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指数冲高回落,传媒行业领涨
Hua Tai Qi Huo·2025-07-10 05:12
  1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - Trump's letters to 8 countries about tariff hikes and the promise of more such letters this week, along with the strength of tech giants, led to the full - scale rise of the three major US stock indexes [1]. - In China, the year - on - year increase in CPI and the stabilization of core commodity prices support core inflation, but PPI still faces downward pressure, highlighting the need for "anti - involution" policies [2]. - The Shanghai Composite Index showed a moderate volume - increasing correction at a key point, digesting previous profit - taking chips. Technically, it maintained a healthy consolidation pattern, which is a typical benign adjustment [2]. 3. Summary by Related Catalogs Market Analysis - Macroeconomic Data: China's CPI in June increased by 0.1% year - on - year, turning positive after 4 consecutive months of decline. Core CPI continued to rise, reaching a 14 - month high with a year - on - year increase of 0.7%. PPI decreased by 0.4% month - on - month, the same as last month, and by 3.6% year - on - year, with the decline expanding by 0.3 percentage points compared to last month. Trump's tariff hikes on 8 countries range from 20% to 50%, with Brazil facing a 50% tariff starting from August 1st [1]. - Spot Market: A - share indexes rose and then fell. The Shanghai Composite Index dropped 0.13% to close at 3493.05 points, while the ChiNext Index rose 0.16%. Media, agriculture, forestry, animal husbandry, and fishery, and commerce and retail sectors led the gains, while non - ferrous metals, basic chemicals, and power sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets reached 1.5 trillion yuan. The three major US stock indexes all closed higher, with the Nasdaq rising 0.94% to a record high of 20611.34 points [1]. - Futures Market: In the futures market, the basis trends were divergent, with IH and IF continuing a slight recovery. The trading volume and open interest of stock index futures decreased simultaneously [1]. Strategy - Trump's continued foreign policy offensive and the strength of technology leading stocks drove the full - scale rise of the three major US stock indexes. In China, the year - on - year increase in CPI and the stabilization of core commodity prices support core inflation, but PPI still faces downward pressure, highlighting the need for "anti - involution" policies. The Shanghai Composite Index's adjustment is a benign one [2]. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][7][9]. Spot Market Tracking Charts - Stock Index Performance: On July 8, 2025, the Shanghai Composite Index rose 0.70%, the Shenzhen Component Index rose 1.46%, the ChiNext Index rose 2.39%, the CSI 300 Index rose 0.84%, the SSE 50 Index decreased 0.33%, the CSI 500 Index rose 1.31%, and the CSI 1000 Index rose 1.27% [12]. - Other Indicators: Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][13]. Stock Index Futures Tracking Charts - Trading Volume and Open Interest: The trading volume and open interest of IF were 94,888 (an increase of 27,418) and 256,893 (an increase of 13,588) respectively; for IH, they were 46,496 (an increase of 13,708) and 88,094 (an increase of 2,249); for IC, they were 93,001 (an increase of 37,800) and 234,225 (an increase of 13,286); for IM, they were 217,782 (an increase of 81,468) and 347,389 (an increase of 26,607) [15]. - Basis: The basis of futures contracts showed different changes. For example, the current - month contract basis of IF was - 16.05 (an increase of 4.12) [37]. - Inter - delivery Spread: The inter - delivery spreads of different contracts also had various changes, such as the "next - month - current - month" spread of IF with a current value of - 18.00 and a change of - 0.40 [43].