Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report comprehensively presents the performance of global asset markets on August 25, 2025, including the yields of 10 - year and 2 - year government bonds of major economies, exchange rates of the US dollar against major emerging - economy currencies, stock indices of major economies, stock index futures trading data, government bond futures trading data, and money market conditions [2][3][4] 3. Summary by Relevant Catalogs Global Asset Market Performance - **Government Bond Yields**: - **10 - year government bonds**: Yields and their changes (latest, weekly, monthly, and yearly) of 10 - year government bonds in major economies such as the US, UK, France, etc. are presented. For example, the US 10 - year government bond yield on August 25, 2025, was 4.276, with a latest change of 0.021, a weekly change of - 0.058, a monthly change of - 0.136, and a yearly change of 0.362 [2] - **2 - year government bonds**: Yields and their changes of 2 - year government bonds in major economies like the US, UK, Germany, etc. are provided. For instance, the US 2 - year government bond yield on August 25, 2025, was 3.790, with a latest change of 0.050, a weekly change of 0.050, a monthly change of 0.070, and a yearly change of - 0.140 [2] - **Exchange Rates**: - **US dollar against emerging - economy currencies**: Exchange rates and their percentage changes of the US dollar against currencies of emerging economies such as Brazil, Russia, South Africa, etc. are shown. For example, the US dollar - Brazilian real exchange rate on August 25, 2025, was 5.412, with a latest change of - 0.26%, a weekly change of - 0.45%, a monthly change of - 3.17%, and a yearly change of - 1.31% [2] - **Renminbi**: Exchange rates and their percentage changes of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are presented. For example, the on - shore RMB exchange rate on August 25, 2025, was 7.154, with a latest change of - 0.19%, a weekly change of - 0.44%, a monthly change of - 0.35%, and a yearly change of - 0.29% [2] - **Stock Indices**: - **Major economies**: Stock indices and their percentage changes of major economies such as the US (S&P 500, Dow Jones, Nasdaq), UK, France, etc. are given. For example, the S&P 500 index on August 25, 2025, was 6439.320, with a latest change of - 0.43%, a weekly change of - 0.15%, a monthly change of 0.78%, and a yearly change of 16.17% [2] - **Emerging economies**: Stock indices and their percentage changes of emerging economies such as Russia, Japan, Hong Kong, etc. are provided. For example, the Hang Seng Index on August 25, 2025, was 25829.910, with a latest change of 1.94%, a weekly change of 2.59%, a monthly change of 1.05%, and a yearly change of 50.97% [2] - **Credit Bond Indices**: - Yields and their percentage changes of investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies are presented. For example, the US investment - grade credit bond index on August 25, 2025, was 3463.860, with a latest change of - 0.08%, a weekly change of 0.37%, a monthly change of 1.36%, and a yearly change of 4.30% [2] Stock Index Futures Trading Data - **Index Performance**: Closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are provided. For example, the closing price of A - shares was 3883.56, with a percentage change of 1.51% [3] - **Valuation**: PE(TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For example, the PE(TTM) of CSI 300 was 13.97, with a环比 change of 0.00 [3] - **Risk Premium**: 1/PE - 10 - year interest rate and their环比 changes of S&P 500 and German DAX are given. For example, the 1/PE - 10 - year interest rate of S&P 500 was - 0.62, with a环比 change of - 0.01 [3] - **Fund Flow**: Latest values and 5 - day average values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 are provided. For example, the latest value of A - share fund flow was - 177.24, and the 5 - day average value was - 340.99 [3] - **Trading Volume**: Latest values and环比 changes of trading volumes in Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are presented. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 31411.37, with a环比 change of 5944.27 [3] - **Main Contract Premium/Discount**: Basis and percentage basis of IF, IH, and IC are given. For example, the basis of IF was 5.38, with a percentage basis of 0.12% [3] Government Bond Futures Trading Data - Closing prices and percentage changes of government bond futures T00, TF00, T01, and TF01 are provided. For example, the closing price of T00 was 108.145, with a percentage change of 0.00% [4] - **Money Market**: - **Funding Rates**: R001, R007, and SHIBOR - 3M and their daily changes (in basis points) are presented. For example, R001 was 1.3901%, with a daily change of - 9.00 basis points [4] - **Big - Category Asset Morning Report**: Values and percentage changes of big - category assets on August 25, 2025, are provided. For example, the value was 1602.450, with a latest change of 0.31% [7]

Report Overview - The report provides a comprehensive overview of the global asset market performance on August 1, 2025, including bond yields, exchange rates, stock indices, and futures trading data [3][5][6] Global Bond Market 10 - Year Treasury Bond Yields - In major economies on August 1, 2025, the US was at 4.218%, the UK at 4.526%, France at 3.346%, etc. There were various changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was -0.172, and the one - year change was -0.067 [3] 2 - Year Treasury Bond Yields - Yields and their changes are presented for different countries. For instance, China (1Y) was at 3.940 on August 1, 2025, with a latest change of 0.080 [3] Exchange Rate Market Dollar against Major Emerging Economies' Currencies - On August 1, 2025, the exchange rate of the dollar against the Brazilian real was 5.542, with a latest change of -1.04%. There were also changes in weekly, monthly, and yearly periods [3] RMB Exchange Rates - The on - shore RMB was at 7.193, the offshore RMB at 7.194, etc. on August 1, 2025, with different changes in different time frames [3] Global Stock Index Market Major Economies' Stock Indices - As of August 1, 2025, the Dow Jones was at 6238.010, the S&P 500 at 43588.580, etc. There were different latest, weekly, monthly, and yearly changes. For example, the latest change in the Dow Jones was -1.60%, and the one - year change was 14.94% [3] Other Stock Indices - The report also includes data on the Russian, Japanese, and other countries' stock indices, such as the Nikkei at 40799.600 on August 1, 2025, with a latest change of -0.66% [3] Stock Index Futures Trading Data Index Performance - The closing prices and percentage changes of A - shares, CSI 300, etc. are provided. For example, the closing price of A - shares was 3559.95 with a -0.37% change [5] Valuation - PE (TTM) and its环比 changes are given for CSI 300, S&P 500, etc. For example, the PE (TTM) of CSI 300 was 13.12 with a -0.07环比 change [5] Risk Premium - The risk premium and its环比 changes are presented for some indices. For example, the 1/PE - 10 rate of the S&P 500 was -0.44 with a 0.22环比 change [5] Fund Flows - The latest values and 5 - day average values of fund flows for A - shares, the main board, etc. are shown. For example, the latest value of A - share fund flow was -522.29 [5] Trading Volume - The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, etc. are provided. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 15983.51 with a -3376.84环比 change [5] Main Contract Basis - The basis and basis ratio of IF, IH, and IC are given. For example, the basis of IF was -25.33 with a -0.62% basis ratio [5] Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, etc. are presented. For example, the closing price of T00 was 108.435 with a 0.17% change [6] - The money market shows the R001, R007, and SHIBOR - 3M rates and their daily changes in basis points [6]

Group 1 - The German DAX 30 index initially fell by 1.10%, closing at 20,335.75 points, with a cumulative decline of approximately 1.5% for the week [1] - The French stock index initially decreased by 0.42%, while the Italian stock index dropped by 0.93% and the banking index fell by 1.30% [1] - The UK stock index showed an initial increase of 0.63%, contrasting with the declines in other European markets [1] Group 2 - The Danish stock index initially rose by 1.59%, and the Copenhagen 25 index increased by 0.75% [1]