股指期货周报：结构调整，继续上行-20250707

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed an upward trend last week, reaching a new high on Friday driven by the financial sector with moderate trading volume. However, short-term adjustment risks are accumulating, and the possibility of repeated oscillations is increasing as the index enters the volume accumulation area of last October [3]. - Looking ahead to next week, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to tariff impacts. Therefore, favorable policies to stabilize economic demand and market expectations are needed in the second half of the year, which is the main logic for the current stock index rebound [4][5]. - The profit expectations of non-financial sectors are approaching the bottom, investors' patience has improved but confidence still needs to be restored. Specific policies to counter involution and boost domestic demand are expected, and the market is just waiting for a catalytic factor [5]. 3. Summaries According to Related Contents Market Performance - Last week, the performance of the four stock index futures varieties was differentiated. CSI 500 and CSI 1000 fluctuated and consolidated, while SSE 50 and CSI 300 oscillated and rebounded. The basis of all four stock index futures varieties turned into a futures discount mode, and the inter - period spread of futures strengthened [3]. - In the A-share market last week, the steel and glass industries remained stable, and the banking industry showed an obvious breakthrough path. The steel industry had a 3 - day increase of 4.78%, and the banking industry had a 3 - day increase of 2.36% [3]. Market Outlook - The market's mid - term capital direction remains unchanged, but the rotation speed of sectors may increase next week [3]. - Although the index has broken through the short - term pressure line, it is difficult to break through the volume accumulation area of last October without a large amount of funds, and the possibility of repeated oscillations is increasing [3].