| Un Am See I II. | | --- | | SOURCE POINT | | -1-1-1-1-1-1 | | 大类资产早报 | | | --- | --- | | | 研究中心宏观团队 2025/08/22 | | 全 球 资 产 市 场 表 现 | 主要经济体10年期国债收益率 | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/08/21 | 4.329 | 4.729 | 3.461 | 2.756 | 3 ...

| 11 201 2017 11:2 | | --- | | and secure a comprehens and secure and secure and a province and | | | | 乖 亦安期货 | | --- | 大类资产早报 研究中心宏观团队 2025/08/21 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/08/20 | 4.292 | 4.671 | 3.413 | 2.716 | 3.524 | 3.295 | 0.271 | 3.369 | | 最新变化 | -0.015 | -0.068 | -0.022 | -0.033 | -0.030 | -0.026 | -0.001 | -0.032 | | 一周变化 | 0.057 | 0.083 | 0.079 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No clear core view is presented in the provided text. It mainly offers data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data for stock and bond futures. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On July 14, 2025, the 10 - year Treasury bond yields in the US, UK, France, etc., showed different levels and changes. For example, the US yield was 4.435 with a latest change of 0.024, a one - week change of 0.054, a one - month change of - 0.013, and a one - year change of 0.075 [2]. - **2 - Year Treasury Bond Yields**: The 2 - year Treasury bond yields of the US, UK, Germany, etc., also had various values and fluctuations. For instance, the US yield was 3.860 on July 14, 2025, with a latest change of 0.000, a one - week change of - 0.020, a one - month change of 0.160, and a one - year change of - 0.880 [2]. - **Dollar Exchange Rates Against Major Emerging Economies' Currencies**: The dollar exchange rates against currencies like the Brazilian real, Russian ruble, etc., had different changes. For example, the exchange rate against the Brazilian real was 5.588 on July 14, 2025, with a latest change of 0.51% and a one - week change of 1.84% [2]. - **Stock Indices of Major Economies**: Stock indices such as the S&P 500, Dow Jones, etc., had different closing prices and percentage changes. For example, the S&P 500 closed at 6268.560 on July 14, 2025, with a latest change of 0.14%, a one - week change of 0.62%, a one - month change of 3.90%, and a one - year change not provided [2]. - **Credit Bond Indices**: Different credit bond indices, including US investment - grade, euro - zone investment - grade, etc., had different changes. For example, the US investment - grade credit bond index had a latest change of - 0.01%, a one - week change of - 0.25%, a one - month change of 0.75%, and a one - year change of 5.51% [2]. Stock Index Futures Trading Data - **Index Performance**: Data on A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 index performance were presented, but closing prices and percentage changes were not provided [3]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.33, 11.41, 29.47, 26.66, and 20.67 respectively, with corresponding环比 changes [3]. - **Risk Premium**: The risk premium of S&P 500 was - 0.68 and that of German DAX was 2.11, with corresponding环比 changes [3]. - **Fund Flow**: The latest values of fund flow for A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were - 624.53, - 461.96, not provided, - 140.10, and - 139.09 respectively, and the 5 - day average values were also presented [3]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices of Treasury bond futures T00, TF00, T01, and TF01 were 108.730, 105.920, 108.775, and 106.005 respectively, with percentage changes of - 0.01%, 0.00%, - 0.00%, and 0.00% [4]. - **Funding Rates**: The funding rates R001, R007, and SHIBOR - 3M were 1.4837%, 1.5426%, and 1.5610% respectively, with daily changes of - 3.00, 3.00, and 0.00 BP [4].

Core Viewpoint - The Financial Regulatory Bureau has revised the "Management Measures for Currency Brokerage Companies" to enhance supervision, standardize brokerage behavior, prevent financial risks, and promote high-quality development in the industry [1] Group 1: Regulatory Changes - The minimum registered capital requirement for currency brokerage companies has been increased from 20 million RMB to 100 million RMB [2] - The revised measures optimize the qualifications of investors and set stricter entry standards for small and medium-sized financial institutions [2] Group 2: Business Scope Adjustments - Currency brokerage companies are now allowed to provide brokerage services for transactions involving currency, bonds, foreign exchange, gold, and derivatives, while still prohibited from engaging in self-operated financial products [3] - The measures also permit brokerage companies to offer data services to recognized financial infrastructure operators and institutions [3] Group 3: Operational Standards - The revised measures emphasize the need for currency brokerage companies to confirm that financial institutions have obtained the necessary market access qualifications before providing brokerage services [4] - Enhanced management of the entire business process is mandated, including due diligence, service agreements, anonymous matching, transaction confirmations, and fee management [5] Group 4: Personnel Management - A dedicated chapter on "Broker Management" has been added, requiring currency brokerage companies to implement compliance training, incentive mechanisms, and supervision for brokers [6] - The measures outline fourteen prohibited activities for brokers to prevent damage to client rights and market order, such as providing services beyond their business scope and transmitting false trading information [6]

Core Viewpoint - The revised "Management Measures for Currency Brokerage Companies" aims to enhance the operational scope and risk management of currency brokerage companies, effective from August 1, 2025, while increasing the minimum registered capital requirement to strengthen their risk resilience [1][3]. Group 1: Business Scope Expansion - The revised measures allow currency brokerage companies to provide matching services for transactions in currencies, bonds, foreign exchange, gold, and derivatives among financial institutions, while explicitly excluding equity and commodity derivatives from their brokerage services [3][4]. - The measures also permit brokerage companies to utilize market data generated during brokerage activities to offer data services to clients [3]. Group 2: Capital Requirements - The minimum registered capital requirement for currency brokerage companies has been raised from 20 million RMB to 100 million RMB or its equivalent in freely convertible currency [4]. - The measures specify that the investment must come from the broker's own funds, prohibiting the use of entrusted or debt funds for investment, and limit equity investments to no more than 50% of the company's net assets [4]. Group 3: Regulatory Enhancements - The revised measures include stricter compliance management, operational risk management, and information technology risk management requirements, with a focus on data security [6]. - A dedicated chapter on "Broker Management" has been added to strengthen the regulation of broker behavior, emphasizing the management of suspicious transactions and the ethical conduct of brokers [6]. - The measures highlight the importance of inter-departmental regulatory collaboration among financial regulatory bodies to ensure comprehensive oversight of brokerage activities in various markets [6].

Core Viewpoint - The article discusses the main revisions to the regulatory framework for currency brokerage companies, focusing on enhancing risk resilience and expanding operational scope [1] Group 1: Administrative License Adjustments - The regulatory framework optimizes and adjusts administrative license matters by moderately increasing the registered capital requirements for currency brokerage companies to strengthen their risk resistance capabilities [1] - The qualifications for investors are optimized, and certain administrative licensing procedures are streamlined to improve efficiency [1] Group 2: Business Scope Expansion - The revisions allow currency brokerage companies to provide matching services for market transactions involving currencies, bonds, foreign exchange, gold, and derivatives among financial institutions [1] - It is clarified that currency brokerage companies can legally and compliantly utilize market data gathered during brokerage activities to offer data information services to clients [1]

Core Viewpoint - The National Financial Regulatory Administration has optimized the business scope of currency brokerage firms, allowing them to provide matching services for transactions in currency, bonds, foreign exchange, gold, and derivatives among financial institutions [1] Group 1: Business Scope Expansion - Currency brokerage firms are now permitted to facilitate transactions in currency, bonds, foreign exchange, gold, and derivatives between financial institutions [1] - The regulation aims to adapt to the development of financial markets and regulatory practices [1] Group 2: Derivatives Brokerage Clarification - The new guidelines specify that the derivatives brokerage services provided by currency brokerage firms do not include equity and commodity derivatives [1] - This clarification is based on functional positioning and risk prevention considerations [1] Group 3: Data Service Regulation - Currency brokerage firms are allowed to utilize market data generated during brokerage activities to provide data services to clients, in compliance with existing regulations [1] - This aligns with current regulatory frameworks [1]

Group 1 - The book "The Power of Money" by Paul Sheard discusses various aspects of money, including its creation, government debt concerns, destructive effects of money, and the potential of cryptocurrencies to disrupt existing monetary systems [2][4][24] - Sheard emphasizes the common misunderstandings and controversies surrounding money, suggesting that many people's perceptions are flawed and need clarification [2][5] - The relationship between the real economy and the monetary economy is complex, with money being essential for economic health, contrary to the traditional view that money is neutral [4][10] Group 2 - Money is fundamentally a social construct, gaining value through collective acceptance, and modern money is fiat currency, backed by government trust rather than physical commodities [5][7] - Central banks play a crucial role in money issuance, typically using commercial banks as intermediaries to inject money into the economy [7][8] - Government debt, primarily in the form of national bonds, is often misunderstood; unlike personal or corporate debt, government debt can be sustained due to the government's long-term existence and creditworthiness [10][12] Group 3 - The destructive potential of money is highlighted, particularly in the context of financial crises, where liquidity can vanish suddenly, leading to severe economic impacts [15][16] - The concept of liquidity is multifaceted, affecting how assets are traded and the stability of financial markets, especially during crises [16][17] - The U.S. dollar remains the dominant international currency, but its status is being challenged by geopolitical factors and the U.S. government's actions, leading to discussions about alternative currencies [22][23] Group 4 - Cryptocurrencies, while not yet a serious challenge to sovereign currencies, are gaining attention for their potential to disrupt traditional monetary systems and prompt central banks to innovate [24][26] - The emergence of cryptocurrencies has led to a reevaluation of payment systems and monetary policy, as they present both opportunities and risks for central banks [26][27] - The book provides a broad analysis of money, acknowledging that the discussion around it is vast and complex, with many dimensions yet to be explored [27]

Core Viewpoint - The development of a financial system with Chinese characteristics is a product of historical progress since the founding of New China, particularly since the reform and opening up, integrating Marxist financial theory with contemporary Chinese realities and traditional culture [3][4]. Group 1: Cultural Support for Financial Development - The financial development path requires strong cultural support and nourishment from Chinese culture, which is considered the soul of the nation [3][7]. - Emphasizing honesty and trustworthiness is crucial, as credit is a core element of the financial industry, impacting the efficiency of the financial system [4][6]. Group 2: Ethical Perspectives in Finance - A correct view of righteousness and profit is essential, balancing functionality and profitability in financial services [5][6]. - The financial system should focus on providing high-quality services in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance, which may not yield immediate economic benefits but are vital for long-term development [6][7]. Group 3: Strategic Goals and Implementation - The path of financial development with Chinese characteristics is innovative and rooted in national conditions, requiring both hard and soft power enhancements [7]. - The goal is to build a strong financial nation, maintaining strategic determination and practical efforts to achieve high-quality financial development that supports national rejuvenation [7].

Group 1 - The article discusses the limitations of economics as a social science, emphasizing that economic theories cannot be permanently validated or invalidated due to the changing nature of human behavior and societal ideas [2][3] - Keynesian economics, which emerged during the Great Depression, highlighted the role of government in stabilizing the economy and addressing issues like insufficient effective demand and unemployment [3][4] - The rise of neoliberalism in the 1970s challenged Keynesian principles, attributing economic stagnation to government intervention rather than market failure, yet Keynesian policies remain relevant during economic crises [4][8] Group 2 - The concept of uncertainty is central to Keynes's theory, influencing his views on money and government as tools to manage economic unpredictability [5][6] - Keynesian policies are particularly effective in addressing liquidity preference traps, where individuals hoard cash during economic downturns, leading to insufficient demand [6][7] - Despite the decline of Keynesianism in the 1970s due to its inability to address stagflation, the theory's focus on short-term stabilization remains significant in guiding macroeconomic policy during crises [8][9]