Report Overview - The report provides a comprehensive overview of the global asset market performance on July 21, 2025, including government bond yields, currency exchange rates, stock indices, and credit bond indices [3]. Global Asset Market Performance Government Bond Yields - **10 - year Government Bond Yields**: Yields and their changes over different time - frames (latest, one - week, one - month, one - year) are presented for major economies such as the US, UK, France, Germany, etc. For example, the US 10 - year government bond yield on July 21, 2025, was 4.379%, with a latest change of - 0.039 [3]. - **2 - year Government Bond Yields**: Similar data for 2 - year government bonds are provided for several economies. For instance, the US 2 - year government bond yield was 3.910% on July 21, 2025, with a latest change of 0.030 [3]. Currency Exchange Rates - **USD against Major Emerging Economies' Currencies**: Exchange rates and their percentage changes are shown for the US dollar against currencies like the Brazilian real, Russian ruble, South African rand, etc. For example, the exchange rate of USD to Brazilian real on July 21, 2025, was 5.567, with a latest change of - 0.22% [3]. - **Renminbi**: Data on on - shore and off - shore RMB, RMB mid - price, and 12 - month NDF are presented, along with their percentage changes [3]. Stock Indices - **Major Economies' Stock Indices**: Closing prices and percentage changes over different time - periods are provided for indices such as the S&P 500, Dow Jones Industrial Average, NASDAQ, etc. For example, the S&P 500 closed at 6305.600 on July 21, 2025, with a latest change of 0.14% [3]. - **Other Stock Indices**: Data for indices like the Russian index, Nikkei, Hang Seng Index, etc. are also included. For instance, the Hang Seng Index closed at 24994.140 on July 21, 2025, with a latest change of 0.68% [3]. Credit Bond Indices - Percentage changes over different time - frames (latest, one - week, one - month, one - year) are presented for different types of credit bond indices, including US investment - grade, euro - zone investment - grade, and emerging economies' investment - grade and high - yield credit bond indices [3][4]. Futures Trading Data Stock Index Futures - **Index Performance**: Closing prices, percentage changes, valuations (PE(TTM)), risk premiums, fund flows, trading volumes, and basis spreads are provided for A - shares, CSI 300, SSE 50, ChiNext, and CSI 500. For example, the CSI 300 closed at 4085.61 with a 0.67% change, and its PE(TTM) was 13.45 [5]. Treasury Bond Futures - Closing prices and percentage changes are presented for Treasury bond futures T00, TF00, T01, and TF01. For example, the closing price of T00 was 108.760 with a - 0.09% change [6]. Money Market - Interest rates and their daily changes are given for R001, R007, and SHIBOR - 3M. For example, the R001 rate was 1.4012% with a - 11.00 BP change [6].

Group 1: Global Asset Market Performance 1.1 Government Bond Yields - On July 17, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.453, 4.654, 3.379 respectively, with the latest changes of - 0.004, 0.016, 0.000 [3]. - The 2 - year government bond yields of the US, UK, Germany, etc. on July 17, 2025 were 3.950, 3.902, 1.858 respectively, with the latest changes of 0.050, 0.052, 0.004 [3]. 1.2 Exchange Rates - On July 17, 2025, the US dollar - to - Brazilian real, Russian ruble, South African rand exchange rates were 5.546, 108.000, 17.830 respectively, with the latest changes of - 0.41%, 0.00%, 0.08% [3]. - The on - shore RMB, off - shore RMB, RMB central parity rate, and 12 - month NDF on July 17, 2025 were 7.182, 7.184, 7.146, 7.010 respectively, with the latest changes of 0.04%, 0.06%, - 0.09%, 0.01% [3]. 1.3 Stock Indices - On July 17, 2025, the S&P 500, Dow Jones Industrial Average, NASDAQ were 6297.360, 44484.490, 20885.650 respectively, with the latest changes of 0.54%, 0.52%, 0.75% [3]. - The Russian stock index, Nikkei, Hang Seng Index were 1151.930, 39901.190, 24498.950 respectively, with the latest changes of 0.00%, 0.60%, - 0.08% [3]. 1.4 Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, and emerging - economy investment - grade credit bond index were 0.05%, 0.06%, 0.01% respectively [3]. Group 2: Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3516.83, 4034.49, 2744.26 respectively, with the percentage changes of 0.37%, 0.68%, 0.12% [4]. 2.2 Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc. were 13.32, 11.33, 29.75 respectively, with the环比 changes of 0.03, - 0.04, 0.32 [4]. 2.3 Risk Premium - The 1/PE - 10 - year interest rates of CSI 300, SSE 50, CSI 500, etc. were 3.70, 5.77, - 0.38 respectively, with the环比 changes of 0.00, 0.00, 0.00 [4]. 2.4 Fund Flows - The latest values of fund flows in A - shares, the main board, small - and medium - sized enterprise board, etc. were 270.43, 41.86, - 56.21 respectively [4]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc. were 15393.69, 3255.17, 746.46 respectively, with the环比 changes of 973.31, 248.60, 65.04 [4]. 2.6 Basis and Premium - The basis of IF, IH, IC were - 22.69, - 2.86, - 104.46 respectively, with the amplitudes of - 0.56%, - 0.10%, - 1.72% [4]. Group 3: Government Bond Futures Trading Data 3.1 Closing Prices and Percentage Changes - The closing prices of government bond futures T00, TF00, T01, TF01 were 108.885, 106.045, 108.940, 106.115 respectively, with the percentage changes of - 0.05%, - 0.02%, - 0.02%, - 0.01% [5]. 3.2 Fund Interest Rates - The R001, R007, SHIBOR - 3M were 1.5116%, 1.5329%, 1.5570% respectively, with the daily changes of - 2.00BP, 0.00BP, 0.00BP [5].

Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 16, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.457, 4.638, 3.379 respectively. The latest changes were - 0.026, 0.014, - 0.026; weekly changes were 0.124, 0.027, 0.019; monthly changes were 0.064, 0.144, 0.167; and annual changes were 0.177, 0.526, 0.215. For Asian and South American countries, such as Japan, Brazil, and China, the yields were 3.894, 6.629, 1.661, with corresponding changes [3]. 2 - Year Treasury Yields of Major Economies - On July 16, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.900, 3.850, 1.853. The latest changes were 0.000, 0.020, - 0.028; weekly changes were 0.000, - 0.025, - 0.002; monthly changes were 0.180, - 0.033, 0.015; and annual changes were not available for the US, - 0.259, - 1.049 for the UK and Germany [3]. Dollar - to - Major Emerging Economies' Currency Exchange Rates - On July 16, 2025, the dollar - to - Brazilian real, South African rand, and South Korean won exchange rates were 5.568, 17.817, 1389.750. The latest changes were 0.21%, - 0.62%, 0.16%; weekly changes were - 0.08%, - 0.08%, 1.08%; monthly changes were 1.37%, - 1.03%, 1.20%; and annual changes were 1.79%, - 1.66%, 0.46% [3]. RMB Exchange Rates - On July 16, 2025, the on - shore RMB, off - shore RMB, and middle - rate were 7.179, 7.180, 7.153. The latest changes were - 0.06%, - 0.06%, 0.04%; weekly changes were - 0.03%, - 0.04%, - 0.02%; monthly changes were - 0.15%, - 0.20%, - 0.33%; and annual changes were - 1.23%, - 1.45%, 0.34% [3]. Major Economies' Stock Indices - On July 16, 2025, the Dow Jones, S&P 500, and NASDAQ were 6263.700, 44254.780, 20730.490. The latest changes were 0.32%, 0.53%, 0.25%; weekly changes were 0.01%, - 0.46%, 0.58%; monthly changes were 4.73%, 4.94%, 6.06%; and annual changes were 12.40%, 12.48%, 12.64%. For Asian indices like the Nikkei, Hang Seng Index, and Shanghai Composite Index, the values were 39663.400, 24517.760, 3503.777, with corresponding changes [3]. Credit Bond Indices - The latest changes of emerging economies' investment - grade, high - yield, and US investment - grade credit bond indices were 0.20%, 0.05%, 0.13%. The weekly changes were - 0.50%, - 0.02%, - 0.17%; monthly changes were 0.33%, 0.33%, 0.70%; and annual changes were 4.87%, 5.86%, 6.20% [3][4]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, and SSE 50 were 3503.78, 4007.20, 2740.90, with changes of - 0.03%, - 0.30%, - 0.23% [5]. Valuation - The PE(TTM) of CSI 300, SSE 50, and CSI 500 were 13.29, 11.37, 29.43, with环比 changes of - 0.03, - 0.02, - 0.02 [5]. Risk Premium - The risk premium of S&P 500 and German DAX (1/PE - 10 - year interest rate) were - 0.70, 2.18, with环比 changes of 0.01, 0.03 [5]. Fund Flows - The latest values of A - shares, main board, and SME board fund flows were - 404.37, - 379.86, not available, with 5 - day average values of - 451.61, - 363.84, not available [5]. Trading Volume - The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 14420.38, 3006.57, 681.42, with环比 changes of - 1700.10, - 528.68, - 116.64 [5]. Main Contract Premiums - The basis of IF, IH, and IC were - 36.20, - 10.50, - 10.59, with amplitudes of - 0.90%, - 0.38%, - 0.18% [5]. Treasury Bond Futures Trading Data Closing Prices and Changes - The closing prices of T00, TF00, T01, and TF01 were 108.835, 106.000, 108.915, 106.080, with changes of 0.15%, 0.10%, 0.15%, 0.08% [6]. Fund Interest Rates - The R001, R007, and SHIBOR - 3M were 1.5129%, 1.5311%, 1.5590%, with daily changes of - 8.00, - 6.00, 0.00 BP [6].

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 Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No clear core view is presented in the provided text. It mainly offers data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data for stock and bond futures. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On July 14, 2025, the 10 - year Treasury bond yields in the US, UK, France, etc., showed different levels and changes. For example, the US yield was 4.435 with a latest change of 0.024, a one - week change of 0.054, a one - month change of - 0.013, and a one - year change of 0.075 [2]. - **2 - Year Treasury Bond Yields**: The 2 - year Treasury bond yields of the US, UK, Germany, etc., also had various values and fluctuations. For instance, the US yield was 3.860 on July 14, 2025, with a latest change of 0.000, a one - week change of - 0.020, a one - month change of 0.160, and a one - year change of - 0.880 [2]. - **Dollar Exchange Rates Against Major Emerging Economies' Currencies**: The dollar exchange rates against currencies like the Brazilian real, Russian ruble, etc., had different changes. For example, the exchange rate against the Brazilian real was 5.588 on July 14, 2025, with a latest change of 0.51% and a one - week change of 1.84% [2]. - **Stock Indices of Major Economies**: Stock indices such as the S&P 500, Dow Jones, etc., had different closing prices and percentage changes. For example, the S&P 500 closed at 6268.560 on July 14, 2025, with a latest change of 0.14%, a one - week change of 0.62%, a one - month change of 3.90%, and a one - year change not provided [2]. - **Credit Bond Indices**: Different credit bond indices, including US investment - grade, euro - zone investment - grade, etc., had different changes. For example, the US investment - grade credit bond index had a latest change of - 0.01%, a one - week change of - 0.25%, a one - month change of 0.75%, and a one - year change of 5.51% [2]. Stock Index Futures Trading Data - **Index Performance**: Data on A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 index performance were presented, but closing prices and percentage changes were not provided [3]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.33, 11.41, 29.47, 26.66, and 20.67 respectively, with corresponding环比 changes [3]. - **Risk Premium**: The risk premium of S&P 500 was - 0.68 and that of German DAX was 2.11, with corresponding环比 changes [3]. - **Fund Flow**: The latest values of fund flow for A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were - 624.53, - 461.96, not provided, - 140.10, and - 139.09 respectively, and the 5 - day average values were also presented [3]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices of Treasury bond futures T00, TF00, T01, and TF01 were 108.730, 105.920, 108.775, and 106.005 respectively, with percentage changes of - 0.01%, 0.00%, - 0.00%, and 0.00% [4]. - **Funding Rates**: The funding rates R001, R007, and SHIBOR - 3M were 1.4837%, 1.5426%, and 1.5610% respectively, with daily changes of - 3.00, 3.00, and 0.00 BP [4].

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 Title: Global Asset Market Performance Report - Report Date: July 11, 2025 - Research Team: Research Center Macro Team [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 10, 2025, yields in the US, UK, France, etc. were 4.351%, 4.595%, 3.397% respectively. Yields in Japan, Brazil, China were 3.873%, 6.548%, 1.660% respectively. - Latest changes ranged from 0.003% (US) to 0.123% (France). Weekly changes ranged from - 0.010% (US) to 0.241% (Spain). Monthly changes ranged from -0.495% (Italy) to 0.348% (US). Annual changes ranged from -0.870% (Japan) to 0.398% (Germany) [3] 2 - Year Treasury Yields of Major Economies - On July 10, 2025, yields in China (1Y), US, UK were 3.900%, 3.853%, 1.887% respectively. - Latest changes ranged from -0.022% (US) to 0.120% (China). Weekly changes ranged from 0.008% (Korea) to 0.119% (Australia). Monthly changes ranged from -0.042% (Italy) to 0.150% (China). Annual changes ranged from -1.374% (Japan) to 0.398% (Germany) [3] US Dollar to Major Emerging - Economy Currency Exchange Rates - On July 10, 2025, exchange rates against the US dollar for Brazil, Russia, South Africa were 5.532, 108.000, 17.747 respectively. - Latest changes ranged from -0.73% (Brazil) to 0.00% (Russia). Weekly changes ranged from -0.14% (Korea) to 2.27% (Brazil). Monthly changes ranged from -0.16% (South Africa) to 1.23% (Korea). Annual changes ranged from -11.28% (Thailand) to 0.00% (Russia) [3] RMB Exchange Rates - On July 10, 2025, on - shore RMB was 7.178, off - shore RMB was 7.179, and the mid - price was 7.151. - Latest changes ranged from -0.05% (off - shore RMB) to 0.07% (12 - month NDF). Weekly changes ranged from -0.02% (mid - price) to 0.13% (12 - month NDF). Monthly changes ranged from -0.41% (mid - price) to 0.09% (12 - month NDF). Annual changes ranged from -1.75% (off - shore RMB) to 0.31% (mid - price) [3] Major Economies' Stock Indexes - On July 10, 2025, the Dow Jones was 6280.460, S&P 500 was 44650.640, and NASDAQ was 20630.660. - Latest changes ranged from -0.79% (Spanish index) to 1.23% (UK index). Weekly changes ranged from -1.99% (Mexican index) to 2.18% (German DAX). Monthly changes ranged from -1.88% (Mexican index) to 4.92% (NASDAQ). Annual changes ranged from 4.83% (French CAC) to 34.64% (German DAX) [3] Emerging Economies' Stock Indexes - On July 10, 2025, the Malaysian index was 1536.520, Australian index was 8826.717, and another index was 1231.260. - Latest changes ranged from 0.28% to 0.56%. Weekly changes ranged from -0.81% to -0.08%. Monthly changes ranged from 0.35% to 2.37%. Annual changes ranged from -3.84% to 14.03% [3] Credit Bond Indexes - Latest changes ranged from -0.11% (Emerging economies high - yield credit bond index) to 0.09% (US high - yield credit bond index). - Weekly changes ranged from -0.16% (Emerging economies high - yield credit bond index) to 0.33% (US high - yield credit bond index). - Monthly changes ranged from 0.15% (Emerging economies high - yield credit bond index) to 1.53% (Eurozone high - yield credit bond index). - Annual changes ranged from 6.41% (Emerging economies high - yield credit bond index) to 15.38% (Eurozone high - yield credit bond index) [3] Stock Index Futures Trading Data Index Performance - On July 10, 2025, the A - share index closed at 3509.68, with a 0.48% increase. The CSI 300 closed at 4010.02, with a 0.47% increase [4] Valuation - PE (TTM) of CSI 300 was 13.34, with a 0.07% increase. PE (TTM) of S&P 500 was 26.71, with a 0.08% increase [4] Risk Premium - The risk premium of CSI 300 was 3.70, with no change. The risk premium of S&P 500 was -0.61, with a -0.03% change [4] Fund Flow - The latest A - share fund flow was -256.13, and the 5 - day average was -339.44. The latest CSI 300 fund flow was 120.60, and the 5 - day average was 33.10 [4] Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 14941.48, with a -110.28 change. The latest trading volume of CSI 300 was 3478.37, with a 424.38 change [4] Main Contract Premium/Discount - The basis of IF was -38.02, with a -0.95% discount. The basis of IH was -16.53, with a -0.60% discount [4] Treasury Bond Futures Trading Data Closing Prices and Changes - On July 10, 2025, the closing prices of T00, TF00, T01, TF01 were 108.845, 105.990, 108.890, 106.095 respectively, with changes of 0.03%, 0.02%, 0.03%, 0.01% respectively [5] Funding Rates - R001 was 1.3870%, with a -11.00 BP change. R007 was 1.5208%, with a 2.00 BP change. SHIBOR - 3M was 1.5590%, with no change [5]

Global Asset Market Performance - On July 8, 2025, the 10 - year Treasury yields of major economies were as follows: the US was 4.401, the UK was 4.632, etc. The latest changes, weekly changes, monthly changes, and annual changes varied among different countries [3]. - The 2 - year Treasury yields of major economies on July 8, 2025, showed different values for the US, UK, etc., with corresponding changes over different time periods [3]. - The exchange rates of the US dollar against major emerging - economy currencies on July 8, 2025, had different values for South Africa, Brazil, etc., and also had different changes over different time periods [3]. - The on - shore and off - shore RMB exchange rates and their corresponding changes on July 8, 2025, were presented, including latest, weekly, monthly, and annual changes [3]. - Major economies' stock indices on July 8, 2025, had different closing prices for the Dow Jones, S&P 500, etc., and different changes over different time periods [3]. - Emerging - economy stock indices on July 8, 2025, had different closing prices for Malaysia, Australia, etc., and different changes over different time periods [3]. - Credit bond indices on July 8, 2025, had different values for emerging - economy investment - grade, high - yield, etc., and different changes over different time periods [3][4]. Stock Index Futures Trading Data - On July 8, 2025, the closing prices, price changes, valuations, risk premiums, fund flows, trading volumes, and basis spreads of A - shares, CSI 300, etc., were presented [5]. Treasury Futures Trading Data - On July 8, 2025, the closing prices and price changes of Treasury futures T00, TF00, etc., were presented, along with the money market's capital interest rates and daily changes [6].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - From June 30 to July 4, 2025, both global and domestic major asset classes including stocks, bonds, and commodities closed higher. Globally, stocks outperformed commodities, which in turn outperformed bonds when measured in US dollars. Domestically, the same pattern of stocks > commodities > bonds was observed. Attention should be paid to whether the US tariff policy will be upgraded as President Trump's latest remarks on tariffs may impact major asset prices [3]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks, Bonds, and Commodities Closed Higher Weekly - The number of new non - farm jobs added in the US in June was higher than expected. On July 4, local time, Trump signed the "big and beautiful" tax and spending bill. The US dollar index continued to decline weekly, while stocks, bonds, and commodities closed higher. Overall, in US dollar terms, stocks > commodities > bonds [3][6]. 3.2 Global Stock Market Overview: US Stocks Led the Gains - From June 30 to July 4, market sentiment was relatively positive, but the performance of global major stock markets was divergent. Geographically, US stocks led the gains, while the Asia - Pacific region underperformed. Emerging markets performed worse than developed markets. The VIX index fluctuated at a low level weekly [8]. 3.3 Global Bond Market Overview: The Yield of 10 - Year US Treasury Bonds Rose Weekly - Better - than - expected non - farm data cooled the market's expectation of a US dollar interest rate cut. The yields of medium - and long - term US Treasury bonds increased. The yield of 10 - year US Treasury bonds rose 6BP to 4.35% weekly. The bond market rose weekly. Globally, high - yield bonds > credit bonds > government bonds [15]. 3.4 Global Foreign Exchange Market Overview: The US Dollar Index Declined Weekly - From June 30 to July 4, although recent US economic and employment data remained resilient, the US dollar index still declined slightly weekly. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate closed slightly higher. The US dollar index fell 0.28% weekly [16]. 3.5 Global Commodity Market Overview: International Oil and Gold Prices Closed Higher Weekly - The expectation of traditional peak - season consumption supported the rebound of international oil prices. Due to the high uncertainty in the global economic operation, international gold prices also rebounded. Most major agricultural products rose, while non - ferrous metal prices showed mixed performance [18]. 3.6 Domestic Major Asset Performance: Stocks, Bonds, and Commodities All Closed Higher - From June 30 to July 4, the China Manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. The China Non - Manufacturing Business Activity Index in June was 50.5%, up 0.2 percentage points from the previous month. The Caixin China Manufacturing PMI in June was 50.4%, consistent with the trend of the official manufacturing PMI. The Caixin China Services PMI in June was 50.6%. Stocks, bonds, and commodities closed higher weekly. Overall, stocks > commodities > bonds [19]. 3.7 Domestic Stock Market Overview: Most Major Broad - Based A - Share Indexes Rose - The expectation of "anti - involution" in industries increased. Most major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, large - cap blue - chips performed prominently. In terms of sectors, steel and banks led the gains, while the comprehensive finance sector underperformed. The Shanghai Composite Index rose 1.40% weekly [20]. 3.8 Domestic Bond Market Overview: The Bond Market Ran Strongly - From June 30 to July 4, the central bank's open - market operations resulted in a net withdrawal of 137.53 billion yuan. The overall liquidity remained stable. The bond market fluctuated strongly weekly. Overall, government bonds > credit bonds > corporate bonds [22]. 3.9 Domestic Commodity Market Overview: The Commodity Market Rebounded - The domestic commodity market closed higher weekly. Among major commodity sectors, the black sector led the gains [23]. 3.10 Major Asset Price Outlook: Pay Attention to Whether the US Tariff Policy Will Be Upgraded - Overall, President Trump's latest remarks on tariffs may have an impact on major asset prices. Attention should be paid to the outcome of the US tariff negotiations [27].

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]