【股指期货周报】权重板块回调，股指上方面临压力-20250629

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A - share's core contradiction lies internally, with a clear bottom - line for stock indices. The upside space depends on economic fundamental repair and incremental funds, and also requires reduced trading volume. The "dumbbell strategy" is effective, and the basis brings an overweight opportunity for CSI 1000. However, the current annualized basis rate of stock index futures has significantly converged, so it is recommended to temporarily take profit on the IM2509 strategy and wait for a new entry opportunity [3]. - International situations are complex, but market expectations are sufficient, and disturbances from Sino - US and Israel - Iran issues are limited. The Fed's interest rate decision has a greater external impact. A rate cut is beneficial for RMB appreciation, foreign capital inflow, and new incremental funds, which may start as early as September. Current policies to stabilize the capital market are positive, with a clear bottom - line for stock indices, and new technologies and new consumption are promoting the stabilization and recovery of economic expectations. After the risk - free rate drops to a low level, the entry of medium - and long - term funds and individual investors will enter a new cycle. A breakthrough must be accompanied by increased trading volume, and a two - market trading volume of 1.5 trillion (MA5) is a signal [4]. 3. Summary by Directory 3.1 Market Performance - This week, domestic indices rose first and then fell, while the US index reached a new high. As of June 26, 2025, the Nasdaq index rose 3.70%, the S&P 500 index rose 2.90%, the Hang Seng Tech index rose 4.13%, the Shanghai Composite Index rose 2.64%, the CSI 1000 index rose 4.14%, the SSE 50 index rose 2.42%, the ChiNext index rose 5.20%, and the STAR 50 index rose 3.35%. Most of the 31 Shenwan primary industry indices rose this week, with sectors such as computers, non - bank finance, and national defense and military industry rising more than 5%, and only a few sectors such as petroleum and petrochemicals and food and beverages falling [12][16]. 3.2 Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The capital interest rate (DR007) remained low, and the net MLF investment in May was 37.5 billion yuan. The yield of the 10 - year treasury bond was around 1.65%. The growth rate of social financing in May remained at a relatively high level, with government bond financing being an important support, while credit growth was still weak. The incremental social financing in May was 2.29 trillion yuan, an increase of 224.7 billion yuan year - on - year. The stock of social financing scale increased by 8.7% year - on - year, remaining flat month - on - month. The growth rate of M2 declined slightly but remained stable overall, the growth rate of M1 increased, and the M1 - M2 gap narrowed [17]. 3.3 Trading Data and Sentiment - Stock indices rose first and then fell this week. The number of new accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million. Domestic stock indices rose first and then fell this week, and the trading volume of the two markets increased to around 1.5 trillion [26]. 3.4 Index Valuation - As of June 26, 2025, the latest PE of the Shanghai Composite Index was 15.06, with a percentile of 68.03, and the latest PE of the Wande All - A was 19.80, with a percentile of 08.30. In terms of major stock indices, the valuation percentiles were CSI 1000 < CSI 500 < CSI 300 < SSE 50. The index valuation is in the median range [37]. 3.5 Index Industry Weights (as of December 31, 2024) - For the SSE 50, the weights of banks, food and beverages, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the CSI 300 are relatively dispersed, and the top three weighted industries are banks, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, medicine and biology, and power equipment, but the weight of the electronics industry in the CSI 1000 is higher [43][46].