, TF, T, and TL main contracts all decreased. The positions of TS, T, and TL main contracts decreased, while the position of the TF main contract increased [13][30]. - **Treasury Bond Futures Market Review**: The main contracts of 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures all declined this week [16][22]. 2. News Review and Analysis - **Key News**: In November, there were multiple events. The Ministry of Finance established a Debt Management Department; the central bank conducted an equal - amount roll - over of 700 billion yuan of 3 - month repurchase operations; the Ministry of Finance issued 4 billion US dollars of sovereign bonds in Hong Kong; China announced measures to implement the consensus of the Sino - US economic and trade consultations; China's October export decreased by 1.1% year - on - year, and imports increased by 1%; the US employment situation was severe, leading to an increase in the expectation of interest rate cuts; the US federal government continued to shut down, causing concerns about the subsequent monetary policy [33][34][35]. 3. Chart Analysis - **Spread Changes** - **Yield Spread**: The spread between 10 - year and 5 - year yields, and between 10 - year and 1 - year yields narrowed. The spreads between 2 - year and 5 - year, 5 - year and 10 - year main contracts also narrowed. The spreads between near - and far - month contracts of 10 - year, 30 - year, and 5 - year Treasury bond futures narrowed, while the 2 - year contract's spread fluctuated [43][49][60]. - **Main Contract Positions**: The net short positions of the top 20 positions in the T main contract increased significantly [67]. - **Interest Rate Changes**: The 1 - week, 2 - week, and 1 - month Shibor rates decreased, the overnight Shibor rate increased, and the DR007 weighted average rate fell to around 1.41%. The yields of Treasury bond cash bonds weakened, with the 1 - 7Y maturity yields rising by 1.5 - 3.0bp, and the 10Y and 30Y yields rising by 1.8bp and 1.4bp to 1.81% and 2.16% respectively. The spreads between Chinese and US 10 - year and 30 - year Treasury bond yields narrowed slightly [71][77]. - **Central Bank Operations**: The central bank had a net withdrawal of 157.22 billion yuan in the open market this week, and the DR007 weighted average rate fell slightly to around 1.41% [81]. - **Bond Issuance and Maturity**: This week, the bond issuance was 109.7884 billion yuan, the total repayment was 68.5032 billion yuan, and the net financing was 41.2852 billion yuan [85]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar increased by 44 basis points this week, and the spread between the offshore and onshore RMB widened. The 10 - year US Treasury bond yield fluctuated upward, the VIX index rose, and the A - share risk premium increased slightly [89][95][100]. 4. Market Outlook and Strategy - **Market Outlook**: Domestically, the economy shows a pattern of "strong production, weak demand" and "strong external demand, weak domestic demand". Overseas, the US service industry PMI rose to an eight - month high, but the manufacturing PMI was far below expectations. The employment market sent mixed signals, and the US federal government shutdown increased the uncertainty of the December interest rate - cut decision [103]. - **Strategy**: It is recommended to try long positions with light positions on dips, considering the expected decline in short - end interest rates and the potential impact on long - end rates, while being vigilant about the recovery of risk appetite [104].