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]

一、债券市场发行情况 3月份，债券市场共发行各类债券87356.6亿元。国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债 券发行10226.4亿元，公司信用类债券¹发行13335.2亿元，信贷资产支持证券发行186.0亿元，同业存单发行 40686.2亿元。 截至3月末，债券市场托管余额183.1万亿元。其中，银行间市场托管余额161.8万亿元，交易所市场托管余额 21.3万亿元。分券种来看，国债托管余额35.3万亿元，地方政府债券托管余额49.8万亿元，金融债券托管余额 41.5万亿元，公司信用类债券托管余额33.1万亿元，信贷资产支持证券托管余额1.1万亿元，同业存单托管余额 21.2万亿元。商业银行柜台债券托管余额1649.0亿元。 二、债券市场运行情况 3月份，银行间债券市场现券成交36.5万亿元，日均成交1.7万亿元，同比减少6.7%，环比增加22.1%。单笔成 交量在500 万 -5000万元的交易占总成交金额的49.8%，单笔成交量在9000万元以上的交易占总成交金额的 44.0%，单笔平均成交量4198.0万元。交易所债券市场现券成交3.6万亿元，日均成交1718.4亿元。 ...