Market Overview - U.S. stocks traded mostly lower, with the Dow Jones index dropping over 250 points, down 0.60% to 44,382.58, while the NASDAQ rose slightly by 0.06% to 20,643.06, and the S&P 500 fell 0.23% to 6,266.23 [1] - European shares were lower, with the eurozone's STOXX 600 dipping 1.07%, Spain's IBEX 35 Index falling 0.99%, London's FTSE 100 down 0.47%, Germany's DAX 40 slipping 0.81%, and France's CAC 40 declining 0.94% [5] - Asian markets closed mixed, with Japan's Nikkei down 0.19%, Hong Kong's Hang Seng up 0.46%, China's Shanghai Composite gaining 0.01%, and India's BSE Sensex falling 0.83% [6] Company Earnings - WD-40 Co. (WDFC) reported better-than-expected earnings for its third quarter, although sales missed estimates. The company raised its FY2025 EPS guidance but narrowed its sales forecast [2] Stock Movements - MiNK Therapeutics, Inc. (INKT) shares surged 526% to $48.40 following a publication in Oncogene [8] - Ruanyun Edai Technology Inc. (RYET) shares increased by 19% to $18.37 after signing a strategic partnership with Confucius Institute at Prince Sultan University [8] - Signing Day Sports, Inc. (SGN) shares rose 98% to $2.4350 due to advancements in its business combination with One BlockchAIn [8] - Milestone Pharmaceuticals Inc. (MIST) shares dropped 41% to $1.5050 after announcing a public offering [8] - Federal Agricultural Mortgage Corporation (AGM) shares fell 11% to $175.20 following the announcement of the departure of its Chief Financial Officer [8] - TransMedics Group, Inc. (TMDX) shares decreased by 10% to $112.93 [8] Commodities - In commodity news, oil prices increased by 2.6% to $68.28, gold rose by 1.5% to $3,375.80, silver gained 4.1% to $38.830, while copper fell by 0.9% to $5.5425 [4]

Group 1 - The US stock market opened with all three major indices declining, with the Dow Jones down 0.54%, Nasdaq down 0.32%, and S&P 500 down 0.43% [2][3] - Chinese concept stocks showed mixed performance, with Futu Holdings rising over 1.5% and Beike falling over 2% [2][3] - Major tech companies mostly declined, with Google down over 0.5% as it plans to offer cloud service discounts to the US government [2][3] Group 2 - US stock index futures were all down before the market opened, with Dow futures down 0.62%, S&P 500 futures down 0.55%, and Nasdaq futures down 0.46% [4][5] - European major indices also experienced declines, with France's CAC40 down 0.81%, Germany's DAX down 0.73%, and the UK's FTSE 100 down 0.35% [6][7] Group 3 - Spot gold saw an intraday increase of 1%, currently priced at $3357.84 per ounce [8] - Canada's employment numbers for June increased by 83,100, with the unemployment rate at 6.9%, down from the previous 7.0% [9]

Market Performance - The three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.43%, S&P 500 up 0.27%, and Nasdaq up 0.09% [1] - Major tech stocks showed mixed performance, with Tesla rising over 4%, Nvidia up 0.75%, Apple up 0.6%, Google up 0.57%, while Amazon fell 0.13%, Microsoft down 0.4%, and Facebook down 0.76% [1] - Chinese concept stocks mostly rose, with ZTO Express up over 9%, Beike up over 6%, Daqo New Energy up over 6%, NIO up over 6%, and Pony.ai up over 6%. In contrast, Brainstorm Cell Therapeutics fell over 4%, Century Internet down over 2%, Kingsoft Cloud down over 2%, and NetEase down over 2% [1] - European stock indices closed mixed, with Germany's DAX down 0.38%, France's CAC40 up 0.3%, and the UK's FTSE 100 up 1.23% [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 0.36% at $3333.00 per ounce and COMEX silver futures up 2.72% at $37.63 per ounce [1] - International oil prices weakened, with the main U.S. oil contract down 2.21% at $66.87 per barrel and Brent crude down 1.91% at $68.85 per barrel [1] Currency and Bond Markets - At the New York close, the U.S. dollar index rose 0.10% to 97.59, while the offshore RMB against the U.S. dollar increased by 70 basis points to 7.1783 [1] - U.S. Treasury yields collectively rose, with the 2-year yield up 3.13 basis points to 3.870%, 3-year yield up 2.78 basis points to 3.836%, 5-year yield up 3.15 basis points to 3.932%, 10-year yield up 1.78 basis points to 4.348%, and 30-year yield up 0.30 basis points to 4.868% [1] - European bond yields mostly increased, with the UK 10-year yield down 1.6 basis points to 4.593%, while France's 10-year yield rose 3.7 basis points to 3.395%, Germany's 10-year yield up 3.2 basis points to 2.702%, Italy's 10-year yield up 3.5 basis points to 3.557%, and Spain's 10-year yield up 2.6 basis points to 3.316% [1]

Market Overview - On July 4, 2025, the Shanghai Composite Index rose by 0.32% to close at 3472.32 points, while the Shenzhen Component Index fell by 0.25% to 10508.76 points, and the ChiNext Index decreased by 0.36% to 2156.23 points[2] - The total trading volume in both markets exceeded 1.4 trillion CNY, amounting to 14,285.45 billion CNY[2][4] Sector Performance - The banking sector led gains with an increase of 1.84%, followed by media at 0.91% and comprehensive services at 0.71%[5] - The beauty and personal care sector experienced the largest decline at -1.87%, followed by non-ferrous metals at -1.60% and basic chemicals at -1.22%[5] Market Sentiment - A total of 1,169 stocks rose, while 4,118 stocks declined, indicating a market breadth of 21.37% for advancing stocks[4] - The net inflow of funds into the banking sector was significant, contributing to its positive performance[6] Risk Factors - The report highlights potential risks from international market fluctuations that could impact domestic performance[3]

1. Report Industry Investment Rating Not provided in the content 2. Core View of the Report - In the period from June 20 to June 27, 2025, the central bank conducted a total of 116.28 billion yuan in reverse repurchase operations, with 117.52 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 1.24 billion yuan. The inter - bank funds prices were differentiated, with DR001 down 0.59BP to 1.3683% and DR007 up 20.27BP to 1.6968%. The primary market for interest - rate bonds issued 86.764 billion yuan, with a total repayment of 8.6988 billion yuan for maturing bonds, and a net financing of 78.0652 billion yuan. The yields of 1 - year and 3 - year Treasury bonds decreased, while those of 5 - year, 7 - year, and 10 - year Treasury bonds increased, and the 10Y - 1Y term spread widened from 28.44BP to 30.10BP [1]. - From June 23 to June 29, 2025, in the primary market for credit bonds, 1,049 new bonds (including inter - bank certificates of deposit) were issued, with a total issuance scale of 120.9212 billion yuan, a decrease of 48.8649 billion yuan compared with the previous period. The total repayment of credit bonds was 157.2077 billion yuan, with a net financing of - 36.2865 billion yuan. Most of the credit bond yields at maturity increased. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances [2]. - From June 20 to June 27, 2025, the three major US stock indexes rose, with the Dow up 3.82%, the S&P 500 up 3.44%, and the Nasdaq up 4.25%. European stock indexes also generally rose. The yields of US Treasury bonds decreased overall, the US dollar index fell 1.52%, and non - US currencies strengthened. The prices of crude oil and gold declined during the week [3]. 3. Summary According to the Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From June 20 to June 27, 2025, the central bank had a net withdrawal of funds, and the inter - bank funds prices were differentiated, with DR001 down and DR007 up. The exchange funds prices generally increased [15]. 3.1.2 Primary Market Issuance - From June 23 to June 29, 2025, the primary market for interest - rate bonds had an increase in net financing, and the issuance of local government bonds increased. The total issuance was 86.764 billion yuan, with a net financing of 78.0652 billion yuan [27]. 3.1.3 Secondary Market Trading - From June 20 to June 27, 2025, the yields of Treasury bonds and policy - bank bonds were differentiated, and the term spreads widened. For Treasury bonds, the 10Y - 1Y term spread widened from 28.44BP to 30.10BP; for policy - bank bonds, it widened from 19.20BP to 20.50BP [37]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From June 23 to June 29, 2025, the issuance of credit bonds decreased compared with the previous period. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances. The AAA - rated bonds accounted for 61.35% of the total issuance scale, and the issuance was mainly in the 3 - 5 - year term [48]. 3.2.2 Secondary Market Trading - From June 20 to June 27, 2025, most of the yields of urban investment bonds at maturity increased, and the yields of medium - and short - term notes were differentiated [58]. 3.2.3 One - week Credit Default Event Review - From June 23 to June 29, 2025, one enterprise's credit bonds defaulted [60]. 3.3 Observation of Major Asset Classes 3.3.1 Rise of European and American Stock Indexes - From June 20 to June 27, 2025, the three major US stock indexes and European stock indexes generally rose, and some Asian - Pacific stock indexes also increased [62]. 3.3.2 Decline of US Treasury Bond Yields - From June 20 to June 27, 2025, the yields of US Treasury bonds decreased overall, and the 10Y - 1Y term spread changed to 32.00BP [64]. 3.3.3 Weakening of the US Dollar Index and Strengthening of Non - US Currencies - From June 20 to June 27, 2025, the US dollar index fell 1.52%, and non - US currencies strengthened [68]. 3.3.4 Decline of Crude Oil and Gold Prices - From June 20 to June 27, 2025, the prices of crude oil and gold declined. The COMEX gold futures price fell 2.79%, and the Brent crude oil price fell 12.00% [70]. 3.4 Investment Suggestions - The bond market in July may show a pattern of strong fluctuations. The central bank's second - quarter regular meeting signaled continued easing, flexible adjustment, and structural efforts in monetary policy. It is recommended to adopt a riding strategy for interest - rate bonds and a strategy of extending the duration of high - grade bonds for credit bonds [4].

Market Overview - The A-share market experienced a strong rally this week, with nearly 90% of stocks achieving positive returns, driven by improved global risk appetite due to geopolitical developments and supportive policies in Hong Kong [2][12] - The bond market saw a slight pullback, but overall liquidity remained balanced, aided by the central bank's net injection of over 1 trillion yuan [2][8] Stock Market Insights - The stock market is expected to maintain a favorable risk appetite due to reduced international geopolitical risks and a weaker US dollar, despite the recent rally not being driven by economic fundamentals [6][10] - Structural investment opportunities are anticipated even if market turnover does not continue to increase significantly [6] Bond Market Analysis - The bond market is currently stable with no basis for a significant adjustment, and it is advisable to gradually increase positions during pullbacks [8] - The weak economic fundamentals are providing support for the bond market, making bonds suitable as a stabilizing asset in a diversified portfolio [8] Commodity Market Trends - Gold prices have been in a corrective phase after reaching high levels earlier this year, with COMEX gold failing to break the $3,500 per ounce mark [9][40] - The commodity index saw a weekly decline of 2.00%, with specific sectors like energy and agricultural products experiencing notable drops [40][42] Industry Performance - In the stock market, the computer, defense, and non-bank financial sectors showed strong performance with weekly gains of +7.70%, +6.90%, and +6.66% respectively [22][25] - The banking sector also performed well, with a year-on-year increase of 32.02% [25] Key Events Impacting the Market - The recent ceasefire agreement between Israel and Iran has positively influenced market sentiment [30] - The upcoming summer Davos Forum, attended by Chinese Premier Li Qiang, is expected to draw attention to China's economic policies [29]

Core Insights - The article discusses the historical significance of the stock market, highlighting its role in transforming corporate financing, investor behavior, and economic mechanisms [1][5] - It traces the evolution of stock markets from the early days of maritime trade to their current status as global financial hubs [2][6] Group 1: Historical Development - The first joint-stock company was established in 1602 in the Netherlands, allowing for capital accumulation and risk diversification among shareholders [2] - The first public offering raised approximately 6.5 million Dutch guilders, a significant amount compared to the average annual salary of a Dutch worker at around 200 guilders [2] - The establishment of the first stock exchange in Amsterdam in 1608 marked a pivotal moment in the development of global capital markets [3] Group 2: Impact on Industries - The stock market played a crucial role in financing the railway industry during the 19th century, enabling rapid infrastructure development in the wake of the Industrial Revolution [4] - Companies like the Pennsylvania Railroad became some of the largest publicly traded companies by raising substantial funds through stock issuance [4] Group 3: Globalization and Market Dynamics - The stock market evolved into a global platform for capital allocation, facilitating the flow of resources across borders and reflecting economic confidence [5] - The 20th century saw the emergence of market bubbles driven by investor greed, exemplified by the stock market crash of 1929 and the dot-com bubble in 1999 [6][7] Group 4: Lessons and Future Outlook - The cyclical nature of market behavior, driven by human psychology, suggests that investors must navigate the balance between rationality and desire [7] - The stock market continues to be a vital force in economic development, with ongoing stories and challenges expected to unfold in the future [7]

Report Overview - Report Title: Big Asset Morning Report - Report Date: June 26, 2025 - Report Team: Macro Team of the Research Center 1. Global Asset Market Performance 1.1 Major Economies' 10 - Year Treasury Yields - On June 25, 2025, yields in the US, UK, France, etc. were 4.293, 4.480, 3.257 respectively [3] - Latest changes ranged from - 0.043 (Japan) to 0.036 (Switzerland), one - week changes from - 0.160 (Japan) to 0.132 (Switzerland), one - month changes from - 0.200 (Japan) to 0.134 (Switzerland), and one - year changes from - 0.984 (Japan) to 0.366 (UK) [3] 1.2 Major Economies' 2 - Year Treasury Yields - On June 25, 2025, yields in the US, UK, Germany, etc. were 3.840, 3.851, 1.840 respectively [3] - Latest changes ranged from - 0.060 (US) to 0.016 (South Korea), one - week changes from - 0.130 (US) to 0.012 (South Korea), one - month changes from - 0.170 (US) to 0.143 (South Korea), and one - year changes from - 0.970 (Germany) to 0.433 (Japan) [3] 1.3 US Dollar vs. Major Emerging Economies' Currencies Exchange Rates - On June 25, 2025, exchange rates against the Brazilian real, Russian ruble, etc. were 5.564, 108.000 respectively [3] - Latest changes ranged from - 1.38% (South African rand) to 1.29% (Brazilian real), one - week changes from - 1.39% (Brazilian real) to 0.00% (Russian ruble), one - month changes from - 11.28% (Thai baht) to 2.65% (Brazilian real) [3] 1.4 Major Economies' Stock Indexes - On June 25, 2025, the Dow Jones was 6092.160, S&P 500 was 42982.430, etc. [3] - Latest changes ranged from - 1.59% (Spanish index) to 2.19% (French CAC), one - week changes from - 3.43% (Mexican index) to 4.03% (French CAC), one - month changes from - 0.18% (Mexican index) to 30.05% (UK index), and one - year changes showed various trends [3] 1.5 Credit Bond Indexes - Latest changes ranged from - 0.09% (Emerging economies' high - yield credit bond index) to 0.13% (Eurozone high - yield credit bond index), one - week changes from - 0.03% (Emerging economies' high - yield credit bond index) to 0.82% (Eurozone high - yield credit bond index), one - month changes from 0.41% (Emerging economies' high - yield credit bond index) to 1.73% (Eurozone high - yield credit bond index), and one - year changes from 5.75% (Emerging economies' investment - grade credit bond index) to 13.70% (Eurozone high - yield credit bond index) [4] 2. Stock Index Futures Trading Data 2.1 Index Performance - On June 25, 2025, the A - share index closed at 3455.97, with a 1.04% increase, the Shanghai - Shenzhen 300 at 3960.07, up 1.44%, etc. [5] 2.2 Valuation - PE(TTM) of the Shanghai - Shenzhen 300 was 13.17, with a 0.14%环比 change, the S&P 500 was 25.85, with a 0.00%环比 change [5] 2.3 Risk Premium - The risk premium of the Shanghai - Shenzhen 300 was 3.70, with a 0.00%环比 change, the S&P 500 was - 0.43, with a 0.00%环比 change [5] 2.4 Fund Flows - The latest value of A - share fund flows was 469.76, the 5 - day average was - 26.39 [5] 2.5 Transaction Amount - The latest transaction amount of the Shanghai and Shenzhen stock markets was 16027.40, with a 1881.58 increase compared to the previous period [5] 2.6 Main Contract Premium/Discount - The basis of IF was - 37.27, with a - 0.94% amplitude, IH was - 25.13, with a - 0.91% amplitude, and IC was - 28.35, with a - 0.48% amplitude [5] 3. Treasury Bond Futures Trading Data 3.1 Futures Prices - On June 25, 2025, the closing prices of T00, TF00, T01, and TF01 were 108.995, 106.190, 109.010, and 106.275 respectively, with - 0.12%, - 0.08%, - 0.12%, and - 0.08% changes [6] 3.2 Fund Rates - The R001 was 1.4402%, with a - 38.00 BP daily change, R007 was 1.8593%, with a 4.00 BP daily change, and SHIBOR - 3M was 1.6300%, with a 0.00 BP daily change [6]

Group 1 - The bond market is showing signs of a slight bear market, indicating potential challenges ahead for bond investors [1] - The stock market appears to exhibit characteristics of a mild bull market, suggesting a more favorable environment for equity investors [1]

Report Summary 1. Report Information - Report Title: "大类资产早报" - Release Date: June 17, 2025 - Author: Research Center Macro Team [2] 2. Global Asset Market Performance 2.1 Major Economies' 10 - Year Treasury Yields - On June 16, 2025, yields varied across countries, e.g., the US was 4.448%, the UK was 4.532%, and China was 1.644%. - Changes in yields differed in the latest, one - week, one - month, and one - year periods. For example, the US had a latest change of 0.047%, a one - week change of - 0.028%, a one - month change of - 0.032%, and a one - year change of 0.172%. [3] 2.2 Major Economies' 2 - Year Treasury Yields - As of June 16, 2025, the US was 3.900%, the UK was 3.901%, and Germany was 1.838%. - Yield changes also varied over different time frames. For instance, the US had a latest change of - 0.040%, a one - week change of - 0.020%, a one - month change of - 0.060%, and a one - year change of - 0.920%. [3] 2.3 Dollar Exchange Rates against Major Emerging Economies' Currencies - On June 16, 2025, exchange rates and their changes were presented. For example, the dollar - to - Brazilian real rate was 5.493 with a latest change of - 0.92%. - Changes over one - week, one - month, and one - year periods were also provided. The dollar - to - Brazilian real had a one - week change of - 1.19%, a one - month change of - 3.05%, and a one - year change of 3.66%. [3] 2.4 Stock Indexes and Credit Bond Indexes - Stock indexes of major economies and emerging economies showed different performances. For example, the S&P 500 had a one - week change of 0.04%, a one - month change of - 3.29%, and a one - year change not given. - Credit bond indexes also had their respective changes. For example, the US investment - grade credit bond index had a latest change of - 0.15%, a one - week change of 0.31%, a one - month change of 0.86%, and a one - year change of 4.61%. [3] 3. Stock Index Futures Trading Data 3.1 Index Performance - A - shares closed at 3388.73 with a 0.35% increase, the CSI 300 closed at 3873.80 with a 0.25% increase, etc. [4] 3.2 Valuation - PE (TTM) values were provided for different indexes, such as 12.78 for the CSI 300, 10.91 for the SSE 50, etc., along with their环比 changes. [4] 3.3 Risk Premium - Risk premium data and their环比 changes were presented for some indexes, e.g., the S&P 500 had a risk premium of - 0.55 with a环比 change of - 0.09. [4] 3.4 Fund Flows - Latest values and 5 - day average values of fund flows were given for different markets, such as 122.23 for A - shares and - 595.70 for the 5 - day average. [4] 3.5 Trading Volume - Latest trading volumes and their环比 changes were provided for different markets, e.g., 12150.76 for the Shanghai and Shenzhen stock markets with a环比 change of - 2521.21. [4] 3.6 Basis and Spread - Basis and spread data were given for stock index futures, such as - 4.00 for the IF basis with a - 0.10% spread. [4] 4. Treasury Bond Futures Trading Data - Closing prices and price changes of treasury bond futures (T00, TF00, T01, TF01) were presented, all with 0.00% changes on the given day. - Money market fund rates (R001, R007, SHIBOR - 3M) and their daily changes were also provided, e.g., R001 was 1.4450% with a - 13.00 BP change. [5]