| 大类资产早报 | | --- | 研究中心宏观团队 2025/05/15 | | 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 | | 2025/05/14 | 4.538 | 4.712 | 3.378 | 2.698 | 3.710 | 3.316 | 0.354 | 3.458 | | 最新变化 | 0.071 | 0.043 | 0.025 | 0.020 | 0.013 | 0.019 | -0.009 | 0.010 | | 一周变化 | 0.267 | 0.254 | 0.184 | 0.225 | 0.163 | 0.188 | 0.158 | 0.164 | | 一月变化 | 0.046 | -0.040 | 0.027 | 0.131 | -0.100 | 0.019 | -0.041 | -0.062 ...

1. Report Information - Report Title: Big Asset Morning Report - Research Team: Macroeconomic Team of the Research Center - Report Date: May 12, 2025 [2] 2. Global Asset Market Performance 2.1 10 - Year Treasury Yields of Major Economies - On May 9, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.380, 4.566, 3.264 respectively. The latest changes, weekly changes, monthly changes, and annual changes varied across different economies. For example, the US had a 0.000 latest change, 0.206 weekly change, 0.085 monthly change, and - 0.285 annual change [3]. 2.2 2 - Year Treasury Yields of Major Economies - On May 9, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.780, 3.902, 1.781 respectively. The latest, weekly, monthly, and annual changes also differed. For instance, the US had a 0.000 latest change, 0.040 weekly change, and - 1.110 annual change [3]. 2.3 Dollar - to - Major Emerging Economies Currency Exchange Rates - On May 9, 2025, the exchange rates of the dollar against the Brazilian real, Russian ruble, South African rand, etc. were presented. The latest, weekly, monthly, and annual changes were provided. For example, the dollar - to - Brazilian real exchange rate had a - 0.16% latest change, 0.59% weekly change, - 5.95% monthly change, and 10.51% annual change [3]. 2.4 Stock Indexes of Major Economies - On May 9, 2025, the closing prices of major stock indexes such as the S&P 500, Dow Jones Industrial Average, and NASDAQ were 5659.910, 41249.380, 17928.920 respectively. The latest, weekly, monthly, and annual changes were different. For example, the S&P 500 had a - 0.07% latest change, 1.78% weekly change, 13.59% monthly change, and 10.98% annual change [3]. 2.5 Credit Bond Indexes - The latest, weekly, monthly, and annual changes of credit bond indexes including US investment - grade, euro - zone investment - grade, and emerging - economies investment - grade were given. For example, the US investment - grade credit bond index had a 0.06% latest change, - 1.02% weekly change, 1.09% monthly change, and 6.74% annual change [3][4] 3. Stock Index Futures Trading Data 3.1 Index Performance - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3342.00, 3846.16, 2684.01, 2011.77, 5721.72 respectively, with corresponding percentage changes of - 0.30%, - 0.17%, 0.17%, - 0.87%, - 0.90% [5]. 3.2 Valuation - The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 12.44, 10.84, 28.80, 24.21, 18.87 respectively, with corresponding环比 changes of - 0.01, 0.03, - 0.24, - 0.02, 0.12 [5]. 3.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of S&P 500 and German DAX were - 0.25 and 2.74 respectively, with环比 changes of 0.00 and - 0.06 [5]. 3.4 Fund Flows - The latest values and 5 - day average values of fund flows for A - shares, main board, small - and - medium - sized enterprise board, ChiNext, and CSI 300 were presented. For example, the latest fund flow of A - shares was - 1156.52, and the 5 - day average was - 265.74 [5]. 3.5 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 given. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 11920.10, with a环比 change of - 1013.67 [5]. 3.6 Main Contract Premium or Discount - The basis and percentage changes of IF, IH, and IC were - 37.56 (- 0.98%), - 17.81 (- 0.66%), - 116.92 (- 2.04%) respectively [5] 4. Treasury Futures Trading Data - The closing prices and percentage changes of Treasury futures T00, TF00, T01, TF01 were 109.060 (0.19%), 106.095 (0.17%), 109.215 (0.18%), 106.435 (0.16%) respectively. The money market rates R001, R007, SHIBOR - 3M were 1.5221%, 1.5805%, 1.6960% respectively, with daily changes of - 13.00BP, - 7.00BP, - 2.00BP [6]

Market Overview - The overall market showed an upward trend last week (May 5 to May 9), with the Shanghai Composite Index closing at 3342.00 points, a weekly increase of 1.92% [2] - The Shanghai 50 and CSI 300 indices rose by 1.93% and 2.00% respectively, while the CSI 1000 index performed notably well with a 2.22% increase [2] - The market structure remains differentiated, with small growth stocks and micro-cap stocks performing actively, while some large-cap technology indices experienced pullbacks [2] Industry Performance - All sectors showed positive performance last week, with the average increase of Wind's first-level indices at 1.87% and 95% of Wind's top 100 concept indices rising [10] - The defense, military, communication, and power equipment sectors performed particularly well, with increases of 6.33%, 4.96%, and 4.02% respectively [10] Fund Issuance and Performance - A total of 15 funds were issued last week, including 13 equity funds, 1 mixed fund, and 1 bond fund, with a total issuance of 6.345 billion units [3][4] - The Wind All Fund Index rose by 0.74% last week, with the ordinary equity fund index increasing by 1.00% and the mixed equity fund index rising by 1.06% [6] Global Asset Review - Global asset markets showed significant divergence last week, with US stocks under pressure due to investor concerns about economic outlook and Federal Reserve monetary policy [3] - European markets exhibited mixed results, while Asia-Pacific markets, including the Nikkei 225 and Hang Seng Index, showed varying degrees of gains, indicating positive signals in the region [3] Bond Market Overview - The bond market was active last week, with the convertible bond index rising by 1.32% [12] - The 10-year government bond futures saw a slight increase of 0.01%, while the 30-year government bond futures decreased by 0.39% [12] Trading Activity - The average daily trading volume of A-shares rebounded, exceeding 1.1 trillion yuan, with a peak close to 1.5 trillion yuan on Wednesday [7]

大类资产早报 研究中心宏观团队 2025/05/09 | | 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 | | 2025/05/08 | 4.380 | 4.545 | 3.239 | 2.532 | 3.582 | 3.174 | 0.253 | 3.332 | | 最新变化 | 0.109 | 0.087 | 0.045 | 0.059 | 0.035 | 0.046 | 0.057 | 0.038 | | 一周变化 | 0.170 | 0.037 | 0.003 | 0.013 | -0.045 | -0.006 | -0.135 | -0.015 | | 一月变化 | 0.194 | -0.069 | -0.158 | -0.078 | -0.283 | -0.168 | -0.153 | -0.201 | | 一 ...

| | 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 | | 2025/05/07 | 4.297 | 4.512 | 3.257 | 2.539 | 3.626 | 3.191 | 0.280 | 3.369 | | 最新变化 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | | 一周变化 | 0.060 | 0.034 | 0.070 | 0.071 | 0.053 | 0.070 | -0.099 | 0.079 | | 一月变化 | 0.267 | -0.007 | -0.120 | -0.111 | -0.145 | -0.112 | -0.162 | -0.088 | | 一年变化 | -0.346 | 0.179 | 0.167 | ...

Tabl e_Title 2025 年 4 月 28 日 大类资产运行周报（20250421-20250425） 风险提示：美国通胀数据改善不及预期 大类资产运行报告 全球主要资产表现 | | 近一周变动 | | --- | --- | | 新兴市场股市指数 | 2.81% | | Table_Fi rstSto ck 发达市场股市指数 主要资产涨跌幅表现 | 4.16% | | 全球债券指数 | 0.33% | | 全球国债指数 | 0.13% | | 全球信用债指数 姓名 | 0.73% 分析师 | | 美元指数 | 0.36% SAC 执业证书编号：S1111111111111 | | RJ/CRB 商品价格指数 | Xxxxxx @essence.com.cn 1.72% | | | 021-68767839 | | 标普高盛商品全收益指数 | -0.15% | 丁沛舟 高级分析师 期货从业资格号：F3002969 投资咨询从业证书号：Z0012005 dingpz@essence.com.cn 010-58747724 相关报告 大类资产运行周报（20250113 -20250117）-美国通胀数据 ...