FICC日报：科技股调整，红利回升-20250703

Report Industry Investment Rating - Not provided Core Viewpoints - The unexpected sharp decline in US ADP employment data led to a differentiated reaction in the US stock market, with the S&P 500 and Nasdaq rising. The China Securities Regulatory Commission (CSRC) Party Committee emphasized maintaining capital market stability as the primary task and building a system environment conducive to high - quality market development. On the day, small and medium - cap stocks showed a shrinking adjustment, with a generally controllable correction range but intensified internal differentiation [1][3] Summary by Catalog Market Analysis - Domestically, the CSRC Party Committee emphasized optimizing capital market mechanisms, protecting investors, deepening reforms, promoting opening - up, and maintaining market stability. Overseas, the US June ADP employment unexpectedly decreased by 33,000, the first negative growth since March 2023, and the service industry employment had the largest decline since the pandemic [1] - In the spot market, A - share indices closed down, with technology stocks correcting. The Shanghai Composite Index fell 0.09% to 3454.79, and the ChiNext Index fell 1.13%. The trading volume of the two markets dropped to 1.4 trillion yuan. In June 2025, 1.65 million new A - share accounts were opened, a 5.84% increase from the previous month, and 12.6 million new accounts were opened in the first half of the year, a 32.77% increase from the same period in 2024. Overseas, US indices had mixed results [2] - In the futures market, the basis discounts of stock index futures converged to varying degrees. The trading volumes of IH and IF increased, and the IF open interest rebounded [2] Strategy - The unexpected decline in US ADP employment data led to a differentiated reaction in the US stock market. The CSRC's emphasis on market stability is conducive to the high - quality development of the market. Small and medium - cap stocks adjusted with controllable declines and intensified internal differentiation [3] Macro - economic Charts - The report includes charts on the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A - share trends, as well as the relationship between US Treasury yields and A - share styles. All data sources are from Flush and Huatai Futures Research Institute [6][11][12] Spot Market Tracking Charts - The daily performance of major domestic stock indices on July 2, 2025, shows that the Shanghai Composite Index fell 0.09%, the Shenzhen Component Index fell 0.61%, the ChiNext Index fell 1.13%, the CSI 300 Index rose 0.02%, the SSE 50 Index rose 0.21%, the CSI 500 Index fell 0.70%, and the CSI 1000 Index fell 1.01% [13] Futures Market Tracking Charts - The table of futures open interest and trading volume shows the changes in the trading volume and open interest of IH, IF, and IC. The basis table shows the changes in the basis of IF, IH, IC, and IM for different contracts. The inter - period spread table shows the inter - period spreads and their changes for different contracts of IF, IH, IC, and IM [6][44]