| | | 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 ...

研究中心宏观团队 2025/12/23 | 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 | 4.165 | 4.535 | 3.611 | 2.897 | 3.598 | 3.332 | 0.307 | 3.482 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.077 | 6.184 | 1.835 | - | 4.794 | 4.475 | | | | 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 | 3.508 | 3.736 | 2.147 | 1.113 | 2.262 | 1.356 | - | 4.075 | | ...

| | | | 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 ...

1. Report Industry Investment Rating - Zinc is rated as "Potential" with a strategy of "Long SHFE, Short LME" [4] 2. Core Viewpoints - In the forex market, the overall monetary policy will remain accommodative due to the persistently weak labor market. The USD index is expected to range between 95 - 102 in 2026, and the RMB may show a stable upward trend with a range of 6.8 - 7.2, indicating limited depreciation space and opportunities for appreciation [6] - For zinc, the domestic zinc ingot export window is open, domestic inventory pressure has eased, and LME zinc inventory is gradually increasing. It is recommended to roll - participate in shorting LME zinc and going long on SHFE zinc [4] 3. Summary by Directory 3.1 Precious Metals - **Gold**: Last week, the internal - external price difference of gold fluctuated, and the overseas COMEX - LBMA price difference also fluctuated. This week, the gold price is expected to rise oscillatingly, the internal - external price difference valuation is neutral, and there is a lack of short - term drivers. It is recommended to wait and see [13] - **Silver**: Last week, the internal - external price difference of silver fell and then rebounded, and the overseas COMEX - LBMA price difference oscillated and declined. This week, the short - squeeze trading of silver has eased, the risk of high - level price fluctuations has increased, and there is a lack of price difference drivers. It is recommended to wait and see [19] 3.2 Non - Ferrous Metals - **Copper**: Last week, LME copper inventory increased, and the copper import window remained in a loss state. The cross - market strategy is recommended to wait and see [25] - **Aluminum**: Last week, domestic aluminum ingots started to accumulate, LME aluminum inventory continued to decline, and the short - term internal - external ratio oscillated within a range. Cross - market arbitrage should wait and see [30] - **Zinc**: Currently, the domestic zinc ingot export window is open, domestic zinc ingot social inventory is decreasing, and LME zinc inventory is rising. It is recommended to roll - participate in shorting LME zinc and going long on SHFE zinc [36] - **Lead**: Last week, many domestic primary and secondary lead smelters were under maintenance, the operating rate of lead - acid battery enterprises remained high, domestic lead ingot social inventory remained low, LME lead inventory accumulated again, and the domestic lead ingot import window opened. Cross - market arbitrage should wait and see [42] - **Nickel**: Last week, the import window was closed, the price difference extreme situation improved significantly, and cross - market arbitrage should wait and see [48] - **Tin**: Last week, the internal - external ratio of tin increased, the tin spot import window remained closed, the import loss was 15,206 yuan/ton, and the driving force for the tin price difference was not obvious. Cross - market arbitrage should wait and see [52] 3.3 Ferrous Metals - **Iron Ore**: Last week, the internal - external price difference of iron ore oscillated within a narrow range without obvious drivers. It is recommended to wait and see [56] 3.4 Energy - **Crude Oil**: Last week, the SC - Brent price difference oscillated. Due to the stability of Middle - East crude oil spot, high - volatility freight, and uncertainty in Russian crude oil supply, it is recommended to wait and see [60] - **Natural Gas**: Last week, the price difference (TFU - HH) rebounded slightly. The cold - wave trading ended, US production continued to rise, exports temporarily declined, and prices fell back; import costs supported European gas prices to stop falling. In the future, the US temperature is expected to be warmer, and the US dry gas production has reached a high level. The European price is approaching the import cost, and the bottom is strengthening. It is recommended to wait and see and pay attention to the opportunity of price difference narrowing after the rebound [95] 3.5 Agriculturals - **Soybean**: Last week, the crushing profit oscillated at the bottom. Due to the slow progress of Chinese purchases, US soybeans showed a weak downward trend, which promoted the further recovery of profit levels. It is recommended to wait and see in the short term [66] - **Sugar**: Last week, the internal - external price difference increased slightly. As the year - end approached, the marginal import volume decreased, and the driving force for the convergence of the internal - external price difference was weak. It is recommended to wait and see in the short term [69] - **Natural Rubber**: Last week, there was little change, and the price difference remained in the non - arbitrage range. Globally, it is gradually entering the tapping season, with an expected increase in supply, but no improvement on the demand side. It is recommended to wait and see [78] 3.6 Overseas Arbitrage - **COMEX - LME Copper**: Last week, the negative impact of the Fed's hawkish stance in December has been digested by the market. With the upcoming change of the Fed chairman and the strengthening of gold and silver prices, the price difference between COMEX and LME copper may rise. The market also expects a high probability of the US imposing tariffs on copper, so the downward space of the price difference is limited. It is recommended to wait and see [79] - **Brent - Dubai EFS**: Last week, the Brent futures - Dubai swap EFS oscillated. Due to the weak operation of Middle - East crude oil spot, the resilience of US production, and limited short - term guidance, it is recommended to wait and see [84] - **WTI - Brent**: Last week, the WTI - Brent price difference oscillated. With the US refinery operating rate returning to a high level, the pressure of refined oil inventory increasing year - on - year, and stable crude oil production, the price difference driver is limited. It is recommended to wait and see [90] - **Natural Gas (TFU - HH)**: As mentioned above, after the cold - wave trading ended, the price difference rebounded slightly. It is recommended to wait and see and pay attention to the opportunity of price difference narrowing after the rebound [95]

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]

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]

Report Overview - The report is the "Large - scale Asset Morning Report" released by the macro team of the research center on August 25, 2025 [2] Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.255, 4.691, 3.420 respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was - 0.074, and the yearly change was 0.418 [3] 2 - year Treasury Yields of Major Economies - On August 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.740, 3.938, 1.945 respectively. There were also different changes in different time periods. For example, the latest change in the US was - 0.010, and the yearly change was - 0.270 [3] Dollar Exchange Rates against Major Emerging Economies' Currencies - On August 22, 2025, the dollar exchange rates against the Brazilian real, South African rand, etc. were 5.426, 17.449 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the Brazilian real was - 0.91%, and the yearly change was - 0.87% [3] Major Economies' Stock Indexes - On August 22, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, etc. were 6466.910, 45631.740 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was 1.52%, and the yearly change was 18.55% [3] Credit Bond Indexes - There were different changes in the latest, weekly, monthly, and yearly periods for the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. For example, the latest change in the US investment - grade credit bond index was 0.53%, and the yearly change was 4.10% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3825.76, 4378.00 respectively, with corresponding percentage changes. For example, the A - share index rose 1.45% [5] Valuation - The PE (TTM) of the CSI 300, SSE 50, etc. were 13.97, 11.94 respectively, with corresponding环比 changes. For example, the环比 change of the CSI 300's PE (TTM) was 0.24 [5] Risk Premium - The risk premiums of the S&P 500 and German DAX were - 0.61, 2.25 respectively, with环比 changes of 0.02 for both [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc. were 1045.08, 480.26 respectively, and there were corresponding 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25467.10, 6759.35 respectively, with环比 changes. For example, the环比 change of the Shanghai and Shenzhen stock markets' trading volume was 1226.53 [5] Main Contract Basis - The basis of IF, IH, IC were 16.00, 13.39, - 12.45 respectively, with corresponding basis ratios of 0.37%, 0.46%, - 0.18% [5] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.915, 105.475, 107.660, 105.370 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.4466%, 1.4839%, 1.5500% respectively, with daily changes in basis points [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 18, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.334%, 4.737%, 3.447% respectively. The latest changes ranged from - 0.033 (Italy) to 0.041 (UK), weekly changes from - 0.004 (Japan) to 0.173 (UK), monthly changes from - 0.126 (Switzerland) to 0.155 (France), and annual changes from - 0.274 (Japan) to 0.760 (UK) [2]. - **2 - Year Treasury Yields**: On August 18, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.740%, 3.959%, 1.956% respectively. The latest changes ranged from - 0.024 (Australia) to 0.070 (US), weekly changes from - 0.200 (US) to 0.186 (Italy), monthly changes from - 0.703 (Italy) to 0.553 (Japan), and annual changes showed various trends [2]. - **Exchange Rates**: On August 18, 2025, the US dollar - to - emerging - economy currency exchange rates such as South African rand, Brazilian real, etc. had different values. The latest changes ranged from - 0.69% (Russian ruble) to 0.65% (South African rand), weekly changes from - 2.35% (South African rand) to 0.38% (South Korean won), monthly changes from - 8.22% (Thai baht) to 0.77% (South Korean won), and annual changes also varied [2]. - **Stock Indices**: On August 18, 2025, major global stock indices like the Dow Jones, S&P 500, etc. had different closing values. The latest changes ranged from - 0.50% (Mexican index) to 0.21% (Nasdaq), weekly changes from - 0.18% (UK index) to 8.70% (Spanish index), monthly changes from 8.78% (Mexican index) to 44.46% (Spanish index), and annual changes also showed different trends [2]. - **Credit Bond Indices**: The latest changes in credit bond indices ranged from - 0.08% to 0.08%, weekly changes from - 0.06% to 0.56%, monthly changes from - 0.13% to 2.43%, and annual changes from 4.84% to 15.88% [2][3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3728.03, 4239.41, 2838.87, 2606.20, and 6668.17 respectively, with daily changes of 0.85%, 0.88%, 0.21%, 2.84%, and 1.52% [4]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.54, 11.56, 31.94, 27.34, and 20.08 respectively, with环比 changes of 0.08, 0.04, 0.37, 0.00, and - 0.04 [4]. - **Risk Premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX were - 0.68 and 2.22 respectively, with环比 changes of - 0.02 and 0.04 [4]. - **Fund Flows**: The latest values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 were 78.73, - 179.13, N/A, 216.70, and 110.91 respectively, and the 5 - day average values were - 306.54, - 333.88, N/A, 26.76, and 51.22 [4]. - **Trading Volume**: The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 27641.63, 6353.66, 1621.58, 5485.68, and 8295.86 respectively, with环比 changes of 5195.51, 1166.79, 199.53, 1082.87, and 1773.47 [4]. - **Main Contract Basis**: The basis of IF, IH, and IC were - 1.61, 9.53, and - 60.17 respectively, with basis ratios of - 0.04%, 0.34%, and - 0.90% [4] Treasury Bond Futures Trading Data - **Closing Prices**: The closing prices of T00, TF00, T01, and TF01 were 108.015, 105.455, 107.865, and 105.380 respectively, with daily changes of 0.00% [5]. - **Funding Rates**: The R001, R007, and SHIBOR - 3M were 1.5037%, 1.5030%, and 1.5490% respectively, with daily changes of 1.00 BP, 1.00 BP, and 0.00 BP [5]

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]