凝聚各方合力做好投资者权益救济工作。推动建立中证资本市场法律服务中心贵州调解工作站、贵阳市 中级人民法院证券期货纠纷调解工作站、贵阳仲裁委员会证券期货纠纷仲裁调解中心、贵州资本市场纠 纷人民调解委员会,率先在全国实现证券期货纠纷调解组织"四牌合一"，辖区证券期货纠纷多元化解机 制更趋完善。2023年以来，辖区调解组织共受理调解纠纷52件，成功调解35件，其中1件为全国首例未 经审判即调解成功的证券虚假陈述民事赔偿纠纷案。强化司法与行政监管协同,与贵州高院联合发布 《关于全面协同推进资本市场纠纷多元化解的会议纪要》，建立健全示范判决引导的全链条群体性纠纷 化解机制，提升"示范判决﹢专业调解﹢平行案件处理"机制运行的规范化水平。 建立健全投资者保护工作机制。以金融体制改革为契机，切实加强与贵州金融监管局监管协作,充分发 挥各自优势，在投资者教育、纠纷多元化解、投诉举报处理、适当性管理等方面强化合作。健全行政监 管与自律监管协同工作机制,投教投保投宣各有侧重，常态化做好投资者保护工作。建立投资者保护审 查机制，在风险化解、制度制定、监管执法、信访处理、纠纷化解等工作环节，加强投资者保护有效性 审查。把妥善处理投资者 ...

Group 1 - The article reveals the driving mechanism of foreign capital behavior and the dollar liquidity cycle on the differentiation of value and growth styles in A-shares through a dual-factor model of cross-border capital flow and global liquidity [23] - Cross-border capital flow framework indicates that the expansion of interest rate differentials and the surplus in the current account attract foreign capital to allocate to fundamentally strong large-cap value stocks [23] - Global liquidity spillover driven by the Federal Reserve's easing policies significantly enhances the valuation elasticity of small-cap growth stocks by lowering financing costs and increasing risk appetite [23] Group 2 - Since the launch of the Shanghai-Hong Kong Stock Connect in 2014 and the Shenzhen-Hong Kong Stock Connect in 2016, foreign capital has continuously increased its allocation to A-shares, with the market value share significantly rising [6] - The top 300 stocks held through the Shanghai and Shenzhen Stock Connect include 222 from the CSI 300 index, 62 from the CSI 500 index, and 10 from the CSI 1000 index, indicating a strong preference for liquid and fundamentally sound stocks [6] - The relationship between interest rates, exchange rates, and stock prices reflects the interaction between the money market and the capital market, showing a clear negative correlation overall [8] Group 3 - The current account surplus is the main source of the international balance of payments surplus, with merchandise trade being the primary driver, reflecting the relative changes in domestic and foreign demand [11] - When domestic interest rates rise relative to foreign rates, arbitrage capital flows into bonds and stocks, boosting the domestic currency and attracting more foreign capital into A-shares [13] - The dual-factor model effectively captures style-switching opportunities, with a strategy annualized return exceeding 10% [22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This year's H1 economic data remained resilient despite tariff disruptions. July's PMI data was below expectations, with both supply and demand sides declining. New export orders and high - frequency port data indicated a potential weakening of the front - loading export effect, and future exports may face pressure. - In terms of funds, the increase in government bond issuance and maturing inter - bank certificates of deposit, as well as fluctuations in the stock and commodity markets, had an impact on capital flow. However, the central bank's supportive attitude towards funds is expected to maintain overall liquidity in the future. - In the context of weak domestic demand recovery and continued loose funds, interest rates are expected to trend downward in the long - term. However, the recent positive sentiment in the stock market has suppressed the bond market, and attention should be paid to the stock - bond seesaw effect [10][13]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Economic and Policy**: H1 economic data was resilient under tariff influence. July's PMI was below expectations. Overseas, the FOMC meeting showed a marginally hawkish stance from the Fed, the BOJ kept interest rates unchanged, and the probability of a US rate cut in September increased. There were also important domestic and international policy events such as the Politburo meeting, Sino - US economic and trade talks, and the announcement of the national childcare subsidy system [10][11]. - **Liquidity**: This week, the central bank conducted 1633.2 billion yuan in reverse repurchase operations, with 1656.3 billion yuan in reverse repurchases maturing, resulting in a net injection of 6.9 billion yuan. The DR007 rate closed at 1.42% [13]. - **Interest Rates**: The latest 10Y Treasury yield was 1.71%, down 3.17BP week - on - week; the 30Y Treasury yield was 1.95%, down 3.70BP week - on - week. The latest 10Y US Treasury yield was 4.23%, down 17.00BP week - on - week [13]. - **Trading Strategy**: Adopt a long - position strategy on dips, with a profit - loss ratio of 3:1 and a recommended cycle of 6 months, driven by loose monetary policy and difficult - to - improve credit conditions [15]. 2. Futures and Spot Markets - Presented the closing prices, annualized discounts, settlement prices, and net basis of T, TL, TF, and TS contracts, as well as the closing prices and trading volumes of TS and TF, T and TL contracts [19][22][25]. 3. Main Economic Data - **Domestic Economy**: - GDP: In Q2 2025, the actual GDP growth rate was 5.4%, exceeding market expectations. - PMI: In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month; the non - manufacturing PMI was 50.1%, down 0.4 percentage points. - Price Index: In June, CPI increased by 0.1% year - on - year, core CPI increased by 0.7% year - on - year, and PPI decreased by 3.6% year - on - year. - Export: In June, exports increased by 5.8% year - on - year, and imports increased by 1.1% year - on - year. - Industrial and Consumption Data: In June, industrial added value increased by 6.4% year - on - year, and social consumer goods retail sales increased by 4.8% year - on - year. - Investment and Real Estate Data: In June, fixed - asset investment increased by 2.8% year - on - year, and real estate - related data showed continued adjustment [43][49][52]. - **Foreign Economy**: - US: Q1 GDP had a real year - on - year growth rate of 2.05% and a quarter - on - quarter decline of 0.3%. In June, CPI increased by 2.7% year - on - year, and the non - farm payrolls increased by 147,000. - EU: Q1 GDP increased by 1.4% year - on - year and 0.3% quarter - on - quarter. - Eurozone: In July, the preliminary CPI increased by 2% year - on - year, and the manufacturing PMI was 49.8 [70][73][79]. 4. Liquidity - In June, M1 growth was 4.6%, M2 growth was 8.3%, and the social financing increment was 4.2 trillion yuan. The increase in social financing mainly came from government bonds. - In July, the MLF balance was 535 billion yuan, with a net injection of 20 billion yuan. This week, the central bank's net injection through reverse repurchases was 6.9 billion yuan, and the DR007 rate closed at 1.42% [84][90]. 5. Interest Rates and Exchange Rates - **Interest Rates**: The latest 2 - year, 5 - year, 10 - year, and 30 - year Treasury yields were 1.42%, 1.57%, 1.71%, and 1.95% respectively, with corresponding week - on - week changes of - 1.29BP, - 5.66BP, - 3.17BP, and - 3.70BP. The 10 - year US Treasury yield was 4.23%, down 17.00BP week - on - week [93]. - **Exchange Rates**: No specific analysis of exchange rate trends was provided, only relevant data charts were presented [101].

Report Industry Investment Rating No information provided in the given content. Core Views of the Report The report comprehensively analyzes the market conditions of various financial derivatives and commodity futures on July 30, 2025. It presents the market performance, influencing factors, and operation suggestions for each category, including stock index futures, treasury bond futures, precious metals, container shipping futures, non - ferrous metals, black metals, and agricultural products. The overall market is affected by multiple factors such as macro - policies, international trade negotiations, and seasonal demand changes. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Tuesday, A - shares showed an intraday upward trend, with all major indices closing in the green. The technology sector led the rally, while high - dividend sectors declined. All four major stock index futures contracts rose with the indices. With the market approaching the mid - report disclosure period, it is necessary to verify the substantial improvement of corporate earnings. It is recommended to gradually take profits on IM futures long positions and switch to a small amount of MO put option short positions with an exercise price of 6000 on the 08 contract [2][3][4]. - **Treasury Bond Futures**: The stock market was strong, and there were expectations of incremental policies from the Politburo meeting, causing treasury bond futures to decline significantly. Long - term bonds were more strongly suppressed by policy expectations, while the loosening of funds supported short - term bonds. It is recommended to wait and see in the short term and pay attention to the incremental policies of the Politburo meeting and the progress of Sino - US negotiations. The 2509 - 2512 contract inter - period spread may tend to rise in the short term [5][6]. Precious Metals - **Gold and Silver**: As the Fed's interest rate decision approaches, precious metals are in a state of shock consolidation. The market will gradually return to the influence logic of the US economic fundamentals. It is recommended to buy gold at low levels during the correction and buy silver at low levels above $38. The inflow of institutional funds into ETFs provides short - term support for prices [7][9][10]. Container Shipping Futures - **EC**: The main contract is in a weak shock state. The current mainstream shipping companies have announced their August prices, and the uncertainty has decreased. It is expected to show a weak shock in the short - term, and it is recommended to short the 08 and 10 contracts at high prices [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market is in a narrow - range shock, waiting for macro driving factors. The supply of copper concentrate is expected to be restricted, and the demand shows resilience in the short - term. The inventories of COMEX, LME, and domestic social inventories are all increasing. It is expected to be in a shock state, and the main contract is expected to trade between 78,000 - 80,000 yuan/ton [13][15][16]. - **Alumina**: The warehouse receipts have decreased again, and there is a risk of a short squeeze. The supply of bauxite in Guinea is expected to be tight, and the inventory of warehouse receipts is low, supporting the price in the short - term. However, the market is expected to be slightly oversupplied in the medium - term. It is recommended to wait and see in the short - term and short at high prices in the medium - term, with the main contract expected to trade between 3100 - 3500 yuan/ton [17][18]. - **Aluminum**: The aluminum price has slightly declined, and the expectation of inventory accumulation in the off - season is still strong. The supply is stable, and the demand is in the traditional off - season. It is expected to be in a wide - range shock, and the main contract is expected to trade between 20,200 - 21,000 yuan/ton [19][21]. - **Aluminum Alloy**: The terminal consumption in the off - season is weak, and the social inventory in the main consumption areas is close to full. The supply is expected to decline slightly in July, and the demand is weak. It is expected to be in a wide - range shock, and the main contract is expected to trade between 19,600 - 20,400 yuan/ton [21][22][23]. - **Zinc**: The Sino - US trade negotiations have started, and the market is waiting for macro guidance. The supply of zinc ore is expected to be loose, but the production growth rate is lower than expected. The demand is affected by the off - season and the rise in price. It is expected to be in a shock state, and the main contract is expected to trade between 22,000 - 23,000 yuan/ton [23][24][27]. - **Tin**: The market sentiment has weakened, and the tin price has fallen from a high level. The supply of tin ore is tight, and the demand is weak. It is recommended to wait and see, and the market is expected to be in a wide - range shock [27][28][29]. - **Nickel**: The market sentiment has gradually been digested, and the nickel price is in a weak shock state. The supply is expected to increase slightly, and the demand is stable in the electroplating and alloy sectors but weak in the stainless steel and nickel sulfate sectors. It is expected to be in a range adjustment, and the main contract is expected to trade between 120,000 - 128,000 yuan/ton [29][30][31]. - **Stainless Steel**: The stainless steel market is in a narrow - range shock, and the demand is still dragged down. The supply is slightly reduced, but the demand is weak. It is expected to be in a range operation, and the main contract is expected to trade between 12,600 - 13,200 yuan/ton [32][33][35]. - **Lithium Carbonate**: The market sentiment has not improved significantly, and the trading core has shifted to the mining end. The supply is relatively high in the short - term, and the demand is stable. The whole - link inventory is increasing, but the growth rate has slowed down. It is recommended to wait and see carefully, and the market is expected to be in a wide - range shock [35][36][38]. Black Metals - **Steel**: The expectation of production restrictions has affected the steel price to strengthen. The cost has increased, and the profit of steel mills has improved. The supply is expected to be affected by production restrictions, and the demand is seasonally stable. It is recommended to try long positions as the steel price has broken through the previous high [40][41]. - **Iron Ore**: The iron ore price fluctuates with the steel price. The global shipment volume has increased, and the port inventory has slightly increased. The demand for iron ore is supported by the high - level iron water production. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on hot - rolled coils and short on iron ore [42][45]. - **Coking Coal**: The futures price has fluctuated greatly, and the spot price has increased steadily. The supply is tight, and the demand is strong. The inventory is at a medium level. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on coking coal and short on iron ore, avoiding the risk of exchange intervention [46][50][51]. - **Coke**: The fourth price increase of mainstream coking plants has been implemented, and there is still an expectation of further price increases. The supply is difficult to increase due to corporate losses, and the demand is supported by the recovery of iron water production. The inventory is at a medium level. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on coke and short on iron ore, avoiding the risk of exchange intervention [52][55]. Agricultural Products - **Meal**: The bottom of US soybeans is well - supported, but the supply - demand situation suppresses the meal price. The domestic soybean and soybean meal inventories are rising, and the supply is high in the short - term. It is recommended to wait and see [56][57][58]. - **Pigs**: The spot price is in a weak state, and the previous policy benefits have been digested. The supply and demand are both weak, and the short - term price is not optimistic. It is recommended to be cautious when shorting the far - month contracts and pay attention to the impact of hedging funds [59][60]. - **Corn**: The market is in a state of long - short balance, and the price is in a shock state. The supply is relatively stable, and the demand is weak. The substitution effect is slowing down. It is recommended to pay attention to the subsequent policy auctions [61][62]. - **Sugar**: The international raw sugar price is bottom - oscillating, and the domestic sugar price is also in a bottom - shock state. The international market has no new driving factors, and the domestic supply - demand situation is gradually becoming looser. It is recommended to maintain a short - biased view after a rebound [63]. - **Cotton**: The domestic cotton price is expected to be in a range - shock in the short - term and under pressure after the new cotton is listed. The supply pressure is increasing marginally, and the demand is weak [64].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The adjustment space of the bond market in the future may be limited. Although the recent positive sentiment in the commodity and stock markets has suppressed the bond market and triggered a certain redemption negative feedback, considering the weak recovery of domestic demand and the expected continued loosening of funds, the general direction of interest rates is still downward. In the medium - to long - term, the bond market should be considered for long - position entry at low levels [11]. 3. Summary by Directory 3.1. Weekly Assessment and Strategy Recommendation - **Economic and Policy Situation**: The economic data remains resilient under the influence of tariffs. The economic growth in the second quarter slightly exceeded expectations, with production outperforming demand. After the tariff relaxation, exports improved, but the sustainability of the "rush - to - export" effect remains to be seen. In June, the CPI rebounded year - on - year, while industrial product prices continued to face pressure. Overseas, the U.S. House of Representatives passed the "big and beautiful" bill, which is beneficial for boosting the U.S. economic growth outlook, but the relaxation of fiscal discipline in some developed countries may lead to an increase in long - term bond yields and risk spill - over effects [10]. - **Foreign Investment**: Foreign investment in RMB assets has generally remained stable this year. The scale of foreign investment in RMB bonds has increased, with the total amount of foreign - held domestic RMB bonds exceeding $600 billion, reaching a historically high level. In the first half of the year, foreign investors net - increased their holdings of domestic stocks and funds by $10.1 billion, reversing the net - reduction trend of the past two years, especially in May and June when the net - increase scale reached $18.8 billion [10]. - **Social Security Reform**: The Ministry of Human Resources and Social Security will steadily promote reforms such as the national overall planning of endowment insurance and the delay of the legal retirement age, and cooperate with relevant departments to implement policies and measures for individual pensions [10]. - **Fiscal Revenue and Expenditure**: From January to June, the national general public budget revenue was 11.5566 trillion yuan, a year - on - year decrease of 0.3%. Among them, national tax revenue was 9.2915 trillion yuan, a year - on - year decrease of 1.2%, and non - tax revenue was 2.2651 trillion yuan, a year - on - year increase of 3.7%. The national general public budget expenditure was 14.1271 trillion yuan, a year - on - year increase of 3.4% [10]. - **Bond Fund Redemption**: As the bond market continued to adjust, bond funds faced another redemption wave. This week, funds sold a large amount of bonds, with a single - day selling scale approaching 100 billion yuan. Since July, more than 30 bond fund products have announced large - scale redemptions and increased the precision of share net value [10]. - **International News**: In the 27th Japanese Senate election, the ruling coalition lost its majority in the Senate. The Bank of Japan believes that the trade agreement with the U.S. will reduce uncertainties and expects to have enough data by the end of the year to weigh an interest rate hike [10]. - **Economic Data**: The U.S. durable goods orders in June decreased by 9.3% month - on - month. The initial value of the Eurozone's manufacturing PMI in July was 49.8, and the initial value of the service PMI was 51.2 [10]. - **Liquidity**: This week, the central bank conducted 1.6563 trillion yuan in reverse repurchases, 400 billion yuan in MLF, and 100 billion yuan in treasury cash fixed - deposits. With 1.7268 trillion yuan in reverse repurchases, 200 billion yuan in MLF, and 120 billion yuan in treasury cash fixed - deposits maturing, the net investment was 10.95 billion yuan, and the DR007 interest rate closed at 1.65% [11]. - **Interest Rates**: The latest 10 - year Treasury bond yield closed at 1.74%, a week - on - week increase of 7.07 BP; the 30 - year Treasury bond yield closed at 1.99%, a week - on - week increase of 9.15 BP. The latest 10 - year U.S. Treasury bond yield was 4.40%, a week - on - week decrease of 4.00 BP [11]. - **Strategy Recommendation**: In the medium - to long - term, considering the weak domestic demand recovery and the expected continued loosening of funds, the general direction of interest rates is still downward. However, the recent positive sentiment in the commodity and stock markets has suppressed the bond market. At the current position, the adjustment space of the bond market is limited. It is recommended to wait for opportunities to enter the market at low levels. The recommended strategy is to go long at low levels with a profit - to - loss ratio of 3:1 and a recommended period of 6 months [11][13]. 3.2. Futures and Spot Markets - The report presents the closing prices, annualized discounts, settlement prices, and net basis of T, TL, TF, TS contracts as well as the closing prices and trading volumes of TS and TF, T and TL through multiple charts, but no specific analysis is provided [16][19][22][25][28][33]. 3.3. Main Economic Data 3.3.1. Domestic Economy - **GDP and PMI**: In the second quarter of 2025, the actual GDP growth rate was 5.4%, exceeding market expectations. In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, and the non - manufacturing business activity index rose 0.2 percentage points to 50.5% [42]. - **PMI Sub - items**: In June, both the supply and demand sides of the manufacturing industry improved, with the production side outperforming the demand side. The production index rose 0.3 percentage points to 51.0%, and the new order index rose 0.4 percentage points to 50.2% [48]. - **Price Index**: In June, the CPI increased by 0.1% year - on - year, and the core CPI increased by 0.7% year - on - year. The PPI decreased by 3.6% year - on - year. In terms of month - on - month data, the CPI decreased by 0.1%, and the PPI decreased by 0.4% [51]. - **Exports and Imports**: In June, China's exports (in US dollars) increased by 5.8% year - on - year, and imports increased by 1.1% year - on - year. Exports to the U.S. decreased by 16.13% year - on - year, while exports to ASEAN maintained a high growth rate of 16.74% year - on - year [54]. - **Industrial Added Value and Retail Sales**: In June, the year - on - year growth rate of industrial added value was 6.4%, and the year - on - year growth rate of social consumer goods retail sales was 4.8% [57]. - **Fixed - Asset Investment and Real Estate**: In June, the cumulative year - on - year growth rate of fixed - asset investment was 2.8%. The cumulative year - on - year growth rate of real estate investment was - 11.2%. The cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was 4.6%, and the cumulative year - on - year growth rate of manufacturing investment was 7.5%. The month - on - month decrease in second - hand housing prices in 70 large and medium - sized cities was 0.6% [60]. - **Real Estate Construction and Sales**: In June, the cumulative value of new housing starts was 303.64 million square meters, a cumulative year - on - year decrease of 20.0%. The cumulative value of new housing construction was 6.33321 billion square meters, a cumulative year - on - year decrease of 9.1%. The completion data in June decreased by 2.16% year - on - year, and the sales data of new houses in 30 large and medium - sized cities weakened recently [63][66]. 3.3.2. Foreign Economy - **U.S. Economy**: In the first quarter, the annualized U.S. GDP at current prices was 2.9977 trillion dollars, with an actual year - on - year growth rate of 2.05% and a quarter - on - quarter decrease of 0.3%. In June, the U.S. CPI increased by 2.7% year - on - year and 0.3% month - on - month. The core CPI increased by 2.9% year - on - year. The U.S. durable goods orders in June increased by 10.93% year - on - year. The number of non - farm payrolls increased by 147,000 in June, and the unemployment rate was 4.1%. The U.S. ISM manufacturing PMI in June was 49.0, and the non - manufacturing PMI was 50.8 [69][72][75]. - **EU and Eurozone**: The EU's GDP in the first quarter increased by 1.4% year - on - year and 0.3% quarter - on - quarter. The initial value of the Eurozone's manufacturing PMI in July was 49.8, and the initial value of the service PMI was 51.2. The Eurozone's CPI in June increased by 2.0% year - on - year [75][78]. 3.4. Liquidity - **Money Supply and Social Financing**: In June, the M1 growth rate was 4.6%, and the M2 growth rate was 8.3%. The social financing increment in June was 4.2 trillion yuan, with an increase of 900.8 billion yuan year - on - year. New RMB loans were nearly 2.24 trillion yuan. The growth of social financing mainly came from government bonds [83]. - **Social Financing Sub - items**: In June, the growth rate of government bonds in social financing continued to rebound, and the financing of the real - sector improved. The social financing growth rate of the household and enterprise sectors was 6.06%, and the growth rate of government bonds was 21.30% [86]. - **Central Bank Operations**: In June, the MLF balance was 5.15 trillion yuan, with a net investment of 118 billion yuan. This week, the central bank's net investment through reverse repurchases was 120.11 billion yuan, and the DR007 interest rate closed at 1.52% [89]. 3.5. Interest Rates and Exchange Rates - **Interest Rate Changes**: The table shows the changes in various interest rates, including repo rates, Treasury bond yields, and U.S. Treasury bond yields. For example, the 10 - year Treasury bond yield increased by 7.07 BP week - on - week, and the 10 - year U.S. Treasury bond yield decreased by 4.00 BP week - on - week [93]. - **Interest Rate Charts**: The report presents the trends of Treasury bond yields, U.S. Treasury bond yields, and the yields of UK, French, German, and Italian Treasury bonds through multiple charts [95][98]. - **Exchange Rate Chart**: A chart shows the trends of the Fed's target interest rate and the exchange rate of the US dollar against the RMB [99].

Core Viewpoint - The article emphasizes the importance of promoting Chinese financial culture and its integration into the operations of financial institutions in Ningxia, focusing on compliance, integrity, professionalism, and stability to support the high-quality development of the local economy [1][2][3]. Group 1: Financial Culture and Compliance - Chinese financial culture is a blend of traditional values and modern financial practices, serving as a foundation for the industry [3]. - The "Four Adherences" are outlined: adherence to compliance, integrity, professionalism, and stability, which are essential for risk management and customer trust [3][4]. - A comprehensive compliance management system has been established, successfully intercepting 58 abnormal transactions last year to protect client interests [3]. Group 2: Service to the Local Economy - Financial institutions in Ningxia are deeply integrated into local economic development, focusing on diverse financial services to support local enterprises [5]. - Over the years, significant capital has been injected into the local economy, with over 5.8 billion yuan in bonds underwritten for local companies [5]. - The focus on "Six New, Six Special, and Six Excellent" industries demonstrates a commitment to enhancing local economic growth [5]. Group 3: Investor Education and Community Engagement - The institutions have conducted 24 investor education activities, reaching over 3,000 individuals, to promote rational investment concepts [5]. - Collaboration with local communities and educational institutions is emphasized to enhance financial literacy and awareness [5]. Group 4: Internal Management and Employee Training - The integration of cultural values into employee performance assessments ensures adherence to compliance and integrity [6]. - A total of 27 training sessions have been conducted, with 1,080 employees participating, to enhance understanding of financial culture [9]. - The establishment of a "Cultural Model Award" encourages employees to embody the principles of financial culture in their work [6]. Group 5: Innovation and Risk Management - Financial institutions leverage advanced technology to provide efficient services while maintaining a robust risk management framework [4]. - The balance between innovation and risk is crucial, with a focus on ensuring client asset safety through comprehensive risk controls [4]. Group 6: Commitment to Social Responsibility - The institutions prioritize serving the real economy and fulfilling social responsibilities, which is seen as a core mission [7][10]. - Regular financial knowledge seminars and investor education courses are organized to guide investors towards rational investment practices [7].

Core Viewpoint - The Hong Kong Securities and Futures Professionals Association (HKSFPA) has clarified that it does not provide any services for verifying the membership status of financing platforms, contrary to claims made in a recent article, which may mislead the public [1][2]. Group 1 - The HKSFPA emphasizes that it has never offered any form of financing platform verification service [1]. - The association states that the claims made in the article are completely inconsistent with its actual functions and services [1]. - For verification of licensed entities or individuals regulated under the Securities and Futures Ordinance, the public is advised to refer directly to the Securities and Futures Commission (SFC) website [1]. Group 2 - The HKSFPA urges the public and investors to remain vigilant against false information and illegal financing activities, and to verify the sources of information [2]. - The association invites inquiries regarding its functions through its secretariat for further clarification [2].

Global Asset Market Performance - The report presents the yields of 10 - year and 2 - year government bonds of major economies on July 9, 2025, along with their latest, weekly, monthly, and yearly changes. For example, the 10 - year US government bond yield was 4.333 on July 9, 2025, with a latest change of - 0.068, a weekly change of 0.054, a monthly change of - 0.089, and a yearly change of - 0.129 [2]. - It shows the exchange rates of the US dollar against major emerging - economy currencies and the performance of the on - shore and off - shore RMB, including their latest, weekly, monthly, and yearly changes. For instance, the US dollar - Brazilian real exchange rate was 5.573 on July 9, 2025, with a latest change of 2.29% [2]. - The report provides the performance of major economies' stock indices, including the latest, weekly, monthly, and yearly changes. For example, the S&P 500 index was 6263.260 on July 9, 2025, with a latest change of 0.61% [2]. - The performance of credit bond indices is also presented, including the latest, weekly, monthly, and yearly changes of investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies [2]. Stock Index Futures Trading Data - The report gives the closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500. For example, the closing price of A - shares was 3493.05, with a change of - 0.13% [3]. - It includes the PE (TTM), its环比变化, risk premium, and its环比变化 of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX [3]. - The report presents the capital flow, trading volume, and主力升贴水 data of A - shares, main board, small and medium - sized enterprise board, ChiNext, and CSI 300 [3]. Government Bond Futures Trading Data - The closing prices and percentage changes of government bond futures T00, TF00, T01, and TF01 are provided, along with the资金利率 and its daily change of R001, R007, and SHIBOR - 3M [4].

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]

Domestic News - The State Council issued a notice to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, covering seven areas including service trade, goods trade, digital trade, intellectual property protection, government procurement reform, "post-border" management system reform, and risk prevention [1] - The Ministry of Finance announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits distributed by domestic enterprises for direct investment in China from January 1, 2025, to December 31, 2028 [2] - In June, China's manufacturing PMI was 50.4, up 2.1 percentage points from the previous month, indicating a return to the expansion zone [6] International News - The U.S. Congress passed the controversial "Big and Beautiful" tax and spending bill, which was signed into law by President Trump, marking a significant legislative achievement [7] - The OPEC and non-OPEC oil-producing countries decided to increase production by an average of 548,000 barrels per day in August, with key countries participating in the decision [7]