期指：或略偏强震荡

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View The report indicates that on July 9, 2025, all the current - month contracts of the four major stock index futures declined. On this trading day, the total trading volume of stock index futures decreased, showing a cooling of investors' trading enthusiasm, and the total positions also decreased. The overall trend of stock index futures is expected to be slightly bullish and volatile [1][2]. 3) Summary by Relevant Catalogs [期指期现数据跟踪] - On July 9, 2025, all current - month contracts of the four major stock index futures (IF, IH, IC, IM) declined. IF fell 0.15%, IH fell 0.13%, IC fell 0.38%, and IM fell 0.17% [1]. - The total trading volume of stock index futures decreased. IF decreased by 12,799 lots, IH by 4,117 lots, IC by 22,217 lots, and IM by 55,394 lots. The total positions also decreased. IF decreased by 10,708 lots, IH by 2,240 lots, IC by 12,047 lots, and IM by 25,645 lots [1][2]. - The report provides detailed data on closing prices, price changes, basis, trading volumes, and positions of various contracts of IF, IH, IC, and IM [1]. [趋势强度] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. [重要驱动] - Technology stocks led the rise in the US stock market, with the Nasdaq rising nearly 1%. Nvidia's market value once exceeded $4 trillion, and Bitcoin reached a new high. The S&P 500 closed up 0.61%, and Nvidia rose 1.8%. The 10 - year US Treasury bond auction was strong, and the yield fell nearly 7 basis points, erasing all gains for the week. The Brazilian real tumbled, and Trump said he would impose a 50% tariff on imports from South American countries. Bitcoin once exceeded $112,000, up nearly 19% this year. Gold first fell and then rose, up nearly 1% from the intraday low. Crude oil fluctuated, and inventories had the largest increase since January [6]. - According to the Fed minutes, most officials believe that tariffs may continuously push up inflation, and a few officials are willing to consider a rate cut at the next meeting. Well - known financial journalist Nick Timiraos said that at last month's meeting, there were differences within the Fed on whether and when to resume rate cuts, and most Fed officials expect to resume rate cuts later this year [6]. - The Shanghai Composite Index closed down 0.13%, the Shenzhen Component Index fell 0.06%, and the ChiNext Index rose 0.16%. The total trading volume of A - shares was 1.53 trillion yuan, compared with 1.47 trillion yuan the previous day. The diversified finance sector continued to be strong, with Yuexiu Capital, Nanhua Futures, and Dazhihui hitting the daily limit. Bank stocks rose again, with Industrial and Commercial Bank of China, Postal Savings Bank of China, and Agricultural Bank of China hitting new highs. The AI application theme showed activity, with Huanrui Century hitting the daily limit and Zhongwen Online rising more than 10%. The innovative drug concept stocks were repeatedly active, with Puruisi hitting the 20% daily limit. The memory chip concept stocks corrected collectively, and the CSSC - related stocks, rare earth permanent magnets, and semiconductor industry chains weakened [6].