【股指期货周报】中美关系缓和影响，股指本周重心上移-20250606

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Due to the easing of Sino-US relations, the center of the stock index moved up this week. It is recommended to have a long - position allocation for IH2506 and IF2506, and also allocate more IM2506 as its annualized basis rate is relatively high [2][3] - Pay attention to the subsequent Sino - US negotiations and the window period for the intensive introduction of pro - growth policies before the end of June, which may trigger a structural market [3] Summary According to Relevant Catalogs Market Performance - As of June 5, 2025, most global and domestic indices showed an upward trend this week. For example, the Nasdaq index rose 0.97%, the S&P 500 index rose 0.47%, the Shanghai Composite Index rose 0.88%, and the CSI 1000 index rose 1.6%. In terms of industries, most of the 31 Shenwan primary industry indices rose, with beauty care, textile and apparel, and comprehensive industries leading the gains, while household appliances, public utilities, and coal industries leading the losses [11][12] Liquidity - In April, the growth rate of social financing increased significantly, and the growth rate of M2 rebounded. The net MLF投放 in May was 37.5 billion yuan. The yield of 10 - year treasury bonds was around 1.65%. The growth rate of social financing in April exceeded expectations, mainly supported by government bond financing. The M2 growth rate rebounded, while the M1 growth rate declined month - on - month, and the M1 - M2 gap widened, indicating insufficient economic vitality [17][22] Trading Data and Sentiment - The trading volume of the two markets slightly rebounded to around 1.2 trillion yuan. The number of new stock account openings decreased from 3.06 million in March to 1.555 million in May. Due to the easing of Sino - US relations and the increasing probability of a US interest rate cut in the second half of the year, trading volume increased slightly this week, and the stock index strengthened [24][33] Index Valuation - Index valuations are in the median range. As of June 5, 2025, the latest PB of the Shanghai Composite Index was 14.64, with a quantile of 64.75, and the latest PE was 19.19, with a quantile of 62.04. The valuation quantiles of major stock indices are in the order of CSI 500 < CSI 300 < CSI 1000 < SSE 50 [35][50] Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - banking finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry [51] - The weights of the CSI 300 are relatively dispersed, with the top three weighted industries being banking, non - banking finance, and electronics. Stocks such as Hygon Information and Cambricon have been included in the index [51] - The top three weighted industries of the CSI 500 and CSI 1000 are the same, namely electronics, pharmaceutical biology, and power equipment, but the weight of the electronics industry in the CSI 1000 is higher [51]