光大期货金融期货日报-20250624

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The A-share market rebounded from a low level, with the Wind All A rising 0.85% and a trading volume of 1.15 trillion yuan. The CSI 1000 Index rose 1.31%, the CSI 500 Index rose 0.61%, the SSE 50 Index rose 0.41%, and the SSE 300 Index rose 0.29%. The index is expected to remain volatile in the future [1]. - Treasury bond futures closed with the 30-year main contract down 0.04%, the 10-year main contract down 0.01%, the 5-year main contract flat, and the 2-year main contract down 0.01%. The bond market is expected to maintain a range-bound pattern [1][2]. 3. Summary by Related Catalogs Research Views - Stock Index Futures: The A-share market rebounded from a low level, with multiple sectors leading the rise and food and beverage showing a significant decline. Overseas geopolitical conflicts have little correlation with the domestic capital market, and the recent weakening of the index is mainly due to selling pressure after the rally in early June. The Lujiazui Forum introduced a series of capital market reform measures, which are important for improving the investment environment and stabilizing market confidence. Fundamental data shows that PPI declined in May, and new RMB loans decreased year-on-year. Credit contraction and insufficient demand are the main contradictions, making it difficult for the index to break through the central level. However, corporate profits improved in H1 2025, and with the support of allocation funds, the index is not likely to fall significantly in the short term [1]. - Treasury Bond Futures: Treasury bond futures closed with mixed results. The central bank conducted 220.5 billion yuan of 7-day reverse repurchase operations with a stable interest rate, resulting in a net withdrawal of 21.5 billion yuan. The capital market remained loose, with DR001 down 0.4BP and DR007 up 1.4BP. The bond market strengthened slightly in June due to capital factors, but economic resilience is strong under the influence of export rush and stable growth policies. With the approaching of the half-year end, there is marginal upward pressure on funds, and the bond market lacks the momentum to strengthen significantly, so the range-bound pattern is difficult to change [1][2]. Daily Price Changes - Stock Index Futures: IH rose 0.66%, IF rose 0.63%, IC rose 0.67%, and IM rose 1.10%. Among the stock indices, the SSE 50 rose 0.41%, the SSE 300 rose 0.29%, the CSI 500 rose 0.61%, and the CSI 1000 rose 1.31% [3]. - Treasury Bond Futures: TS fell 0.01%, TF was flat, T was flat, and TL fell 0.02% [3]. Market News - The 12th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference opened in Beijing on the morning of the 23rd, focusing on "further deepening the economic system reform and promoting Chinese-style modernization" [4]. Chart Analysis - Stock Index Futures: The report provides charts showing the trends and basis spreads of IH, IF, IC, and IM main contracts [6][7][9] - Treasury Bond Futures: The report provides charts showing the trends of treasury bond futures main contracts, treasury bond spot yields, basis spreads, inter - period spreads, cross - variety spreads, and capital interest rates [13][14][17] - Exchange Rates: The report provides charts showing the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][24]