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大类资产运行周报:新一轮关税生效,权益资产价格上涨-20250811
Guo Tou Qi Huo· 2025-08-11 14:30
1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - From August 4th to August 8th, the new round of "reciprocal tariffs" in the US officially took effect, and the meeting time and location between the Russian and US leaders were confirmed. Globally, stocks and bonds rose while commodities declined. In China, stocks and bonds closed higher, and commodities were volatile and weak. Overall, stocks > bonds > commodities [3][6][20]. - The meeting between the Russian and US leaders will have a certain impact on short - term large - scale asset prices. Attention should be paid to the specific progress of this meeting [3][28]. 3. Summary by Related Catalogs 3.1 Global Large - scale Asset Overall Performance: Stocks and Bonds Rise, Commodities Fall - **Global Stock Market**: From August 4th to August 8th, market risk appetite recovered, and global major stock markets generally closed higher. European stocks led the gains, and emerging markets underperformed developed markets. The VIX index dropped significantly. For example, MSCI in the Asia - Pacific region rose 2.25% in a week, and the German DAX rose 3.15% [8][11][14]. - **Global Bond Market**: Trump planned to nominate Stephen Milan as a Fed governor. If the nomination succeeds, the divergence on monetary policy within the Fed may increase. The yields of medium - and long - term US bonds rose, with the 10 - year US bond yield rising 4BP to 4.27%. The bond market rose, and globally, high - yield bonds > government bonds > credit bonds [12]. - **Global Foreign Exchange Market**: The expectation of a September US dollar interest rate cut increased, and the US dollar index dropped 0.43% in a week. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate fluctuated [13]. - **Global Commodity Market**: The Russia - US talks reduced geopolitical risk premiums, and international oil prices closed lower. Most major agricultural product prices fell, while non - ferrous metals and precious metals prices rose [18]. 3.2 Domestic Large - scale Asset Performance: Stocks and Bonds Rise, Commodities are Volatile and Weak - **Domestic Stock Market**: Market sentiment was positive, and major A - share broad - based indexes generally rose. The average daily trading volume of the two markets decreased compared with the previous week. The growth style was more prominent. In terms of sectors, non - ferrous metals and machinery led the gains, while the pharmaceutical sector performed poorly. The Shanghai Composite Index rose 2.11% in a week [21]. - **Domestic Bond Market**: The central bank's open - market operations had a net withdrawal of 53.65 billion yuan. The capital market was relatively stable, and the bond market rose. Overall, government bonds > corporate bonds > credit bonds [25]. - **Domestic Commodity Market**: The domestic commodity market declined slightly. Among major commodity sectors, precious metals led the gains, and the energy sector performed poorly [27]. 3.3 Large - scale Asset Price Outlook - The meeting between the Russian and US leaders will affect short - term large - scale asset prices. Attention should be paid to the specific progress of this meeting [3][28].
大类资产早报-20250811
Yong An Qi Huo· 2025-08-11 02:38
1. Global Asset Market Performance 1.1 10 - Year Treasury Yields of Major Economies - On August 8, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.284%, 4.600%, 3.348% respectively. The latest changes were 0.033, 0.054, 0.053; weekly changes were 0.066, 0.074, 0.002; monthly changes were - 0.127, - 0.021, - 0.064; and annual changes were 0.252, 0.631, 0.337 [3]. 1.2 2 - Year Treasury Yields of Major Economies - As of August 8, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.690, 3.896, 1.952 respectively. The latest changes were - 0.030, 0.023, 0.036; weekly changes were - 0.250, 0.107, 0.027; monthly changes were - 0.190, 0.045, 0.056; and annual changes were - 0.670, 0.090, - 0.573 [3]. 1.3 Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 8, 2025, the dollar - Brazilian real exchange rate was 5.435, with a latest change of 0.18%, a weekly change of - 1.94%, a monthly change of - 2.25%, and an annual change of - 3.82%. Similar data were provided for other currencies like the Russian ruble, South African rand, etc. [3]. 1.4 Stock Indices of Major Economies - On August 8, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 6389.450, 44175.610, 21450.020 respectively. The latest changes were 0.78%, 0.47%, 0.98%; weekly changes were 2.43%, 1.35%, 3.87%; monthly changes were 2.07%, - 0.44%, 4.20%; and annual changes were 15.70%, 8.16%, 21.88% [3]. 1.5 Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - area investment - grade credit bond index, etc. were - 0.24%, - 0.15%, etc.; weekly changes were - 0.12%, 0.08%, etc.; monthly changes were 1.45%, 0.45%, etc.; and annual changes were 5.06%, 4.83%, etc. [3][4] 2. Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3635.13, 4104.97, 2789.17 respectively. The corresponding percentage changes were - 0.12%, - 0.24%, - 0.33% [5]. 2.2 Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.31, 11.47, 30.52 respectively, with环比 changes of - 0.02, - 0.02, - 0.06 [5]. 2.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 and German DAX were - 0.59 and 2.68 respectively, with环比 changes of - 0.06 and - 0.03 [5]. 2.4 Fund Flows - The latest values of fund flows for A - shares, the main board, and SMEs were - 731.15, - 338.22, etc., and the 5 - day average values were - 266.18, - 179.38, etc. [5]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 17102.27, 3085.08, 828.05 respectively, with环比 changes of - 1152.63, - 496.00, - 114.17 [5]. 2.6 Main Contract Basis and Spread - The basis of IF, IH, and IC were - 21.77, - 3.77, - 96.50 respectively, with spreads of - 0.53%, - 0.14%, - 1.53% [5] 3. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.640, 105.840, 108.535, 105.895 respectively, with percentage changes of 0.06%, 0.05%, 0.06%, 0.06% [6]. - The funding rates of R001, R007, and SHIBOR - 3M were 1.3413%, 1.4538%, 1.5544% respectively, with daily changes of - 14.00, - 3.00, - 1.00 [6]
中信证券:若美俄会谈仅就短期停火达成共识 对大类资产的影响或表现为短期情绪反应
Zheng Quan Shi Bao Wang· 2025-08-10 09:13
Core Viewpoint - The upcoming meeting between the US and Russian leaders on August 15 may lead to a significant turning point in the Russia-Ukraine conflict, with discussions likely to focus on short-term ceasefire goals and other strategic issues to be addressed subsequently [1] Group 1: Meeting Focus - The US-Russia summit may prioritize discussions on a ceasefire and other immediate objectives, while broader issues such as territorial control, sanctions on Russia, post-war security arrangements for Ukraine, and US strategy in Europe will be addressed in later stages [1] Group 2: Impact on Major Assets - If the meeting results in a consensus on a short-term ceasefire, the impact on major assets is expected to be primarily emotional, leading to a potential temporary decline in geopolitical risk premiums for gold, oil, and the US dollar, while equity assets in Europe and the US may experience a short-term increase in risk appetite [1] - Conversely, if substantial progress is made on issues like lifting sanctions against Russia, it could have a more significant impact on major assets, particularly through disruptions in the supply side of certain commodities [1]
大类资产早报-20250808
Yong An Qi Huo· 2025-08-08 01:18
Report Overview - The report is a daily update on global asset markets, including bond yields, exchange rates, stock indices, and futures trading data, released on August 8, 2025, by the macro team of the research center [2]. Global Asset Market Performance Bond Yields - **10 - year Treasury Yields**: Yields in major economies showed various changes. For example, the US 10 - year yield was 4.251 on August 7, 2025, with a latest change of 0.022, a one - week change of - 0.125, a one - month change of - 0.100, and a one - year change of 0.111. Yields in other countries also had different trends over different time periods [3]. - **2 - year Treasury Yields**: The US 2 - year yield was 3.720 on August 7, 2025. There were also changes in other countries' 2 - year yields, such as the UK, Germany, and Japan, over different time frames [3]. Exchange Rates - **Dollar vs. Emerging Economies Currencies**: The dollar's exchange rates against major emerging economies' currencies changed. For example, against the Brazilian real, it was 5.425 on August 7, 2025, with a latest change of - 0.72% and a one - year change of - 3.36% [3]. - **Renminbi**: The on - shore and off - shore RMB exchange rates were 7.181 on August 7, 2025, with different changes in the latest, one - week, one - month, and one - year periods [3]. Stock Indices - **Major Economies Indices**: Indices such as the S&P 500, Dow Jones, and Nasdaq had different performance. The S&P 500 closed at 6340.000 on August 7, 2025, with a latest change of - 0.08%, a one - week change of 0.01%, a one - month change of 0.95%, and a one - year change of 16.62% [3]. - **Other Indices**: Including Russian, Japanese, and Chinese indices, they also showed different trends over different time periods [3]. Credit Bond Indices - Different credit bond indices, such as US investment - grade, euro - zone investment - grade, and emerging economies' investment - grade credit bond indices, had positive changes in the latest, one - week, one - month, and one - year periods [3][4]. Futures Trading Data Stock Index Futures - **Index Performance**: A - shares closed at 3639.67 with a 0.16% change. Other indices like the CSI 300, SSE 50, ChiNext, and CSI 500 also had their respective closing prices and percentage changes [5]. - **Valuation**: PE (TTM) and its环比changes were provided for indices such as the CSI 300, SSE 50, and CSI 500, as well as the S&P 500 and German DAX [5]. - **Risk Premium**: The 1/PE - 10 - year interest rate and its环比changes were given for several indices [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows for A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were presented [5]. - **Trading Volume**: The latest trading volumes and环比changes were shown for the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - cap board, and ChiNext [5]. - **Main Contract Premium/Discount**: The basis and percentage changes were provided for IF, IH, and IC contracts [5]. Treasury Futures - Treasury futures T00, TF00, T01, and TF01 had their closing prices and percentage changes on August 7, 2025 [6]. - Money market rates such as R001, R007, and SHIBOR - 3M were reported, along with their daily changes in basis points [6].
大类资产早报-20250807
Yong An Qi Huo· 2025-08-07 02:30
Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 6, 2025, yields varied across major economies. For example, the US was at 4.229%, the UK at 4.525%. There were different changes in the latest, weekly, monthly, and yearly terms. Japan's yield was 3.715% with a one - year change of - 0.686%, and Brazil's was 6.438% with a one - year change of 0.054% [3]. - **2 - Year Treasury Yields**: On August 6, 2025, the US 2 - year yield was 3.690%, the UK's was 3.816%. Changes also differed in short - term and long - term periods. For instance, the US had a one - year change of - 0.720% [3]. - **Exchange Rates**: The US dollar against major emerging economies' currencies showed various changes. Against the Brazilian real, it had a one - year change of - 2.70%, and against the South African rand, it was - 3.69% [3]. - **Stock Indices**: Different indices had different closing prices and changes. The Dow Jones closed at 6345.060 on August 6, 2025, with a one - month change of 16.13%. The Russian index data was not provided, and the Hang Seng Index had a one - month change of 44.51% [3]. - **Credit Bond Indices**: On August 6, 2025, the emerging economies' investment - grade credit bond index was 3457.120, and the US high - yield credit bond index was 1717.511 [3]. Stock Index Futures Trading Data - **Index Performance**: The A - share index closed at 3633.99 with a 0.45% increase. The CSI 300 closed at 4113.49 with a 0.24% increase [5]. - **Valuation**: The PE(TTM) of the CSI 300 was 13.32, and the S&P 500 was 26.89 [5]. - **Risk Premium**: The risk premium of the S&P 500 (1/PE - 10 - year rate) was - 0.51 with a - 0.04% change [5]. - **Fund Flows**: The latest A - share fund flow was 139.51, and the CSI 300 was 3.78 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 17340.68, and the CSI 300 was 3076.75 [5]. - **Basis and Spread**: The basis of IF was - 16.49 with a - 0.40% spread [5]. Treasury Futures Trading Data - **Treasury Futures**: The T00 closed at 108.555 with a 0.06% increase, and the TF00 closed at 105.775 with a 0.04% increase [6]. - **Funding Rates**: R001 was 1.3482% with a - 12.00 BP daily change, and R007 was 1.4732% with no daily change [6].
大类资产早报-20250806
Yong An Qi Huo· 2025-08-06 05:01
| 乖 亦安期货 | | --- | 大类资产早报 研究中心宏观团队 2025/08/06 | | 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 | | 2025/08/05 | 4.212 | 4.515 | 3.284 | 2.622 | 3.425 | 3.201 | 0.272 | 3.269 | | 最新变化 | 0.018 | 0.007 | 0.001 | -0.001 | -0.001 | 0.002 | -0.005 | -0.004 | | 一周变化 | -0.109 | -0.117 | -0.079 | -0.085 | -0.092 | -0.086 | -0.075 | -0.093 | | 一月变化 | -0.189 | -0.117 | -0.080 | -0.064 | -0.111 | -0 ...
大类资产早报-20250805
Yong An Qi Huo· 2025-08-05 01:15
Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. It mainly provides data on various global asset markets, stock index futures trading, and treasury bond futures trading. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On August 4, 2025, the 10 - year treasury bond yields of major economies varied. For example, the US was 4.218%, and Japan was 3.676%. There were different changes over different time periods, such as a one - week change of - 0.194% in the US and - 0.252% in Japan [1]. - **2 - Year Treasury Bond Yields**: The 2 - year treasury bond yields also showed differences among countries. On August 4, 2025, the US was 3.940%, and Japan was 0.756%. Changes in different time intervals were also provided, like a one - year change of - 0.460% in the US and 0.375% in Japan [1]. - **Exchange Rates**: The US dollar exchange rates against major emerging economies' currencies had different trends. For example, against the Brazilian real, it was 5.499 on August 4, 2025, with a one - year change of - 2.58%. The exchange rates of the on - shore and off - shore RMB also had their own changes, such as a one - year change of - 0.91% for on - shore RMB [1]. - **Stock Indices**: Major economies' stock indices had different closing prices and changes. On August 4, 2025, the S&P 500 was 6329.940, with a one - year change of 17.24%. The Hang Seng Index was 24733.450, with a one - year change of 45.45% [1]. - **Credit Bond Indices**: Different credit bond indices, including US and euro - zone investment - grade and high - yield credit bond indices, had different changes over different time periods. For example, the US investment - grade credit bond index had a one - year change of 6.52% [1]. 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 3583.31, with a 0.66% increase [2]. - **Valuation**: The PE (TTM) and its环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were given. For example, the PE (TTM) of CSI 300 was 13.11, with a环比 change of - 0.01 [2]. - **Risk Premium**: The risk premium and its环比 changes of several indices were presented. For example, the risk premium of CSI 300 was 3.70, with a环比 change of 0.00 [2]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in different sectors of the A - share market were shown. For example, the latest value of A - share fund flow was - 522.29 [2]. - **Trading Volume**: The latest trading volumes and环比 changes of different indices were provided. For example, the latest trading volume of the two - market was 14985.50, with a环比 change of - 998.01 [2]. - **Main Contract Basis**: The basis and its amplitude of IF, IH, and IC were given. For example, the basis of IF was - 17.90, with an amplitude of - 0.44% [2]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 were all 0.00% on the relevant day. The R001, R007, and SHIBOR - 3M had their own values and daily changes, such as R001 being 1.3512% with a daily change of - 14.00 BP [3].
大类资产运行周报(20250728-20250801):非农数据不及预期,权益资产价格回落-20250804
Guo Tou Qi Huo· 2025-08-04 11:56
1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From July 28 to August 1, the U.S. July non - farm payrolls data was disappointing, and the data for May and June were significantly revised downwards. Trump signed an executive order to impose "reciprocal tariffs" ranging from 10% to 41% on multiple countries and regions, effective August 7. The dollar index rose weekly. Globally, stocks fell, and the bond and commodity markets were generally weak, with bonds > commodities > stocks in dollar - terms. In China, stocks and commodities declined, while the bond market rose, with commodities > stocks > bonds [3][6]. - The July non - farm payrolls data has raised concerns about the uncertainty of subsequent policies. It is necessary to continuously monitor the impact of major foreign policies on the market and keep an eye on the changes in the prices of major asset classes [3][27]. 3. Summary by Related Catalogs 3.1 Global Major Asset Overall Performance - **Global Stock Market Overview**: From July 28 to August 1, due to concerns triggered by non - farm payrolls data, major global stock markets generally declined. European stocks led the decline, and emerging markets were slightly more resilient than developed markets. The VIX index rose weekly. For example, MSCI Europe fell 4.12%, while emerging market stock indices fell 2.51% [8][13]. - **Global Bond Market Overview**: During the same period, the Fed's July FOMC meeting kept rates unchanged. After the non - farm payrolls data was released, the expectation of a rate cut increased. The yields of medium - and long - term U.S. Treasuries declined, with the 10 - year U.S. Treasury yield falling 17BP to 4.23%. Globally, credit bonds > government bonds > high - yield bonds [15]. - **Global Foreign Exchange Market Overview**: The preliminary value of the U.S. Q2 real GDP annualized quarterly growth rate exceeded expectations, causing the dollar index to rise 1.04% weekly. Most major non - dollar currencies depreciated against the dollar, and the RMB exchange rate declined slightly [16]. - **Global Commodity Market Overview**: Due to the risk of U.S. energy sanctions on Russia and Iran and the expectation of peak - season demand, international oil prices rose weekly, while most agricultural products and non - ferrous metals prices fell [17]. 3.2 Domestic Major Asset Performance - **Domestic Stock Market Overview**: From July 28 to August 1, after policy expectations were realized, major A - share broad - based indices generally declined, and the average daily trading volume of the two markets decreased compared to the previous week. The communication and pharmaceutical sectors led the gains, while non - ferrous metals and coal underperformed. The Shanghai Composite Index fell 0.94% [20]. - **Domestic Bond Market Overview**: During this period, the central bank's open - market operations had a net injection of 6.9 billion yuan, and the liquidity was generally stable. The bond market rose weekly, with government bonds > corporate bonds > credit bonds [22]. - **Domestic Commodity Market Overview**: The domestic commodity market declined weekly. Among major commodity sectors, oilseeds and oils rose, while the black - metal sector underperformed. The Nanhua Commodity Index fell 2.46% [24][25]. 3.3 Major Asset Price Outlook - The July non - farm payrolls data has led to market concerns about the uncertainty of subsequent policies. It is necessary to pay attention to the changes in major asset prices [27].
大类资产早报-20250801
Yong An Qi Huo· 2025-08-01 07:04
Report Overview - The report is the "Major Asset Morning Report" released by the macro team of the research center of Heyian Futures on August 1, 2025, presenting the performance of global asset markets [1]. Global Asset Market Performance Bond Yields - **10 - year Treasury Yields**: Yields of major economies showed different changes on July 31, 2025. For example, the US was at 4.376% with a latest change of 0.004%, a one - week change of - 0.022%, a one - month change of 0.028%, and a one - year change of 0.124%. Japan was at 3.958% with a latest change of 0.015%, a one - week change of 0.041%, a one - month change of 0.075%, and a one - year change of - 0.534% [2]. - **2 - year Treasury Yields**: The US 2 - year Treasury yield on July 31, 2025, was 3.860% with a latest change of - 0.050%, a one - week change of 0.030%, a one - month change of - 0.090%, and a one - year change of - 0.630%. Japan was at 0.817% with a latest change of - 0.006%, a one - week change of - 0.027%, a one - month change of 0.074%, and a one - year change of 0.471% [2]. Exchange Rates - **USD against Major Emerging Economies' Currencies**: On July 31, 2025, the exchange rate of USD against the Brazilian real was 5.600 with a latest change of 0.52%, a one - week change of 1.45%, a one - month change of 3.54%, and a one - year change of 0.26%. Against the South African rand, it was 18.218 with a latest change of 1.22%, a one - week change of 3.33%, a one - month change of 4.00%, and a one - year change of - 0.94% [2]. - **Renminbi**: The on - shore RMB was at 7.200 on July 31, 2025, with a latest change of 0.04%, a one - week change of 0.63%, a one - month change of 0.41%, and a one - year change of - 1.03%. The offshore RMB was at 7.209 with a latest change of - 0.03%, a one - week change of 0.78%, a one - month change of 0.54%, and a one - year change of - 1.10% [2]. Stock Indices - **Major Economies' Stock Indices**: On July 31, 2025, the S&P 500 was at 6339.390 with a latest change of - 0.37%, a one - week change of - 0.38%, a one - month change of 0.96%, and a one - year change of 14.11%. The German DAX was at 24065.470 with a latest change of - 0.81%, a one - week change of - 0.95%, a one - month change of 0.55%, and a one - year change of 29.68% [2]. - **Emerging Economies' Stock Indices**: The Malaysian stock index was at 1513.250 on July 31, 2025, with a latest change of - 0.74%, a one - week change of - 1.76%, a one - month change of - 2.31%, and a one - year change of - 7.14%. The Australian stock index was at 8999.022 with a latest change of - 0.18%, a one - week change of 0.22%, a one - month change of 1.87%, and a one - year change of 9.63% [2]. Credit Bond Indices - Credit bond indices of different regions and levels showed various changes. For example, the US investment - grade credit bond index had a latest change of 0.06%, a one - week change of 0.43%, a one - month change of 0.27%, and a one - year change of 5.64% [2][3]. Stock Index Futures Trading Data Index Performance - The closing price of A - shares was 3573.21 with a decline of 1.18%. The closing price of the CSI 300 was 4075.59 with a decline of 1.82% [4]. Valuation - The PE (TTM) of the CSI 300 was 13.19 with a环比 change of - 0.20. The PE (TTM) of the S&P 500 was 26.89 with a环比 change of - 0.10 [4]. Risk Premium - The risk premium of the S&P 500 (1/PE - 10 - year interest rate) was - 0.66 with a环比 change of 0.01. The risk premium of the German DAX was 2.16 with a环比 change of 0.05 [4]. Fund Flow - The latest value of the A - share fund flow was - 1635.89, and the 5 - day average was - 973.63 [4]. Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 19360.35, with a环比 change of 917.56 [4]. Main Contract Premium/Discount - The basis of the IF contract was - 18.59, with a premium/discount rate of - 0.46% [4]. Treasury Futures Trading Data - The closing price of the T00 Treasury futures was 108.485 with a rise of 0.16%. The closing price of the TF00 was 105.725 with a rise of 0.08% [5]. - The R001 fund rate was 1.5634% with a daily change of - 5.00 BP. The R007 was 1.5806% with a daily change of - 3.00 BP [5].
大类资产早报-20250731
Yong An Qi Huo· 2025-07-31 12:39
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the content. The report mainly provides data on the performance of various global asset markets. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields of Major Economies**: - On July 30, 2025, yields in the US, UK, France, etc. were 4.372%, 4.603%, 3.358% respectively. Latest changes ranged from -0.029 to 0.073, weekly changes from -0.051 to 0.066, monthly changes from -0.057 to 0.157, and annual changes from -0.575 to 0.443 [3]. - **2 - year Treasury Yields of Major Economies**: - On July 30, 2025, yields in the US, UK, Germany, etc. were 3.910%, 3.873%, 1.951% respectively. Latest changes ranged from -0.017 to 0.020, weekly changes from -0.008 to 0.175, monthly changes from -0.054 to 0.127, and annual changes from -1.081 to 0.486 [3]. - **USD Exchange Rates Against Major Emerging - Market Currencies**: - On July 30, 2025, rates against the Brazilian real, South African rand, etc. were 5.571, 17.998, etc. Latest changes ranged from -0.06% to 0.61%, weekly changes from 0.13% to 2.68%, monthly changes from 0.11% to 2.70%, and annual changes from -9.45% to 0.14% [3]. - **Stock Indices of Major Economies**: - On July 30, 2025, the Dow Jones, S&P 500, etc. had values of 6362.900, 44461.280, etc. Latest changes ranged from -1.22% to 2.22%, weekly changes from -1.63% to 4.13%, monthly changes from 3.15% to 31.81%, and annual changes showed various trends [3]. Stock Index Futures Trading Data - **Index Performance**: - A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 had closing prices of 3615.72, 4151.24, 2819.35, 2367.68, and 6314.69 respectively, with percentage changes of 0.17%, -0.02%, 0.38%, -1.62%, and -0.65% [5]. - **Valuation**: - PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.35, 11.40, and 30.97 respectively, with no环比 changes [5]. - **Fund Flows**: - Latest values of A - shares, main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were -1164.11, -709.25, -, -366.27, and -41.53 respectively [5]. - **Trading Volume**: - Latest values of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext were 18442.79, 4451.68, 1125.97, 3578.93, and 4998.73 respectively, with环比 changes of 411.08, 164.04, 6.43, 11.72, and 76.38 [5]. - **Main Contract Premium/Discount**: - IF, IH, and IC had basis of -14.84, 0.65, and -99.29 respectively, with amplitudes of -0.36%, 0.02%, and -1.57% [5]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: - T00, TF00, T01, and TF01 had closing prices of 108.300, 105.630, 108.210, and 105.675 respectively, with percentage changes of -0.24%, -0.17%, -0.26%, and -0.17% [6]. - **Funding Rates**: - R001, R007, and SHIBOR - 3M were 1.3642%, 1.6113%, and 1.5640% respectively, with daily changes of -25.00, 0.00, and 0.00 BP [6].