光大期货金融期货日报-20250619

Group 1: Research Views - The performance of Chinese assets has been strong since June, with both stocks and bonds rising, pricing in possible policy changes in June. The views on stock index futures and treasury bond futures are both "volatile" [1] - For stock index futures, there are three main factors affecting the market: Sino-US communication may help resolve trade disputes; long - term consumption stimulus policies are attracting attention; and the upcoming Lujiazui Forum may bring news on capital market reform. The PPI data shows low inflation, and the market style may still favor consumption and technology. In Q1, the decline in the revenue growth rate of A - share listed companies has narrowed for three consecutive quarters, net profit has increased by about 4% year - on - year, but ROE is still at the bottoming stage [1] - For treasury bond futures, on June 18, the 30 - year main contract rose 0.09%, the 10 - year and 5 - year main contracts fell 0.01%, and the 2 - year main contract rose 0.01%. After the cross - month, the liquidity has eased marginally. In June, the bond market is unlikely to have a trending market and shows a sideways volatile pattern [1] Group 2: Daily Price Changes - For stock index futures on June 18, IH was at 2,677.4 (down 0.13% from the previous day), IF was at 3,872.2 (up 0.09%), IC was at 5,738.0 (down 0.18%), and IM was at 6,124.2 (down 0.09%) [2] - For stock indices on June 18, the Shanghai Composite 50 was at 2,679.9 (down 0.15% from the previous day), the CSI 300 was at 3,875.0 (up 0.12%), the CSI 500 was at 5,745.9 (down 0.09%), and the CSI 1000 was at 6,135.4 (down 0.10%) [2] - For treasury bond futures on June 18, TS was at 102.54 (unchanged), TF was at 106.28 (down 0.02%), T was at 109.14 (down 0.02%), and TL was at 120.90 (up 0.07%) [2] Group 3: Market News - At the 2025 Lujiazui Forum, the governor of the People's Bank of China announced eight major financial policies, including setting up an inter - bank market transaction reporting library, a digital RMB international operation center, and a personal credit investigation agency; carrying out a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; innovating structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading [4][5] Group 4: Chart Analysis - Stock Index Futures: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of corresponding contracts [6][7][8] - Treasury Bond Futures: Charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and funding rates [12][13][17] - Exchange Rates: Charts show the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, and US dollar - yen exchange rate [19][20][24]