期指：消息面波澜不惊，或震荡偏强

Report Industry Investment Rating No relevant content provided. Core View of the Report On July 4, 2025, the news about stock index futures was calm, and the market was expected to fluctuate with a slight upward trend. On July 3, all the current-month contracts of the four major stock index futures rose, with IF up 0.69%, IH up 0.16%, IC up 0.42%, and IM up 0.44%. [1] Summary by Relevant Catalogs Stock Index Futures Data Tracking - Closing Prices and Fluctuations: The closing prices of various stock index futures contracts showed different degrees of increase. For example, IF2507 closed at 3946.6, up 0.69%; IH2507 closed at 2707.6, up 0.16%; IC2507 closed at 5874, up 0.42%; IM2507 closed at 6279.4, up 0.44%. [1] - Basis: The basis of each contract was negative, indicating that the futures prices were lower than the spot prices. For instance, the basis of IF2507 was -21.47, IH2507 was -16.95, IC2507 was -48.66, and IM2507 was -63.24. [1] - Trading Volume and Open Interest: The trading volume and open interest of different contracts changed. In terms of trading volume, IF total trading volume increased by 2786 lots, while IH decreased by 3073 lots, IC decreased by 523 lots, and IM decreased by 2775 lots. Regarding open interest, IF total open interest decreased by 481 lots, IH decreased by 1877 lots, IC increased by 1566 lots, and IM increased by 2566 lots. [1][2] Top 20 Member Position Changes - Long and Short Positions: The long and short positions of the top 20 members in different contracts changed. For example, in IF2507 - IF2508, the long positions decreased by 688 (not announced for IF2508), and the short positions increased by 116 (not announced for IF2508). [5] Trend Intensity - The trend intensity of IF and IH was 1, and that of IC and IM was also 1, indicating a neutral trend according to the classification range of [-2, 2]. [6] Important Drivers - US Market: The US non - farm payrolls exceeded expectations, leading to a significant drop in the expectation of Fed rate cuts, a decline in US Treasury bonds, and a fall of about 1.4% in gold at one point. The tech stocks were strong, with the Nasdaq rising over 1%. The US added 147,000 non - farm jobs in June, and the unemployment rate unexpectedly dropped to 4.1%. [7] - Chinese A - share Market: The Shanghai Composite Index rose 0.18%, the Shenzhen Component Index rose 1.17%, and the ChiNext Index rose 1.9%. The A - share market traded 1.33 trillion yuan throughout the day, down from 1.41 trillion yuan the previous day. Some concept stocks such as innovative drugs, solid - state batteries, and Apple concept stocks performed well, while most military stocks declined. [7]