政策资金双轮驱动 股指期货剑指新高

Group 1 - The continuous rise of stock index futures is attributed to a combination of favorable macroeconomic conditions, supportive policies, and significant capital inflows [1][6] - The domestic GDP growth rate is steady, with a year-on-year increase of 5.4% in the first quarter, indicating ongoing economic recovery [1] - The manufacturing and non-manufacturing PMIs for June are 49.7% and 50.5%, respectively, showing improvements in industry sentiment [1] Group 2 - Government policies are increasingly favorable, with expanded infrastructure investment and a projected issuance of nearly 2 trillion yuan in special bonds in the third quarter [2] - Monetary policy expectations remain accommodative, with potential LPR rate cuts and a forecasted reserve requirement ratio reduction, enhancing market liquidity [2] - Emerging industries such as AI computing power, semiconductor domestic substitution, and new energy vehicles are receiving policy support, driving growth in related sectors [2] Group 3 - There is a significant inflow of foreign capital, with northbound funds accumulating over 50 billion yuan since the beginning of 2025, attracted by the low valuation of the MSCI China index [3] - Domestic institutional investors are also increasing their positions, with public equity fund allocations rising to 85% and insurance funds' equity asset allocation limits raised to 35% [7] Group 4 - Based on the bullish outlook for stock index futures, investors are advised to gradually buy stock index futures or call options during market pullbacks [8]