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]

Market Overview - U.S. stocks traded lower, with the Dow Jones index falling more than 150 points, down 0.39% to 41,888.10, NASDAQ down 0.83% to 18,987.25, and S&P 500 down 0.44% to 5,866.61 [1] - Utilities shares increased by 1.2%, while health care stocks decreased by 1.4% [1] Walmart Earnings - Walmart Inc. reported first-quarter FY26 sales growth of 2.5% year-on-year to $165.60 billion, slightly missing the analyst consensus estimate of $165.88 billion [2] - The retailer's adjusted EPS was 61 cents, surpassing the consensus estimate of 58 cents [2] Walmart Outlook - For fiscal year 2026, Walmart reaffirmed an adjusted EPS outlook of $2.50 – $2.60, compared to the $2.61 estimate, and sales guidance of $694.70 billion – $701.50 billion, versus the street view of $705.30 billion [3] Commodity Market - Oil prices fell by 2.3% to $61.73, while gold prices increased by 0.2% to $3,195.80 [6] - Silver prices decreased by 0.2% to $32.375, and copper fell by 0.4% to $4.6300 [6] Asian Market Performance - Asian markets closed mostly lower, with Japan's Nikkei down 0.98%, Hong Kong's Hang Seng Index down 0.79%, and China's Shanghai Composite Index down 0.68% [8] - Click Holdings Limited shares surged 270% to $1.0100 after announcing a cooperation agreement [8] - Graphjet Technology shares increased by 97% to $0.1913 following a significant stake disclosure by its Co-Founder [8] - Foot Locker, Inc. shares rose 83% to $23.52 after DICK's Sporting Goods agreed to acquire the company [8] - Healthcare Triangle, Inc. shares dropped 82% to $0.0402, and NanoVibronix, Inc. shares fell 63% to $1.4299 after announcing a public offering [8] - REE Automotive Ltd. shares decreased by 54% to $1.52 following fourth-quarter financial results and a pause in production plans [8] Economic Indicators - U.S. industrial production remained little changed in April, against market estimates of a 0.2% rise [12] - The Philadelphia Fed Manufacturing Index increased by 22 points to -4.0 in May, while the NY Empire State Manufacturing Index declined to -9.2 [12] - Initial jobless claims remained unchanged at 229,000 for the week ending May 10 [12] - U.S. retail sales increased by 0.1% month-over-month in April, compared to a revised 1.7% gain in March [12] - U.S. producer prices declined by 0.5% in April, against market estimates of a 0.2% gain [12]

Core Viewpoint - The easing of trade tensions has led to a market rebound, prompting Goldman Sachs to raise its target prices for Chinese stocks twice within a week, returning to levels predicted before April 2 [1][2]. Group 1: Market Performance - As of May 14, the Chinese stock market has fully recovered the losses incurred since April 2, with the MSCI China, CSI 300, and Hang Seng Tech indices rising by 2-4% from their early April highs [1][4]. - The reduction of tariffs has contributed to this recovery, with a total of 91% of the tariffs being lifted and a suspension of 24% of retaliatory tariffs, exceeding market expectations [4]. Group 2: Goldman Sachs Adjustments - Goldman Sachs has maintained an overweight rating on Chinese stocks, adjusting the 12-month target prices for the MSCI China and CSI 300 indices to 84 and 4600 points, respectively, indicating potential upside of 11% and 17% [1][5]. - The firm has revised its GDP growth forecasts for both the U.S. and China, reflecting a more optimistic economic outlook [6]. Group 3: Sector Performance - The hardware technology, industrial, and consumer sectors have led the market rally, while healthcare, U.S. exporters, and government spending-related stocks have lagged [4]. - Goldman Sachs suggests focusing on sectors benefiting from consumption recovery and digital transformation, including quality regional banks and leading real estate companies [5].

Core Viewpoint - The article discusses the box office performance and thematic elements of the film "Hunting Gold: Game," which has reached a box office of 169 million yuan as of May 10. The film features renowned actor Andy Lau portraying a financial expert, highlighting the contrast between cinematic portrayals of finance and real-life experiences in the stock market [1][4]. Group 1: Film Performance - As of May 10, the film "Hunting Gold: Game" has achieved a box office revenue of 169 million yuan [1]. Group 2: Actor's Background - Andy Lau plays the role of a financial master in the film, known for his ability to guide investors to significant profits [4]. - Despite his on-screen prowess, Andy Lau admits to having no knowledge of stock trading in real life, stating that he has never invested in stocks and leaves financial decisions to his wife [5]. Group 3: Company Overview - Andy Lau founded the company "Eagle Vision Holdings" in 2003, which is managed by a professional team and operates in various sectors, including film and television production, music production, artist management, and advertising [6]. - Eagle Vision has produced several successful films, including "The Legend of the Condor Heroes" and "The Killer," and holds distribution rights for nearly 40 films globally [6]. - The company launched the "Asian New Star Director" project in 2006, producing notable films like "Crazy Stone" and "Tea with Grandma," which have achieved both commercial success and critical acclaim [6]. Group 4: Awards and Recognition - In 2011, Eagle Vision participated in the production of the acclaimed film "A Simple Life," which won multiple awards at various film festivals, including the Venice Film Festival and the Hong Kong Film Awards [7].

Company Performance - McDonald's Corp reported a first-quarter revenue decline of 3.4% year-on-year to $5.96 billion, missing the analyst consensus estimate of $6.09 billion, although adjusted EPS of $2.67 beat the consensus estimate of $2.66 [2] - CommScope Holding Company, Inc. shares increased by 22% to $4.5650 following better-than-expected quarterly earnings [8] - Classover Holdings, Inc. shares surged 239% to $3.87 after announcing an equity purchase facility agreement with Solana Strategies Holdings [8] - MediaAlpha, Inc. shares rose by 20% to $10.09 following strong quarterly sales [8] - Organon & Co. shares dropped 23% to $9.99 after reporting first-quarter financial results and cutting its quarterly dividend [8] - Arvinas, Inc. shares fell by 28% to $6.92 after posting first-quarter results [8] - Confluent, Inc. shares decreased by 16% to $20.01 following first-quarter results [8] Market Trends - U.S. construction spending fell by 0.5% month-over-month to an annual rate of $2,196.1 billion in March [9] - The ISM manufacturing PMI declined to 48.7 in April compared to 49.0 in March, above market estimates of 48 [9] - U.S. initial jobless claims increased by 18,000 to 241,000 in the week ending April 26, compared to market estimates of 224,000 [9]