| | | --- | | 冠 | | --- | 大类资产早报 研究中心宏观团队 2026/01/08 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.150 | 4.415 | 3.521 | 2.849 | 3.514 | 3.251 | 0.241 | 3.379 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.116 | 6.234 | 1.892 | - | 4.758 | 4.492 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.472 | 3.673 | 2.088 | 1.162 ...

| | | 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | | | | | 大类资产早报 | | | 研究中心宏观团队 2025/12/31 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 全 球 资 产 市 场 表 现 | | | | | | | | | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.123 | 4.497 | 3.562 | 2.854 | 3.548 | 3.286 | 0.276 | 3.439 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.059 | 6.197 | 1.851 | - | 4.746 | 4.381 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利 ...

| | | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3963.68 | 4657.24 | 3045.40 | 3243.88 | 7458.84 | | 涨跌（%） | 0.10 | 0.32 | 0.41 | 0.14 | 0.65 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.13 | 11.78 | 33.61 | 27.68 | 18.84 | | 环比变化 | 0.00 | 0.00 | 0.00 | -0.01 | 0.00 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.52 | - | | 环比变化 | - | - | - | 0.00 | - | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新 ...

| | | | 冠 | | --- | 大类资产早报 研究中心宏观团队 2025/12/22 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.148 | 4.523 | 3.611 | 2.894 | 3.584 | 3.325 | 0.307 | 3.466 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.016 | 6.179 | 1.826 | - | 4.748 | 4.400 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.484 | 3.746 | 2.153 | 1.087 | 2.2 ...

Group 1: Global Asset Market Performance - Latest yields of 10 - year government bonds in major economies: US 4.146, UK 4.518, France 3.547, Germany 2.844, Italy 3.542, Spain 3.280, Switzerland 0.277, Greece 3.422, Japan 1.952, Brazil 6.168, China 1.844, South Korea (not available), Australia 4.727, New Zealand 4.452 [1] - Latest yields of 2 - year government bonds in major economies: US 3.488, UK 3.759, Germany 2.132, Japan 1.059, Italy 2.248, China (1Y yield) 1.380, South Korea (not available), Australia 4.019 [1] - Latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.468, Russia (not available), South Africa zar 16.759, South Korean won 1473.200, Thai baht 31.522, Malaysian ringgit 4.086 [1] - Latest exchange rates of the Chinese yuan: on - shore 7.043, off - shore 7.036, mid - price 7.060, 12 - month NDF 6.909 [1] - Latest stock indices of major economies: S&P 500 6800.260, Dow Jones Industrial Average 48114.260, Nasdaq 23111.460, Mexican index 63230.870, UK index 9684.790, French CAC 8106.160, German DAX 24076.870, Spanish index 16921.900, Russian index (not available), Nikkei 49383.290, Hang Seng Index 25235.410, Shanghai Composite Index 3824.812, Taiwan index 27536.660, South Korean index 3999.130, Indian index 8686.469, Thai index 1260.680, Malaysian index 1648.310, Australian index 8880.633, emerging - economy index 1352.660 [1] - Latest credit - bond indices: US investment - grade 3533.650, euro - zone investment - grade 265.441, emerging - economy investment - grade 290.080, US high - yield 2898.000, euro - zone high - yield 409.250, emerging - economy high - yield 1817.098 [1] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price 3824.81, down 1.11%; CSI 300 closing price 4497.55, down 1.20%; SSE 50 closing price 2954.79, down 1.08%; ChiNext closing price 3071.76, down 2.10%; CSI 500 closing price 7001.32, down 1.58% [2] - Valuation: PE (TTM) of CSI 300 13.77 (down 0.12), SSE 50 11.52 (down 0.09), CSI 500 31.86 (down 0.49), S&P 500 27.16 (down 0.09), German DAX 18.65 (down 0.12) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.46 (up 0.04), German DAX 2.52 (up 0.04) [2] - Fund flow: A - share latest value - 1087.65, 5 - day average - 674.95; main board latest value - 777.32, 5 - day average - 496.24; small - and - medium - sized enterprise board (not available); ChiNext latest value - 214.64, 5 - day average - 136.24; CSI 300 latest value - 147.68, 5 - day average - 96.94 [2] Group 3: Transaction Data and Other Market Information - Transaction amount: Shanghai and Shenzhen stock markets latest value 17241.73, down 492.66; CSI 300 latest value 3905.00, down 338.83; SSE 50 latest value 1033.24, down 78.10; small - cap board latest value 3381.18, down 25.44; ChiNext latest value 4461.76, down 206.17 [3] - Main contract basis and basis ratio: IF basis 1.85, basis ratio 0.04%; IH basis - 3.39, basis ratio - 0.11%; IC basis 8.88, basis ratio 0.13% [3] - Treasury futures closing prices: T2303 107.91, up 0.03%; TF2303 105.80, up 0.01%; T2306 107.92, up 0.02%; TF2306 105.80, up 0.01% [3] - Fund interest rates: R001 1.3448%, down 17.00 BP; R007 1.5003%, down 1.00 BP; SHIBOR - 3M 1.5950%, up 1.00 BP [3]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.087, UK 4.480, France 3.484, Germany 2.749, Italy 3.468, Spain 3.226, Switzerland 0.156, Greece 3.357, Japan 1.865, Brazil 6.150, China 1.828, Australia 4.554, New Zealand 4.316 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.531, UK 3.746, Germany 2.061, Japan 1.015, Italy 2.202, China (1Y yield) 1.401, Australia 3.825 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.356, South Africa zar 17.092, Korean won 1467.250, Thai baht 31.993, Malaysian ringgit 4.132. The latest values of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are 7.072, 7.072, 7.076, and 6.934 respectively [3] - The latest values of major economies' stock indices are: S&P 500 6812.630, Dow Jones Industrial Index 47289.330, Nasdaq 23275.920, Mexican stock index 63551.130, UK stock index 9702.530, France CAC 8097.000, Germany DAX 23589.440, Spanish stock index 16389.000, Russian stock index (not available), Nikkei 49303.280, Hang Seng Index 26033.260, Shanghai Composite Index 3914.006, Taiwan stock index 27342.530, South Korean stock index 3920.370, Indian stock index 8548.788, Thai stock index 1276.570, Malaysian stock index 1624.570, Australian stock index 8866.382, emerging - economy stock index 1368.270 [3] - The latest values of credit - bond indices are: Eurozone investment - grade credit - bond index 265.865, Eurozone high - yield credit - bond index 408.600 [3] Group 2: Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3914.01, 4576.49, 2993.68, 3092.50, and 7101.83 respectively, with percentage changes of 0.65%, 1.10%, 0.81%, 1.31%, and 1.00% [4] Valuation - The PE(TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.05, 11.90, 32.32, 27.08, and 18.29 respectively, with环比 changes of 0.11, 0.07, 0.29, - 0.14, and - 0.19 [4] Risk Premium - The 1/PE - 10 - year interest rate values of S&P 500 and Germany DAX are - 0.39 and 2.72 respectively, with环比 changes of - 0.05 and 0.00 [4] Fund Flows - The latest values of fund flows for A - shares, the main board, the SME board, ChiNext, and CSI 300 are - 206.88, - 98.60, (not available), - 41.57, and 144.99 respectively. The 5 - day average values are - 226.26, - 183.11, (not available), - 26.40, and 23.23 respectively [4] Group 3: Other Trading Data Stock Market - The latest trading volume and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are: total trading volume 18739.38 (with a环比 change of 2881.42), CSI 300 4638.62 (1220.30), SSE 50 1128.13 (277.81), SME board 3556.73 (458.47), ChiNext 5183.01 (615.80) [5] - The basis and basis - to - spot ratios of IF, IH, and IC are: basis - 21.09, - 7.28, - 70.23; basis - to - spot ratios - 0.46%, - 0.24%, - 0.99% [5] Treasury Bond Futures - The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are: closing prices 108.25, 105.80, 108.04, 105.84; percentage changes 0.09%, 0.09%, 0.09%, 0.09% [5] Fund Rates - The R001, R007, and SHIBOR - 3M are 1.3713%, 1.4931%, 1.5800% respectively, with daily changes of - 15.00BP, - 3.00BP, 0.00BP [5]

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 3.995, UK 4.449, France 3.409, Germany 2.679, Italy 3.401, Spain 3.164, Switzerland 0.139, Greece 3.286, Japan 1.795, China 1.844, Australia 4.495, New Zealand 4.228 [3] - The latest yields of 2 - year government bonds in major economies: US 3.477, UK 3.747, Germany 2.025, Japan 0.968, Italy 2.181, China (1Y yield) 1.410, Australia 3.774 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.354, South Africa zar 17.156, Korean won 1462.650, Thai baht 32.237, Malaysian ringgit 4.132 [3] - The latest values of on - shore RMB 7.080, off - shore RMB 7.074, RMB central parity rate 7.078, RMB 12 - month NDF 6.939 [3] - The latest values of major economies' stock indices: Mexican index 62694.730, UK index 9693.930, France CAC 8099.470, Germany DAX 23767.960, Spanish index 16361.800, Japanese Nikkei 50167.100, Hong Kong Hang Seng Index 25945.930, Shanghai Composite Index 3875.260, Taiwan index 27554.530, South Korean index 3986.910, Indian index 8545.865, Thai index 1252.710, Malaysian index 1617.460, Australian index 8912.027, emerging - economy index 1370.390 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3556.200, euro - zone investment - grade credit - bond index 266.314, emerging - economy investment - grade credit - bond index 290.370, US high - yield credit - bond index 2892.130, euro - zone high - yield credit - bond index 408.530, emerging - economy high - yield credit - bond index 1799.674 [3] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares 3875.26, CSI 300 4515.40, SSE 50 2972.27, ChiNext 3031.30, CSI 500 6951.28 [4] - Percentage changes: A - shares 0.29%, CSI 300 - 0.05%, SSE 50 0.02%, ChiNext - 0.44%, CSI 500 - 0.20% [4] Valuation - PE (TTM): CSI 300 13.95, SSE 50 11.88, CSI 500 31.67, S&P 500 27.08, Germany DAX 18.43 [4] -环比 changes: CSI 300 0.03, SSE 50 0.03, CSI 500 - 0.07, S&P 500 0.00, Germany DAX 0.04 [4] Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.30, Germany DAX 2.75 [4] -环比 changes: S&P 500 0.00, Germany DAX - 0.02 [4] Fund Flows - Latest values: A - shares - 623.07, main board - 470.76, ChiNext - 114.30, CSI 300 - 77.38 [4] - 5 - day average values: A - shares - 435.46, main board - 401.54, ChiNext - 25.24, CSI 300 - 52.11 [4] Transaction Data of Other Markets Transaction Amount - Latest values: Shanghai and Shenzhen stock markets 17097.94, CSI 300 4177.90, SSE 50 1051.06, small - and medium - sized board 3275.75, ChiNext 4947.35 [5] -环比 changes: Shanghai and Shenzhen stock markets - 735.52, CSI 300 - 95.71, SSE 50 78.48, small - and medium - sized board - 297.22, ChiNext - 288.64 [5] Main Contract Basis - Basis: IF - 22.80, IH - 9.87, IC - 55.08 [5] - Magnitude: IF - 0.50%, IH - 0.33%, IC - 0.79% [5] Treasury Bond Futures - Closing prices: T2303 108.12, TF2303 105.68, T2306 107.90, TF2306 105.77 [5] - Percentage changes: T2303 0.05%, TF2303 0.03%, T2306 0.04%, TF2306 0.03% [5] Fund Rates - Rates: R001 1.3706%, R007 1.5185%, SHIBOR - 3M 1.5800% [5] - Daily changes: R001 - 15.00 BP, R007 0.00 BP, SHIBOR - 3M 0.00 BP [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - The report presents the performance of global asset markets on November 12, 2025, including data on bonds, currencies, stock indices, and futures transactions [1][2][3][4]. 3. Summary by Relevant Catalogs Global Asset Market Performance - **Bond Yields**: 10 - year bond yields of major economies such as the US (4.117%), UK (4.387%), and Japan (1.685%) are reported, along with 2 - year bond yields like the US (3.592%) and UK (3.720%) [2]. - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are given, e.g., the US dollar to Brazilian real is 5.273, and it also shows on - shore and off - shore RMB exchange rates [2]. - **Stock Indices**: It lists the latest values of major global stock indices, such as the S&P 500 (6846.610), Dow Jones Industrial Index (47927.960), and Shanghai Composite Index (4002.758) [2]. - **Credit Bond Indices**: The latest values of various credit bond indices are provided, including US investment - grade (3523.740) and high - yield (2880.940) credit bond indices [2]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are presented, with CSI 300 down 0.91% and ChiNext down 1.40% [3]. - **Valuation**: PE (TTM) and its环比 changes are given for indices like CSI 300 (14.27, - 0.09) and S&P 500 (28.46, 0.05) [3]. - **Risk Premium**: The risk premium and its环比 changes are shown for S&P 500 (- 0.60, 0.00) and German DAX (2.36, - 0.02) [3]. - **Fund Flows**: The latest and 5 - day average fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are reported, with A - shares' latest fund flow at - 1048.10 [3]. - **Transaction Amount**: The latest transaction amounts and环比 changes of Shanghai and Shenzhen stock markets and related indices are given, e.g., the latest transaction amount of Shanghai and Shenzhen stock markets is 19935.86, with a环比 change of - 1808.68 [4]. - **Main Contract Basis**: The basis and basis percentage for IF, IH, and IC are provided, with IF's basis at - 25.37 and a basis percentage of - 0.55% [4]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T2303 (108.48, - 0.01%), TF2303 (105.94, - 0.00%), T2306 (108.24, - 0.02%), and TF2306 (105.89, - 0.02%) are reported [4]. Money Market - The latest domestic money market rates (R001: 1.5361%, R007: 1.5145%, SHIBOR - 3M: 1.5800%) and their daily changes (4.00 BP, 1.00 BP, 0.00 BP) are given [4].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report No clear core view is presented in the given content. It mainly provides data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data of stock index futures and treasury bond futures. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: Yields vary across different economies. For example, on 2025/11/10, the US 10 - year treasury bond yield was 4.117, with a latest change of 0.019, a one - week change of 0.006, a one - month change of 0.083, and a one - year change of - 0.168 [3]. - **2 - Year Treasury Bond Yields**: Different economies also show different trends. The US 2 - year treasury bond yield on 2025/11/10 was 3.570, with a latest change of - 0.060, a one - week change of - 0.040, a one - month change of 0.090, and a one - year change of - 0.540 [3]. - **Dollar to Major Emerging Economies Currency Exchange Rates**: The exchange rates have different changes. For example, the dollar - to - Brazilian real exchange rate on 2025/11/10 was 5.301, with a latest change of - 0.62%, a one - week change of - 1.07%, a one - month change of - 3.02%, and a one - year change of - 8.41% [3]. - **Stock Indices**: Stock indices of various economies have different performances. For instance, the S&P 500 index value on 2025/11/10 was 6832.430, with a latest change of 0.51%, a one - week change of 0.31%, a one - month change of - (not provided), and a one - year change of - (not provided) [3]. - **Credit Bond Indices**: Different credit bond indices have different changes. For example, the US investment - grade credit bond index had a one - month change of - 0.17% and a one - year change of 0.01% [3]. Stock Index Futures Trading Data - **Index Performance**: The closing price of A - shares was 4018.60, with a change of 0.53%. The closing price of the CSI 300 was 4695.05, with a change of 0.35% [5]. - **Valuation**: The PE(TTM) of the CSI 300 was 14.36, with a环比 change of 0.08. The PE(TTM) of the S&P 500 was 28.41, with a环比 change of 0.44 [5]. - **Risk Premium**: The risk premium of the S&P 500 (1/PE - 10 - year interest rate) was - 0.60, with a环比 change of - 0.08. The risk premium of the German DAX was 2.38, with a环比 change of - 0.08 [5]. - **Fund Flow**: The latest value of A - share fund flow was - 456.59, and the 5 - day average was - 482.23 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 21744.54, with a环比 change of 1754.01 [5]. - **Main Contract Premium or Discount**: The basis of IF was - 23.05, with a magnitude of - 0.49%. The basis of IH was 0.14, with a magnitude of 0.00% [5]. Treasury Bond Futures Trading Data - **Closing Price and Change**: The closing price of T00 was 108.485, with a change of 0.00%. The closing price of TF00 was 105.940, with a change of 0.00% [6]. - **Funding Rate**: The R001 was 1.5226%, with a daily change of 5.00 BP. The R007 was 1.5039%, with a daily change of 3.00 BP [6].

1. Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.111, UK 4.434, France 3.443, Germany 2.666, Italy 3.409, Spain 3.168, Switzerland 0.102, Greece 3.283, Japan 1.663, Brazil 6.085, China 1.791, South Korea 3.083, Australia 4.336, New Zealand 4.085 [1] - The latest yields of 2 - year government bonds in major economies: US 3.606, UK 3.790, Germany 2.004, Japan - (not provided), Italy 2.172, China (1Y yield) - (not provided), South Korea 2.661, Australia 3.591 [1] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.359, South Africa zar 17.319, South Korean won 1430.950, Thai baht 32.463, Malaysian ringgit 4.200 [1] - The latest values of on - shore RMB 7.121, off - shore RMB 7.127, RMB central parity rate 7.087, RMB 12 - month NDF 6.975 [1] - The latest values of major economies' stock indices: S&P 500 6851.970, Dow Jones Industrial Average 47336.680, NASDAQ 23834.720, Mexican stock index 62153.300, UK stock index 9701.370, French CAC 8109.790, German DAX 24132.410, Spanish stock index 16037.000, Japanese Nikkei 26158.360, Hang Seng Index 26158.360, Shanghai Composite Index 3976.521, Taiwan stock index 28334.590, South Korean stock index 4221.870, Indian stock index 8275.084, Thai stock index 1308.860, Malaysian stock index 1622.420, Australian stock index 9182.495, emerging - economy stock index 1410.430 [1] - The credit bond indices of major economies are not provided (all values are -) [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3976.52, up 0.55%; CSI 300 closing price 4653.40, up 0.27%; SSE 50 closing price 3016.35, up 0.16%; ChiNext closing price 3196.87, up 0.29%; CSI 500 closing price 7333.60, up 0.04% [2] - Valuation: PE (TTM) of CSI 300 is 14.20 (with a 0.09环比 change), SSE 50 is 11.84 (0.07环比 change), CSI 500 is 33.39 (- 0.01环比 change), S&P 500 is 28.50 (0.04环比 change), German DAX is 19.96 (0.14环比 change) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.60 (- 0.04环比 change), German DAX is 2.34 (- 0.07环比 change) [2] - Fund flow: The latest value of A - share fund flow is - 150.03, main board is - 63.81, ChiNext is - 32.07, CSI 300 is 0.06; the 5 - day average values are - 516.08, - 413.23, - 51.63, - 96.92 respectively [2] 3. Transaction Data of Stock Index Futures and Treasury Bond Futures - Transaction amount: The latest transaction amount of Shanghai and Shenzhen stock markets is 21071.31, with a - 2106.61环比 change; CSI 300 is 5576.03 (- 1231.09环比 change), SSE 50 is 1346.37 (- 346.49环比 change), small - and - medium - sized board is 4159.15 (- 433.18环比 change), ChiNext is 5358.02 (- 557.27环比 change) [3] - Main contract basis: IF basis is - 18.60 (- 0.40%), IH basis is 0.25 (0.01%), IC basis is - 94.00 (- 1.28%) [3] - Treasury bond futures: T2303 closing price is 108.68 (0.00% change), TF2303 is 106.05 (- 0.01% change), T2306 is 108.41 (- 0.01% change), TF2306 is 106.00 (- 0.01% change) [3] - Fund rates: R001 is 1.3646% (- 13.00 BP change), R007 is 1.4604% (- 3.00 BP change), SHIBOR - 3M is 1.5950% (0.00 BP change) [3]