瑞达期货股指期货全景日报-20250709

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Although the US restarts the tariff war, the market has become somewhat insensitive after previous fluctuations in the trade situation. With the release of semi - annual performance forecasts of listed companies, the market is optimistic about their H1 earnings. A series of pro - growth policies are taking effect, and the market expects positive Q2 economic data. The fundamental recovery supports the stock market, and with the approaching July Politburo meeting, market bulls may pre - arrange, pushing the stock market up. It is recommended to make light - position purchases on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Contract Prices: IF, IH, IC, and IM main and secondary contracts all declined. For example, the IF main contract (2509) was at 3952.8, down 6.4; the IH main contract (2509) was at 2724.0, down 4.8; the IC main contract (2509) was at 5823.4, down 24.6; the IM main contract (2509) was at 6214.0, down 12.2 [2] - Futures Spreads: Most of the spreads between different contracts declined, such as the IF - IH monthly contract spread was 1247.2, down 2.2; the IC - IF monthly contract spread was 1953.0, down 22.6 [2] - Futures - Spot Basis: The basis of IF and IH main contracts increased, while that of IC and IM main contracts decreased. For example, the IF main contract basis was - 38.6, up 1.3; the IC main contract basis was - 130.1, down 10.3 [2] - Futures Positions: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position was - 27,895.00, down 1197.0 [2] 3.2 Spot Market - Stock Indexes: The Shanghai Composite Index fell 0.13%, the Shenzhen Component Index fell 0.06%, and the ChiNext Index rose 0.16%. The CSI 300 was at 3991.40, down 7.1; the SSE 50 was at 2739.92, down 7.3; the CSI 500 was at 5953.49, down 24.3; the CSI 1000 was at 6390.47, down 17.2 [2] - Market Sentiment Indicators: A - share trading volume was 15,274.20 billion yuan, up 528.08 billion yuan; margin trading balance was 18,649.31 billion yuan, up 55.51 billion yuan; north - bound trading volume was 1676.66 billion yuan, up 309.01 billion yuan [2] 3.3 Industry News - US Trade Policy: Trump announced that tariffs would start on August 1, 2025, and plans to impose tariffs on specific industries including pharmaceuticals, semiconductors, and metals. Each BRICS member will soon be subject to a 10% tariff [2] - US - China Trade Talks: The US delegation is expected to meet with Chinese officials next month to discuss trade issues [2] - China's Economic Data: In June, China's CPI rose 0.1% year - on - year (from a 0.1% decline in the previous period), and fell 0.1% month - on - month (from a 0.2% decline in the previous period); PPI fell 3.6% year - on - year (from a 3.3% decline in the previous period), and fell 0.4% month - on - month (same as the previous period) [2] 3.4 Key Events to Watch - The Fed's monetary policy meeting minutes on July 10 at 2:00 and China's June financial data (to be determined) [3]