Market Performance - The three major US stock indices experienced slight declines, with the Dow Jones down 0.27%, the S&P 500 down 0.13%, and the Nasdaq down 0.07% [1] - Major tech stocks showed mixed results, with Tesla rising over 2% and Oracle up over 1%, while Microsoft and Nvidia fell over 1% [1] - Most popular Chinese concept stocks saw gains, with NIO up over 8%, Baidu up over 7%, JD.com and iQIYI up over 3%, and Alibaba up over 2% [1] European Market - All three major European stock indices closed lower, with Germany's DAX down 1.77%, France's CAC40 down 1%, and the UK's FTSE 100 down 0.88% [1] Commodity Prices - International precious metal futures closed mixed, with COMEX gold futures up 0.23% at $3727.5 per ounce, while COMEX silver futures fell 0.19% to $42.88 per ounce [1] - International oil prices surged, with the main US oil contract rising 1.97% to $64.55 per barrel, and the main Brent crude contract up 1.56% to $68.49 per barrel [1] Currency and Debt Markets - The US dollar index fell 0.73% to 96.65, while the offshore RMB appreciated by 149 basis points against the dollar to 7.1041 [1] - US Treasury yields collectively declined, with the 2-year yield down 3.15 basis points to 3.495%, the 3-year yield down 2.49 basis points to 3.469%, the 5-year yield down 1.56 basis points to 3.585%, the 10-year yield down 0.58 basis points to 4.028%, and the 30-year yield down 0.19 basis points to 4.652% [1] - European bond yields rose across the board, with the UK 10-year yield up 0.6 basis points to 4.638%, France's 10-year yield up 1 basis point to 3.486%, Germany's 10-year yield up 0.2 basis points to 2.691%, Italy's 10-year yield up 0.4 basis points to 3.475%, and Spain's 10-year yield up 0.5 basis points to 3.246% [1]

Market Performance - The three major US stock indices closed mixed, with the Dow Jones down 0.59%, the S&P 500 down 0.05%, and the Nasdaq up 0.44% [1] - Major tech stocks mostly rose, with Tesla up over 7%, Microsoft and Apple up more than 1%, Facebook up 0.62%, Nvidia up 0.37%, Google up 0.18%, and Amazon down 0.78% [1] - Chinese concept stocks showed mixed performance, with JinkoSolar up over 6%, Century Internet up more than 5%, Bilibili up over 4%, Weibo up nearly 3%, and Baidu up over 2%. On the downside, Douyu fell over 4%, Kingsoft Cloud down nearly 3%, Wuxi AppTec down nearly 3%, Yum China down over 2%, and Tencent Music down over 2% [1] - European stock indices closed mixed, with Germany's DAX down 0.02%, France's CAC40 up 0.02%, and the UK's FTSE 100 down 0.15% [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 0.19% at $3680.70 per ounce and COMEX silver futures up 1.26% at $42.68 per ounce [1] - International oil prices saw slight increases, with the main US oil contract up 0.37% at $62.60 per barrel and Brent crude up 0.77% at $66.88 per barrel [1] - London base metals all rose, with LME zinc up 1.93% at $2956.00 per ton, LME nickel up 1.52% at $15380.00 per ton, LME lead up 1.13% at $2019.00 per ton, LME aluminum up 1.03% at $2701.00 per ton, LME tin up 0.74% at $34955.00 per ton, and LME copper up 0.13% at $10064.50 per ton [1] Bond Yields - US Treasury yields collectively rose, with the 2-year yield up 0.99 basis points at 3.549%, the 3-year yield up 1.94 basis points at 3.527%, the 5-year yield up 3.81 basis points at 3.633%, the 10-year yield up 4.57 basis points at 4.070%, and the 30-year yield up 2.69 basis points at 4.681% [1] - European bond yields rose across the board, with the UK 10-year yield up 6.5 basis points at 4.670%, France's 10-year yield up 6.6 basis points at 3.505%, Germany's 10-year yield up 6 basis points at 2.713%, Italy's 10-year yield up 7 basis points at 3.517%, and Spain's 10-year yield up 6 basis points at 3.284% [1]

Group 1: Local Government Bonds - In the first seven months of the year, a total of 33,159 billion yuan in new local government bonds were issued nationwide, including 5,383 billion yuan in general bonds and 27,776 billion yuan in special bonds [2][4]. Group 2: A-Share Market Performance - The A-share market concluded August with the Shanghai Composite Index surpassing 3,800 points, marking a 10-year high. The ChiNext Index rose over 24% in August, while the Sci-Tech Innovation 50 Index surged by 28% [5]. Group 3: Gree Electric Appliances - Gree Electric Appliances reported a 10.07% year-on-year decline in net profit for Q2 2025, with total revenue for the first half of the year at 97.325 billion yuan, down 2.46% year-on-year. The company plans not to distribute cash dividends or issue new shares [5]. Group 4: Cambrian Technology - Cambrian Technology issued an urgent announcement stating it expects to achieve annual revenue between 5 billion and 7 billion yuan for 2025. The company clarified that there are no new product releases planned and that recent market predictions about its operations are misleading [6]. Group 5: Apple Inc. - Apple officially entered the Douyin marketplace, allowing users to purchase Apple products and accessories. This follows Apple's recent entry into Xiaohongshu, with a major product launch event scheduled for September 10, where the iPhone 17 series is expected to be unveiled [6]. Group 6: JDE Peet's Acquisition - Keurig Dr Pepper announced its acquisition of JDE Peet's for 15.7 billion euros (approximately 1,305 billion yuan), offering 31.85 euros per share for 100% ownership, while shareholders will also receive a previously announced dividend of 0.36 euros per share [8]. Group 7: U.S. Stock Market Performance - On August 28, U.S. stock markets opened higher, with all three major indices closing up. The S&P 500 index rose 0.32% to surpass 6,500 points, while both the Dow Jones and S&P 500 set new closing records [10].

Group 1 - The article discusses classic signals indicating a peak in the stock market, particularly in the A-share market [1] - The entry of non-professional investors, such as cleaning staff discussing stock returns, suggests that retail capital is nearing its peak [2] - The need to queue for securities accounts and the overwhelming demand for fund purchases indicate a surge in retail investor activity [3] Group 2 - Fitness trainers are now focused on stock trading, reflecting a broader trend of individuals from various professions engaging in the stock market [3] - Online groups that previously shared study materials are now discussing stock trading, showing a shift in focus among participants [4] - Ride-hailing drivers are multitasking between stock trading and navigation, highlighting the integration of stock trading into daily life [5] Group 3 - Social media platforms are filled with individuals showcasing their stock trading profits, indicating a cultural shift towards stock trading as a common topic of conversation [6] - Astrological predictions have shifted from personal matters to stock market advice, suggesting a growing interest in stock trading among the general public [7] - The criteria for dating have changed, with stock trading becoming a desirable trait, reflecting its increasing popularity [8]

Report Overview - The report is the "Large - scale Asset Morning Report" released by the macro team of the research center on August 25, 2025 [2] Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.255, 4.691, 3.420 respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was - 0.074, and the yearly change was 0.418 [3] 2 - year Treasury Yields of Major Economies - On August 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.740, 3.938, 1.945 respectively. There were also different changes in different time periods. For example, the latest change in the US was - 0.010, and the yearly change was - 0.270 [3] Dollar Exchange Rates against Major Emerging Economies' Currencies - On August 22, 2025, the dollar exchange rates against the Brazilian real, South African rand, etc. were 5.426, 17.449 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the Brazilian real was - 0.91%, and the yearly change was - 0.87% [3] Major Economies' Stock Indexes - On August 22, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, etc. were 6466.910, 45631.740 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was 1.52%, and the yearly change was 18.55% [3] Credit Bond Indexes - There were different changes in the latest, weekly, monthly, and yearly periods for the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. For example, the latest change in the US investment - grade credit bond index was 0.53%, and the yearly change was 4.10% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3825.76, 4378.00 respectively, with corresponding percentage changes. For example, the A - share index rose 1.45% [5] Valuation - The PE (TTM) of the CSI 300, SSE 50, etc. were 13.97, 11.94 respectively, with corresponding环比 changes. For example, the环比 change of the CSI 300's PE (TTM) was 0.24 [5] Risk Premium - The risk premiums of the S&P 500 and German DAX were - 0.61, 2.25 respectively, with环比 changes of 0.02 for both [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc. were 1045.08, 480.26 respectively, and there were corresponding 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25467.10, 6759.35 respectively, with环比 changes. For example, the环比 change of the Shanghai and Shenzhen stock markets' trading volume was 1226.53 [5] Main Contract Basis - The basis of IF, IH, IC were 16.00, 13.39, - 12.45 respectively, with corresponding basis ratios of 0.37%, 0.46%, - 0.18% [5] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.915, 105.475, 107.660, 105.370 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.4466%, 1.4839%, 1.5500% respectively, with daily changes in basis points [6]

Core Viewpoint - The article emphasizes the significant changes in the bond market, particularly the decline in government bond prices and the rise in yields, which are critical signals for the future direction of the capital market [1][2][9]. Group 1: Bond Market Changes - Recently, government bonds have seen a widespread decline, especially in medium to long-term bonds [1][2]. - The 30-year government bond futures experienced a notable drop of 1.33%, marking the largest decline since March 17, with closing prices hitting new lows since March 24 [3][4]. - The yields on government bonds are rising, with the 30-year bond yield increasing by 6.10 basis points to 2.055%, returning above 2% for the first time in four months [10][11]. Group 2: Market Dynamics - The decline in bond prices and the simultaneous rise in yields indicate a weakening demand for bonds, suggesting that the attractiveness of bonds is diminishing [12][13]. - The article discusses the traditional inverse relationship between the stock and bond markets, where a strong stock market typically correlates with a weak bond market [15][16]. - However, the article argues that the current weakness in the bond market is not solely due to this stock-bond dynamic, as both short-term and long-term bonds are experiencing price and yield changes [19][24]. Group 3: Economic Expectations - The shift from a deflationary trading environment to an inflationary one is highlighted as a key factor influencing the bond market's performance [31][32]. - Recent economic indicators, such as rising CPI and increasing commodity prices, suggest a warming inflation outlook [36][37]. - The article notes that external factors, including increased foreign investment and potential policy changes, are contributing to a positive shift in market expectations [42][43]. Group 4: Future Outlook - The article concludes that the worst phase for the capital market has likely passed, and a prolonged recovery period is anticipated, with trading dynamics shifting towards inflation-driven strategies [48][49]. - The current market conditions indicate that the bond market may continue to weaken while the stock market remains strong, suggesting a new normal for capital market behavior [50].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 18, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.334%, 4.737%, 3.447% respectively. The latest changes ranged from - 0.033 (Italy) to 0.041 (UK), weekly changes from - 0.004 (Japan) to 0.173 (UK), monthly changes from - 0.126 (Switzerland) to 0.155 (France), and annual changes from - 0.274 (Japan) to 0.760 (UK) [2]. - **2 - Year Treasury Yields**: On August 18, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.740%, 3.959%, 1.956% respectively. The latest changes ranged from - 0.024 (Australia) to 0.070 (US), weekly changes from - 0.200 (US) to 0.186 (Italy), monthly changes from - 0.703 (Italy) to 0.553 (Japan), and annual changes showed various trends [2]. - **Exchange Rates**: On August 18, 2025, the US dollar - to - emerging - economy currency exchange rates such as South African rand, Brazilian real, etc. had different values. The latest changes ranged from - 0.69% (Russian ruble) to 0.65% (South African rand), weekly changes from - 2.35% (South African rand) to 0.38% (South Korean won), monthly changes from - 8.22% (Thai baht) to 0.77% (South Korean won), and annual changes also varied [2]. - **Stock Indices**: On August 18, 2025, major global stock indices like the Dow Jones, S&P 500, etc. had different closing values. The latest changes ranged from - 0.50% (Mexican index) to 0.21% (Nasdaq), weekly changes from - 0.18% (UK index) to 8.70% (Spanish index), monthly changes from 8.78% (Mexican index) to 44.46% (Spanish index), and annual changes also showed different trends [2]. - **Credit Bond Indices**: The latest changes in credit bond indices ranged from - 0.08% to 0.08%, weekly changes from - 0.06% to 0.56%, monthly changes from - 0.13% to 2.43%, and annual changes from 4.84% to 15.88% [2][3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3728.03, 4239.41, 2838.87, 2606.20, and 6668.17 respectively, with daily changes of 0.85%, 0.88%, 0.21%, 2.84%, and 1.52% [4]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.54, 11.56, 31.94, 27.34, and 20.08 respectively, with环比 changes of 0.08, 0.04, 0.37, 0.00, and - 0.04 [4]. - **Risk Premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX were - 0.68 and 2.22 respectively, with环比 changes of - 0.02 and 0.04 [4]. - **Fund Flows**: The latest values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 were 78.73, - 179.13, N/A, 216.70, and 110.91 respectively, and the 5 - day average values were - 306.54, - 333.88, N/A, 26.76, and 51.22 [4]. - **Trading Volume**: The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 27641.63, 6353.66, 1621.58, 5485.68, and 8295.86 respectively, with环比 changes of 5195.51, 1166.79, 199.53, 1082.87, and 1773.47 [4]. - **Main Contract Basis**: The basis of IF, IH, and IC were - 1.61, 9.53, and - 60.17 respectively, with basis ratios of - 0.04%, 0.34%, and - 0.90% [4] Treasury Bond Futures Trading Data - **Closing Prices**: The closing prices of T00, TF00, T01, and TF01 were 108.015, 105.455, 107.865, and 105.380 respectively, with daily changes of 0.00% [5]. - **Funding Rates**: The R001, R007, and SHIBOR - 3M were 1.5037%, 1.5030%, and 1.5490% respectively, with daily changes of 1.00 BP, 1.00 BP, and 0.00 BP [5]

Core Insights - The significant increase in deposits from non-bank financial institutions in July is a key factor supporting active financial investments [1] - July saw a notable rise in new deposits from non-bank institutions, reaching 2.14 trillion yuan, which is an increase of 1.39 trillion yuan year-on-year [1] - This trend of substantial deposit growth from non-bank financial institutions is not isolated, as a similar peak was observed in April, marking the highest level in the past decade [1] - The decline in deposit interest rates appears to be driving increased financial investment activity in the private sector [1] - With rising government bond yields and falling prices of interest-bearing securities in July, the relative attractiveness of fixed-income assets has weakened, potentially redirecting new deposits from non-bank financial institutions towards the stock market [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, major domestic stock indices rebounded across the board, with large-cap indices such as the CSI 300, SSE 50, and SSE Composite Index rising by 1.23%, 1.27%, and 2.11% respectively, and small and medium-cap indices such as the CSI 500, CSI 1000, and ChiNext Index rising by 1.78%, 2.51%, and 0.49% respectively. Style indices also rose across the board, with financial, cyclical, consumer, growth, and stable style indices rising by 1.56%, 3.49%, 0.77%, 1.87%, and 1.24% respectively [1][8]. - The trading volume of domestic stock ETFs decreased last week. The total trading volume of comprehensive ETFs was 45.393 billion yuan, a decrease of 24.091 billion yuan from the previous week, and the total trading volume of theme ETFs was 62.193 billion yuan, a decrease of 19.671 billion yuan from the previous week [1][2]. - In terms of fund performance, among comprehensive ETFs, the top three performers were 1000ETF, 500ETF, and 800ETF, with increases of 2.60%, 1.75%, and 1.39% respectively, while the bottom three were ChiNext, ChiNext 50, and Sci - Tech Innovation and ChiNext 50ETF, with increases of 0.39%, 0.48%, and 0.50% respectively. Among industry - themed ETFs, the top three were Colorful Metals ETF, Military Industry ETF, and Resources ETF, with increases of 5.96%, 5.74%, and 4.99% respectively, while the bottom three were Computer, Biomedical, and Pharmaceutical ETFs, with decreases of 1.44%, 0.82%, and 0.73% respectively [3][32]. - In terms of capital flow, most broad - based indices in comprehensive ETFs had small net capital outflows, while small and medium - cap ETFs such as the CSI 1000 and ChiNext had capital inflows. In industry themes, heavy - weight sectors such as securities, coal, and colorful metals had large capital inflows [3][32]. Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/04 - 2025/08/08), major domestic stock indices rose across the board. Large - cap indices such as the CSI 300, SSE 50, and SSE Composite Index rose by 1.23%, 1.27%, and 2.11% respectively, and small and medium - cap indices such as the CSI 500, CSI 1000, and ChiNext Index rose by 1.78%, 2.51%, and 0.49% respectively. Style indices also rose across the board, with financial, cyclical, consumer, growth, and stable style indices rising by 1.56%, 3.49%, 0.77%, 1.87%, and 1.24% respectively. Under the growth style, large - cap growth, medium - cap growth, and small - cap growth style indices rose by 1.38%, 1.54%, and 1.55% respectively [1][8]. - The trading activity of the A - share market has been fluctuating upwards recently and is currently close to the level in December 2024. The overall trading volume of the market has been fluctuating in the past year, with a significant rebound from September to November, a decline from December to January, bottom - level fluctuations from February to May, and a rebound from June to July [9]. 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond index rose by 2.25%. Pure - bond indices rose across the board, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.07%, 0.05%, and 0.14% respectively. - The main contracts of major stock index futures had mixed performance, with the CSI 300, SSE 50, and CSI 500 rising by 1.31%, 1.07%, and 2.04% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures rose by 0.18%, 0.10%, and 0.03% respectively [16][17]. 1.3 Commodity Market - In the past week, the commodity market had mixed performance. The Nanhua Precious Metals Index, Nanhua Black Index, and Nanhua Non - ferrous Metals Index rose by 2.94%, 1.76%, and 1.29% respectively. The main contracts of domestic key commodity futures also had mixed performance, with the DCE Coking Coal, SHFE Silver, and DCE Coke contracts rising by 10.04%, 3.98%, and 2.23% respectively [18][22]. 2. ETF Market Quotation Statistics - The report selects the most representative ETFs in different sectors of comprehensive and industry themes for long - term tracking through indicators such as fund scale and trading volume. Tracking and monitoring indicators such as large - and small - cap style classification, changes in circulating shares, net buying funds, and trading volume of the selected ETFs can serve as a reference for market style switching and capital flow [24]. 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume (shares)/on - market circulating shares (shares)) as a measure of ETF trading activity, a high weekly fund turnover rate indicates that there may be significant differences in the market's view of a certain sector, which requires attention. - Last week, trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, and sectors such as Military Industry ETF, Coal ETF, and Steel ETF [25]. 3. Large - and Small - Cap Style Monitoring 3.1 Comprehensive Stock ETF - As of last week, in terms of trading volume, the trading volume of comprehensive ETFs was 45.393 billion yuan, a decrease of 24.091 billion yuan from the previous week. Among them, the trading volume of large - and medium - cap style comprehensive ETFs was 20.229 billion yuan, a decrease of 14.326 billion yuan, and the trading volume of small and medium - cap comprehensive ETFs was 25.593 billion yuan, a decrease of 10.109 billion yuan. - In terms of on - market shares, the on - market shares of comprehensive ETFs were 361.256 billion shares, a decrease of 2.007 billion shares from the previous week. Among them, the on - market shares of large - and medium - cap style comprehensive ETFs were 239.237 billion shares, a decrease of 1.161 billion shares, and the on - market shares of small and medium - cap comprehensive ETFs were 122.019 billion shares, a decrease of 0.846 billion shares [27]. 3.2 Theme Stock ETF - As of last week, the average weekly increase or decrease of 32 theme ETFs was 1.39%. Among them, the average weekly increase of large - cap style ETFs was 2.24%, and the average weekly increase of small and medium - cap style ETFs was 0.72%. - In terms of trading volume, the total trading volume of the tracked theme ETFs was 62.193 billion yuan, a decrease of 19.671 billion yuan from the previous week. Among them, the trading volume of large - cap style ETFs was 29.876 billion yuan, a decrease of 11.961 billion yuan, and the trading volume of small and medium - cap style ETFs was 32.317 billion yuan, a decrease of 7.710 billion yuan. - The on - market shares of the tracked theme ETFs were 404.065 billion shares, a decrease of 0.011 billion shares from the previous week. Among them, the on - market shares of large - and medium - cap style theme ETFs were 171.647 billion shares, an increase of 3.032 billion shares, and the on - market shares of small and medium - cap style theme ETFs were 232.418 billion shares, a decrease of 3.143 billion shares [29]. 4. Sector Capital Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were 1000ETF, 500ETF, and 800ETF, with increases of 2.60%, 1.75%, and 1.39% respectively, while the bottom three were ChiNext, ChiNext 50, and Sci - Tech Innovation and ChiNext 50ETF, with increases of 0.39%, 0.48%, and 0.50% respectively. Among industry - themed ETFs, the top three were Colorful Metals ETF, Military Industry ETF, and Resources ETF, with increases of 5.96%, 5.74%, and 4.99% respectively, while the bottom three were Computer, Biomedical, and Pharmaceutical ETFs, with decreases of 1.44%, 0.82%, and 0.73% respectively. - In terms of capital flow, most broad - based indices in comprehensive ETFs had small net capital outflows, while small and medium - cap ETFs such as the CSI 1000 and ChiNext had capital inflows. In industry themes, heavy - weight sectors such as securities, coal, and colorful metals had large capital inflows [32]. 5. Commodity ETF - Last week, the tracked commodity ETFs had mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Colorful Metals Futures, and Energy and Chemicals rose or fell by 2.12%, 2.11%, 1.48%, 0.59%, and - 1.41% respectively. - In terms of the overall on - market shares of the tracked commodity ETFs, there was a decrease of 0.007 billion shares from the previous week, and in terms of the overall trading volume, there was a decrease of 2.742 billion yuan from the previous week [37]. 6. Overseas ETF - Last week, among the tracked overseas ETFs, the Nasdaq ETF, H - share ETF, and Hang Seng ETF rose or fell by 0.96%, - 0.17%, and 0.26% respectively. - In terms of the overall on - market shares of the tracked overseas ETFs, there was an increase of 0.033 billion shares from the previous week, and in terms of the overall trading volume, there was a decrease of 0.659 billion yuan from the previous week [39]. 7. Money Market ETF - As of the end of last week, the overnight SHIBOR was 1.32%, a decrease of 0.08% from the previous week, and the one - week SHIBOR was 1.43%, a decrease of 0.06% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.03%, a decrease of 0.05% from the previous week, and the seven - day annualized yield of Yinhua Rili was 1.02%, a decrease of 0.02% from the previous week. - In terms of on - market shares, the on - market shares of Huabao Tianyi were 74.736 billion shares, a decrease of 0.503 billion shares from the previous week, and the on - market shares of Yinhua Rili were 67.852 billion shares, an increase of 1.856 billion shares from the previous week [43].

Group 1: Bond Market - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, including 15,903.9 billion yuan in government bonds, 11,753.2 billion yuan in local government bonds, 10,738.7 billion yuan in financial bonds, 14,257.3 billion yuan in corporate credit bonds, 247.2 billion yuan in asset-backed securities, and 34,569.3 billion yuan in interbank certificates of deposit [1] - The interbank bond market saw a total transaction volume of 34.3 trillion yuan in June, with an average daily transaction of 1.7 trillion yuan, reflecting a year-on-year decrease of 1.2% but a month-on-month increase of 6.2% [1] - As of the end of June, the custody balance of foreign institutions in the Chinese bond market reached 4.3 trillion yuan, accounting for 2.3% of the total custody balance, with 4.2 trillion yuan held in the interbank bond market [1] Group 2: Money Market - In June, the interbank lending market recorded a transaction volume of 8.4 trillion yuan, representing a year-on-year increase of 11.2% and a month-on-month increase of 26.0% [2] - The bond repurchase transactions totaled 156.3 trillion yuan in June, showing a year-on-year growth of 32.7% and a month-on-month growth of 20.4% [2] - The weighted average interest rate for interbank lending was 1.46%, down 9 basis points month-on-month, while the weighted average interest rate for pledged repos was 1.50%, down 6 basis points month-on-month [2] Group 3: Commercial Paper Market - In June, the acceptance amount of commercial bills reached 3.5 trillion yuan, with a discount amount of 2.8 trillion yuan; by the end of June, the acceptance balance was 19.3 trillion yuan and the discount balance was 14.8 trillion yuan [2] - Small and micro enterprises accounted for 93.2% of the total bill issuers, with an issuance amount of 2.4 trillion yuan, representing 69.8% of the total issuance [2] - The number of small and micro enterprises involved in discounting was 12.1 million, making up 96.3% of all discounting enterprises, with a discount amount of 2.0 trillion yuan, which is 71.9% of the total discounting amount [2] Group 4: Stock Market - As of the end of June, the Shanghai Composite Index closed at 3,444.4 points, up 96.9 points or 2.9% month-on-month, while the Shenzhen Component Index closed at 10,465.1 points, up 424.5 points or 4.2% month-on-month [2] - The average daily trading volume in the Shanghai market was 510.4 billion yuan, reflecting a month-on-month increase of 8.6%, while the Shenzhen market's average daily trading volume was 796.9 billion yuan, up 11.5% month-on-month [2] Group 5: Interbank Bond Market Participants - As of the end of June, there were 3,989 institutional members in the interbank bond market, all of which were financial institutions [3] - The top 50 investors in corporate credit bonds held 48.0% of the total bonds, primarily concentrated among public funds, large state-owned commercial banks, and insurance financial institutions [3] - The number of holders for a single corporate credit bond varied, with a maximum of 124 holders, a minimum of 1, an average of 12, and a median of 12; 88.4% of credit bonds had 20 or fewer holders [3]