FICC日报：市场情绪偏谨慎，指数震荡-20250613

Report Industry Investment Rating - No information provided Core Viewpoints - The US inflation data met expectations, and the employment market remained resilient. Market expectations for two Fed rate cuts this year have resurfaced, causing the US dollar index to fall below 98, and the three major US stock indexes to close higher. The domestic market has rebounded in the short term, but market risk appetite has not significantly improved, and market activity has not notably increased. It is expected that the subsequent market will maintain a pattern of sector rotation and upward movement [2] Summary by Directory Market Analysis - US PPI was in line with expectations. Domestically, the Ministry of Foreign Affairs and the Ministry of Commerce made statements regarding Sino-US economic and trade consultations. Overseas, the US May PPI increased by 2.6% year-on-year, and the core PPI increased by 3% year-on-year. The number of initial jobless claims last week reached 248,000, the highest since the week of October 5, 2024 [1] - A-share indexes fluctuated. The Shanghai Composite Index rose 0.01% to close at 3402.66 points, and the ChiNext Index rose 0.26%. Sector indexes showed mixed performance, with non-ferrous metals, media, beauty care, and pharmaceutical biology industries leading the gains, while household appliances, coal, food and beverage, and agriculture, forestry, animal husbandry, and fishery industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at 1.3 trillion yuan. Overseas, the three major US stock indexes closed slightly higher, with the Dow Jones Industrial Average rising 0.24% to 42,967.62 points [1] - In the futures market, the basis of stock index futures rebounded. Trading volume decreased, and the IM position increased [1] Strategy - Short-term domestic market rebounds, but market risk preference and activity have not significantly improved. It is expected that the subsequent market will maintain a pattern of sector rotation and upward movement [2] Macro Economic Charts - No specific content provided, but includes charts such as the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [4][5] Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on June 12, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. [11] - Charts include the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [11] Futures Market Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures, including IF, IH, IC, and IM contracts. The trading volume of all index futures decreased on the day, and the IM open interest increased [15] - Charts show the open interest and open interest ratio of various stock index futures contracts, as well as the net open interest of foreign investors in IC and IM contracts [16][19][21][23][33] - Table 3 shows the basis of stock index futures, indicating that the basis of all stock index futures has rebounded [39] - Table 4 shows the inter - delivery spread of stock index futures [43]