Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View - No core view presented in the given content. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields for 10 - year Treasury bonds in major economies are as follows: US 4.084, UK 4.433, France 3.444, Germany 2.649, Italy 3.411, Spain 3.166, Switzerland 0.094, Greece 3.286, Japan 1.680, Brazil 6.167, China 1.802, South Korea 3.198, Australia 4.366, New Zealand 4.132 [3]. - **2 - year Treasury Bonds**: Yields for 2 - year Treasury bonds in major economies are: US 3.556, UK 3.781, Germany 1.985, Japan 0.934, Italy 2.174, China (1Y yield) 1.400, South Korea 2.763, Australia 3.599 [3]. - **Dollar - to - Emerging - Economy Currency Exchange Rates**: Exchange rates of the dollar against major emerging - economy currencies include: Brazil 5.352, Russia (not provided), South Africa zar 17.377, Korean won 1449.800, Thai baht 32.365, Malaysian ringgit 4.183 [3]. - **Renminbi Data**: In - shore RMB 7.119, off - shore RMB 7.121, RMB central parity rate 7.087, RMB 12 - month NDF 6.972 [3]. - **Major Economies' Stock Indices**: Latest values of major economies' stock indices are: S&P 500 6720.320, Dow Jones Industrial Average 46912.300, NASDAQ 23053.990, Mexican index 63093.120, UK index 9735.780, French CAC 7964.770, German DAX 23734.020, Spanish index 16118.000, Russian index (not provided), Nikkei 50883.680, Hang Seng Index 26485.900, Shanghai Composite Index 4007.760, Taiwan index 27899.450, South Korean index 4026.450, Indian index 8337.058, Thai index 1313.310, Malaysian index 1618.940, Australian index 9098.572, emerging - economy index 1393.770 [3]. - **Credit Bond Indices**: Data for credit bond indices are not provided [3]. Stock Index Futures Trading Data - **Index Performance**: Closing prices and percentage changes for A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are: A - shares closing price 4007.76, up 0.97%; CSI 300 closing price 4693.40, up 1.43%; SSE 50 closing price 3044.74, up 1.22%; ChiNext closing price 3224.62, up 1.84%; CSI 500 closing price 7345.72, up 1.61% [4]. - **Valuation**: PE (TTM) and环比变化 for CSI 300, SSE 50, and CSI 500 are: CSI 300 PE (TTM) 14.33,环比变化 0.15; SSE 50 PE (TTM) 11.98,环比变化 0.10; CSI 500 PE (TTM) 33.46,环比变化 0.51 [4]. - **Risk Premium**: No data provided [4]. - **Fund Flows**: Latest values and 5 - day average values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are: A - shares latest value 51.44, 5 - day average - 338.66; main board latest value - 36.32, 5 - day average - 267.02; SME board (not provided); ChiNext latest value 4.39, 5 - day average - 42.24; CSI 300 latest value 271.42, 5 - day average - 50.36 [4]. - **Transaction Amount and Changes**: Latest values and环比 changes of transaction amounts for Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are: Shanghai and Shenzhen stock markets latest value 20552.48,环比 change 1829.07; CSI 300 latest value 5536.42,环比 change 852.81; SSE 50 latest value 1439.34,环比 change 264.86; SME board latest value 4036.04,环比 change 300.22; ChiNext latest value 5011.71,环比 change 275.40 [5]. - **Main Contract Basis and Premium/Discount**: Basis and percentage changes for IF, IH, and IC are: IF basis - 22.60, - 0.48%; IH basis - 3.34, - 0.11%; IC basis - 99.32, - 1.35% [5]. Treasury Bond Futures Trading Data - **Treasury Bond Futures**: Closing prices and percentage changes for T2303, TF2303, T2306, and TF2306 are: T2303 closing price 108.54, down 0.08%; TF2303 closing price 105.97, down 0.04%; T2306 closing price 108.27, down 0.10%; TF2306 closing price 105.94, down 0.05% [5]. - **Funding Rates**: Funding rates and daily changes for R001, R007, and SHIBOR - 3M are: R001 1.3621%, daily change - 10.00 BP; R007 1.4635%, daily change 0.00 BP; SHIBOR - 3M 1.5875%, daily change 0.00 BP [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary According to Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields of 10 - year Treasury bonds vary across major economies, e.g., the US is 4.160, the UK is 4.462, and Japan is 1.657 [2] - **2 - year Treasury Bonds**: The latest yields of 2 - year Treasury bonds are different, such as the US at 3.632, the UK at 3.797, and Japan at 0.926 [2] - **Exchange Rates**: The dollar exchange rates against major emerging - economy currencies are presented, like the dollar - Brazilian real at 5.357, and the dollar - South African rand at 17.418 [2] - **Stock Indices**: The latest values of major economy stock indices are given, including the S&P 500 at 6796.290, the Dow Jones Industrial Index at 47311.000, and the Nikkei at 50212.270 [2] - **Credit Bond Indices**: The latest values of credit bond indices are shown, for example, the US investment - grade credit bond index is 3514.990, and the emerging - economy high - yield credit bond index is 1789.668 [2] Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are provided. For example, the A - share closing price is 3969.25 with a 0.23% increase [3] - **Valuation**: PE (TTM) and their环比changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For instance, the PE (TTM) of CSI 300 is 14.18 with a 0.01 change [3] - **Risk Premium**: Risk premiums and their环比changes of S&P 500 and German DAX are given. The risk premium of S&P 500 is - 0.62 with a - 0.09 change [3] - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, ChiNext, and CSI 300 are shown. The latest A - share fund flow is 243.29, and the 5 - day average is - 666.83 [3] Other Trading Data - **Transaction Amount**: The latest values and环比changes of the transaction amounts in the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized boards, and ChiNext are provided. The latest Shanghai and Shenzhen stock market transaction amount is 18723.41 with a - 434.17 change [4] - **Main Contract Basis**: The basis and basis percentage of IF, IH, and IC are presented. For example, the IF basis is - 30.66 with a - 0.66% basis percentage [4] - **Treasury Bond Futures**: The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are given. The closing price of T2303 is 108.62 with a - 0.04% change [4] - **Funding Rates**: The latest values and daily changes of R001, R007, and SHIBOR - 3M are shown. The latest R001 is 1.3615% with a - 10.00 BP change [4]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Views - There is no information about the core views of the report in the provided content. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - year Treasury Bond Yields**: On October 16, 2025, the 10 - year Treasury bond yields of major economies showed various values and changes. For example, the US was 4.034, with a one - week change of - 0.105, a one - month change of - 0.013, and a one - year change of 0.021. Japan was 3.503, with a one - week change of - 0.091, a one - month change of - 0.042, and a one - year change of - 0.456 [3]. - **2 - year Treasury Bond Yields**: Also on October 16, 2025, the 2 - year Treasury bond yields of some major economies were presented. The US was 3.480, with a one - week change of - 0.150, a one - month change of - 0.130, and a one - year change of - 0.180. Japan was 0.913, with a one - week change of - 0.012, a one - month change of 0.064, and a one - year change of 0.514 [3]. - **Dollar - to - Major Emerging Economies Currency Exchange Rates**: As of October 16, 2025, the dollar - to - major emerging economies currency exchange rates had different values and changes. For the Brazilian real, it was 5.521 on that day, with a one - week change of 2.82%, a one - month change of 2.07%, and a one - year change of - 0.24%. The on - shore RMB was 7.135, with a one - week change of 0.07%, a one - month change of 0.20%, and a one - year change of 1.02% [3]. - **Major Economies' Stock Indexes**: On October 16, 2025, major economies' stock indexes had their respective closing values and changes. The S&P 500 closed at 6552.510, with a one - week change of - 2.71%, a one - month change of 0.31%, and a one - year change of 13.93%. The Hang Seng Index closed at 26290.320, with a one - week change of - 1.73%, a one - month change of 0.34%, and a one - year change of 25.63% [3]. - **Credit Bond Indexes**: On October 16, 2025, the US investment - grade credit bond index was 3529.690, with a one - week change of 0.34%, a one - month change of 0.28%, and a one - year change of 5.19%. The emerging economies' high - yield credit bond index was 1746.620, with a one - week change of - 0.45%, a one - month change of - 0.08%, and a one - year change of 10.98% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The A - share closed at 3916.23 with a 0.10% increase. The Shanghai and Shenzhen 300 closed at 4618.42 with a 0.26% increase [5]. - **Valuation**: The PE (TTM) of the Shanghai and Shenzhen 300 was 14.40 with a 0.09环比 change. The PE (TTM) of the S&P 500 was 27.26 with a 0.00环比 change [5]. - **Risk Premium**: The risk premium of the Shanghai and Shenzhen 300 (1/PE - 10 - year interest rate) was 3.70 with a 0.00环比 change. The risk premium of the S&P 500 was - 0.37 with a 0.00环比 change [5]. - **Fund Flow**: The latest value of A - share fund flow was - 1098.75, and the 5 - day average was - 803.28. The latest value of Shanghai and Shenzhen 300 fund flow was 70.26, and the 5 - day average was - 110.92 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 19311.38 with a - 1417.21环比 change. The latest trading volume of the Shanghai and Shenzhen 300 was 5605.67 with a - 467.59环比 change [5]. - **Main Contract Premium or Discount**: The basis of IF was - 28.42 with a - 0.62% amplitude. The basis of IH was - 0.20 with a - 0.01% amplitude [5]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.165, 105.705, 107.870, and 105.600 respectively, with corresponding percentage changes of - 0.04%, - 0.04%, - 0.05%, and - 0.03% [6]. - The domestic money market's R001, R007, and SHIBOR - 3M were 1.3531%, 1.4751%, and 1.5810% respectively, with daily changes of - 12.00BP, 1.00BP, and 0.00BP [6].

Report Information - Report Date: October 16, 2025 [2] - Report Title: Big Asset Morning Report [9] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On October 15, 2025, yields in the US, UK, France, etc., were 4.034%, 4.674%, 3.478% respectively [3] - Latest changes were all 0.000%, with weekly, monthly, and yearly variations differing across countries [3] 2-Year Treasury Yields of Major Economies - On October 15, 2025, yields in the US, UK, Germany, etc., were 3.480%, 3.952%, 1.957% respectively [3] - Latest changes, weekly, monthly, and yearly variations varied by country [3] US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On October 15, 2025, rates against Brazil, Russia, South Africa, etc., were 5.521, 108.000, 17.505 respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes differing [3] Stock Indices of Major Economies - On October 15, 2025, indices like S&P 500, Dow Jones, Nasdaq were 6552.510, 45479.600, 22204.430 respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes varying [3] Credit Bond Indices - On October 15, 2025, US investment - grade, euro - area investment - grade, etc., indices were 3529.690, 265.945, etc. respectively [3] - Latest changes were 0.00%, with weekly, monthly, and yearly percentage changes differing [3][4] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, SSE 50, etc., were 3912.21, 4606.29, 3001.35 respectively [5] - Percentage changes in prices were 1.22%, 1.48%, 1.36% respectively [5] Valuation - PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.31, 11.95, 34.70 respectively [5] -环比 changes were 0.17, 0.11, 0.43 respectively [5] Risk Premium - 1/PE - 10 - year interest rates of CSI 300, SSE 50, CSI 500, etc., were 3.70, 5.77, - 0.38 respectively [5] -环比 changes were all 0.00 [5] Fund Flows - Latest values of A - shares, main board, small and medium - sized enterprise board, etc., were 535.21, 302.49, - 56.21 respectively [5] - 5 - day average values were - 543.77, - 301.19, - 56.21 respectively [5] Trading Volume - Latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 20728.59, 6073.26, 1571.06 respectively [5] -环比 changes were - 5033.74, - 2016.33, - 620.88 respectively [5] Main Premium/Discount - Basis of IF, IH, IC were - 29.89, - 3.95, - 153.80 respectively [5] - Magnitudes were - 0.65%, - 0.13%, - 2.11% respectively [5] Treasury Bond Futures Trading Data Closing Prices and Percentage Changes - Closing prices of T00, TF00, T01, TF01 were 108.130, 105.730, 107.815, 105.635 respectively [6] - Percentage changes were 0.10%, 0.09%, 0.11%, 0.09% respectively [6] Fund Interest Rates - R001, R007, SHIBOR - 3M were 1.3519%, 1.4694%, 1.5810% respectively [6] - Daily changes (BP) were - 12.00, 0.00, 0.00 respectively [6]

Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On October 14, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.034, 4.674, 3.478 respectively [3]. - The latest changes for all economies were 0.000; weekly changes varied from - 0.119 (Japan) to 0.233 (Brazil); monthly changes ranged from - 0.203 (New Zealand) to 0.115 (South Korea); annual changes were from - 0.314 (China) to 0.672 (UK) [3]. 2 - Year Treasury Yields of Major Economies - On October 14, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.520, 3.952, 1.957 respectively [3]. - The latest change for the US was - 0.080, others were 0.000; weekly changes were from - 0.120 (US) to 0.052 (Australia); monthly changes ranged from - 0.050 (US) to 0.174 (Australia); annual changes were from - 0.316 (Italy) to 0.530 (Japan) [3]. Dollar - to - Major Emerging Economies Currency Exchange Rates - On October 14, 2025, the exchange rates of the dollar against the Brazilian real, Russian ruble, etc. were 5.521, 108.000 respectively, with 0.00% latest changes [3]. - Weekly changes were from 0.17% (Malaysian ringgit) to 3.73% (Brazilian real); monthly changes were from 0.05% (South African rand) to 2.74% (South Korean won); annual changes were from 1.31% (Brazilian real) to 8.41% (South Korean won) [3]. Major Economies' Stock Indexes - On October 14, 2025, the values of the S&P 500, Dow Jones Industrial Average, NASDAQ, etc. were 6552.510, 45479.600, 22204.430 respectively [3]. - The latest changes were all 0.00%; weekly changes were from - 3.26% (Mexican stock index) to 6.76% (Nikkei); monthly changes were from - 0.13% (Mexican stock index) to 12.14% (South Korean stock index); annual changes were from - 11.17% (Thai stock index) to 39.23% (South Korean stock index) [3]. Credit Bond Indexes - On October 14, 2025, the values of the US investment - grade credit bond index, euro - area investment - grade credit bond index, etc. were 3529.690, 265.945 respectively [3]. - The latest changes were all 0.00%; weekly changes were from - 0.62% (US high - yield credit bond index) to 0.34% (euro - area investment - grade credit bond index); monthly changes were from - 0.23% (US high - yield credit bond index) to 0.60% (emerging economies investment - grade credit bond index); annual changes were from 3.99% (euro - area investment - grade credit bond index) to 10.95% (emerging economies high - yield credit bond index) [3]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3865.23, 4539.06, 2961.10 respectively, with涨跌 of - 0.62%, - 1.20%, - 0.21% respectively [4]. Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc. were 14.14, 11.84, 34.27 respectively, with环比 changes of - 0.05, 0.06, - 0.78 respectively [4]. Risk Premium - The 1/PE - 10 interest rates of CSI 300, SSE 50, CSI 500, etc. were 3.70, 5.77, - 0.38 respectively, with环比 changes of 0.00, 0.00, 0.00 respectively [4]. Fund Flows - The latest values of fund flows for A - shares, the main board, small and medium - sized enterprise board, etc. were - 2111.40, - 1261.00, - 56.21 respectively, and the 5 - day average values were - 708.51, - 422.23, - 56.21 respectively [4]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc. were 25762.33, 8089.59, 2191.94 respectively, with环比 changes of 0.00, 949.57, 334.11 respectively [4]. Main Contract Premium/Discount - The basis of IF, IH, IC were - 31.86, - 2.70, - 184.85 respectively, with amplitudes of - 0.70%, - 0.09%, - 2.57% respectively [4]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 108.170, 105.775, 107.865, 105.665 respectively, with涨跌 of 0.08%, 0.03%, 0.06%, 0.02% respectively [5]. - The R001, R007, SHIBOR - 3M were 1.3535%, 1.4736%, 1.5810% respectively, with daily changes of - 13.00 BP, - 1.00 BP, 0.00 BP respectively [5].

Report Information - Report Date: September 25, 2025 [1] - Report Author: Research Center Macro Team of Guanyi Futures [1] Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On September 24, 2025, the 10-year Treasury yields in the US, UK, France, etc., were 4.148%, 4.668%, 3.568% respectively. There were various changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.041, and the one-year change was 0.443 [2]. 2-Year Treasury Yields of Major Economies - On September 24, 2025, the 2-year Treasury yields in the US, UK, Germany, etc., were 3.610%, 3.948%, 2.020 respectively. There were also different changes in different time periods. For instance, the latest change in the US was 0.040, and the one-year change was -0.030 [2]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On September 24, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, South Korean won, etc., were 5.331, 17.347, 1404.300 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US dollar against the Brazilian real was 0.93%, and the one-year change was -2.37% [2]. Stock Indices of Major Economies - On September 24, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 6637.970, 46121.280, 22497.860 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was -0.28%, and the one-year change was 18.15% [2]. Credit Bond Indices - There were different changes in the latest, weekly, monthly, and yearly periods for US investment - grade, euro - zone investment - grade, emerging economies' investment - grade credit bond indices, etc. For example, the latest change in the US investment - grade credit bond index was -0.28%, and the one - year change was 3.38% [2][3] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc., were 3853.64, 4566.07, 2939.51 respectively, with corresponding percentage changes. For example, the A - share index had a 0.83% increase [4]. Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.10, 11.69, 34.83 respectively, with corresponding环比 changes [4]. Risk Premium - The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and German DAX were -0.53 and 2.37 respectively, with corresponding环比 changes [4]. Fund Flows - The latest values of fund flows into A - shares, the main board, etc., were 930.68, 373.77 respectively, and there were corresponding 5 - day average values [4]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 23267.84, 6291.62, 1571.95 respectively, with corresponding环比 changes [4]. Main Contract Basis - The basis of IF, IH, IC were -36.07, 0.29, -166.71 respectively, with corresponding percentage changes [4] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.650, 105.565, 107.305, 105.445 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M in the money market had daily changes in basis points [5]

Report Summary 1. Report Date - The report was released on September 12, 2025, by the macro team of the research center [2] 2. Global Asset Market Performance 2.1 Government Bond Yields - **10 - year Government Bond Yields**: Yields showed various changes across different economies. For example, the US 10 - year yield on September 11, 2025, was 4.022, with a latest change of - 0.025, a one - week change of - 0.140, a one - month change of - 0.264, and a one - year change of 0.190 [3] - **2 - year Government Bond Yields**: The US 2 - year yield on September 11, 2025, was 3.540, with a latest change of 0.050, a one - week change of - 0.120, a one - month change of - 0.070, and a one - year change of - 0.370 [3] 2.2 Exchange Rates - **USD against Major Emerging Economies' Currencies**: The USD/Brazilian Real exchange rate on September 11, 2025, was 5.389, with a latest change of - 0.37%, a one - week change of - 1.06%, a one - month change of - 0.52%, and a one - year change of - 4.52% [3] - **Renminbi**: The on - shore RMB exchange rate on September 11, 2025, was 7.119, with a latest change of - 0.03%, a one - week change of - 0.32%, a one - month change of - 0.88%, and a one - year change of - 0.04% [3] 2.3 Stock Indices - **Major Economies' Stock Indices**: The S&P 500 index on September 11, 2025, was 6587.470, with a latest change of 0.85%, a one - week change of 1.31%, a one - month change of 1.84%, and a one - year change of 19.15% [3] - **Other Stock Indices**: The Hang Seng Index on September 11, 2025, was 26086.320, with a latest change of - 0.43%, a one - week change of 4.10%, a one - month change of 2.22%, and a one - year change of 47.79% [3] 2.4 Credit Bond Indices - The US investment - grade credit bond index on September 11, 2025, was 3529.910, with a latest change of 0.28%, a one - week change of 1.28%, a one - month change of 2.09%, and a one - year change of 5.49% [3][4] 3. Stock Index Futures Trading Data 3.1 Index Performance - The closing price of the A - share index was 3875.31, with a change of 1.65% [5] 3.2 Valuation - The PE (TTM) of the CSI 300 was 14.18, with a环比 change of 0.24 [5] 3.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 was - 0.37, with a环比 change of 0.00 [5] 3.4 Fund Flows - The latest value of fund flows into A - shares was 1342.66, and the 5 - day average was 30.55 [5] 4. Government Bond Futures Trading Data - The closing price of the T00 government bond futures was 107.880, with a change of - 0.31% [6] 5. Other Stock Indices - The Malaysian index on September 11, 2025, was 1582.850, with a latest change of - 0.50%, a one - week change of 0.30% [9]

Report Overview - The report is a daily report on major asset markets released by the macro team of the research center on September 3, 2025 [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 2, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.262%, 4.799%, 3.582% respectively [2] - The latest changes ranged from 0.020% (Switzerland) to 0.067% (Italy), with weekly changes from - 0.055% (Brazil) to 0.120% (Italy), monthly changes from - 0.085% (Japan) to 0.298% (France), and annual changes from - 0.276% (Japan) to 0.888% (UK) [2] 2 - Year Treasury Yields of Major Economies - On September 2, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.590%, 3.977%, 1.971% respectively [2] - The latest changes ranged from - 0.030% (US) to 0.037% (Italy), with weekly changes from - 0.090% (US) to 0.063% (Italy), monthly changes from - 0.160% (US) to 0.157% (UK), and annual changes from - 0.644% (South Korea) to 0.502% (Japan) [2] US Dollar Exchange Rates Against Major Emerging - Market Currencies - On September 2, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.465, 17.691 respectively [2] - The latest changes were from 0.17% (South Korean won) to 0.47% (Brazilian real), weekly changes from - 0.29% (Thai baht) to 0.61% (Brazilian real), monthly changes from - 1.26% (South African rand) to 0.67% (South Korean won), and annual changes from - 5.47% (Thai baht) to 4.94% (South Korean won) [2] Major Economies' Stock Indexes - On September 2, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 6415.540, 45295.810, 21279.630 respectively [2] - The latest changes were from - 2.29% (German DAX) to 1.50% (Mexican index), weekly changes from - 2.76% (German DAX) to 2.78% (Mexican index), monthly changes from - 1.50% (German DAX) to 6.65% (Shanghai Composite Index), and annual changes from - 7.83% (Thai index) to 44.77% (Hang Seng Index) [2] Credit Bond Indexes - On September 2, 2025, the US investment - grade credit bond index, euro - area investment - grade credit bond index were 3453.350, 263.168 respectively [2] - The latest changes were from - 0.31% (emerging - market high - yield credit bond index) to - 0.14% (euro - area high - yield credit bond index), weekly changes from - 0.34% (US and euro - area investment - grade credit bond indexes) to 0.09% (emerging - market high - yield credit bond index), monthly changes from - 0.49% (euro - area investment - grade credit bond index) to 0.82% (US high - yield credit bond index), and annual changes from 2.98% (US investment - grade credit bond index) to 13.03% (emerging - market high - yield credit bond index) [2][3] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3858.13, 4490.45, 2992.88 respectively, with daily changes of - 0.45%, - 0.74%, 0.39% respectively [4] Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 14.14, 11.88, 33.92 respectively, with环比 changes of 0.00, 0.00, 0.00 respectively [4] Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 and German DAX were - 0.51, 2.37 respectively, with环比 changes of - 0.01, 0.08 respectively [4] Fund Flows - The latest values of fund flows for A - shares, the main board, and the ChiNext were - 2098.61, - 1276.56, - 608.60 respectively, and the 5 - day average values were - 1398.64, - 1061.97, - 290.34 respectively [4] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 28749.91, 7779.99, 1960.61 respectively, with环比 changes of 1250.30, 76.21, 7.99 respectively [4] Main Contract Basis - The basis of IF, IH, and IC were - 9.25, - 0.08, - 65.49 respectively, with basis ratios of - 0.21%, - 0.00%, - 0.94% respectively [4] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.130, 105.700, 107.955, 105.570 respectively, with daily changes of 0.23%, 0.03%, 0.18%, 0.08% respectively [5] - The R001, R007, and SHIBOR - 3M were 1.3548%, 1.4619%, 1.5490% respectively, with daily changes of - 12.00 BP, - 1.00 BP, 0.00 BP respectively [5]

Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On August 27, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.235%, 4.735%, 3.517% respectively. The latest changes ranged from - 0.069% (Japan) to 0.076% (China), with weekly, monthly, and annual changes also varying across countries [3]. 2 - Year Treasury Yields of Major Economies - On August 27, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.730%, 3.960%, 1.912% respectively. The latest changes ranged from - 0.023% (Germany) to 0.050% (US), with different weekly, monthly, and annual changes [3]. US Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 27, 2025, the exchange rates of the US dollar against the Brazilian real, Russian ruble, etc. had latest changes from - 0.25% (Brazil) to 0.39% (Malaysian ringgit), with varying weekly, monthly, and annual changes [3]. Stock Indices of Major Economies - On August 27, 2025, the closing prices of major stock indices like the S&P 500, Dow Jones Industrial Average, etc. were reported. The latest changes ranged from - 1.76% (Shanghai Composite Index) to 0.89% (Mexican stock index), with different weekly, monthly, and annual changes [3]. Credit Bond Indices - The latest, weekly, monthly, and annual changes of credit bond indices such as US investment - grade, euro - zone investment - grade, etc. were presented, with the latest changes ranging from - 0.02% (emerging - market high - yield) to 0.12% (euro - zone investment - grade) [3][4]. Futures Trading Data Stock Index Futures - The closing prices, price changes, valuations, risk premiums, fund flows, trading volumes, and basis spreads of A - share, CSI 300, SSE 50, etc. were reported. For example, the CSI 300 closed at 4386.13 with a - 1.49% change [5]. Treasury Bond Futures - The closing prices and price changes of Treasury bond futures T00, TF00, T01, TF01 were reported, with prices of 108.200, 105.660, 108.020, 105.590 respectively and price changes of 0.04%, 0.02%, 0.04%, 0.03% [6]. Other Information - The report was released by the macro team of the research center on August 28, 2025 [2] - The report also mentioned the performance of the domestic and foreign currency markets, bond markets, stock markets, and exchange - rate markets [7][8]

Report Summary 1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - The report presents the performance data of global asset markets on August 19, 2025, including major economies' 10 - year and 2 - year treasury bond yields, dollar exchange rates against major emerging economies' currencies, major economies' stock indices, stock futures trading data, and treasury futures trading data [3][5][6] 3. Summary by Relevant Catalogs Global Asset Market Performance - **Treasury Bond Yields**: - **10 - year Treasury Bond Yields**: On August 19, 2025, the 10 - year treasury bond yields of the US, UK, France, etc. were 4.307%, 4.739%, 3.435% respectively. The latest, weekly, monthly, and yearly changes varied across different economies. For example, the US had a latest change of - 0.027, a weekly change of 0.016, a monthly change of - 0.039, and a yearly change of 0.366 [3] - **2 - year Treasury Bond Yields**: The 2 - year treasury bond yields of the US, UK, Germany, etc. were 3.750%, 3.975%, 1.955% respectively on August 19, 2025. Their latest, weekly, monthly, and yearly changes also differed. For instance, the US had a latest change of 0.010, a weekly change of - 0.010, a monthly change of 0.060, and a yearly change of - 0.250 [3] - **Exchange Rates**: - **Dollar against Emerging Economies' Currencies**: On August 19, 2025, the dollar - to - Brazilian real exchange rate was 5.506, with a latest change of 1.28% and a weekly change of 2.17%. The exchange rates and their changes against other emerging economies' currencies also varied [3] - **Renminbi**: The on - shore, off - shore, mid - price, and 12 - month NDF of the renminbi on August 19, 2025 were 7.182, 7.187, 7.136, and 7.026 respectively, with different latest, weekly, monthly, and yearly changes [3] - **Stock Indices**: - **Major Economies' Stock Indices**: On August 19, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6411.370, 44922.270, and 21314.950 respectively. Their latest, weekly, monthly, and yearly changes were different. For example, the S&P 500 had a latest change of - 0.59%, a weekly change of - 0.53%, a monthly change of 1.61%, and a yearly change of 19.97% [3] - **Other Stock Indices**: The performance of other stock indices such as the Nikkei, Hang Seng Index, and Shanghai Composite Index also had their own characteristics in terms of latest, weekly, monthly, and yearly changes [3] Stock Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3727.29, 4223.37, 2812.42 respectively on August 19, 2025, with corresponding percentage changes [5] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.53, 11.50, and 31.78 respectively, with their respective环比 changes [5] - **Fund Flow**: The latest values of fund flow for A - shares, the main board, etc. were - 1132.47, - 717.50 respectively, and the 5 - day average values also varied [5] - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25883.69, 5535.36 respectively, with corresponding环比 changes [5] - **Main Contract Premium/Discount**: The basis of IF, IH, and IC were - 7.17, 2.98, - 55.31 respectively, with corresponding percentage changes [5] Treasury Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices of treasury futures T00, TF00, T01, TF01 were 108.055, 105.540, 107.950, 105.475 respectively on August 19, 2025, with percentage changes of - 0.26%, - 0.19%, - 0.30%, - 0.27% respectively [6] - **Funding Rates**: The R001, R007, and SHIBOR - 3M were 1.5473%, 1.5581%, 1.5500% respectively, with daily changes of 5.00BP, 6.00BP, 0.00BP respectively [6]