Market Overview - The market experienced significant volatility with mixed index performances. The STAR 50 and ChiNext 50 indices rose by 6.47% and 2.50% respectively, while the Northbound 50 index fell by 3.11% [4][8] - In the H-share market, the Hang Seng Index and Hang Seng Tech Index decreased by 1.57% and 1.58% respectively. In overseas equity markets, the S&P 500 and Nasdaq 100 indices declined by 0.31% and 0.50% respectively, while the DAX, CAC 40, and Nikkei 225 indices saw increases of 0.42%, 0.22%, and 0.69% respectively [4][8] Bond Market - The long-term rates in the domestic bond market increased, while the short- to medium-term rates decreased. The yields for the 30-year, 10-year, and 1-year government bonds were reported at 2.2170%, 1.8768%, and 1.3825% respectively, with the 30-year yield rising by 1.74 basis points [5][9] Commodity Prices - COMEX gold futures closed at $3,779.5 per ounce, up 2.54% for the week. The Shanghai Gold Exchange's spot price was reported at ¥852.9 per gram, increasing by 3.26% [6][10] - LME copper prices also saw an increase, with the spot price at $10,125.5 per ton, up 2.24%, and the 3-month copper futures at $10,193.0 per ton, up 2.10% [12] Fund Market Activity - The trading activity in the market was high, with an average daily trading volume of approximately ¥476.15 billion for ETFs. Notably, the A500 index saw significant net inflows, while the STAR 50 and CSI 300 indices also experienced net inflows [6][12] - As of September 28, there were 13,295 public funds in the market with a total net asset value of approximately ¥35.06 trillion. In the upcoming week, 10 new funds are set to be launched, including 1 enhanced index fund and 5 passive index funds [7][13]

Report Overview - The report is a macro asset market analysis released by the research center's macro team on September 18, 2025, covering global asset market performance, including bond yields, exchange rates, stock indices, and trading data of stock index futures and treasury bond futures [2][3] Global Asset Market Performance Bond Yields - **10 - year Treasury Bond Yields**: Yields of major economies showed different trends. For example, the US 10 - year Treasury bond yield was 4.089 on September 17, 2025, with a latest change of 0.060, a one - week change of 0.042, a one - month change of - 0.203, and a one - year change of 0.388 [3] - **2 - year Treasury Bond Yields**: The US 2 - year Treasury bond yield was 3.540 on September 17, 2025, with a latest change of - 0.020, a one - week change of 0.050, and a one - year change of - 0.210 [3] Exchange Rates - **USD against Major Emerging Economies' Currencies**: The exchange rate of the US dollar against the Brazilian real was 5.305 on September 17, 2025, with a latest change of 0.14% and a one - month change of - 3.24% [3] - **Renminbi**: The on - shore RMB exchange rate was 7.104 on September 17, 2025, with a latest change of - 0.14%, a one - week change of - 0.24%, a one - month change of - 1.00%, and a one - year change of - 0.13% [3] Stock Indices - **Major Economies' Stock Indices**: The S&P 500 index was 6600.350 on September 17, 2025, with a latest change of - 0.10%, a one - week change of 1.05%, a one - month change of 3.20%, and a one - year change of 20.64% [3] - **Emerging Economies' Stock Indices**: The emerging economies' stock index was 1347.850 on September 17, 2025, with a latest change of 0.59%, a one - week change of 3.09%, a one - month change of 6.98%, and a one - year change of 26.74% [3] Credit Bond Indices - Different credit bond indices, such as the US investment - grade credit bond index (3528.030 on September 17, 2025) and the euro - zone high - yield credit bond index (407.110 on September 17, 2025), showed various trends in the latest, one - week, one - month, and one - year changes [3][4] Stock Index Futures Trading Data Index Performance - The A - share index closed at 3876.34 with a 0.37% increase, the CSI 300 index closed at 4551.02 with a 0.61% increase, etc. [5] Valuation - The PE (TTM) of the CSI 300 was 14.16 with a 0.07环比 change, and the PE (TTM) of the S&P 500 was 27.47 with a - 0.03环比 change [5] Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 was - 0.45 with a - 0.06环比 change, and that of the German DAX was 2.52 with a 0.02环比 change [5] Fund Flows - The latest fund flow of A - shares was - 198.10, and the latest fund flow of the CSI 300 was 79.42 [5] Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 23767.38, and the latest trading volume of the CSI 300 was 6084.54 [5] Basis and Spread - The basis of IF was 2.18 with a 0.05% spread, the basis of IH was 3.42 with a 0.12% spread, and the basis of IC was - 7.64 with a - 0.11% spread [5] Treasury Bond Futures Trading Data - Treasury bond futures T00, TF00, T01, and TF01 closed at 108.155, 105.890, 107.855, and 105.760 respectively, with increases of 0.18%, 0.13%, 0.18%, and 0.14% [6] - The R001, R007, and SHIBOR - 3M in the money market were 1.5536%, 1.5493%, and 1.5540% respectively, with daily changes of 5.00 BP, 5.00 BP, and 0.00 BP [6]

Core Viewpoint - The CSI Hong Kong 1.5x Index experienced a slight decline of 0.17%, closing at 1901.06 points, with a trading volume of 68.299 billion yuan [1]. Group 1: Index Performance - The CSI Hong Kong 1.5x Index has increased by 0.88% over the past month [1]. - Over the last three months, the index has risen by 8.68% [1]. - Year-to-date, the index has shown a significant increase of 34.12% [1]. Group 2: Index Characteristics - The CSI Hong Kong 1.1-1.5x Index series reflects returns based on 1.1 to 1.5 times the daily returns of the CSI Hong Kong 50 Index [1]. - The base date for this index is December 31, 2004, with a base point of 1000.0 [1].

Group 1 - The core index of the China Securities Index for Hong Kong-listed real estate has shown a monthly increase of 0.21%, a three-month increase of 10.92%, and an year-to-date increase of 18.98% [1] - The index is designed to reflect the overall performance of securities in the Hong Kong market with high liquidity and ease of short selling, including three thematic indices: HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banking [1] - The base date for the index is December 31, 2007, with a base point of 1000.0 [1] Group 2 - The holdings of the index are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [2] - The index samples are adjusted biannually, specifically on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Group 1 - The Shanghai Composite Index opened lower and experienced fluctuations, while the CSI Hong Kong 1.3x Index (CSIHK3, 931075) fell by 1.48%, closing at 2078.33 points with a trading volume of 65.714 billion yuan [1] - The CSI Hong Kong 1.3x Index has increased by 2.82% over the past month, 9.63% over the past three months, and 27.99% year-to-date [1] - The CSI Hong Kong 1.1-1.5x Index series reflects returns based on 1.1 to 1.5 times the daily returns of the CSI Hong Kong 50 Index, with a base date of December 31, 2004, and a base point of 1000.0 points [1]

Core Viewpoint - The CSI Hong Kong 1.4x Index experienced a slight decline of 0.09%, closing at 1991.51 points, with a trading volume of 70.677 billion yuan, despite showing positive growth over various time frames [1]. Summary by Relevant Categories Index Performance - The CSI Hong Kong 1.4x Index has increased by 5.36% over the past month [1]. - Over the last three months, the index has risen by 12.79% [1]. - Year-to-date, the index has shown a significant increase of 30.52% [1]. Index Characteristics - The CSI Hong Kong 1.1-1.5x Index series reflects returns based on the daily performance of the CSI Hong Kong 50 Index, with leverage ranging from 1.1 to 1.5 times [1]. - The base date for this index is December 31, 2004, with a base point set at 1000.0 points [1].

Core Viewpoint - The China Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.03% increase over the past month, 6.29% over the past three months, and 9.35% year-to-date [1] Group 1: Index Performance - The H300 Infrastructure Index reported a value of 1898.50 points [1] - The index is designed to reflect the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten holdings of the H300 Infrastructure Index are: China Mobile (33.42%), CLP Holdings (8.6%), CK Hutchison (8.52%), China Telecom (5.35%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.79%), China Unicom (3.71%), Towngas China (3.19%), Cheung Kong Infrastructure (2.59%), and China Resources Power (2.49%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown of 52.64% in telecommunications services, 41.91% in utilities, 4.19% in construction and decoration, and 1.25% in transportation [1] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2]

Report Information - Report Title: Big Asset Morning Report - Report Date: July 16, 2025 - Report Team: Macro Team of the Research Center [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 15, 2025, yields in different countries varied, e.g., the US was 4.483%, the UK was 4.624%, etc. - Latest changes ranged from -0.026% (France) to 0.048% (US). - One - week changes were between -0.008% (UK) and 0.082% (US). - One - month changes were from -0.012% (Japan) to 0.178% (Germany). - One - year changes were from -0.664% (Japan) to 0.500% (UK) [3] 2 - Year Treasury Yields of Major Economies - On July 15, 2025, the US was 3.900%, the UK was 3.830%, etc. - Latest changes were from -0.023% (Italy) to 0.040% (US). - One - week changes: some data were missing, with others ranging from -0.037% (UK) to 0.074% (Australia). - One - month changes were from -0.028% (Italy) to 0.170% (US). - One - year changes were from -1.345% (Italy) to 0.432% (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 15, 2025, the rate against the Brazilian real was 5.557, etc. - Latest changes were from -0.56% (Brazil) to 0.33% (South Korean won). - One - week changes were from -0.38% (Thai baht) to 2.00% (Brazil). - One - month changes were from -1.41% (South African rand) to 1.06% (South Korean won). - One - year changes were from -11.41% (Thai baht) to 1.77% (Brazil) [3] RMB Exchange Rates - On July 15, 2025, the on - shore RMB was 7.183, the off - shore RMB was 7.185, etc. - Latest changes were from 0.01% (RMB central parity rate) to 0.17% (off - shore RMB). - One - week changes were from -0.05% (RMB central parity rate) to 0.06% (on - shore RMB). - One - month changes were from -0.35% (RMB central parity rate) to -0.02% (RMB 12 - month NDF). - One - year changes were from -1.43% (off - shore RMB) to 0.29% (RMB central parity rate) [3] Stock Indices of Major Economies - On July 15, 2025, the S&P 500 was 6243.760, the Dow Jones Industrial Average was 44023.290, etc. - Latest changes were from -1.15% (Spanish index) to 1.60% (Hang Seng Index). - One - week changes were from -1.45% (Spanish index) to 4.07% (Thai index). - One - month changes were from -0.34% (Mexican index) to 8.98% (South Korean index). - One - year changes were from -11.51% (Thai index) to 38.15% (Hang Seng Index) [3] Credit Bond Indices - Latest changes were from -0.24% (US investment - grade credit bond index) to 0.11% (Eurozone investment - grade credit bond index). - One - week changes were from -0.34% (US investment - grade credit bond index) to 0.18% (Eurozone high - yield credit bond index). - One - month changes were from 0.16% (US investment - grade credit bond index) to 1.31% (Emerging - market high - yield credit bond index). - One - year changes were from 4.75% (US investment - grade credit bond index) to 13.83% (Emerging - market high - yield credit bond index) [3][4] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares were 3505.00, CSI 300 was 4019.06, etc. - Percentage changes were from -0.42% (A - shares) to 1.73% (ChiNext). Valuation - PE (TTM): CSI 300 was 13.32, S&P 500 was 26.55, etc. -环比 changes were from -0.11% (S&P 500) to -0.01% (CSI 300). Risk Premium - 1/PE - 10 - year interest rate: S&P 500 was -0.72, German DAX was 2.15. -环比 changes were from -0.04% (S&P 500) to 0.04% (German DAX). Fund Flows - Latest values were from -1048.16 (A - shares) to -148.29 (CSI 300). - 5 - day average values were from -566.14 (A - shares) to -23.58 (CSI 300). Trading Volume - Latest values were from 798.06 (SSE 50) to 16120.48 (Shanghai and Shenzhen stock markets). -环比 changes were from -102.33 (SSE 50) to 1533.09 (Shanghai and Shenzhen stock markets). Basis and Spread - Basis: IF was -38.46, IH was -13.03, IC was -10.56. - Spread: IF was -0.96%, IH was -0.47%, IC was -0.18% [5] Treasury Futures Trading Data Treasury Futures - Closing prices: T00 was 108.890, TF00 was 106.025, etc. - Percentage changes were from -0.10% (T01) to -0.07% (TF00). Funding Rates - R001 was 1.5745%, R007 was 1.5877%, SHIBOR - 3M was 1.5590%. - Daily changes (BP) were from 0.00 (SHIBOR - 3M) to 5.00 (R007) [6]

Core Viewpoint - The Hong Kong 300 Local Stock Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the market [1]. Group 1: Index Performance - The Hong Kong 300 Local Stock Index reported a value of 1327.85 points, with a decrease of 0.93% over the past month, an increase of 8.63% over the past three months, and a year-to-date increase of 6.30% [1]. - The index is designed to reflect the overall performance of mainland and local Hong Kong listed companies, with a base date of December 31, 2004, set at 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted stocks in the Hong Kong 300 Local Stock Index include AIA Group (26.77%), Hong Kong Exchanges and Clearing (18.38%), Bank of China (Hong Kong) (5.79%), CLP Holdings (5.7%), CK Hutchison Holdings (4.99%), Sun Hung Kai Properties (4.54%), Link REIT (3.98%), Hang Seng Bank (3.47%), Hong Kong and China Gas (3.33%), and Power Assets Holdings (3.26%) [1]. - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange [2]. Group 3: Sector Allocation - The sector allocation of the index shows that financials account for 54.40%, real estate for 17.47%, utilities for 13.97%, communication services for 6.69%, consumer staples for 3.22%, consumer discretionary for 1.53%, industrials for 1.48%, information technology for 0.64%, and healthcare for 0.60% [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].