


Core Insights - The Shanghai Stock Exchange 50 Index futures closed at 2509 with a change of +0.48% as of July 23, 2025, with a trading volume of 42,400 contracts and a net short position of 11,860 contracts among the top 20 positions [1][3]. Group 1: Trading Volume and Positions - Total trading volume for all contracts reached 66,900 contracts, an increase of 7,078 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 70,900 contracts, a decrease of 2,069 contracts, while short positions totaled 87,100 contracts, a decrease of 1,676 contracts [1][4]. Group 2: Major Participants - The top three long positions were held by CITIC Futures (12,196 contracts), Guotai Junan (12,167 contracts), and Haitong Futures (7,229 contracts) [1][4]. - The top three short positions were held by CITIC Futures (21,225 contracts), GF Futures (14,317 contracts), and Guotai Junan (12,785 contracts) [1][4]. Group 3: Changes in Positions - The top three increases in long positions were from Guotai Futures (1,702 contracts, +158), CITIC Jiantou (1,365 contracts, +137), and Dongwu Futures (961 contracts, +110) [1]. - The top three decreases in long positions were from Guotai Junan (7,335 contracts, -632), Haitong Futures (3,416 contracts, -362), and CITIC Futures (7,024 contracts, -264) [1]. - The top three increases in short positions were from CITIC Futures (14,538 contracts, +501), Shenyin Wanguo (428 contracts, +264), and Everbright Futures (1,161 contracts, +122) [1]. - The top three decreases in short positions were from Guotai Junan (6,401 contracts, -825), GF Futures (12,914 contracts, -416), and Haitong Futures (3,019 contracts, -346) [1].