Core Viewpoint - The election of Sanae Takaichi as Japan's first female Prime Minister is expected to bring significant changes to the economic landscape, with a potential return to "Abenomics" and a focus on inflation management [5][6]. Market Reactions - The Nikkei 225 index surged over 4%, surpassing the 47,800 mark, reaching a historical high, while the Tokyo Stock Exchange index rose approximately 3%, breaking the 3,220 points barrier [1]. - The Japanese yen is under significant pressure, with the USD/JPY exchange rate exceeding 150 [2]. Economic Policies - Takaichi's administration is anticipated to prioritize inflation issues, potentially increasing subsidies to local governments and considering a reduction in consumption tax [6][7]. - She has emphasized the need for close coordination between the government and the Bank of Japan (BOJ) regarding economic policies, criticizing the BOJ's interest rate hikes as "foolish" [8]. Market Expectations - Takaichi's stance has reinforced market expectations that the BOJ will maintain its accommodative monetary policy, leading investors to reassess their strategies regarding interest rate hikes [9]. - Barclays economists predict a decreased likelihood of the BOJ raising interest rates within 2025, suggesting that Takaichi's dovish tone may strengthen in the future [11][12]. Financial Market Dynamics - The Japanese financial market is entering a phase of rapid repricing, with expectations of a positive market response to Takaichi's fiscal policies [10][13]. - Analysts believe that her proactive fiscal stance could boost market confidence, leading to a rotation towards growth stocks in the domestic market [13].

Core Viewpoint - The election of Sanae Takaichi, a protégé of the late former Prime Minister Shinzo Abe, is leading to expectations of a return to "Abenomics," characterized by large-scale fiscal stimulus and ultra-loose monetary policy, which is rapidly influencing Japan's financial markets [1][9]. Group 1: Market Reactions - Following Takaichi's election, the Nikkei 225 index surged over 4%, marking its largest single-day gain in months, while the Topix index rose by 3% [1]. - The Japanese yen weakened significantly against the US dollar by 1.5%, approaching the critical level of 150, and the yen also hit a historical low against the euro [3]. Group 2: Economic Policy Expectations - Takaichi's economic policy is heavily influenced by "Abenomics," advocating for fiscal expansion and a close alignment between government and the Bank of Japan, with a focus on demand-driven economic growth [9][10]. - She has expressed strong opposition to interest rate hikes by the Bank of Japan, which has led analysts to revise their expectations regarding potential rate increases in October [9]. Group 3: Investment Strategies - Investors are actively engaging in the "Takaichi trade," anticipating that her policies will weaken the yen, boost the stock market, and lead to a significant rise in long-term Japanese government bond yields [8][12]. - The market is preparing for potential fiscal expansion, with expectations that Takaichi will prioritize economic growth over strict fiscal discipline [10]. Group 4: Bond Market Implications - Despite the positive stock market response, the bond market faces pressure due to concerns that increased fiscal spending will necessitate more government bond issuance, raising Japan's debt burden [11]. - Analysts warn that without a "safety net" accompanying the issuance of new Japanese government bonds, there could be selling pressure on bonds, leading to a steeper yield curve [12].

Core Viewpoint - The financial market during the 2025 National Day holiday is unusually calm, resembling a "breath-holding contest" as participants await significant movements in response to the Federal Reserve's interest rate decisions [1][12]. Group 1: Market Reactions - The Federal Reserve's announcement of a 25 basis point interest rate cut has led to a muted response in the currency markets, with the onshore RMB closing around 7.12 and the offshore RMB showing slight fluctuations without major trading activity [3][7]. - Despite expectations of RMB appreciation following the Fed's rate cut, both the USD and RMB are in a state of observation, with market participants hesitant to act and reveal vulnerabilities [5][11]. Group 2: Market Sentiment - Market sentiment is characterized by a high level of caution and mutual distrust among participants, leading to a lack of significant trading activity and a stable exchange rate environment [7][11]. - The current market dynamics reflect a departure from the previously close relationship between the RMB and USD, as the RMB is now influenced by a basket of currencies from developing countries, complicating the expected correlation [9][11]. Group 3: Future Outlook - The consensus among market participants is to maintain stability, with a focus on avoiding drastic fluctuations that could impact export profits and import costs [9][11]. - The future trajectory of the RMB is uncertain, with analysts suggesting that appreciation may only occur when the USD shows significant weakness, indicating a cautious wait-and-see approach [11][12].

Core Viewpoint - The report indicates that China's international balance of payments is expected to remain stable, with a reasonable equilibrium in the current account and a positive outlook for cross-border investment and financing [2]. Group 1: Current Account and Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable equilibrium range [4]. - Goods trade showed resilience, with total imports and exports increasing by 2% year-on-year, while service trade grew more actively, with service imports and exports rising by 6% [4]. - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, a 4% decrease [4]. - Travel income surged by 42% to $24.3 billion, marking a historical high for the same period, while travel expenditure increased by 5% to $126.2 billion [4][5]. Group 2: Foreign Debt and Investment - As of June 2025, China's total external debt was $2.4368 trillion, a slight decrease of 0.6% from March 2025 [2]. - China's foreign financial assets and liabilities exceeded $11 trillion and $7.2 trillion, respectively, with net foreign assets growing by 16% compared to the end of 2024 [7]. - Direct investment in China accounted for 51% of total foreign liabilities, while securities investment made up 30%, an increase of 1.8 percentage points from the end of 2024 [7]. Group 3: Future Outlook and Policy Directions - The report anticipates that external conditions will remain complex, with potential pressures from trade protectionism and geopolitical risks [9]. - The foreign exchange management department plans to steadily expand reforms and open up the foreign exchange sector, aiming to support stable development of foreign trade and investment [10]. - Measures will include optimizing foreign exchange fund settlement for new foreign trade entities and enhancing the efficiency of service trade enterprises [10].

Dollar Index - The dollar index showed a downward trend on Monday, with a high of 98.159 and a low of 97.747, closing at 97.913 [1] - The key resistance level is at 98, and if the price stabilizes above this level, it may continue to rise; otherwise, there is a risk of further declines [1] - Weekly support is at 97.80, while daily support is at 97.60, indicating potential for further upward movement if these levels hold [1] Gold - Gold prices increased on Monday, reaching a high of 3834 and a low of 3757.76, closing at 3833.69, marking a new historical high [3] - The monthly trend remains bullish, with 3000 as a critical long-term support level; prices above this level indicate a long-term bullish outlook [3] - Short-term support is at 3805, and as long as prices remain above this level, the bullish trend is expected to continue [3] Euro/USD - The Euro/USD pair experienced an upward trend on Monday, with a low of 1.1697 and a high of 1.1754, closing at 1.1726 [5] - The monthly support level is at 1.1060, and the weekly support is at 1.1700, which is crucial for the medium-term outlook [5] - The price is currently under pressure at the daily resistance level of 1.1750, and if it breaks below the 1.1710 support, further declines may be expected [5]

Report Information - Report Date: September 30, 2025 [2] - Report Title: Daily Report on Major Asset Classes [9] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - Yields on September 29, 2025: US 4.140%, UK 4.700%, France 3.531%, etc [3] - Latest Changes: US -0.036, UK -0.045, France -0.037, etc [3] - One-Week Changes: US -0.008, UK -0.012, France -0.028, etc [3] - One-Month Changes: US -0.090, UK -0.050, France -0.005, etc [3] - One-Year Changes: US 0.389, UK 0.778, France 0.594, etc [3] 2-Year Treasury Yields of Major Economies - Yields on September 29, 2025: US 3.640%, UK 3.983%, Germany 2.020%, etc [3] - Latest Changes: US 0.070, UK -0.026, Germany -0.007, etc [3] - One-Week Changes: US 0.070, UK 0.008, Germany 0.006, etc [3] - One-Month Changes: US 0.120, UK 0.023, Germany 0.069, etc [3] - One-Year Changes: US 0.050, UK 0.071, Germany -0.126, etc [3] US Dollar Exchange Rates Against Major Emerging Market Currencies - Rates on September 29, 2025: Brazil 5.322, South Africa ZAR 17.273, South Korean Won 1400.400, etc [3] - Latest Changes: Brazil -0.40%, South Africa ZAR -0.37%, South Korean Won -0.72%, etc [3] - One-Week Changes: Brazil -0.24%, South Africa ZAR -0.31%, South Korean Won 0.66%, etc [3] - One-Month Changes: Brazil -2.15%, South Africa ZAR -1.96%, South Korean Won 0.50%, etc [3] - One-Year Changes: Brazil -3.88%, South Africa ZAR -0.45%, South Korean Won 4.88%, etc [3] Stock Indices of Major Economies - Values on September 29, 2025: S&P 500 6661.210, Dow Jones Industrial Average 46316.070, NASDAQ 22591.150, etc [3] - Latest Changes: S&P 500 0.26%, Dow Jones Industrial Average 0.15%, NASDAQ 0.48%, etc [3] - One-Week Changes: S&P 500 -0.49%, Dow Jones Industrial Average -0.14%, NASDAQ -0.87%, etc [3] - One-Month Changes: Mexico Index 6.36%, UK Index 1.13%, France CAC 2.24%, etc [3] - One-Year Changes: S&P 500 16.48%, Dow Jones Industrial Average 9.95%, NASDAQ 25.69%, etc [3] Credit Bond Indices - Values on September 29, 2025: US Investment-Grade Credit Bond Index 3517.910, Eurozone Investment-Grade Credit Bond Index 265.036, etc [3] - Latest Changes: US Investment-Grade Credit Bond Index 0.34%, Eurozone Investment-Grade Credit Bond Index 0.13%, etc [4] - One-Week Changes: US Investment-Grade Credit Bond Index 0.09%, Eurozone Investment-Grade Credit Bond Index 0.08%, etc [4] - One-Month Changes: US Investment-Grade Credit Bond Index 1.56%, Eurozone Investment-Grade Credit Bond Index 0.51%, etc [4] - One-Year Changes: US Investment-Grade Credit Bond Index 3.50%, Eurozone Investment-Grade Credit Bond Index 3.93%, etc [4] Stock Index Futures Trading Data Index Performance - Closing Prices: A-share 3862.53, CSI 300 4620.05, SSE 50 2973.04, etc [5] - Price Changes (%): A-share 0.90%, CSI 300 1.54%, SSE 50 1.09%, etc [5] Valuation - PE(TTM): CSI 300 14.19, SSE 50 11.73, CSI 500 34.92, etc [5] - Month-on-Month Changes: CSI 300 0.15, SSE 50 0.05, CSI 500 0.47, etc [5] Risk Premium - 1/PE - 10-Year Interest Rate: S&P 500 -0.53, Germany DAX 2.40 [5] - Month-on-Month Changes: S&P 500 0.03, Germany DAX 0.04 [5] Fund Flows - Latest Values: A-share 836.51, Main Board 463.46, Small and Medium-Sized Enterprise Board - [5] - Average Values in the Past 5 Days: A-share -302.46, Main Board -264.41, Small and Medium-Sized Enterprise Board - [5] Trading Volume - Latest Values: Shanghai and Shenzhen Stock Exchanges 21614.61, CSI 300 6933.95, SSE 50 1899.69, etc [5] - Month-on-Month Changes: Shanghai and Shenzhen Stock Exchanges 145.76, CSI 300 946.71, SSE 50 397.81, etc [5] Main Contract Premiums or Discounts - Basis: IF -15.45, IH 2.96, IC -118.36 [5] - Premium or Discount Ratios: IF -0.33%, IH 0.10%, IC -1.61% [5] Treasury Bond Futures Trading Data Closing Prices - T00 107.660, TF00 105.485, T01 107.325, TF01 105.360 [6] Price Changes (%) - T00 0.00%, TF00 0.00%, T01 0.00%, TF01 0.00% [6] Money Market - Capital Interest Rates: R001 1.3776%, R007 1.8694%, SHIBOR-3M 1.5800% [6] - Daily Changes (BP): R001 -17.00, R007 32.00, SHIBOR-3M 0.00 [6]

Report Overview - Report Title: Weekly Report on the Operation of Major Asset Classes (20250922 - 20250926) - US Inflation Data Meets Expectations, with Commodities Rising Overall [1] - Timeframe: September 22 - September 26, 2025 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Global: The market's performance last week was influenced by economic data. The US 8 - month PCE year - on - year growth rate met market expectations. The dollar index ended the week higher, stocks and bonds declined, and commodities rose. In general, commodities > stocks > bonds in terms of dollar - denominated assets [4][7]. - Domestic: China's industrial enterprise profits returned to positive growth in August year - on - year. The stock market and commodities ended the week higher, and the bond market declined. Overall, commodities > stocks > bonds [4][20]. - Outlook: The focus is on the release of domestic and foreign macro - data during the National Day. There are important data such as non - farm payrolls to be released, leading to high market uncertainty. After the holiday, price fluctuations of major asset classes may increase [4][27]. 3. Summary by Directory 3.1 Global Major Asset Performance 3.1.1 Global Stock Market - Most global stock markets declined. US stocks had a weekly correction. From a regional perspective, the three major US stock indexes ended the week lower, with a relatively large decline in the Asia - Pacific region. Emerging markets underperformed developed markets, and the VIX index continued to operate at a low level [9]. - Specific index performance: MSCI US was down 0.35%, S&P 500 was down 0.31%, MSCI Asia - Pacific was down 1.02%, etc. [12][13] 3.1.2 Global Bond Market - Fed officials had some differences in the path of dollar interest rate cuts this year. Medium - and long - term US bond yields generally rose. The yield of the 10 - year US Treasury bond rose 6BP to 4.2% weekly, and the bond market declined. Globally, high - yield bonds > credit bonds > government bonds [16]. 3.1.3 Global Foreign Exchange Market - The initial value of the month - on - month growth rate of US durable goods orders in August far exceeded expectations. The dollar index rose weekly, and most non - US currencies depreciated against the dollar. The RMB exchange rate fluctuated weakly. The weekly increase of the dollar index was 0.55% [17]. 3.1.4 Global Commodity Market - Geopolitical factors caused disruptions again, and international oil prices ended the week higher. Expectations of dollar interest rate cuts supported international precious metal prices. Most industrial metals and agricultural product prices fell [19]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market - Market sentiment changed little. Most of the major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, the Science and Technology Innovation 50 Index had the highest increase. In terms of sectors, electronics and non - ferrous metals led the gains, while consumer services underperformed. The Shanghai Composite Index rose 0.21% weekly [21]. 3.2.2 Domestic Bond Market - The central bank's net injection in the open market operation was 940.6 billion yuan. The liquidity marginally eased, and the bond market was weak. Overall, corporate bonds > credit bonds > government bonds [25]. 3.2.3 Domestic Commodity Market - The domestic commodity market continued to rise weekly. Among the major commodity sectors, precious metals led the gains, while the black - related sectors underperformed [26].

Core Insights - FXGT Forex is leveraging technological innovation and strategic international expansion to reshape the industry landscape and enhance its global competitiveness Group 1: Technological Innovation - The application of innovative technologies, including blockchain, enhances transaction transparency and adapts to market changes [1][11] - Significant investments in artificial intelligence and big data analytics are made to ensure trading efficiency and security [2][11] - Automated trading systems simplify operations and improve user trading efficiency [7] Group 2: Market Expansion Strategy - FXGT Forex emphasizes localized operations to cater to diverse cultural and consumer preferences in different regions [2][12] - The company actively seeks partnerships with local businesses to enhance market penetration and brand recognition [2][3] - A diversified product portfolio is crucial for maintaining competitiveness in a challenging market environment [3][12] Group 3: Risk Management and Compliance - Strict risk management strategies and compliance measures are implemented to safeguard client funds [2][8] - The use of technology-driven risk assessment tools and multi-layered monitoring mechanisms ensures risks remain manageable [6][12] - Regular audits and adherence to regulatory standards bolster the company's market credibility [8][18] Group 4: Customer Experience and Service Enhancement - Recent advancements in service upgrades and customer experience have laid a solid foundation for competing in the international market [6][20] - Data analysis tools are utilized to identify user needs and provide personalized service [6][19] - A global customer support network is established to respond swiftly to client demands [7][20] Group 5: Strategic Partnerships - Establishing strategic partnerships with leading global firms is essential for enhancing FXGT Forex's market influence and competitiveness [3][17] - Collaborations provide access to technological support and market resources, strengthening product and service value [3][17] Group 6: Cultural Diversity and Communication - Cultural diversity is recognized as a vital component in the internationalization process, enriching the company's perspective and facilitating market expansion [12][13] - Effective cross-cultural communication strategies help the company understand and adapt to varying cultural needs [13][18] Group 7: Financial Performance Impact - The internationalization strategy significantly influences the company's financial performance by broadening its customer base and diversifying revenue sources [21] - While international expansion incurs additional costs, it lays the groundwork for long-term financial growth [21]

Report Date - The report was released on September 29, 2025 [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 26, 2025, yields in countries like the US were 4.176%, UK 4.745%, etc. Changes varied across different time - frames (latest, one - week, one - month, one - year). For example, the US had a latest change of 0.005, a one - week change of 0.048, a one - month change of - 0.054, and a one - year change of 0.434 [2] 2 - Year Treasury Yields of Major Economies - On September 26, 2025, yields such as the US at 3.570, UK at 4.009, etc. had different changes over different periods. For instance, the US had a latest change of 0.040, a one - week change of 0.050, a one - month change of 0.030, and a one - year change of - 0.040 [2] Dollar Exchange Rates Against Major Emerging Economies' Currencies - On September 26, 2025, the dollar - to - Brazilian real rate was 5.344 with a latest change of - 0.37%. Rates against other currencies also had various changes over different time - spans [2] RMB Data - On September 26, 2025, on - shore RMB was 7.135, off - shore RMB was 7.144, the mid - price was 7.115, and the 12 - month NDF was 6.994. Each had different percentage changes over different periods [2] Major Economies' Stock Indexes - On September 26, 2025, the S&P 500 was 6643.700, the Dow Jones Industrial Index was 46247.290, etc. Indexes had different latest, one - week, one - month, and one - year changes. For example, the S&P 500 had a latest change of 0.59%, a one - week change of - 0.31%, a one - month change of 2.84%, and a one - year change of 16.50% [2] Credit Bond Indexes - Different credit bond indexes (US investment - grade, euro - zone investment - grade, etc.) had different latest, one - week, one - month, and one - year changes. For example, the US investment - grade credit bond index had a latest change of 0.06%, a one - week change of - 0.40%, a one - month change of 1.22%, and a one - year change of 3.16% [2][3] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, etc. had corresponding percentage changes. For example, A - shares closed at 3828.11 with a - 0.65% change [4] Valuation - PE (TTM) and its环比 changes were provided for indexes like CSI 300, S&P 500, etc. For example, the CSI 300 had a PE (TTM) of 14.04 with a - 0.09环比 change [4] Risk Premium - Risk premium data and its环比 changes were given for some indexes. For example, the S&P 500 had a 1/PE - 10 rate of - 0.56 with a - 0.03环比 change [4] Fund Flows - Latest values and 5 - day average values of fund flows for different indexes were presented. For example, A - shares had a latest fund flow of - 1188.84 and a 5 - day average of - 537.15 [4] Trading Volume - Latest trading volumes and环比 changes were provided for different markets. For example, the Shanghai and Shenzhen stock markets had a latest trading volume of 21468.85 with a - 2242.05环比 change [4] Main Contract Premium or Discount - Basis and percentage changes were given for futures contracts like IF, IH, IC. For example, IF had a basis of - 25.05 and a - 0.55% change [4] Treasury Bond Futures Trading Data - Closing prices and percentage changes were provided for treasury bond futures like T00, TF00, etc. For example, T00 closed at 107.680 with a - 0.04% change [5] - Funding rates (R001, R007, SHIBOR - 3M) and their daily changes were presented. For example, R001 was 1.3344% with a - 47.00 BP daily change [5]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The report analyzes the trends of major currency pairs including USD/CNY, EUR/USD, and USD/JPY, and provides short - term trading strategies based on economic data and political situations of different countries [1][2][3] - For USD/CNY, the economic fundamentals show that the economic expectation difference is favorable for RMB, the Sino - US interest rate difference is neutral, and the trade policy uncertainty is also neutral [1] - For EUR/USD, the euro lacks continuous upward momentum under the strong US dollar and may continue to be under pressure or rebound depending on different data performance [2] - For USD/JPY, the US dollar has structural support against the yen, and the political uncertainty in Japan may limit the yen's rebound [2] Summary by Directory Market Analysis USD/CNY - US: In August, the PCE annual rate was 2.7% and the core PCE was 2.9%, indicating strong support for consumer and service prices. The PPI of the manufacturing sector declined year - on - year and month - on - month, and the increase in initial jobless claims suggested a possible loosening of the labor market. The tariff policy increased the uncertainty of the policy environment [1] - China: The export growth continued to decline, the import recovery was insufficient, and there was still deflation pressure although the decline was narrowing. New loans and social financing increased slightly, and the counter - cyclical factor had not been activated [1] - Fundamentals: The economic expectation difference is favorable for RMB, the Sino - US interest rate difference is neutral, and the trade policy uncertainty is neutral [1] Other Currencies - Euro: EUR/USD is weak and oscillates around 1.17. The euro lacks continuous upward momentum. It may continue to be under pressure or rebound depending on different data performance [2] - Yen: USD/JPY is strong and approaching the key psychological level of 150. The US dollar has structural support against the yen, and political uncertainty in Japan may limit the yen's rebound [2] Strategy - USD/CNY: It is expected to oscillate in the 7.10 - 7.20 range in the short term. During the holiday, attention should be paid to US data and official speeches. The offshore market may react first, and the on - shore market will reflect it after resuming trading [3] - Yen: If Japan's political situation stabilizes and the expectation of the central bank turning hawkish increases, the yen may rebound; otherwise, USD/JPY may continue to rise [3] - Euro: If the inflation and economic data in the eurozone exceed expectations, the euro may recover against the US dollar; otherwise, the long - position of EUR/USD will face challenges [3]