Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-26 08:45Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - A - share major indexes collectively declined, with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.48%, and the ChiNext Index down 0.66%. The trading volume in the Shanghai and Shenzhen stock markets decreased, and over 3,600 stocks fell. Most industry sectors declined, with significant corrections in the automobile and non - bank finance sectors, while bank stocks led the gains [2]. - Overseas, the Middle East geopolitical conflict eased as Iran accepted a cease - fire agreement. Some Fed officials signaled monetary policy easing, but Fed Chairman Powell said the economy was highly uncertain and was not in a hurry to cut interest rates, showing obvious differences within the Fed. The US dollar - RMB exchange rate has weakened recently [2]. - Domestically, in May, domestic imports and exports, fixed - asset investment, and industrial added - value decreased year - on - year, and the real estate market continued to decline. Only social retail sales increased due to policy support. CPI and PPI data also indicated future price pressure. In May, the M1 - M2 gap narrowed, the growth rate of social financing stock was flat, but new RMB loans decreased year - on - year, reflecting insufficient real - economy financing demand. The central bank and five other departments issued a document to promote consumer spending through financial means, and expanding domestic demand is the current policy focus [2]. - Overall, the domestic economic fundamentals are still under pressure due to overseas tariff factors. Domestic demand recovery may become the main driving force for economic growth. The Fed may cut interest rates earlier, relieving RMB exchange - rate pressure, and the easing of tensions in the Middle East boosts market risk appetite. The strategy is to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Price and Spread - Futures prices of all major and secondary contracts of IF, IH, IC, and IM declined. For example, the IF (2509) main contract was at 3904.2, down 9.0; the IH (2509) main contract was at 2711.0, down 4.4; the IC (2509) main contract was at 5729.0, down 13.0; and the IM (2509) main contract was at 6097.8, down 3.6 [2]. - Various contract spreads also showed changes. For instance, the IF - IH current - month contract spread was 1206.4, down 4.0; the IC - IF current - month contract spread was 1888.4, down 10.8 [2]. - The differences between quarterly and current - month contracts also changed. For example, IF current - quarter minus current - month was - 16.6, down 4.4; IC current - quarter minus current - month was - 80.2, down 5.8 [2]. 3.2 Futures Position - The net positions of the top 20 in IF, IH, and IC increased, while that of IM decreased. The IF top 20 net position was - 29,487.00, up 527.0; the IH top 20 net position was - 13,192.00, up 22.0; the IC top 20 net position was - 13,910.00, up 225.0; and the IM top 20 net position was - 37,102.00, down 517.0 [2]. 3.3 Spot Price - The spot prices of the Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all declined. The Shanghai and Shenzhen 300 was at 3946.02, down 14.1; the Shanghai 50 was at 2738.47, down 9.3; the CSI 500 was at 5838.25, down 24.3; and the CSI 1000 was at 6247.79, down 28.4 [2]. 3.4 Market Sentiment and Technical Indicators - The A - share trading volume was 16,232.23 billion yuan, down 162.83 billion yuan. The margin trading balance was 18,292.33 billion yuan, up 72.27 billion yuan. The north - bound trading volume was 1716.34 billion yuan, up 110.73 billion yuan [2]. - The proportion of rising stocks was 29.90%, down 42.39%. The Shibor was 1.370%, down 0.001 [2]. - Options - related indicators also changed. For example, the closing price of the IO at - the - money call option (2507) was 43.60, down 18.80; the implied volatility of the IO at - the - money call option was 13.99%, down 2.12 [2]. 3.5 Industry News - US President Trump said the US will hold talks with Iran on a potential nuclear agreement next week, and he believes the military conflict between Israel and Iran has ended, but the conflict may break out again [2]. - Fed Chairman Powell said the economic situation is highly uncertain, and the Fed hopes to base decisions on actual data rather than over - confident forecasts. The US economy outperforms others, meaning higher interest rates, and the Fed will resume rate cuts at some point [2].