Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On June 30, 2025, the 10 - year Treasury yields in the US, UK, France, etc., showed various changes. For example, the US yield was 4.230 with a latest change of - 0.049, a one - year change of - 0.031. Japan's yield was 3.721 with a one - year change of - 1.018 [2]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields of the US, UK, Germany, etc., also had different trends. The US yield was 3.700 on June 30, 2025, with a latest change of - 0.040 and a one - year change of - 0.990 [2]. - **Dollar - to - Emerging Economies Currency Exchange Rates**: The dollar - to - Brazilian real, Russian ruble, etc., exchange rates had negative changes. For instance, the dollar - to - Brazilian real exchange rate was 5.432 on June 30, 2025, with a latest change of - 1.00% and a one - year change of - 0.34% [2]. - **Stock Indices**: Stock indices of major economies had diverse performances. The S&P 500 index was 6204.950 on June 30, 2025, with a latest change of 0.52% and a one - year change of 13.37%. The Hang Seng Index was 24072.280 with a one - year change of 31.29% [2]. - **Credit Bond Indices**: Credit bond indices of the US, eurozone, and emerging economies all showed positive changes over different time periods. For example, the US investment - grade credit bond index had a one - year change of 6.22% [2][3]. Stock Index Futures Trading Data - **Index Performance**: The A - share index closed at 3444.43 with a 0.59% increase, the CSI 300 index closed at 3936.08 with a 0.37% increase [4]. - **Valuation**: The PE (TTM) of the CSI 300 was 13.07 with a 0.05环比 change, and the S&P 500 was 26.34 with a 0.14环比 change [4]. - **Risk Premium**: The risk premium of the S&P 500 was - 0.43 with a 0.03环比 change, and the German DAX was 2.28 with a 0.01环比 change [4]. - **Fund Flows**: The latest value of A - share fund flow was 52.05, and the recent 5 - day average was 12.30 [4]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 14868.57 with a - 542.44环比 change [4]. - **Main Futures Premium/Discount**: The basis of IF was - 50.28 with a - 1.28% amplitude [4]. Treasury Bond Futures Trading Data - The closing prices of Treasury bond futures T00, TF00, T01, TF01 were 108.895, 106.160, 108.930, 106.255 respectively, with corresponding increases of 0.09%, 0.09%, 0.08%, 0.09% [5]. - The R001, R007, and SHIBOR - 3M were 2.2953%, 2.0056%, 1.6300% respectively, with daily changes of 38.00BP, 9.00BP, 0.00BP [5].

Report Date - The report was released on June 24, 2025 [2] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On June 23, 2025, yields in the US, UK, France, etc. were 4.349%, 4.491%, 3.229% respectively [3] - Latest changes ranged from -0.045% (UK) to 0.001% (China) [3] - One-year changes varied from -0.834% (Japan) to 0.368% (UK) [3] 2-Year Treasury Yields of Major Economies - On June 23, 2025, yields in the UK, Germany, Japan, etc. were 3.885%, 1.836%, 0.733% respectively [3] - Latest changes ranged from -0.031% (UK) to 0.039% (South Korea) [3] - One-year changes varied from -1.425% (Italy) to 0.410% (Japan) [3] Dollar Exchange Rates Against Major Emerging Economies' Currencies - On June 23, 2025, rates against Brazil, South Africa, South Korea, etc. were 5.497, 17.873, 1382.350 respectively [3] - Latest changes ranged from -0.67% (South Africa) to 0.92% (Malaysian Ringgit) [3] - One-year changes varied from -9.98% (Thai Baht) to 2.47% (Brazilian Real) [3] Mainland and Offshore RMB Exchange Rates - On June 23, 2025, onshore, offshore, mid - price, and 12 - month NDF were 7.179, 7.175, 7.171, 6.997 respectively [3] - Latest changes ranged from -0.06% (offshore) to 0.02% (mid - price) [3] - One-year changes varied from -1.31% (offshore) to 0.83% (mid - price) [3] Stock Indices of Major Economies - On June 23, 2025, indices like S&P 500, Dow Jones, NASDAQ were 6025.170, 42581.780, 19630.970 respectively [3] - Latest changes ranged from -1.74% (India) to 0.96% (S&P 500) [3] - One-year changes varied from -18.98% (Thailand) to 30.79% (Hang Seng Index) [3] Credit Bond Indices - Latest changes in US investment - grade, euro - area investment - grade, etc. ranged from -0.00% (euro - area high - yield) to 0.21% (US investment - grade) [3] - One - year changes varied from 4.96% (US investment - grade) to 12.53% (emerging economies' high - yield) [3] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, SSE 50, etc. were 3381.58, 3857.90, 2684.78 respectively [4] - Percentage changes were 0.65% (A - shares), 0.29% (CSI 300), 0.41% (SSE 50) etc. [4] Valuation - PE (TTM) of CSI 300, SSE 50, CSI 500, etc. were 12.90, 11.18, 27.84 respectively [4] -环比 changes were 0.07 (CSI 300), 0.10 (SSE 50), 0.17 (CSI 500) etc. [4] Risk Premium - 1/PE - 10 - year interest rate for S&P 500 and German DAX were -0.44 and 2.52 respectively [4] -环比 changes were -0.01 (S&P 500) and 0.03 (German DAX) [4] Fund Flows - Latest values of A - shares, main board, small and medium - sized enterprise board, etc. were 491.60, 265.66, - etc. [4] - 5 - day average values were -465.86 (A - shares), -350.60 (main board), - etc. [4] Trading Volume - Latest trading volumes of Shanghai and Shenzhen markets, CSI 300, SSE 50, etc. were 11226.07, 2324.82, 720.36 respectively [4] -环比 changes were 549.21 (Shanghai and Shenzhen markets), 189.59 (CSI 300), 88.74 (SSE 50) etc. [4] Main Contract Premium or Discount - Basis for IF, IH, IC were -60.50, -31.98, -48.37 respectively [4] - Premium or discount rates were -1.57% (IF), -1.19% (IH), -0.85% (IC) [4] Treasury Bond Futures Trading Data - Closing prices of T00, TF00, T01, TF01 were 109.155, 106.275, 109.175, 106.345 respectively [5] - Percentage changes were all 0.00% [5] - Fund rates of R001, R007, SHIBOR - 3M were 1.4394%, 1.5629%, 1.6290% respectively [5] - Daily changes were -15.00 BP (R001), -3.00 BP (R007), 0.00 BP (SHIBOR - 3M) [5]

研究中心宏观团队 2025/06/23 | 全 球 资 产 市 场 表 现 | 主要经济体10年期国债收益率 | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/06/20 | 4.378 | 4.536 | 3.244 | 2.516 | 3.496 | 3.215 | 0.373 | 3.294 | 最新变化 | -0.015 | 0.007 | -0.027 | -0.004 | -0.025 | 0.039 | 0.060 ...

大类资产早报 研究中心宏观团队 2025/06/19 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/06/18 | 4.393 | 4.494 | 3.212 | 2.496 | 3.445 | 3.126 | 0.255 | 3.246 | | 最新变化 | 0.002 | -0.055 | -0.036 | -0.037 | -0.041 | -0.038 | -0.033 | -0.040 | | 一周变化 | -0.029 | -0.057 | -0.013 | -0.038 | 0.000 | 0.009 | -0.009 | 0.003 | | 一月变化 | -0.096 | -0.208 | -0.050 | -0.109 | -0.156 | -0.091 | -0.095 | -0. ...

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]

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].

研究中心宏观团队 2025/06/12 | | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/06/11 | 4.422 | 4.551 | 3.225 | 2.534 | 3.445 | 3.117 | 0.264 | 3.243 | | 最新变化 | -0.050 | 0.010 | 0.023 | 0.012 | 0.010 | 0.020 | -0.003 | 0.030 | | 一周变化 | 0.066 | -0.054 | 0.021 | 0.008 | -0.046 | 0.001 | 0.053 | -0.008 | | 一月变化 | -0.045 | -0.118 | -0.128 | -0.144 | -0.252 | -0.180 | -0.099 | -0.205 | | 一年变化 | ...

| 最新变化 | 0.19% | 0.08% | 0.09% | 0.01% | 0.08% | 0.13% | | --- | --- | --- | --- | --- | --- | --- | | 一周变化 | -0.04% | -0.04% | 0.11% | 0.33% | 0.40% | 0.49% | | 一月变化 | 0.74% | 0.54% | 0.64% | 1.47% | 1.28% | 1.80% | | 一年变化 | 6.49% | 6.55% | 6.77% | 9.94% | 8.47% | 13.06% | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3399.77 | 3885.25 | 2686.83 | 2061.29 | 5805.65 | | 涨跌（%） | 0.43 | 0.29 | -0.08 | 1.07 | 0.76 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 ...

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].