Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Global Asset Market Performance 10-Year Treasury Yields of Major Economies - On October 10, 2025, the 10-year Treasury yields of the US, UK, France, etc., were 4.034, 4.674, 3.478 respectively [1] - The latest changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.105, -0.070, -0.046 respectively [1] - The one-week changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.137, -0.082, -0.122 respectively [1] - The one-month changes in the 10-year Treasury yields of the US, UK, France, etc., were -0.128, -0.045, -0.012 respectively [1] - The one-year changes in the 10-year Treasury yields of the US, UK, France, etc., were 0.237, 0.665, 0.499 respectively [1] 2-Year Treasury Yields of Major Economies - On October 10, 2025, the 2-year Treasury yields of the US, UK, Germany, etc., were 3.600, 3.952, 1.957 respectively [1] - The latest changes in the 2-year Treasury yields of the US, UK, Germany, etc., were -0.030, -0.047, -0.037 respectively [1] - The one-week changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.070, -0.061, -0.079 respectively [1] - The one-month changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.090, 0.008, -0.004 respectively [1] - The one-year changes in the 2-year Treasury yields of the US, UK, Germany, etc., were 0.110, -0.007, -0.168 respectively [1] US Dollar Exchange Rates Against Major Emerging Market Currencies - On October 10, 2025, the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 5.521, 17.505, 1425.300 respectively [1] - The latest changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 2.82%, 1.68%, - respectively [1] - The one-week changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 2.93%, 0.45%, 1.14% respectively [1] - The one-month changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 1.36%, -1.54%, 2.15% respectively [1] - The one-year changes in the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc., were 1.53%, 1.92%, 8.19% respectively [1] Stock Indices of Major Economies - On October 10, 2025, the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 6552.510, 45479.600, 22204.430 respectively [1] - The latest changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were -2.71%, -1.90%, -3.56% respectively [1] - The one-week changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were -0.79%, -1.02%, -0.81% respectively [1] - The one-month changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 0.78%, -0.31%, 2.29% respectively [1] - The one-year changes in the S&P 500, Dow Jones Industrial Average, NASDAQ, etc., were 14.05%, 7.84%, 22.07% respectively [1] Credit Bond Indices - On October 10, 2025, the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 3529.690, 265.945 respectively [1] - The latest changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 0.34%, 0.12% respectively [1] - The one-week changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 0.73%, 0.56% respectively [2] - The one-month changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 1.28%, 0.76% respectively [2] - The one-year changes in the US investment-grade credit bond index, eurozone investment-grade credit bond index, etc., were 4.15%, 4.21% respectively [2] Stock Index Futures Trading Data - The closing prices of A-shares, CSI 300, SSE 50, etc., were 3897.03, 4616.83, 2974.85 respectively [3] - The percentage changes in A-shares, CSI 300, SSE 50, etc., were -0.94%, -1.97%, -1.51% respectively [3] - The PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were 14.25, 11.78, 35.18 respectively [3] - The环比 changes in the PE(TTM) of CSI 300, SSE 50, CSI 500, etc., were -0.17, -0.08, -0.65 respectively [3] - The risk premiums of CSI 300, SSE 50, CSI 500, etc., were -,-,- respectively [3] - The环比 changes in the risk premiums of CSI 300, SSE 50, CSI 500, etc., were -,-,- respectively [3] - The latest values of the capital flows of A-shares, the main board, the small and medium-sized enterprise board, etc., were -1620.00, -835.68, - respectively [3] - The average values of the capital flows of A-shares, the main board, the small and medium-sized enterprise board, etc., in the past 5 days were -412.41, -218.67, - respectively [3] - The latest values of the trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were 25156.14, 7927.43, 2001.81 respectively [3] - The环比 changes in the trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, etc., were -1375.83, -694.65, -317.42 respectively [3] - The basis of IF, IH, IC, etc., were -24.63, 0.95, -132.22 respectively [3] - The basis spreads of IF, IH, IC, etc., were -0.53%, 0.03%, -1.79% respectively [3] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.980, 105.650, 107.690, 105.550 respectively [4] - The percentage changes of T00, TF00, T01, TF01 were 0.19%, 0.09%, 0.18%, 0.09% respectively [4] - The R001, R007, SHIBOR-3M were 1.3263%, 1.4850%, 1.5780% respectively [4] - The daily changes (BP) of R001, R007, SHIBOR-3M were -21.00, -5.00, 0.00 respectively [4]

Report Overview - The report is a macro team report from the research center, dated May 14, 2025, focusing on the performance of global asset markets [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On May 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.467, 4.669, 3.353 respectively. The latest changes ranged from - 0.010 (Japan) to 0.038 (South Korea). Weekly changes varied from - 0.001 (Brazil) to 0.217 (Japan), monthly changes from - 0.124 (Italy) to 0.136 (Japan), and annual changes from - 1.034 (Japan) to 0.323 (UK) [3] 2 - Year Treasury Yields of Major Economies - On May 13, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.880, 3.974, 1.932 respectively. The latest changes ranged from - 0.020 (US and UK) to 0.092 (Australia). Weekly changes varied from - 0.051 (China 1Y) to 0.230 (US), monthly changes from - 0.095 (South Korea) to 0.225 (Australia), and annual changes from - 1.363 (Italy) to 0.430 (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On May 13, 2025, the dollar - Brazilian real exchange rate was 5.608 with a latest change of - 1.19%. Weekly changes varied from - 1.86% (Brazil) to 2.12% (Malaysian ringgit), monthly changes from - 5.66% (South Africa) to - 2.83% (South Korea), and annual changes from - 10.36% (Thai baht) to 7.99% (Brazil) [3] Stock Indices of Major Economies - On May 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 5886.550, 42140.430, 19010.080 respectively. The latest changes ranged from - 1.87% (Hang Seng Index) to 1.61% (NASDAQ). Weekly changes varied from - (Russia) to 7.46% (NASDAQ), monthly changes from - (Russia) to 16.00% (NASDAQ), and annual changes from - 11.23% (Thailand) to 31.82% (Germany's DAX) [3] Credit Bond Indices - The latest changes of US investment - grade, euro - zone investment - grade, and emerging - market investment - grade credit bond indices were 0.06%, - 0.01%, 0.01% respectively. Weekly changes were - 0.26%, - 0.13%, - 0.12%, monthly changes were 1.45%, 0.70%, 1.12%, and annual changes were 6.63%, 5.87%, 7.33% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3374.87, 3896.26, 2708.06, 2062.26, 5781.67 respectively, with涨跌（%） of 0.17, 0.15, 0.20, - 0.12, - 0.21 [5] Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany's DAX were 12.57, 10.93, 29.14, 25.18, 18.98 respectively, with环比变化 of 0.03, 0.04, - 0.08, 0.18, 0.06 [5] Risk Premium - The 1/PE - 10 - year interest rate of S&P 500 and Germany's DAX were - 0.50, 2.59 respectively, with环比变化 of - 0.03, - 0.05 [5] Fund Flows - The latest values of A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were - 959.81, - 591.43, -, - 302.57, - 115.58 respectively, and the 5 - day average values were - 514.16, - 328.65, -, - 139.64, - 12.26 [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized enterprise board, and ChiNext were 12915.25, 2675.86, 693.58, 2838.92, 3682.05 respectively, with环比变化 of - 168.85, - 285.37, - 95.22, 10.37, 0.61 [5] Main Contract Basis - The basis of IF, IH, IC were - 45.26, - 19.86, - 127.07 respectively, with a basis ratio of - 1.16%, - 0.73%, - 2.20% [5] Treasury Futures Trading Data Treasury Futures - The closing prices of T00, TF00, T01, TF01 were 108.715, 105.955, 108.890, 106.265 respectively, with涨跌（%） of - 0.49%, - 0.19%, - 0.45%, - 0.20% [6] Funding Rates - The R001, R007, SHIBOR - 3M were 1.4343%, 1.5337%, 1.6620% respectively, with daily changes of - 12.00BP, - 2.00BP, - 1.00BP [6]