• Global sovereign yields surged, driving a broad-based bond selloff. UK 10Y yields rose to 4.97% (highest since 2002), Germany to 3.09% (highest since 2010), and Japan to 2.39% (highest since 1996). On a WoW basis, Australia recorded the largest individual move among developed markets, with 10Y yields rose 14bps.
• SGS yields rose higher over the week, with the 2Y rising 20bps WoW, while the 5Y rose 29bps and the 10Y rose 28bps.
• Looking ahead, markets have pushed expectations for the first Fed rate cut further out, with easing increasingly priced only into 2027. Next week’s March nonfarm payrolls will be key in assessing labour market conditions. UST yields are expected to biased higher. Domestically, SGS yields are also expected to remain tilted to the upside.

Investment Summary Revenue Growth Amid Transformation While Profits Face Pressure According to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same below), up 10.19% yoy, while net profit attributable to the parent company amounted to RMB9,912 million, down 21.71% yoy. Net profit attributable to the parent company excluding non-recurring items dropped by 36.5% yoy to RMB6.16 billion. The decline in profit was mainly due to...
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Company Profile Weichai is one of the automobile and equipment manufacturing groups with the strongest comprehensive strength in China's heavy truck industry. Based on the powertrain system including engine, axle and gearbox, the Company extends upstream components and downstream heavy trucks, and takes the lead in forklifts and intelligent warehousing. After years of development, the Company has built a synergetic development pattern of four major industrial segments including powertrain (engine, transmission, axle/hydraulics), vehicle and machinery, intelligent logistics and other segments....
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