Report Overview - The report is a daily report on major asset markets released by the macro team of the research center on July 8, 2025, covering global asset market performance, stock index futures trading data, and treasury bond futures trading data [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 7, 2025, the 10 - year treasury yields of the US, UK, France, etc. were 4.381%, 4.585%, 3.320% respectively. The latest changes were 0.033, 0.032, 0.042 respectively. The one - year changes were 0.094, 0.455, 0.054 respectively [2] 2 - Year Treasury Yields of Major Economies - On July 7, 2025, the 2 - year treasury yields of the US, UK, Germany, etc. were 3.880%, 3.859%, 1.833% respectively. The latest changes were 0.100, 0.014, 0.022 respectively. The one - year changes were - 0.770, - 0.363, - 0.971 respectively [2] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 7, 2025, the dollar - to - Brazilian real exchange rate was 5.487 with a latest change of 1.21%. The one - year change was - 0.25% [2] Stock Indices of Major Economies - On July 7, 2025, the S&P 500 index was 6229.980. The latest change was not available, the one - week change was 0.40%, the one - month change was 3.73%, and the one - year change was 13.63% [2] Credit Bond Indices - The latest changes in the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. were - 0.38%, - 0.11%, etc. The one - year changes were 5.78%, 6.34%, etc. [2][3] Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3473.13, 3965.17, 2731.53 respectively. The price changes were 0.02%, - 0.43%, - 0.33% respectively [4] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 treasury bond futures were 109.105, 106.225, 109.180, 106.305 respectively. The price changes were all 0.00% [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the performance data of global asset markets on May 21, 2025, including 10 - year and 2 - year government bond yields of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economies' stock indices, credit bond indices, as well as trading data of stock index futures and government bond futures [3][4][5] 3. Summary According to Related Catalogs Global Asset Market Performance Government Bond Yields - **10 - year Government Bond Yields**: On May 21, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.601, 4.756, 3.310 respectively. There were different changes in the latest, weekly, monthly, and yearly data. For example, the latest change in the US was 0.112, and the one - year change was 0.114 [3] - **2 - year Government Bond Yields**: The 2 - year government bond yields of the US, UK, Germany, etc. on May 21, 2025, were 3.970, 4.078, 1.868 respectively. Similar to the 10 - year bonds, there were various changes over different time periods. For instance, the latest change in the US was - 0.010, and the one - year change was - 0.830 [3] Exchange Rates - **US Dollar against Major Emerging - Economy Currencies**: On May 21, 2025, the exchange rate of the US dollar against the Brazilian real was 5.646. There were different percentage changes in the latest, weekly, monthly, and yearly data. For example, the latest change was - 0.39%, and the one - year change was 9.61% [3] - **Renminbi**: The on - shore, off - shore, and middle - price of the renminbi on May 21, 2025, were 7.202, 7.204, and 7.194 respectively. There were also different percentage changes over different time periods [3] Stock Indices - **Major Economies' Stock Indices**: On May 21, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 5844.610, 41860.440, and 18872.640 respectively. The latest, weekly, and yearly changes varied. For example, the latest change in the S&P 500 was - 1.61%, and the one - year change was 11.94% [3] - **Other Stock Indices**: Including the Russian, Japanese, and Hong Kong stock indices, with their respective values on May 21, 2025, and different changes over different time periods [3] Credit Bond Indices - There were different percentage changes in the latest, weekly, monthly, and yearly data for US investment - grade, euro - zone investment - grade, and emerging - economy investment - grade credit bond indices, as well as high - yield credit bond indices [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3387.57, 3916.38, 2728.43, 2065.39, and 5757.92 respectively, with corresponding percentage changes [4] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 12.65, 10.98, 29.04, 25.00, and 39.60 respectively, with corresponding环比 changes [4] - **Risk Premium**: The 1/PE - 10 - year interest rate and its环比 change were provided for S&P 500 and German DAX [4] - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext were 11734.45, 2170.38, 597.88, 2684.11, and 3160.19 respectively, with corresponding环比 changes [4] - **Main Contract Basis**: The basis and basis percentage of IF, IH, and IC were - 35.18 (- 0.90%), - 15.83 (- 0.58%), and - 102.32 (- 1.78%) respectively [4] Government Bond Futures Trading Data - The closing prices of government bond futures T00, TF00, T01, and TF01 were 108.570, 105.725, 108.835, and 106.010 respectively, with corresponding percentage changes [5] - The R001, R007, and SHIBOR - 3M of the money market were 1.5426%, 1.5884%, and 1.6400% respectively, with corresponding daily changes in basis points [5]