| 10 m 22 111 | Un m A 11 | | --- | --- | | SOURCE POINT | SOURCE POINT | | 三十四代 | | 研究中心宏观团队 2025/10/10 国 债 期 货 交 易 数 据 国债期货 T00 TF00 T01 TF01 收盘价 108.045 105.730 107.720 105.610 涨跌（%） 0.00% 0.00% 0.00% 0.00% 资金利率 R001 R007 SHIBOR-3M 1.4069% 1.5367% 1.5790% 日度变化(BP) -20.00 -7.00 0.00 货 币 市 场 | 最新变化 | 0.05% | 0.21% | 0.09% | -0.25% | -0.34% | 0.82% | | --- | --- | --- | --- | --- | --- | --- | | 一周变化 | 0.18% | 0.31% | 0.11% | -0.36% | -0.43% | -0.44% | | 一月变化 | 1.41% | 0.77% | 1.26% | 0.66% | 0.33% | 1.18% ...

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 update on global asset markets, including bond yields, exchange rates, stock indices, and futures trading data, released on August 8, 2025, by the macro team of the research center [2]. Global Asset Market Performance Bond Yields - **10 - year Treasury Yields**: Yields in major economies showed various changes. For example, the US 10 - year yield was 4.251 on August 7, 2025, with a latest change of 0.022, a one - week change of - 0.125, a one - month change of - 0.100, and a one - year change of 0.111. Yields in other countries also had different trends over different time periods [3]. - **2 - year Treasury Yields**: The US 2 - year yield was 3.720 on August 7, 2025. There were also changes in other countries' 2 - year yields, such as the UK, Germany, and Japan, over different time frames [3]. Exchange Rates - **Dollar vs. Emerging Economies Currencies**: The dollar's exchange rates against major emerging economies' currencies changed. For example, against the Brazilian real, it was 5.425 on August 7, 2025, with a latest change of - 0.72% and a one - year change of - 3.36% [3]. - **Renminbi**: The on - shore and off - shore RMB exchange rates were 7.181 on August 7, 2025, with different changes in the latest, one - week, one - month, and one - year periods [3]. Stock Indices - **Major Economies Indices**: Indices such as the S&P 500, Dow Jones, and Nasdaq had different performance. The S&P 500 closed at 6340.000 on August 7, 2025, with a latest change of - 0.08%, a one - week change of 0.01%, a one - month change of 0.95%, and a one - year change of 16.62% [3]. - **Other Indices**: Including Russian, Japanese, and Chinese indices, they also showed different trends over different time periods [3]. Credit Bond Indices - Different credit bond indices, such as US investment - grade, euro - zone investment - grade, and emerging economies' investment - grade credit bond indices, had positive changes in the latest, one - week, one - month, and one - year periods [3][4]. Futures Trading Data Stock Index Futures - **Index Performance**: A - shares closed at 3639.67 with a 0.16% change. Other indices like the CSI 300, SSE 50, ChiNext, and CSI 500 also had their respective closing prices and percentage changes [5]. - **Valuation**: PE (TTM) and its环比changes were provided for indices such as the CSI 300, SSE 50, and CSI 500, as well as the S&P 500 and German DAX [5]. - **Risk Premium**: The 1/PE - 10 - year interest rate and its环比changes were given for several indices [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows for A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were presented [5]. - **Trading Volume**: The latest trading volumes and环比changes were shown for the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - cap board, and ChiNext [5]. - **Main Contract Premium/Discount**: The basis and percentage changes were provided for IF, IH, and IC contracts [5]. Treasury Futures - Treasury futures T00, TF00, T01, and TF01 had their closing prices and percentage changes on August 7, 2025 [6]. - Money market rates such as R001, R007, and SHIBOR - 3M were reported, along with their daily changes in basis points [6].

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]