Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].

Group 1 - The U.S. government has entered a technical partial "shutdown" due to the inability to complete the legislative process before the budget authorization deadline on January 31, despite the Senate passing a $1.2 trillion funding bill [1] - The Indian government plans to borrow a record ₹17.2 trillion for the fiscal year 2026-27, with a projected reduction in the fiscal deficit from 4.4% to 4.3% and a decrease in debt-to-GDP ratio from 56.1% to 55.6% [2] - South Korea's semiconductor exports surged by 102.7% year-on-year in January, reaching $20.5 billion, contributing to an overall export growth of 33.9% to $65.85 billion, setting a record for January [4] Group 2 - The U.S. Securities and Exchange Commission (SEC) has initiated an emergency operational plan due to the partial government shutdown, retaining only essential personnel to maintain basic functions until funding is restored [2] - The U.S. Senate Agriculture Committee is advancing a cryptocurrency federal regulatory framework bill, highlighting partisan divisions that may hinder its passage in the full Senate [1][2] - Japan's core CPI rose by 2% year-on-year in January, lower than the expected 2.2%, indicating a slowdown in inflation and reducing expectations for recent interest rate hikes by the Bank of Japan [3]

Group 1 - The Federal Reserve maintains the benchmark interest rate at 3.50% to 3.75%, ending a series of three consecutive rate cuts since last September. This decision aligns with market expectations but reveals internal dissent, as two members voted against it, advocating for a 25 basis point cut [1] - Fed Chairman Powell emphasizes that the current interest rate is at the upper end of the "neutral zone," indicating neither tightening nor significant easing. He reiterates that decisions will be strictly data-driven, suggesting that if inflation related to tariffs continues to decline, it may indicate a potential for policy relaxation [1] - U.S. Treasury Secretary Yellen supports a strong dollar policy, denying any intervention in the foreign exchange market to sell dollars and buy yen. She asserts that capital will flow in when policies are appropriate [1] Group 2 - The German government lowers its 2026 economic growth forecast from 1.3% to 1%, highlighting ongoing external pressures on Europe's largest economy due to underwhelming infrastructure investment and high tariffs affecting exports [2] - SpaceX, owned by Musk, plans to launch its initial public offering (IPO) in mid-June, targeting a valuation of approximately $1.5 trillion and aiming to raise up to $50 billion, potentially becoming one of the largest tech company listings in history [2] - The Bank of Thailand introduces restrictions on gold trading to address the strengthening of the Thai baht, requiring traders with annual transactions exceeding 10 billion baht to report and setting a daily online trading limit of 50 million baht [2] Group 3 - The Dow Jones Industrial Average rises by 0.02% to 49,015.6 points, while the S&P 500 index decreases by 0.01% to 6,978.03 points, and the Nasdaq Composite Index increases by 0.17% to 23,857.45 points [3] - COMEX gold futures increase by 6.46% to $5,411 per ounce, and COMEX silver futures rise by 10.06% to $116.62 per ounce [4] Group 4 - The main contract for U.S. oil rises by 1.78% to $63.5 per barrel, while the main contract for Brent oil increases by 1.56% to $67.63 per barrel [5] - The 2-year U.S. Treasury yield remains unchanged at 3.5964%, the 3-year yield decreases by 0.56 basis points to 3.640%, the 5-year yield increases by 25.90 basis points to 3.828%, the 10-year yield rises by 0.20 basis points to 4.243%, and the 30-year yield decreases by 0.31 basis points to 4.855% [5] Group 5 - The U.S. dollar index increases by 0.63% to 96.35, with the euro declining by 0.70% against the dollar to 1.1953, and the British pound decreasing by 0.28% to 1.3809. The Australian dollar rises by 0.42% to 0.7041, while the dollar strengthens by 0.81% against the yen to 153.4200 [6]

Core Viewpoint - The article discusses the significant increase in various stock indices at the beginning of the year, highlighting a positive market sentiment compared to the previous year's performance [1]. Index Performance Summary - The Sci-Tech Innovation Board Index has risen by 10.19% this year, while the convertible bond equal-weight index has increased by 5.44% [1]. - Other notable indices include: - The Sci-Tech 50 Index up by 9.80% - The CSI 500 Index up by 7.92% - The CSI 1000 Index up by 7.03% - The Shenzhen Component Index up by 4.40% - The Shanghai Composite Index up by 3.82% [1].

Group 1: Stock Market Performance - In 2025, the three major U.S. stock indices achieved double-digit gains, marking the third consecutive year of increases, driven by tariff uncertainties and excitement around AI stocks [3][4] - The S&P 500 index rose by 16.39%, the Nasdaq by 20.36%, and the Dow Jones by 12.97% [4] Group 2: Currency Trends - The U.S. dollar index fell by over 9% in 2025, marking the largest annual decline since 2017, influenced by interest rate cuts and trade policy uncertainties under President Trump [5] - The euro appreciated by over 13% against the dollar during the same period [5] Group 3: Federal Reserve Actions - The Federal Reserve agreed to cut interest rates after extensive discussions on economic risks, with expectations of only one more rate cut in the following year [6][7] Group 4: Precious Metals Performance - Gold experienced its largest annual increase in 46 years, rising approximately 64%, while silver surged by about 147%, marking its strongest annual performance ever [8] - Platinum and palladium also saw significant gains, with platinum increasing over 122% and palladium rising more than 75% [8] Group 5: Commodity Market Trends - LME copper prices rose by 42%, achieving the largest annual increase in 16 years, driven by supply concerns and a weaker dollar [9] - CBOT soybeans recorded their first annual gain in three years, increasing nearly 4% due to China's return to the U.S. market [10] - Oil prices fell nearly 20%, marking the largest annual decline since 2020, influenced by oversupply expectations and geopolitical tensions [11] Group 6: Agricultural Commodities - ICE cotton futures fell by 6% for the fourth consecutive year due to ample global supply and trade uncertainties [12] - ICE raw sugar prices dropped by 22% in 2025, primarily due to increased production leading to a global supply surplus [13]

Market Insights - President Trump calls for the next Federal Reserve chairman to lower interest rates decisively when the economy and markets are performing strongly, rather than tightening policy too early due to inflation concerns. He criticizes the current market logic, stating that "good news has become bad news," and emphasizes that low interest rates can boost the stock market, stimulate the economy, and alleviate housing burdens. He suggests that a thriving stock market could lead to a GDP growth of 10% to 20% in the U.S. [1][6] - The U.S. third-quarter GDP annualized growth rate is reported at 4.3%, significantly exceeding the market expectation of 3.3%, marking the fastest growth rate in 2023 and indicating strong economic resilience [1][6]. - The core PCE price index for the third quarter shows an annualized quarter-on-quarter increase of 2.9%, consistent with expectations and up from the second quarter's final value of 2.6%. The overall PCE price index also rises by 2.8%, indicating that inflation remains on a moderate upward trajectory [1][7]. Manufacturing Sector - U.S. durable goods orders fell by 2.2% month-on-month in October, significantly worse than the expected decline of 1.5%, with the previous value revised down from +0.5%, highlighting weakened manufacturing momentum [2][7]. - U.S. industrial production increased by 0.2% month-on-month in November, slightly above the market expectation of 0.1%, marking the second consecutive month of expansion and indicating a slow recovery in manufacturing activity [2][7]. - The Richmond Fed manufacturing index for December improved to -7, better than the expected -10 and the previous value of -15, suggesting a slowdown in the pace of regional manufacturing contraction, although it has not yet returned to expansion [2][7]. Global Market Dynamics - The Dow Jones Industrial Average rose by 0.16% to 48,442.41 points, the S&P 500 increased by 0.46% to 6,909.79 points, and the Nasdaq Composite gained 0.57% to 23,561.84 points [3][8]. - COMEX gold futures increased by 1.09% to $4,518.20 per ounce, reaching a new intraday historical high, while COMEX silver futures rose by 4.40% to $71.585 per ounce, also setting a new historical peak [3][8]. Oil and Bond Markets - U.S. crude oil futures rose by 0.79% to $58.47 per barrel, while Brent crude oil futures increased by 0.62% to $61.96 per barrel [4][9]. - The 2-year U.S. Treasury yield rose by 3.18 basis points to 3.532%, the 3-year yield increased by 3.63 basis points to 3.583%, the 5-year yield rose by 2.65 basis points to 3.734%, the 10-year yield increased by 0.40 basis points to 4.165%, and the 30-year yield fell by 1.12 basis points to 4.824% [4][9].

Group 1: Federal Reserve and Economic Outlook - President Trump plans to nominate the next Federal Reserve Chair in the first week of January 2026, with current Chair Powell's term ending in May 2026. Trump emphasizes the need for a successor who supports "growth-friendly" monetary policy to promote economic expansion [1] - Treasury Secretary Becerra states that inflation is steadily approaching the Fed's 2% target, predicting that 2026 will see simultaneous improvement in economic growth and price stability. He notes that government efficiency improvements will further optimize the overall economic situation [1] - Fed Governor Milan warns that pausing interest rate cuts in 2026 could increase the risk of recession. He emphasizes that rising unemployment should prompt policymakers to maintain an accommodative stance [1] - Cleveland Fed President Harmack suggests that after three consecutive rate cuts, interest rate policy should remain stable in the coming months, arguing that the primary risk remains stubborn inflation rather than a weak job market [1] Group 2: EU Sanctions and Currency Intervention - The EU has decided to extend comprehensive economic sanctions against Russia for six months, effective until July 31, 2026, covering key areas such as trade, finance, energy, technology, and transportation. The EU is also implementing special measures to combat sanction evasion [2] - Japan's Finance Minister Katayama asserts that Japan retains the discretion to take decisive action in response to significant currency fluctuations that deviate from economic fundamentals, emphasizing the potential for "bold intervention" if necessary [2] Group 3: Market Dynamics - The Dow Jones Industrial Average rose by 0.47% to 48,362.68 points, the S&P 500 increased by 0.64% to 6,878.49 points, and the Nasdaq Composite gained 0.52% to 23,428.83 points [3] - COMEX gold futures increased by 2.13% to $4,480.60 per ounce, while COMEX silver futures rose by 2.37% to $69.09 per ounce [4] - Crude oil prices saw an increase, with the main US oil contract rising by 2.53% to $57.95 per barrel and Brent crude rising by 2.45% to $61.52 per barrel [5] - US Treasury yields increased across various maturities, with the 2-year yield rising by 2.96 basis points to 3.507%, and the 10-year yield increasing by 2.74 basis points to 4.165% [5] - The US dollar index fell by 0.46% to 98.26, while the euro and British pound appreciated against the dollar [5]

Market Overview - The Chinese foreign exchange market is operating steadily, with cross-border capital flows stabilizing. In November, the bank's foreign exchange settlement and sales surplus was $15.7 billion, remaining stable compared to October. The cross-border payment surplus was $17.8 billion, slightly lower than the average of $24 billion in September and October [1] - The U.S. Treasury Secretary expressed optimism about the economic outlook for 2026, indicating that inflation is gradually aligning with the Federal Reserve's 2% target, and expects improvements in economic growth and inflation trends [1] - The New York Fed President stated there is no urgent need for interest rate cuts based on the latest employment and inflation data, reinforcing market expectations for the Fed to pause rate cuts in the short term [1] Global Monetary Policy - The Bank of Japan raised its policy interest rate by 25 basis points to 0.75%, the highest level in 30 years, in response to persistent inflation pressures. The Governor indicated a willingness to continue raising rates if economic and price trends align with expectations [2] - The Bank of Korea announced a six-month exemption from foreign exchange stability tax for banks and will pay interest on excess foreign exchange reserves to enhance market liquidity and stabilize exchange rate expectations [2] - The Reserve Bank of India approved a reform plan to shift from a uniform premium deposit insurance model to a risk-based differentiated pricing system to enhance the financial system's risk sensitivity [2] Financial Market Dynamics - Major global financial markets are entering a "Christmas mode," with stock markets in the U.S., Europe, and Hong Kong closing on December 25, leading to a significant slowdown in trading activity as investors focus on post-holiday policy and economic data guidance [3] - The Dow Jones Industrial Average rose by 0.38% to 48,113.49 points, the S&P 500 increased by 0.88% to 6,834.5 points, and the Nasdaq Composite climbed by 1.31% to 23,307.62 points [4] - Gold futures increased by 0.1% to $4,368.7 per ounce, while silver futures surged by 3.34% to $67.395 per ounce, reaching a historical high [4] Commodity and Bond Market - U.S. crude oil futures rose by 0.96% to $56.54 per barrel, and Brent crude oil futures increased by 1.01% to $60.1 per barrel [5] - U.S. Treasury yields saw an uptick across various maturities, with the 10-year yield rising by 2.74 basis points to 4.147% [5] - The U.S. dollar index increased by 0.28% to 98.71, with mixed movements against other currencies, including a 1.39% rise against the Japanese yen [5]

Group 1 - Domestic photovoltaic glass production decreased by 4.07% month-on-month in November, with expectations of a 4.46% increase in December due to more production days and increased output from previously ignited furnaces [2] - The demand for photovoltaic glass continues to decline, leading to heightened risks of oversupply in the market [2] Group 2 - The World Gold Council's senior market strategist Joseph Cavatoni indicates that the strategic rationale for allocating to gold remains strong, with market predictions for gold prices in 2024 expected to range between $4,000 and $5,300 [3] - OPEC+ is set to assess the global oil market, with indications of oversupply prompting member countries to likely maintain stable production levels in the first quarter of next year [3] Group 3 - Various commodities showed price fluctuations, with CMX gold rising by 1.57% to $4,258.78 and LME copper increasing by 2.31% to $11,179.00 [4] - The WTI crude oil price slightly decreased by 0.03% to $58.994, while Brent crude oil fell by 0.04% to $62.890 [4]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report No clear core view is presented in the given content. It mainly provides data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data of stock index futures and treasury bond futures. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: Yields vary across different economies. For example, on 2025/11/10, the US 10 - year treasury bond yield was 4.117, with a latest change of 0.019, a one - week change of 0.006, a one - month change of 0.083, and a one - year change of - 0.168 [3]. - **2 - Year Treasury Bond Yields**: Different economies also show different trends. The US 2 - year treasury bond yield on 2025/11/10 was 3.570, with a latest change of - 0.060, a one - week change of - 0.040, a one - month change of 0.090, and a one - year change of - 0.540 [3]. - **Dollar to Major Emerging Economies Currency Exchange Rates**: The exchange rates have different changes. For example, the dollar - to - Brazilian real exchange rate on 2025/11/10 was 5.301, with a latest change of - 0.62%, a one - week change of - 1.07%, a one - month change of - 3.02%, and a one - year change of - 8.41% [3]. - **Stock Indices**: Stock indices of various economies have different performances. For instance, the S&P 500 index value on 2025/11/10 was 6832.430, with a latest change of 0.51%, a one - week change of 0.31%, a one - month change of - (not provided), and a one - year change of - (not provided) [3]. - **Credit Bond Indices**: Different credit bond indices have different changes. For example, the US investment - grade credit bond index had a one - month change of - 0.17% and a one - year change of 0.01% [3]. Stock Index Futures Trading Data - **Index Performance**: The closing price of A - shares was 4018.60, with a change of 0.53%. The closing price of the CSI 300 was 4695.05, with a change of 0.35% [5]. - **Valuation**: The PE(TTM) of the CSI 300 was 14.36, with a环比 change of 0.08. The PE(TTM) of the S&P 500 was 28.41, with a环比 change of 0.44 [5]. - **Risk Premium**: The risk premium of the S&P 500 (1/PE - 10 - year interest rate) was - 0.60, with a环比 change of - 0.08. The risk premium of the German DAX was 2.38, with a环比 change of - 0.08 [5]. - **Fund Flow**: The latest value of A - share fund flow was - 456.59, and the 5 - day average was - 482.23 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 21744.54, with a环比 change of 1754.01 [5]. - **Main Contract Premium or Discount**: The basis of IF was - 23.05, with a magnitude of - 0.49%. The basis of IH was 0.14, with a magnitude of 0.00% [5]. Treasury Bond Futures Trading Data - **Closing Price and Change**: The closing price of T00 was 108.485, with a change of 0.00%. The closing price of TF00 was 105.940, with a change of 0.00% [6]. - **Funding Rate**: The R001 was 1.5226%, with a daily change of 5.00 BP. The R007 was 1.5039%, with a daily change of 3.00 BP [6].