Group 1 - The core point of the announcement is that Golden Dragon Fish plans to continue and expand its hedging business in foreign exchange and commodities for the year 2026, with a maximum contract value of 304 billion RMB for any trading day and 7.9 billion RMB for commodity options [1][2] - The hedging plan is seen as a critical strategy for the company to lock in procurement costs, stabilize sales profits, and mitigate inventory depreciation, indicating the essential role of hedging in the company's operations [1][2] - The hedging amount for 2026 is estimated to represent 6% of the annual trading volume of the main futures contracts for domestic soybean oil, palm oil, and rapeseed oil, positioning the company among the top tier of global enterprises [1] Group 2 - The 2026 hedging plan not only increases the overall scale but also optimizes the structure of tools used, aiming to reduce the impact of market price fluctuations on production costs and product pricing [2] - The company is transitioning from a focus on capacity competition to risk management competition within the grain and oil processing industry, indicating a strategic upgrade in its hedging capabilities [2] - The expansion of options trading by Golden Dragon Fish is expected to encourage exchanges to introduce more options for palm oil, peanuts, and rapeseed oil, creating a positive feedback loop between the leading company, exchanges, and downstream businesses [2]

Global Asset Market Performance - The latest value of the 1-year yield of China's 2-year treasury bond is 1.406 [2] - The latest exchange rates of the US dollar against major emerging economies' currencies are: 5.312 against the Brazilian real, 16.996 against the South African rand, 1473.500 against the South Korean won, 32.040 against the Thai baht, and 4.113 against the Malaysian ringgit [2] - The latest values of the onshore RMB, offshore RMB, RMB central parity rate, and RMB 12-month NDF are 7.072, 7.072, 7.073, and 6.935 respectively [2] - The latest values of major economies' stock indices are: S&P 500 at 6857.120, Dow Jones Industrial Average at 47850.940, NASDAQ at 23505.140, etc [2] - The latest values of credit bond indices are: US investment-grade credit bond index at 3540.480, eurozone investment-grade credit bond index at 266.108, etc [2] Stock Index Futures Trading Data - For A-shares, the closing price is 3875.79 with a -0.06% change; for the CSI 300, it's 4546.57 with a 0.34% change; for the SSE 50, it's 2974.34 with a 0.38% change; for the ChiNext, it's 3067.48 with a 1.01% change; for the CSI 500, it's 7012.81 with a 0.24% change [3] - The PE(TTM) values of the CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are 13.96, 11.82, 31.94, 27.28, and 18.52 respectively, with环比 changes of 0.02, 0.02, 0.06, 0.04, and 0.15 [3] - The latest capital flow values for A-shares, the main board, the small and medium-sized enterprise board, the ChiNext, and the CSI 300 are -442.10, -426.62, -, -67.51, and 72.52 respectively, and the 5-day average values are -509.13, -353.73, -, -119.52, and -30.13 [3] - The latest trading volume values for the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small and medium-sized board, and ChiNext are 15489.60, 3487.67, 886.22, 3137.25, and 4117.28 respectively, with环比 changes of -1210.02, -257.19, 31.27, -174.24, and -545.69 [4] - The basis and basis spread for IF, IH, and IC are -15.97 (-0.35%), -6.14 (-0.21%), and -29.61 (-0.42%) respectively [4] Treasury Bond Futures Trading Data - The closing prices of T2303, TF2303, T2306, and TF2306 treasury bond futures are 108.00, 105.62, 107.67, and 105.60 respectively, with changes of -0.22%, -0.14%, -0.34%, and -0.24% [4] - The current capital interest rates of R001, R007, and SHIBOR-3M are 1.3611%, 1.4852%, and 1.5800% respectively, with daily changes of -12.00 BP, 1.00 BP, and 0.00 BP [4]

Core Viewpoint - The Federal Reserve's interest rate cuts significantly impact the performance of equity, debt, and currency assets, while the relationship with commodity prices is less clear [1][2] Equity Market - Equity assets have a higher success rate during preemptive rate cuts, while they are likely to decline during crisis-driven cuts [1][2] - The success rate of equities improves one month after a preemptive rate cut, and the performance during crisis-driven cuts is closely related to the recovery of fundamentals [2] Debt Market - U.S. Treasury yields are more likely to decline during crisis-driven rate cuts, while the trend during preemptive cuts is uncertain [1][2] - After rate cuts, U.S. Treasury yields typically decrease, while the trend for Chinese bonds is generally downward, with no clear pattern for German and Japanese bonds [2] Currency Market - The strength of the U.S. dollar is inconsistent in the early stages of rate cuts, but after 2-3 months, the dollar tends to depreciate under recessionary cuts and appreciate under preemptive cuts, with the Chinese yuan showing relative independence [1][2] - The average appreciation of the euro and yen is noted during these periods [2] Commodity Market - The relationship between commodity prices and interest rate cuts is weak, with gold showing a higher average increase during crisis-driven cuts and greater elasticity in price increases [1][2] - Oil prices are less correlated with rate cuts and are more influenced by supply and demand dynamics [1]

Core Insights - The article discusses the impact of Federal Reserve interest rate cuts on various asset classes, highlighting the differences between "relief" and "preventive" rate cuts [1][2] Group 1: Stock Market - Equity assets tend to perform better during preventive rate cuts, while they are likely to decline during relief rate cuts [1][2] - The winning rate of equities increases one month after preventive rate cuts, with performance during relief cuts being closely tied to fundamental recovery [2] Group 2: Bond Market - U.S. Treasury yields are more likely to decline during relief rate cuts, while their behavior during preventive cuts is uncertain [1][2] - After rate cuts, U.S. Treasury yields typically decrease, and domestic bond yields also tend to drop in the short term, with no clear pattern observed in German or Japanese bonds [2] Group 3: Currency Market - The dollar's performance is mixed in the early stages of rate cuts, but tends to depreciate two to three months after relief cuts, while it may appreciate during preventive cuts [1][2] - The Chinese yuan shows relative independence in its movements compared to the dollar, while the euro and yen generally appreciate [2] Group 4: Commodity Market - Gold tends to have a higher average increase during preventive rate cuts, and its price elasticity is greater during relief rate cuts [1][2] - The relationship between oil prices and interest rate cuts is weak, as oil prices are more influenced by supply and demand dynamics [1][2]

Report Overview - The report is a daily report on major asset markets released by the macro team of the research center on July 8, 2025, covering global asset market performance, stock index futures trading data, and treasury bond futures trading data [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 7, 2025, the 10 - year treasury yields of the US, UK, France, etc. were 4.381%, 4.585%, 3.320% respectively. The latest changes were 0.033, 0.032, 0.042 respectively. The one - year changes were 0.094, 0.455, 0.054 respectively [2] 2 - Year Treasury Yields of Major Economies - On July 7, 2025, the 2 - year treasury yields of the US, UK, Germany, etc. were 3.880%, 3.859%, 1.833% respectively. The latest changes were 0.100, 0.014, 0.022 respectively. The one - year changes were - 0.770, - 0.363, - 0.971 respectively [2] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 7, 2025, the dollar - to - Brazilian real exchange rate was 5.487 with a latest change of 1.21%. The one - year change was - 0.25% [2] Stock Indices of Major Economies - On July 7, 2025, the S&P 500 index was 6229.980. The latest change was not available, the one - week change was 0.40%, the one - month change was 3.73%, and the one - year change was 13.63% [2] Credit Bond Indices - The latest changes in the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. were - 0.38%, - 0.11%, etc. The one - year changes were 5.78%, 6.34%, etc. [2][3] Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3473.13, 3965.17, 2731.53 respectively. The price changes were 0.02%, - 0.43%, - 0.33% respectively [4] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 treasury bond futures were 109.105, 106.225, 109.180, 106.305 respectively. The price changes were all 0.00% [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs Global Asset Market Performance - Bond Yields - **10 - year Treasury Yields**: On June 20, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.378%, 4.536%, 3.244% respectively. The latest changes, weekly changes, monthly changes, and annual changes varied across different countries. For example, the US had a latest change of - 0.015, a weekly change of - 0.023, a monthly change of - 0.152, and an annual change of 0.061 [3]. - **2 - year Treasury Yields**: On June 20, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.940%, 3.916%, 1.845% respectively. Similar to the 10 - year yields, there were different changes in the latest, weekly, monthly, and annual periods [3]. Global Asset Market Performance - Exchange Rates - **Dollar against Major Emerging Economies' Currencies**: On June 20, 2025, the exchange rates of the dollar against the South African rand, Brazilian currency, Russian ruble, etc. were 5.514, 17.993, 1370.750 respectively. The latest, weekly, monthly, and annual changes also showed differences. For example, the latest change against the South African rand was - 0.54% [3]. - **Renminbi**: On June 20, 2025, the on - shore and off - shore renminbi exchange rates were 7.182 and 7.179 respectively. The latest, weekly, monthly, and annual changes were also provided [3]. Global Asset Market Performance - Stock Indices - **Major Economies' Stock Indices**: On June 20, 2025, the Dow Jones, S&P 500, French CAC, etc. had closing prices of 5967.840, 42206.820, 19447.410 respectively. The latest, weekly, monthly, and annual changes in percentage were different for each index. For example, the latest change of the Dow Jones was - 0.15% [3]. - **Emerging Economies' Stock Indices**: On June 20, 2025, the Malaysian, Australian, and other emerging economies' stock indices had closing prices of 1502.740, 8723.538, etc. The latest, weekly, monthly, and annual changes were also presented [3]. Global Asset Market Performance - Credit Bond Indices - The emerging economies' investment - grade and high - yield credit bond indices, US investment - grade and high - yield credit bond indices, and euro - zone investment - grade and high - yield credit bond indices had different latest, weekly, monthly, and annual changes. For example, the latest change of the emerging economies' investment - grade credit bond index was 0.07% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3359.90, 3846.64, 2673.72 respectively on June 20, 2025. The percentage changes in price were - 0.07%, 0.09%, 0.31% respectively [5]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, etc. were 12.83, 11.08, 27.67 respectively. The环比 changes were 0.03, 0.05, - 0.18 respectively [5]. - **Risk Premium**: The risk premium of S&P 500 and German DAX were - 0.43 and 2.49 respectively, with环比 changes of 0.03 and - 0.06 respectively [5]. - **Fund Flow**: The latest values of fund flow in A - shares, the main board, etc. were - 555.34, - 347.45, etc. The 5 - day average values were also provided [5]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc. were 10676.86, 2135.23, 631.62 respectively. The环比 changes were - 1829.38, - 213.17, - 8.59 respectively [5]. - **Main Contract Premium/Discount**: The basis of IF, IH, IC were - 73.04, - 38.32, - 51.11 respectively, with amplitudes of - 1.90%, - 1.43%, - 0.91% respectively [5]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 109.150, 106.275, 109.150, 106.340 respectively on June 20, 2025. The percentage changes in price were - 0.00%, - 0.03%, 0.00%, - 0.01% respectively [6]. - The money market rates of R001, R007, SHIBOR - 3M were 1.4478%, 1.5910%, 1.6290% respectively, with daily changes of - 15.00, - 1.00, 0.00 BP respectively [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the provided content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On May 30, 2025, the 10 - year Treasury yields in the US, UK, France, etc. showed different changes. For example, the US yield was 4.403, with a latest change of - 0.017, a one - week change of - 0.110, a one - month change of 0.229, and a one - year change of - 0.021. Other countries also had their respective yield values and changes [3]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields in the US, UK, Germany, etc. on May 30, 2025, had various changes. For instance, the US yield was 3.960, with a latest change of 0.040, a one - week change of - 0.040, a one - month change of - 0.090, and a one - year change of - 0.860 [3]. - **Exchange Rates**: The US dollar exchange rates against major emerging economies' currencies on May 30, 2025, had different changes. For example, against the Brazilian real, it was 5.723, with a latest change of 1.35%, a one - week change of 1.82%, and a one - month change of 11.09% [3]. - **Stock Indices**: Major economies' stock indices on May 30, 2025, showed different performances. For example, the Dow Jones Industrial Average was 5911.690, with a latest change of - 0.01%, a one - week change of 1.88%, a one - month change of 11.39%, and a one - year change not provided. Other indices also had their respective values and changes [3]. - **Credit Bond Indices**: Different credit bond indices had different changes. For example, the emerging economies' investment - grade credit bond index had a latest change of 0.18%, a one - week change of 1.11%, a one - month change of - 0.24%, and a one - year change of 5.43% [3]. Stock Index Futures Trading Data - **Index Performance**: On May 30, 2025, the A - share index closed at 3347.49, with a decline of 0.47%. Other indices like the CSI 300, SSE 50, ChiNext, and CSI 500 also had their respective closing prices and percentage changes [4]. - **Valuation**: The PE (TTM) of the CSI 300 was 12.46, with a环比 change of - 0.03. Other indices had their own PE values and changes [4]. - **Risk Premium**: The risk premium of the S&P 500 was - 0.42, with a环比 change of 0.02. The German DAX had a risk premium of 2.37, with a环比 change of 0.00 [4]. - **Fund Flows**: The latest value of A - share fund flow was - 1066.19, and the 5 - day average was - 323.24. Other sectors also had their respective fund flow data [4]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 11391.79, with a环比 change of - 462.43. Other indices had their own trading volume data and changes [4]. - **Basis and Spread**: The basis of IF was - 17.83, with a spread of - 0.46%. Other contracts also had their respective basis and spread data [4]. Treasury Bond Futures Trading Data - **Closing Prices and Changes**: On May 30, 2025, the closing prices of T00, TF00, T01, and TF01 were 108.490, 105.715, 108.725, and 106.020 respectively, with no changes in percentage [5]. - **Funding Rates**: The R001 was 1.5667%, with a daily change of - 17.00 BP. The R007 was 1.6972%, with a daily change of - 4.00 BP. The SHIBOR - 3M was 1.6520%, with no daily change [5].