Benchmarks

— 10年期国债收益率 (%, 左轴)

— A股风险溢价 (全部A股PE倒数-10年期国债收益率, %, 右轴)

[Line chart showing 10-year Treasury yield (left axis, 2.70 to 3.30) and A-share risk premium (right axis, 0.8 to 3.8) from Jan 2021 to Jun 2022. Both indicators show a sharp decline from April 2022 to June 2022, indicating sustained low risk premium during this rally.]

— 信用利差 (AAA 3年期中票-国开债, %)

— 期限利差 (AAA 5年期中票-3年期中票, %)

[Line chart showing Credit Spread (AAA 3Y CP - CDB, blue line) and Term Spread (AAA 5Y CP - 3Y CP, light blue line) from Jan 2021 to Jun 2022. Both spreads have generally narrowed since late April 2022, as highlighted by the red dashed box.]

— 生猪平均价 (元/千克, 左轴)

— 能繁母猪存栏同比 (%, 右轴, 领先10个月) (逆序)

[Line chart showing average pig price (left axis, 5 to 45) and breeding sow inventory YoY (right axis, inverted, 60 to -60) from April 2013 to April 2022. The average pig price rebounded sharply after hitting a low around April 2022. The breeding sow inventory YoY, which leads by 10 months, has been recovering from a low around April 2021, suggesting continued upward movement in pig prices in the second half of the year.]

— 生猪平均价:同比 (%)

— CPI:当月同比 (%)

[Line chart showing average pig price YoY (left axis, -100 to 250) and CPI MoM YoY (right axis, -1 to 7) from Jan 2015 to Jan 2022. Both indicators show a rebound in early 2022. The sharp increase in pig price YoY suggests it may push up domestic CPI.]

— 全部A股预测净利润总额 (亿元, 左轴)

— 万得全A指数 (右轴)

[Line chart showing total forecasted net profit of all A-shares (left axis, 37000 to 49000 billion CNY) and Wind All A-share Index (right axis, 4000 to 5600) from Jan 2020 to Dec 2020. During the earnings forecast downward revision period (July to October 2020), highlighted by the red dashed box, the A-share index experienced volatility/consolidation.]