Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.100, UK 4.452, France 3.363, Germany 2.777, Italy 3.383, Spain 3.150, Switzerland 0.268, Greece 3.375, Japan 2.232, Brazil 6.127, China 1.776, Australia 4.807, New Zealand 4.518 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.457, UK 3.595, Germany 2.055, Japan 1.303, Italy 2.191, China (1Y yield) 1.304, Australia 4.281 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.213, South Africa zar 15.961, Korean won 1439.100, Thai baht 30.932, Malaysian ringgit 3.903. The latest values of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are 6.902, 6.898, 6.946, and 6.778 respectively [3] - The latest values of major economies' stock indices are: S&P 500 6832.760, Dow Jones Industrial Index 49451.980, NASDAQ 22597.150, Mexican stock index 70888.040, UK stock index 10402.440, France CAC 8340.560, Germany DAX 24852.690, Spanish stock index 17896.900, Russian stock index (not provided), Nikkei 57639.840, Hang Seng Index 27032.540, Shanghai Composite Index 4134.018, Taiwan stock index (not provided), South Korean stock index 5522.270, Indian stock index 8265.352, Thai stock index 1441.530, Malaysian stock index 1750.850, Australian stock index 9281.789, emerging - economy stock index 1570.440 [3] - The latest values of credit - bond indices are: Eurozone investment - grade credit - bond index 268.564, Eurozone high - yield credit - bond index 413.620 [3] Group 2: Stock Index Futures Trading Data - For A - shares, the closing price is 4134.02 with a 0.05% increase; for CSI 300, the closing price is 4719.58 with a 0.12% increase; for SSE 50, the closing price is 3079.73 with a 0.28% decrease; for ChiNext, the closing price is 3328.06 with a 1.32% increase; for CSI 500, the closing price is 8423.57 with a 1.17% increase [4] - The PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.20, 11.70, 38.08, 27.29, and 19.28 respectively, with环比 changes of - 0.03, - 0.06, 0.38, - 0.43, and 0.00 [4] - The risk premiums (1/PE - 10 - year interest rate) of S&P 500 and Germany DAX are - 0.44 and 2.41 respectively, with环比 changes of 0.13 and 0.01 [4] - The latest capital flows of A - shares, main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 are 106.78, - 237.55, (not provided), 239.92, and - 109.58 respectively, and the 5 - day average values are 7.38, - 101.94, (not provided), 80.09, and - 1.88 respectively [4] Group 3: Transaction Amount and Other Data - The latest transaction amounts of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized enterprise board, and ChiNext are 21417.38, 4904.74, 1304.13, 4190.81, and 6134.82 respectively, with环比 changes of 1574.86, 570.45, 163.27, 148.57, and 531.84 [5] - The basis values of IF, IH, and IC are - 2.78, 3.27, and 25.23 respectively, with spreads of - 0.06%, 0.11%, and 0.30% [5] - The closing prices of T2303, TF2303, T2306, and TF2306 in Treasury bond futures are 108.59, 106.07, 108.60, and 106.15 respectively, with increases of 0.04%, 0.01%, 0.06%, and 0.03% [5] - The funding rates of R001, R007, and SHIBOR - 3M are 1.4329%, 1.6029%, and 1.5800% respectively, with daily changes of - 17.00 BP, 0.00 BP, and 0.00 BP [5]

1. Report Information - Report Title: "Big Asset Morning Report" - Report Date: January 30, 2026 - Report Team: Macro Team of the Research Center [2] 2. Global Asset Market Performance 2.1 Bond Market - **10 - year Treasury Bonds**: Yields of 10 - year Treasury bonds in major economies vary, with the US at 4.233, the UK at 4.510, France at 3.418, etc [3]. - **2 - year Treasury Bonds**: The US 2 - year Treasury bond yield is 3.561, the UK's is 3.706, and Germany's is 2.078 [3]. 2.2 Exchange Rate Market - **Dollar against Major Emerging Economies' Currencies**: The exchange rate of the dollar against the Brazilian real is 5.190, against the South African rand is 15.738, etc [3]. - **Renminbi**: The on - shore RMB is at 6.952, the off - shore RMB is at 6.945, and the RMB central parity rate is 6.977 [3]. 2.3 Stock Market - **Major Economies' Stock Indices**: The S&P 500 is at 6969.010, the Dow Jones Industrial Average is at 49071.560, and the Nasdaq is at 23685.120 [3]. 2.4 Credit Bond Index - The euro - zone investment - grade credit bond index is at 267.857, and the euro - zone high - yield credit bond index is at 413.160 [3]. 3. Stock Index Futures Trading Data 3.1 Index Performance - **Closing Prices**: The A - share index closes at 4157.98, the CSI 300 at 4753.87, the SSE 50 at 3110.91, etc [4]. - **Price Changes (%)**: The A - share index rises 0.16%, the CSI 300 rises 0.76%, the SSE 50 rises 1.65%, while the ChiNext falls 0.57% and the CSI 500 falls 0.97% [4]. 3.2 Valuation - **PE (TTM)**: The PE (TTM) of the CSI 300 is 14.31, the SSE 50 is 11.82, the CSI 500 is 38.58, etc [4]. - **Quarter - on - Quarter Changes**: The PE (TTM) of the CSI 300 has a 0.11 quarter - on - quarter change, the SSE 50 has 0.15, and the CSI 500 has - 0.37 [4]. 3.3 Risk Premium - **1/PE - 10 - year Interest Rate**: The risk premium of the S&P 500 is - 0.64, and that of the German DAX is 2.46 [4]. - **Quarter - on - Quarter Changes**: The risk premium of the S&P 500 has a 0.02 quarter - on - quarter change, and the German DAX has 0.12 [4]. 3.4 Fund Flows - **Latest Values**: The net fund outflow of A - shares is - 952.92, the main board is - 653.65, and the ChiNext is - 134.31 [4]. - **Average of the Past 5 Days**: The average net fund outflow of A - shares in the past 5 days is - 1146.55, the main board is - 874.95, and the ChiNext is - 205.36 [4]. 4. Transaction Amount and Basis 4.1 Transaction Amount - **Latest Values**: The total trading volume of the Shanghai and Shenzhen stock markets is 32300.08, the CSI 300 is 9179.66, and the SSE 50 is 2948.88 [5]. - **Quarter - on - Quarter Changes**: The total trading volume of the Shanghai and Shenzhen stock markets has a 2645.98 quarter - on - quarter change, the CSI 300 has 885.52, and the SSE 50 has 422.65 [5]. 4.2 Basis of Main Contracts - **Basis**: The basis of IF is 30.13, IH is 19.49, and IC is - 0.24 [5]. - **Basis Ratio**: The basis ratio of IF is 0.63%, IH is 0.63%, and IC is - 0.00% [5]. 5. Treasury Bond Futures Trading Data - **Closing Prices**: The T2303 closes at 108.25, TF2303 at 105.88, T2306 at 108.26, and TF2306 at 105.91 [5]. - **Price Changes (%)**: T2303 rises 0.04%, T2306 rises 0.06%, while TF2303 has no change and TF2306 has a - 0.00% change [5]. 6. Capital Interest Rate - **Interest Rates**: R001 is 1.4381%, R007 is 1.6245%, and SHIBOR - 3M is 1.5910% [5]. - **Daily Changes (BP)**: R001 has a - 17.00 BP daily change, R007 has a 1.00 BP change, and SHIBOR - 3M has no change [5].

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.136, UK 4.476, France 3.523, Germany 2.797, Italy 3.484, Spain 3.259, Switzerland 0.157, Greece 3.391, Japan 1.939, Brazil 6.197, China 1.831, South Korea 3.376, Australia 4.684, New Zealand 4.349 [3] - The latest yields of 2 - year government bonds in major economies: US 3.561, UK 3.776, Germany 2.093, Japan 1.043, Italy 2.228, China (1Y yield) 1.400, South Korea 2.833, Australia 3.946 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.451, Russia (not provided), South Africa zar 16.934, South Korean won 1472.050, Thailand baht (not provided), Malaysian ringgit 4.111 [3] - The latest exchange rate - related data of the RMB: on - shore RMB 7.071, off - shore RMB 7.069, RMB central parity rate 7.075, RMB 12 - month NDF 6.934 [3] - The latest stock indices of major economies: S&P 500 6870.400, Dow Jones Industrial Average 47954.990, Nasdaq 23578.130, Mexican stock index 63378.300, UK stock index 9667.010, French CAC 8114.740, German DAX 24028.140, Spanish stock index 16688.500, Russian stock index (not provided), Nikkei 50491.870, Hang Seng Index 26085.080, Shanghai Composite Index 3902.808, Taiwan stock index 27980.890, South Korean stock index 4100.050, Indian stock index 8632.761, Thai stock index (not provided), Malaysian stock index 1616.520, Australian stock index 8926.127, emerging - economy stock index 1385.480 [3] - The latest credit - bond indices: US investment - grade credit - bond index 3535.540, euro - zone investment - grade credit - bond index 265.875, emerging - economy investment - grade credit - bond index 289.560, US high - yield credit - bond index 2901.450, euro - zone high - yield credit - bond index 409.330, emerging - economy high - yield credit - bond index 1806.999 [3] Stock Index Futures Trading Data - Index performance: A - share closing price 3902.81, up 0.70%; CSI 300 closing price 4584.54, up 0.84%; SSE 50 closing price 3002.01, up 0.93%; ChiNext closing price 3109.30, up 1.36%; CSI 500 closing price 7097.84, up 1.21% [4] - Valuation: PE(TTM) of CSI 300 is 14.02 with a 0.06环比 change; SSE 50 is 11.86 with a 0.04环比 change; CSI 500 is 32.35 with a 0.41环比 change; S&P 500 is 27.33 with a 0.05环比 change; German DAX is 18.61 with a 0.11环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.48 with a - 0.05环比 change; German DAX is 2.58 with a - 0.05环比 change [4] - Fund flow: The latest value of A - share fund flow is 759.67, the main board is 443.70, the ChiNext is 260.14, and CSI 300 is 197.37. The 5 - day average of A - share fund flow is - 395.38, the main board is - 294.49, the ChiNext is - 74.98, and CSI 300 is 17.56 [4] - Transaction amount: The latest transaction amount of the Shanghai and Shenzhen stock markets is 17257.71 with a 1768.11环比 change; CSI 300 is 4121.47 with a 633.80环比 change; SSE 50 is 1104.47 with a 218.25环比 change; small - and - medium - sized board is 3269.66 with a 132.41环比 change; ChiNext is 4717.40 with a 600.12环比 change [5] - Main contract basis and spread: IF basis is - 10.14, amplitude - 0.22%; IH basis is - 4.61, amplitude - 0.15%; IC basis is - 14.64, amplitude - 0.21% [5] Treasury Bond Futures Trading Data - Closing prices and price changes: T2303 closing price is 108.06, up 0.06%; TF2303 closing price is 105.72, up 0.10%; T2306 closing price is 107.87, up 0.19%; TF2306 closing price is 105.76, up 0.15% [5] - Fund interest rates: R001 is 1.3719% with a - 12.00 BP daily change; R007 is 1.4963% with a 1.00 BP daily change; SHIBOR - 3M is 1.5800% with a 0.00 BP daily change [5]

1. Global Asset Market Performance - Main economies' 10 - year treasury bond yields: US 4.015, UK 4.440, France 3.408, Germany 2.688, Italy 3.398, Spain 3.163, Switzerland 0.149, Greece 3.286, Japan 1.806, Brazil 6.144, China 1.830, South Korea 3.346, Australia 4.515, New Zealand 4.253 [1] - Main economies' 2 - year treasury bond yields: US 3.491, UK 3.736, Germany 2.026, Japan 0.972, Italy 2.175, China (1Y yield) 1.394, South Korea 2.848, Australia 3.807 [1] - USD exchange rates against major emerging - economy currencies: Brazil 5.335, Russia (not available), South Africa zar 17.113, South Korean won 1467.300, Thai baht 32.195, Malaysian ringgit 4.133 [1] - RMB exchange rates: On - shore RMB 7.075, Off - shore RMB 7.071, RMB central parity rate 7.079, RMB 12 - month NDF 6.936 [1] - Main economies' stock indices: S&P 500 6849.090, Dow Jones Industrial Average 47716.420, NASDAQ 23365.690, Mexican index 63596.780, UK index 9720.510, France CAC 8122.710, Germany DAX 23836.790, Spanish index 16371.600, Russian index (not available), Nikkei 50253.910, Hang Seng Index 25858.890, Shanghai Composite Index 3888.596, Taiwan index 27626.480, South Korean index 3926.590, Indian index 8508.706, Thai index 1256.690, Malaysian index 1604.470, Australian index 8918.688, Emerging - economy index 1366.920 [1] - Credit bond indices: US investment - grade credit bond index 3552.300, Euro - zone investment - grade credit bond index 266.285, Emerging - economy investment - grade credit bond index 290.250, US high - yield credit bond index 2898.070, Euro - zone high - yield credit bond index 408.890, Emerging - economy high - yield credit bond index 1801.247 [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3888.60, up 0.34%; CSI 300 closing price 4526.66, up 0.25%; SSE 50 closing price 2969.62, down 0.09%; ChiNext closing price 3052.59, up 0.70%; CSI 500 closing price 7031.55, up 1.15% [2] - Valuation: CSI 300 PE(TTM) 13.94, down 0.01; SSE 50 PE(TTM) 11.83, down 0.05; CSI 500 PE(TTM) 32.03, up 0.36; S&P 500 PE(TTM) 27.22, up 0.14; Germany DAX PE(TTM) 18.48, up 0.05 [2] - Risk premium: S&P 500 1/PE - 10 - year interest rate - 0.34, down 0.04; Germany DAX 1/PE - 10 - year interest rate 2.72, down 0.03 [2] - Fund flow: A - share latest value 190.92, 5 - day average - 112.89; Main board latest value 147.52, 5 - day average - 147.45; ChiNext latest value 37.44, 5 - day average 25.57; CSI 300 latest value - 41.10, 5 - day average 0.41 [2] 3. Other Trading Data - Transaction amount: Shanghai and Shenzhen stock markets latest value 15857.96, down 1239.98; CSI 300 latest value 3418.32, down 759.58; SSE 50 latest value 850.32, down 200.74; SME board latest value 3098.26, down 177.49; ChiNext latest value 4567.21, down 380.14 [3] - Main contract basis: IF basis - 20.86, - 0.46%; IH basis - 6.42, - 0.22%; IC basis - 57.35, - 0.82% [3] - Treasury bond futures: T2303 closing price 108.15, up 0.03%; TF2303 closing price 105.71, up 0.03%; T2306 closing price 107.94, up 0.04%; TF2306 closing price 105.75, down 0.02% [3] - Fund rates: R001 1.4252%, down 9.00 BP; R007 1.5222%, unchanged; SHIBOR - 3M 1.5800%, unchanged [3]

Report Information - Report Title: Big Asset Morning Report - Research Team: Macro Team of the Research Center - Date: November 27, 2025 [1] Global Asset Market Performance - **10 - Year Treasury Bonds**: Data for major economies such as the US, UK, France, etc., are all marked as '-', indicating no available data presented [2] - **2 - Year Treasury Bonds**: Data for major economies including the US, UK, Germany, etc., are all '-', showing no available data [2] - **Exchange Rates**: Data for the US dollar against major emerging - economy currencies like the Brazilian real, Russian ruble, etc., are all '-', with no available data [2] - **Stock Indices**: Data for major economies' stock indices such as the S&P 500, Dow Jones Industrial Average, etc., are all '-', meaning no available data [2] - **Credit Bond Indices**: Data for various credit bond indices including US investment - grade, euro - zone investment - grade, etc., are all '-', indicating no available data [2] Stock Index Futures Trading Data - **Index Performance**: A - share closed at 3864.18 with a - 0.15% change; the CSI 300 closed at 4517.63 with a 0.61% change; the SSE 50 closed at 2971.80 with a 0.12% change; the ChiNext closed at 3044.69 with a 2.14% change; the CSI 500 closed at 6965.05 with a 0.15% change [3] - **Valuation**: The PE(TTM) of the CSI 300 is 13.92 with a 0.00 change; the SSE 50 is 11.85 with a - 0.04 change; the CSI 500 is 31.74 with a 0.05 change [3] - **Fund Flows**: The latest A - share fund flow is - 610.83, the main - board is - 535.27, the ChiNext is - 96.51, and the CSI 300 is 67.16. The 5 - day average of A - shares is - 515.31, the main - board is - 447.60, the ChiNext is - 55.59, and the CSI 300 is - 65.88 [3] Other Trading Data - **Transaction Amount**: The latest total trading amount of the Shanghai and Shenzhen stock markets is 17833.46 with a - 288.01 change; the CSI 300 is 4273.61 with a 158.37 change; the SSE 50 is 972.58 with a - 7.74 change; the small - and - medium - sized board is 3572.97 with a - 150.94 change; the ChiNext is 5235.99 with a 11.44 change [4] - **Main Contract Premium/Discount**: For IF, the basis is - 24.63 with a - 0.55% change; for IH, the basis is - 7.20 with a - 0.24% change; for IC, the basis is - 55.65 with a - 0.80% change [4] - **Treasury Bond Futures**: Data for T2303, TF2303, T2306, TF2306 are all marked as '-', indicating no available data [4] - **Funding Rates**: R001 is 1.3672% with a - 15.00 BP change; R007 is 1.5205% with a 0.00 BP change; SHIBOR - 3M is 1.5790% with a 0.00 BP change [4]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 3.997, UK 4.493, France 3.406, Germany 2.671, Italy 3.399, Spain 3.161, Switzerland 0.131, Greece 3.273, Japan 1.799, Brazil 6.146, China 1.818, South Korea (not available), Australia 4.428, New Zealand 4.145 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.460, UK 3.755, Germany 2.013, Japan 0.964, Italy 2.184, China (1Y yield) 1.404, South Korea (not available), Australia 3.673 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.386, Russia (not available), South Africa zar 17.220, Korean won 1468.300, Thai baht 32.310, Malaysian ringgit 4.135 [3] - The latest exchange rates of the RMB are: on - shore 7.085, off - shore 7.082, mid - price 7.083, 12 - month NDF 6.945 [3] - The latest values of major economies' stock indices are: S&P 500 6765.880, Dow Jones Industrial Average 47112.450, Nasdaq 23025.590, Mexican index 63214.560, UK index 9609.530, French CAC 8025.800, German DAX 23464.630, Spanish index 16140.900, Russian index (not available), Nikkei 48659.520, Hang Seng Index 25894.550, Shanghai Composite Index 3870.023, Taiwan index 26912.170, South Korean index 3857.780, Indian index 8521.885, Thai index 1268.780, Malaysian index 1611.740, Australian index 8824.235, emerging - economy index 1353.840 [3] - The latest values of credit - bond indices are: US investment - grade 3548.370, euro - zone investment - grade 266.193, emerging - economy investment - grade 290.250, US high - yield 2886.590, euro - zone high - yield 407.810, emerging - economy high - yield 1797.248 [3] Group 2: Stock Index Futures Trading Data - For A - shares, the closing price is 3870.02 with a 0.87% increase; for CSI 300, the closing price is 4490.40 with a 0.95% increase; for SSE 50, the closing price is 2968.20 with a 0.60% increase; for ChiNext, the closing price is 2980.93 with a 1.77% increase; for CSI 500, the closing price is 6954.60 with a 1.25% increase [4] - The PE (TTM) values are: CSI 300 13.92, SSE 50 11.89, CSI 500 31.69, S&P 500 26.78, German DAX 18.20, with环比changes of 0.11, 0.07, 0.34, 0.14, 0.18 respectively [4] - The risk premiums (1/PE - 10 - year interest rate) are: S&P 500 - 0.26, German DAX 2.82, with环比changes of 0.01 and - 0.04 respectively [4] - The latest capital flows are: A - shares 118.55, main board 41.57, small - and - medium - sized enterprise board (not available), ChiNext 82.95, CSI 300 22.47, and the 5 - day average values are - 534.34, - 438.23, (not available), - 68.11, - 58.99 respectively [4] Group 3: Other Trading Data - The latest trading volume amounts are: Shanghai and Shenzhen stock markets 18121.47, CSI 300 4115.24, SSE 50 980.32, small - and - medium - sized enterprise board 3723.91, ChiNext 5224.55, with环比changes of 843.73, - 142.83, - 122.39, 249.84, 462.39 respectively [5] - The basis and basis spreads of stock index futures are: IF basis - 17.40 (- 0.39%), IH basis - 9.00 (- 0.30%), IC basis - 54.60 (- 0.79%) [5] - The closing prices and price changes of treasury bond futures are: T2303 108.37 (- 0.13%), TF2303 105.80 (- 0.09%), T2306 108.22 (- 0.11%), TF2306 105.98 (- 0.01%) [5] - The capital interest rates are: R001 1.3843%, R007 1.5238%, SHIBOR - 3M 1.5800%, with daily changes of - 18.00 BP, - 4.00 BP, 0.00 BP respectively [5]

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]