截至8月26日，恒生指数夜期(8月)收报25711点，跌153点或0.592%，低水119点。未平仓合约总数为 102412张，减少38532张；未平仓合约净数报36716张，减少10147张。 ...

每经AI快讯，8月25日，香港恒生指数开盘涨1.06%，恒生科技指数涨1.49%，蔚来涨超14%。中国东风 集团复牌开盘飙升69.2%。 ...

| 11 201 2017 11:2 | | --- | | and secure a comprehens and secure and secure and a province and | | | | 乖 亦安期货 | | --- | 大类资产早报 研究中心宏观团队 2025/08/21 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/08/20 | 4.292 | 4.671 | 3.413 | 2.716 | 3.524 | 3.295 | 0.271 | 3.369 | | 最新变化 | -0.015 | -0.068 | -0.022 | -0.033 | -0.030 | -0.026 | -0.001 | -0.032 | | 一周变化 | 0.057 | 0.083 | 0.079 ...

Core Viewpoint - The recent introduction of taxes on bond interest and overseas investment income signals a shift in the government's approach to asset investment profits, indicating an expectation of increased returns from capital markets in the future [1][11]. Group 1: Taxation Changes - The government has announced the taxation of interest from national and local bonds, ending the era of tax exemption on bond interest [1]. - There are rumors of a 20% personal income tax on profits from overseas stock investments, indicating a broader trend of taxing asset investment profits [1]. - The anticipated revenue from bond interest taxation could reach 50 billion annually, suggesting a significant increase in the scale of national debt [2]. Group 2: National Debt and Economic Signals - The potential revenue from bond interest tax implies that the national debt could reach approximately 50 trillion, three times the current scale, which may lead to more aggressive monetary stimulus [2]. - The introduction of asset profit taxation indicates that the economy is transitioning into a new industrialization cycle, which is crucial for understanding investment and asset pricing [2][3]. Group 3: Industrialization Cycle - The industrialization cycle is divided into four stages: initial accumulation, growth, maturity, and post-industrialization [4][5]. - The current phase is characterized by a shift from industrial growth to maturity, where the financing ratio between industrial and financial sectors becomes more balanced [8]. - In the maturity phase, a developed financial market is essential for optimizing investments and providing individuals with opportunities for wealth accumulation [9][10]. Group 4: Future Investment Landscape - As the financial market develops, personal income from capital investments is expected to rise, potentially equating to wage income [11]. - The recent surge in the stock market may not be an isolated event but could become a regular occurrence as the economy evolves [11]. - Investors are encouraged to adapt to the changing landscape of industrialization and seek opportunities in the capital market while managing risks [11].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No explicit core viewpoints are presented in the provided content. The report mainly offers data on global asset market performance, including bond yields, exchange - rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields of Major Economies**: On August 15, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.319%, 4.696%, 3.467% respectively. The latest changes, weekly changes, monthly changes, and annual changes varied among different countries. For example, the US had a latest change of 0.033, a weekly change of 0.035, a monthly change of - 0.099, and an annual change of 0.375 [3]. - **2 - year Treasury Yields of Major Economies**: The 2 - year Treasury yields of the US, UK, Germany, etc. on August 15, 2025, were 3.927%, 1.970%, 0.822% respectively. Similar to the 10 - year yields, the changes in different time - frames differed across countries [3]. - **Exchange Rates of the US Dollar Against Major Emerging Economies' Currencies**: On August 15, 2025, the exchange rates against South Africa's ZAR, Brazil, Russia, etc. were presented, along with their latest, weekly, monthly, and annual changes. For instance, against South Africa's ZAR, the latest change was - 0.29%, the weekly change was - 0.61%, the monthly change was - 4.12%, and the annual change was not provided in the context [3]. - **Stock Indices of Major Economies**: Stock indices such as the Dow Jones, S&P 500, France CAC, etc. had their closing prices on August 15, 2025, and their latest, weekly, monthly, and annual changes. For example, the Dow Jones closed at 6449.800, with a latest change of - 0.29%, a weekly change of 0.94%, a monthly change of 2.43%, and an annual change of 24.05% [3]. - **Credit Bond Indices**: The indices of emerging economies' investment - grade and high - yield credit bonds, US investment - grade and high - yield credit bonds, and euro - zone investment - grade and high - yield credit bonds had their latest, weekly, monthly, and annual changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.10%, a weekly change of 0.19%, a monthly change of 1.48%, and an annual change of 5.08% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were provided. For example, the A - share closed at 3696.77 with a 0.83% increase [5]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX were presented. For example, the PE (TTM) of CSI 300 was 13.46 with a 0.04环比 change [5]. - **Risk Premium**: The risk premiums (1/PE - 10 - year interest rate) and their环比 changes of S&P 500 and Germany DAX were given. For example, the risk premium of S&P 500 was - 0.66 with a - 0.02环比 change [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows in A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were provided. For example, the latest fund flow in A - shares was 931.56, and the 5 - day average was - 217.38 [5]. - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small and medium - sized board, and ChiNext were presented. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 22446.12 with a - 345.97环比 change [5]. - **Main Contract Basis and Spread**: The basis and spread of IF, IH, and IC were provided. For example, the basis of IF was 7.05 with a 0.17% spread [5]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 were presented. For example, T00 closed at 108.295 with a - 0.10% change [6]. - The money market interest rates (R001, R007, SHIBOR - 3M) and their daily changes (BP) were provided. For example, R001 was 1.4391% with a - 3.00 BP daily change [6].

不出中国所料！特朗普刚对全球征税，高兴不到一天，三大噩耗砸脸来了！ 可你要问我，特朗普现在为啥突然这么兴风作浪？很简单，美国针对中国是无计可施，特朗普知道想对 付中国太难了，所以对中国暂时缓和气氛，从而委曲求全去针对俄罗斯了，其实美国对俄罗斯的威慑是 起不到任何作用的，美国根本不敢下场与俄罗斯较量的，因为有中国在的。 不出中国所料：特朗普对全球征税后，高兴不到一天，噩耗就来了 大家好，我是碎嘴阿锦，35岁，军事时政老痞子，日常碎嘴、偶尔骂人，看穿现象、直捅本质。 这两天我看特老头那副春风得意的样子，真的是忍不住想笑。他刚对着全世界开了关税大炮，收了一 波"全球保护费"，还没等屁坐热，就被三板斧劈得找不着北。 第一斧，美国就业数据跌得让人以为Excel崩了，新增就业1.4万人，你搁一个镇子都养不活。华尔街那帮 金融精英一看：糟了，川建国又乱搞！然后三大股指一起蹦极，道琼斯、纳指齐齐跳水，泡面钱都亏没 了。 第二斧，美联储鲍威尔顶着总统怒火就是不降息，特朗普在推特上急得跟热锅蚂蚁一样，喊话、施压、 威胁全来了，结果人家鲍老爷子一个字都没接茬。为啥？你这总统自个儿点的火，还想让别人救你灭？ 做梦。 第三斧，普京一记 ...

智通财经APP获悉，截至8月16日，恒生指数夜期(8月)收报25214点，跌21点或0.083%，低水56点。未 平仓合约总数为129395张，减少8374张;未平仓合约净数报54163张，增加9252张。 ...

外媒：金融市场或已对不断变化美国关税政策感到疲惫 中新网8月15日电(记者 张乃月)中美将关税"休战期"延长90天，美国市场反应较为平淡。美国《华尔街 日报》认为，这与此前关税消息曾引发标普500指数大幅波动的情况形成鲜明对比，这种"平静"的背 后，可能潜藏风险。 据《华尔街日报》统计，今年2-5月，标普500指数在重大关税消息发布时的日均波幅(无论涨跌)为 2.8%，约为历史日均波幅的七倍。4月9日特朗普首次宣布所谓"对等关税"等政策被推迟时，标普500指 数盘中一度大涨11%，相当于往常一年的回报率。 美媒认为，这并不是简单的"狼来了"效应。一方面，市场反应平淡或是因为投资者把每一次消息的发布 都当作谈判的极端开局；另一方面，金融市场可能已对不断变化的关税政策感到疲惫。 除此之外，美国劳工部8月12日发布的最新报告显示，7月美国消费者价格指数(CPI)同比上涨2.7%，继 续保持6月的涨幅；7月PPI同比上涨3.3%，远超预期中2.5%的涨幅。 不少媒体和专家认为，美国关税政策对物价和经济的冲击，正从自4月起连续反弹的通胀数据中显现出 来。 来源：中国新闻网 编辑：董文博 广告等商务合作，请点击这里 本文 ...

融券方面，当日融券卖出0.00万股，净卖出0.00万股。 8月14日，沪深两融数据显示，纳斯达克(513300)获融资买入额0.68亿元，居两市第398位，当日融资偿 还额0.77亿元，净卖出894.99万元。 最近三个交易日，12日-14日，纳斯达克(513300)分别获融资买入1.21亿元、1.14亿元、0.68亿元。 作者：智投君 本文源自：金融界 ...

Core Viewpoint - The article discusses recent tax policy changes in the market, specifically the introduction of value-added tax on interest from national and local bonds, as well as personal income tax on overseas investment gains, signaling a shift in the government's approach to taxing asset investment profits [1][2]. Group 1: Tax Policy Changes - The introduction of value-added tax on bond interest marks the end of a tax-exempt era for bond income, indicating that profits from national bonds will now be taxed [1]. - There are rumors of a 20% personal income tax on overseas stock market gains, which would require investors to pay taxes on profits from foreign investments [1]. - These new taxes are seen as a response to the anticipated increase in asset investment profits in the future, as the government recognizes the growing importance of capital market investments [1][2]. Group 2: Signals from Taxation - The potential revenue from the bond interest tax could reach 50 billion annually, suggesting a significant increase in the scale of national debt, projected to be around 50 trillion [2]. - The taxation of asset income indicates that the economy is transitioning into a new industrialization cycle, which is crucial for understanding future investment and asset price trends [2][3]. Group 3: Industrialization Cycle - The article outlines four stages of industrialization: initial accumulation, growth, maturity, and post-industrialization, emphasizing that the current phase is a transition from growth to maturity [3][4]. - The key differentiator in these stages is the proportion of funding allocated to industrial production versus financial markets, with early stages requiring a higher percentage for industrial growth [5][6]. - The current economic environment suggests a shift towards a balanced funding approach between industrial and financial sectors, with a 50% allocation to each in the mature phase [8][9]. Group 4: Market Implications - As the economy matures, the financial market will play a more significant role in supporting industrial development, leading to changes in investment strategies and opportunities [9][10]. - The recent surge in the stock market is attributed to the government's support for the financial sector, indicating a potential for sustained growth in capital markets [11]. - Investors are encouraged to adapt to these changes and seek opportunities in the evolving financial landscape, as the government prepares to enhance the wealth distribution function of the capital market [11].