Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.136, UK 4.476, France 3.523, Germany 2.797, Italy 3.484, Spain 3.259, Switzerland 0.157, Greece 3.391, Japan 1.939, Brazil 6.197, China 1.831, South Korea 3.376, Australia 4.684, New Zealand 4.349 [3] - The latest yields of 2 - year government bonds in major economies: US 3.561, UK 3.776, Germany 2.093, Japan 1.043, Italy 2.228, China (1Y yield) 1.400, South Korea 2.833, Australia 3.946 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.451, Russia (not provided), South Africa zar 16.934, South Korean won 1472.050, Thailand baht (not provided), Malaysian ringgit 4.111 [3] - The latest exchange rate - related data of the RMB: on - shore RMB 7.071, off - shore RMB 7.069, RMB central parity rate 7.075, RMB 12 - month NDF 6.934 [3] - The latest stock indices of major economies: S&P 500 6870.400, Dow Jones Industrial Average 47954.990, Nasdaq 23578.130, Mexican stock index 63378.300, UK stock index 9667.010, French CAC 8114.740, German DAX 24028.140, Spanish stock index 16688.500, Russian stock index (not provided), Nikkei 50491.870, Hang Seng Index 26085.080, Shanghai Composite Index 3902.808, Taiwan stock index 27980.890, South Korean stock index 4100.050, Indian stock index 8632.761, Thai stock index (not provided), Malaysian stock index 1616.520, Australian stock index 8926.127, emerging - economy stock index 1385.480 [3] - The latest credit - bond indices: US investment - grade credit - bond index 3535.540, euro - zone investment - grade credit - bond index 265.875, emerging - economy investment - grade credit - bond index 289.560, US high - yield credit - bond index 2901.450, euro - zone high - yield credit - bond index 409.330, emerging - economy high - yield credit - bond index 1806.999 [3] Stock Index Futures Trading Data - Index performance: A - share closing price 3902.81, up 0.70%; CSI 300 closing price 4584.54, up 0.84%; SSE 50 closing price 3002.01, up 0.93%; ChiNext closing price 3109.30, up 1.36%; CSI 500 closing price 7097.84, up 1.21% [4] - Valuation: PE(TTM) of CSI 300 is 14.02 with a 0.06环比 change; SSE 50 is 11.86 with a 0.04环比 change; CSI 500 is 32.35 with a 0.41环比 change; S&P 500 is 27.33 with a 0.05环比 change; German DAX is 18.61 with a 0.11环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.48 with a - 0.05环比 change; German DAX is 2.58 with a - 0.05环比 change [4] - Fund flow: The latest value of A - share fund flow is 759.67, the main board is 443.70, the ChiNext is 260.14, and CSI 300 is 197.37. The 5 - day average of A - share fund flow is - 395.38, the main board is - 294.49, the ChiNext is - 74.98, and CSI 300 is 17.56 [4] - Transaction amount: The latest transaction amount of the Shanghai and Shenzhen stock markets is 17257.71 with a 1768.11环比 change; CSI 300 is 4121.47 with a 633.80环比 change; SSE 50 is 1104.47 with a 218.25环比 change; small - and - medium - sized board is 3269.66 with a 132.41环比 change; ChiNext is 4717.40 with a 600.12环比 change [5] - Main contract basis and spread: IF basis is - 10.14, amplitude - 0.22%; IH basis is - 4.61, amplitude - 0.15%; IC basis is - 14.64, amplitude - 0.21% [5] Treasury Bond Futures Trading Data - Closing prices and price changes: T2303 closing price is 108.06, up 0.06%; TF2303 closing price is 105.72, up 0.10%; T2306 closing price is 107.87, up 0.19%; TF2306 closing price is 105.76, up 0.15% [5] - Fund interest rates: R001 is 1.3719% with a - 12.00 BP daily change; R007 is 1.4963% with a 1.00 BP daily change; SHIBOR - 3M is 1.5800% with a 0.00 BP daily change [5]

1. Global Asset Market Performance - Main economies' 10 - year treasury bond yields: US 4.015, UK 4.440, France 3.408, Germany 2.688, Italy 3.398, Spain 3.163, Switzerland 0.149, Greece 3.286, Japan 1.806, Brazil 6.144, China 1.830, South Korea 3.346, Australia 4.515, New Zealand 4.253 [1] - Main economies' 2 - year treasury bond yields: US 3.491, UK 3.736, Germany 2.026, Japan 0.972, Italy 2.175, China (1Y yield) 1.394, South Korea 2.848, Australia 3.807 [1] - USD exchange rates against major emerging - economy currencies: Brazil 5.335, Russia (not available), South Africa zar 17.113, South Korean won 1467.300, Thai baht 32.195, Malaysian ringgit 4.133 [1] - RMB exchange rates: On - shore RMB 7.075, Off - shore RMB 7.071, RMB central parity rate 7.079, RMB 12 - month NDF 6.936 [1] - Main economies' stock indices: S&P 500 6849.090, Dow Jones Industrial Average 47716.420, NASDAQ 23365.690, Mexican index 63596.780, UK index 9720.510, France CAC 8122.710, Germany DAX 23836.790, Spanish index 16371.600, Russian index (not available), Nikkei 50253.910, Hang Seng Index 25858.890, Shanghai Composite Index 3888.596, Taiwan index 27626.480, South Korean index 3926.590, Indian index 8508.706, Thai index 1256.690, Malaysian index 1604.470, Australian index 8918.688, Emerging - economy index 1366.920 [1] - Credit bond indices: US investment - grade credit bond index 3552.300, Euro - zone investment - grade credit bond index 266.285, Emerging - economy investment - grade credit bond index 290.250, US high - yield credit bond index 2898.070, Euro - zone high - yield credit bond index 408.890, Emerging - economy high - yield credit bond index 1801.247 [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3888.60, up 0.34%; CSI 300 closing price 4526.66, up 0.25%; SSE 50 closing price 2969.62, down 0.09%; ChiNext closing price 3052.59, up 0.70%; CSI 500 closing price 7031.55, up 1.15% [2] - Valuation: CSI 300 PE(TTM) 13.94, down 0.01; SSE 50 PE(TTM) 11.83, down 0.05; CSI 500 PE(TTM) 32.03, up 0.36; S&P 500 PE(TTM) 27.22, up 0.14; Germany DAX PE(TTM) 18.48, up 0.05 [2] - Risk premium: S&P 500 1/PE - 10 - year interest rate - 0.34, down 0.04; Germany DAX 1/PE - 10 - year interest rate 2.72, down 0.03 [2] - Fund flow: A - share latest value 190.92, 5 - day average - 112.89; Main board latest value 147.52, 5 - day average - 147.45; ChiNext latest value 37.44, 5 - day average 25.57; CSI 300 latest value - 41.10, 5 - day average 0.41 [2] 3. Other Trading Data - Transaction amount: Shanghai and Shenzhen stock markets latest value 15857.96, down 1239.98; CSI 300 latest value 3418.32, down 759.58; SSE 50 latest value 850.32, down 200.74; SME board latest value 3098.26, down 177.49; ChiNext latest value 4567.21, down 380.14 [3] - Main contract basis: IF basis - 20.86, - 0.46%; IH basis - 6.42, - 0.22%; IC basis - 57.35, - 0.82% [3] - Treasury bond futures: T2303 closing price 108.15, up 0.03%; TF2303 closing price 105.71, up 0.03%; T2306 closing price 107.94, up 0.04%; TF2306 closing price 105.75, down 0.02% [3] - Fund rates: R001 1.4252%, down 9.00 BP; R007 1.5222%, unchanged; SHIBOR - 3M 1.5800%, unchanged [3]

Report Information - Report Title: Big Asset Morning Report - Research Team: Macroeconomic Team of the Research Center - Report Date: November 14, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On November 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.120%, 4.437%, 3.415% respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.050, and the one - year change was - 0.153 [3]. 2 - Year Treasury Yields of Major Economies - On November 13, 2025, the 2 - year Treasury yields of the UK, Germany, Japan, etc. were 3.760%, 2.026%, 0.927% respectively. There were also different changes in different time periods. For instance, the latest change in the UK was 0.037, and the one - year change was - 0.746 [3]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On November 13, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.299, 17.043 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the US dollar against the Brazilian real was 0.13%, and the one - year change was - 7.78% [3]. Stock Indices of Major Economies - On November 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6737.490, 47457.220, 22870.360 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the S&P 500 was - 1.66%, and the one - year change was 16.51% [3]. Credit Bond Indices - There were different performance changes in different time periods for US investment - grade credit bonds, euro - zone investment - grade credit bonds, etc. For example, the latest change of US investment - grade credit bonds was - 0.37%, and the one - year change was 5.99% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 4029.50, 4702.07 respectively, with corresponding percentage changes [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 14.41, 12.13 respectively, with corresponding环比 changes [5]. Risk Premium - The risk premium of S&P 500 was - 0.55, with a环比 change of 0.01; the risk premium of German DAX was 2.66, with a环比 change of 0.27 [5]. Fund Flows - The latest values of A - shares, the main board, etc. were 496.42, 272.41 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 20419.62, 5100.61 respectively, with corresponding环比 changes [5]. Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 25.07, - 4.87, - 86.29 respectively, with corresponding percentage changes [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.410, 105.885 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.3887%, 1.5005%, 1.5800% respectively, with corresponding daily changes in basis points [6]

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]