| Un m 22 III | 11 11 22 111 | | --- | --- | | SOURCE POINT | SOURCE POINT | | ーーココロの化 11 12 11 11 | | | 乖 亦安期货 | | --- | | 研究中心宏观团队 2025/09/25 | | --- | 注：沪深300、上证50、中证500的10年利率用10年期AAA企业债利率，标普500用美国10年期国债利率，德国DAX用德国10年期国债利率 国 债 期 货 交 易 数 据 国债期货 T00 TF00 T01 TF01 收盘价 107.650 105.565 107.305 105.445 涨跌（%） -0.24% -0.14% -0.22% -0.13% 资金利率 R001 R007 SHIBOR-3M 1.4973% 1.7066% 1.5660% 日度变化(BP) -2.00 19.00 1.00 货 币 市 场 国内货币市场 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分 ...

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]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Not provided in the content 3. Summary by Related Catalogs Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 12, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.291, 4.625, 3.408 respectively. The latest changes were 0.004, 0.061, 0.053; the one - week changes were 0.079, 0.110, 0.124; the one - month changes were - 0.192, 0.001, 0.003; the one - year changes were 0.500, 0.798, 0.443 [3]. - For Asian countries like Japan, China, and South Korea, on August 12, 2025, the yields were 3.732, 1.730, - respectively. The latest changes were - 0.037, 0.013, -; the one - week changes were 0.007, 0.027, -; the one - month changes were - 0.210, 0.072, -; the one - year changes were - 0.150, - 0.400, - [3]. 2 - year Treasury Yields of Major Economies - On August 12, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.760, 3.880, 1.965 respectively. The latest changes were 0.040, 0.021, 0.004; the one - week changes were 0.070, 0.060, 0.060; the one - month changes were - 0.150, 0.050, 0.084; the one - year changes were - 0.530, 0.291, - 0.380 [3]. - For other countries such as Japan, Italy, and China (1Y), on August 12, 2025, the yields were 0.767, 2.205, 1.362 respectively. The latest changes were 0.009, 0.000, - 0.001; the one - week changes were 0.018, 0.063, - 0.008; the one - month changes were - 0.008, 0.123, - 0.001; the one - year changes were 0.369, - 0.673, - 0.036 [3]. Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 12, 2025, the dollar - to - Brazilian real, South African rand, and South Korean won exchange rates were 5.389, 17.593, 1383.950 respectively. The latest changes were - 0.99%, - 0.92%, - 0.50%; the one - week changes were - 2.16%, - 1.81%, - 0.18%; the one - month changes were - 3.02%, - 1.86%, - 0.26%; the one - year changes were - 5.92%, - 3.68%, 1.68% [3]. - For the on - shore and off - shore RMB, on August 12, 2025, the exchange rates were 7.181 and 7.185 respectively. The latest changes were - 0.10%, - 0.16%; the one - week changes were - 0.04%, - 0.06%; the one - month changes were - 0.02%, 0.01%; the one - year changes were 0.13%, 0.29% [3]. Stock Indices of Major Economies - On August 12, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6445.760, 44458.610, 21681.900 respectively. The latest changes were 1.13%, 1.10%, 1.39%; the one - week changes were 2.33%, 0.79%, 3.66%; the one - month changes were 3.24%, 0.99%, 4.86%; the one - year changes were 20.56%, 11.88%, 29.24% [3]. - For Asian indices such as the Nikkei, Hang Seng Index, and Shanghai Composite Index, on August 12, 2025, they were 42718.170, 24969.680, 3665.918 respectively. The latest changes were -, 0.25%, 0.50%; the one - week changes were 5.35%, 0.27%, 1.34%; the one - month changes were 7.66%, 1.54%, 4.59%; the one - year changes were 18.96%, 47.35%, 26.18% [3]. Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, and emerging - market investment - grade credit bond index were 0.02%, - 0.12%, 0.04% respectively; the one - week changes were - 0.21%, - 0.27%, 0.11%; the one - month changes were 1.82%, 0.17%, 1.59%; the one - year changes were 3.93%, 4.35%, 5.44% [3][4]. - The latest changes of the US high - yield credit bond index, euro - zone high - yield credit bond index, and emerging - market high - yield credit bond index were 0.09%, 0.05%, 0.22% respectively; the one - week changes were 0.19%, 0.23%, 0.67%; the one - month changes were 0.90%, 0.86%, 2.44%; the one - year changes were 9.41%, 8.45%, 15.18% [3][4]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, and SSE 50 were 3665.92, 4143.83, 2807.01 respectively, with daily changes of 0.50%, 0.52%, 0.61% [5]. - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.39, 11.52, 30.93 respectively, with环比 changes of 0.09, 0.09, 0.11 [5]. Fund Flows - The latest values of A - share, main - board, and SME - board fund flows were - 605.19, - 420.84, - respectively, and the 5 - day average values were - 317.74, - 237.07, - respectively [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 18815.20, 3830.88, 1096.88 respectively, with环比 changes of 545.47, 224.02, 193.54 respectively [5]. Basis and Spread - The basis of IF, IH, and IC were - 12.63, 2.59, - 75.56 respectively, with spreads of - 0.30%, 0.09%, - 1.18% respectively [5]. Treasury Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.420, 105.715, 108.305, 105.725 respectively, with daily changes of - 0.13%, - 0.10%, - 0.13%, - 0.11% respectively [6]. - The R001, R007, and SHIBOR - 3M were 1.3486%, 1.4619%, 1.5480% respectively, with daily changes of - 10.00 BP, 1.00 BP, 0.00 BP respectively [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. It mainly provides data on various global asset markets, stock index futures trading, and treasury bond futures trading. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On August 4, 2025, the 10 - year treasury bond yields of major economies varied. For example, the US was 4.218%, and Japan was 3.676%. There were different changes over different time periods, such as a one - week change of - 0.194% in the US and - 0.252% in Japan [1]. - **2 - Year Treasury Bond Yields**: The 2 - year treasury bond yields also showed differences among countries. On August 4, 2025, the US was 3.940%, and Japan was 0.756%. Changes in different time intervals were also provided, like a one - year change of - 0.460% in the US and 0.375% in Japan [1]. - **Exchange Rates**: The US dollar exchange rates against major emerging economies' currencies had different trends. For example, against the Brazilian real, it was 5.499 on August 4, 2025, with a one - year change of - 2.58%. The exchange rates of the on - shore and off - shore RMB also had their own changes, such as a one - year change of - 0.91% for on - shore RMB [1]. - **Stock Indices**: Major economies' stock indices had different closing prices and changes. On August 4, 2025, the S&P 500 was 6329.940, with a one - year change of 17.24%. The Hang Seng Index was 24733.450, with a one - year change of 45.45% [1]. - **Credit Bond Indices**: Different credit bond indices, including US and euro - zone investment - grade and high - yield credit bond indices, had different changes over different time periods. For example, the US investment - grade credit bond index had a one - year change of 6.52% [1]. 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 closing price of A - shares was 3583.31, with a 0.66% increase [2]. - **Valuation**: The PE (TTM) and its环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were given. For example, the PE (TTM) of CSI 300 was 13.11, with a环比 change of - 0.01 [2]. - **Risk Premium**: The risk premium and its环比 changes of several indices were presented. For example, the risk premium of CSI 300 was 3.70, with a环比 change of 0.00 [2]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in different sectors of the A - share market were shown. For example, the latest value of A - share fund flow was - 522.29 [2]. - **Trading Volume**: The latest trading volumes and环比 changes of different indices were provided. For example, the latest trading volume of the two - market was 14985.50, with a环比 change of - 998.01 [2]. - **Main Contract Basis**: The basis and its amplitude of IF, IH, and IC were given. For example, the basis of IF was - 17.90, with an amplitude of - 0.44% [2]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 were all 0.00% on the relevant day. The R001, R007, and SHIBOR - 3M had their own values and daily changes, such as R001 being 1.3512% with a daily change of - 14.00 BP [3].

Report Information - Report Title: Big Asset Morning Report - Report Date: July 30, 2025 - Report Team: Macro Team of the Research Center [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - Yields on July 29, 2025: The yields varied widely across countries, e.g., the US was 4.321%, the UK was 4.632%, and China was 1.747% [2] - Latest Changes: Yields in most countries had small changes, with the US down 0.091, while France, Germany, etc., had increases [2] - Weekly, Monthly, and Annual Changes: There were different trends. For example, the UK had a 0.064 increase in a week, 0.179 in a month, and 0.510 in a year [2] 2 - Year Treasury Yields of Major Economies - Yields on July 29, 2025: The US was 3.910%, the UK was 3.890%, etc. [2] - Latest Changes: The US had no change, while Germany increased by 0.023 [2] - Weekly, Monthly, and Annual Changes: Different trends were observed, e.g., the US had a 0.030 increase in a week, 0.010 in a month, and - 0.510 in a year [2] Dollar - to - Major Emerging Economies Currency Exchange Rates - Rates on July 29, 2025: Against the dollar, the Brazilian real was 5.575, the South African rand was 17.888, etc. [2] - Latest Changes: The Brazilian real decreased by 0.25%, while the South African rand increased by 0.06% [2] - Weekly, Monthly, and Annual Changes: Different trends were shown, e.g., the Brazilian real had a 0.17% increase in a week, 2.12% in a month, and - 0.41% in a year [2] Stock Indices of Major Economies - Closing Prices on July 29, 2025: The S&P 500 was 6370.860, the Dow Jones Industrial Average was 44632.990, etc. [2] - Latest Changes: The S&P 500 decreased by 0.30%, while the French CAC increased by 0.72% [2] - Weekly, Monthly, and Annual Changes: Different trends were present, e.g., the S&P 500 had a 0.97% increase in a week, 2.79% in a month, and 15.73% in a year [2] Credit Bond Indices - Latest Changes: The US investment - grade credit bond index increased by 0.53%, the emerging economies investment - grade credit bond index increased by 0.31%, etc. [2][3] - Weekly, Monthly, and Annual Changes: Different trends were seen, e.g., the US investment - grade credit bond index had a 0.41% increase in a week, 0.20% in a month, and 5.76% in a year [2][3] Stock Index Futures Trading Data Index Performance - Closing Prices: A - shares were 3609.71, the CSI 300 was 4152.02, etc. [4] - Price Changes (%): A - shares increased by 0.33%, the CSI 300 increased by 0.39%, etc. [4] Valuation - PE (TTM): The CSI 300 was 13.35, the S&P 500 was 27.03, etc. [4] -环比 Changes: The CSI 300 decreased by 0.17, the S&P 500 decreased by 0.08, etc. [4] Risk Premium - 1/PE - 10 - Year Interest Rate: The S&P 500 was - 0.62, the German DAX was 2.12 [4] -环比 Changes: The S&P 500 increased by 0.10, the German DAX decreased by 0.07 [4] Fund Flows - Latest Values: A - shares had a net outflow of 662.18, the main board had a net outflow of 680.95, etc. [4] - 5 - Day Average Values: A - shares had a net outflow of 521.14, the main board had a net outflow of 505.71, etc. [4] Trading Volume - Latest Values: The Shanghai and Shenzhen stock markets had a trading volume of 18031.71, the CSI 300 had a trading volume of 4287.64, etc. [4] -环比 Changes: The Shanghai and Shenzhen stock markets increased by 608.64, the CSI 300 increased by 219.71, etc. [4] Main Contract Premiums and Discounts - Basis: IF was - 10.62, IH was 5.41, IC was - 93.13 [4] - Premium/Discount Ratios: IF was - 0.26%, IH was 0.19%, IC was - 1.47% [4] Treasury Futures Trading Data Closing Prices - T00 was 108.130, TF00 was 105.545, T01 was 108.115, TF01 was 105.610 [5] Price Changes (%) - T00 increased by 0.20%, TF00 increased by 0.14%, T01 increased by 0.20%, TF01 increased by 0.16% [5] Money Market - The 3 - month SHIBOR was 1.5600%, with a daily change of 0.00 BP [5]

Report Information - Report Title: Global Asset Market Performance Report - Report Date: July 11, 2025 - Research Team: Research Center Macro Team [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 10, 2025, yields in the US, UK, France, etc. were 4.351%, 4.595%, 3.397% respectively. Yields in Japan, Brazil, China were 3.873%, 6.548%, 1.660% respectively. - Latest changes ranged from 0.003% (US) to 0.123% (France). Weekly changes ranged from - 0.010% (US) to 0.241% (Spain). Monthly changes ranged from -0.495% (Italy) to 0.348% (US). Annual changes ranged from -0.870% (Japan) to 0.398% (Germany) [3] 2 - Year Treasury Yields of Major Economies - On July 10, 2025, yields in China (1Y), US, UK were 3.900%, 3.853%, 1.887% respectively. - Latest changes ranged from -0.022% (US) to 0.120% (China). Weekly changes ranged from 0.008% (Korea) to 0.119% (Australia). Monthly changes ranged from -0.042% (Italy) to 0.150% (China). Annual changes ranged from -1.374% (Japan) to 0.398% (Germany) [3] US Dollar to Major Emerging - Economy Currency Exchange Rates - On July 10, 2025, exchange rates against the US dollar for Brazil, Russia, South Africa were 5.532, 108.000, 17.747 respectively. - Latest changes ranged from -0.73% (Brazil) to 0.00% (Russia). Weekly changes ranged from -0.14% (Korea) to 2.27% (Brazil). Monthly changes ranged from -0.16% (South Africa) to 1.23% (Korea). Annual changes ranged from -11.28% (Thailand) to 0.00% (Russia) [3] RMB Exchange Rates - On July 10, 2025, on - shore RMB was 7.178, off - shore RMB was 7.179, and the mid - price was 7.151. - Latest changes ranged from -0.05% (off - shore RMB) to 0.07% (12 - month NDF). Weekly changes ranged from -0.02% (mid - price) to 0.13% (12 - month NDF). Monthly changes ranged from -0.41% (mid - price) to 0.09% (12 - month NDF). Annual changes ranged from -1.75% (off - shore RMB) to 0.31% (mid - price) [3] Major Economies' Stock Indexes - On July 10, 2025, the Dow Jones was 6280.460, S&P 500 was 44650.640, and NASDAQ was 20630.660. - Latest changes ranged from -0.79% (Spanish index) to 1.23% (UK index). Weekly changes ranged from -1.99% (Mexican index) to 2.18% (German DAX). Monthly changes ranged from -1.88% (Mexican index) to 4.92% (NASDAQ). Annual changes ranged from 4.83% (French CAC) to 34.64% (German DAX) [3] Emerging Economies' Stock Indexes - On July 10, 2025, the Malaysian index was 1536.520, Australian index was 8826.717, and another index was 1231.260. - Latest changes ranged from 0.28% to 0.56%. Weekly changes ranged from -0.81% to -0.08%. Monthly changes ranged from 0.35% to 2.37%. Annual changes ranged from -3.84% to 14.03% [3] Credit Bond Indexes - Latest changes ranged from -0.11% (Emerging economies high - yield credit bond index) to 0.09% (US high - yield credit bond index). - Weekly changes ranged from -0.16% (Emerging economies high - yield credit bond index) to 0.33% (US high - yield credit bond index). - Monthly changes ranged from 0.15% (Emerging economies high - yield credit bond index) to 1.53% (Eurozone high - yield credit bond index). - Annual changes ranged from 6.41% (Emerging economies high - yield credit bond index) to 15.38% (Eurozone high - yield credit bond index) [3] Stock Index Futures Trading Data Index Performance - On July 10, 2025, the A - share index closed at 3509.68, with a 0.48% increase. The CSI 300 closed at 4010.02, with a 0.47% increase [4] Valuation - PE (TTM) of CSI 300 was 13.34, with a 0.07% increase. PE (TTM) of S&P 500 was 26.71, with a 0.08% increase [4] Risk Premium - The risk premium of CSI 300 was 3.70, with no change. The risk premium of S&P 500 was -0.61, with a -0.03% change [4] Fund Flow - The latest A - share fund flow was -256.13, and the 5 - day average was -339.44. The latest CSI 300 fund flow was 120.60, and the 5 - day average was 33.10 [4] Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 14941.48, with a -110.28 change. The latest trading volume of CSI 300 was 3478.37, with a 424.38 change [4] Main Contract Premium/Discount - The basis of IF was -38.02, with a -0.95% discount. The basis of IH was -16.53, with a -0.60% discount [4] Treasury Bond Futures Trading Data Closing Prices and Changes - On July 10, 2025, the closing prices of T00, TF00, T01, TF01 were 108.845, 105.990, 108.890, 106.095 respectively, with changes of 0.03%, 0.02%, 0.03%, 0.01% respectively [5] Funding Rates - R001 was 1.3870%, with a -11.00 BP change. R007 was 1.5208%, with a 2.00 BP change. SHIBOR - 3M was 1.5590%, with no change [5]

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].