宏观金融数据日报-20250710

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the short term, with few domestic and foreign positive factors, market sentiment and liquidity are acceptable. Stock indices may show a relatively strong oscillating pattern. The premium advantage of stock index futures has shrunk in the past two days, so caution is advised when chasing up [6]. Summary Based on Related Catalogs Money Market - DR001 closed at 1.32 with a 0.24bp change; DR007 closed at 1.48 with a 1.32bp change; GC001 closed at 1.43 with a -6.50bp change; GC007 closed at 1.51 with a -1.00bp change; SHBOR 3M closed at 1.56 with a -0.80bp change; LPR 5 - year remained at 3.50 with a 0.00bp change; the 1 - year treasury bond closed at 1.36 with a 0.50bp change; the 5 - year treasury bond closed at 1.48 with a 0.30bp change; the 10 - year treasury bond closed at 1.64 with a 0.00bp change; the 10 - year US treasury bond closed at 4.42 with a 2.00bp change [4]. - The central bank conducted 755 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 985 billion yuan of reverse repurchases maturing, the net withdrawal for the day was 230 billion yuan. This week, 6522 billion yuan of reverse repurchases are due in the central bank's open market, with 572 billion yuan and 340 billion yuan due on Thursday and Friday respectively. Recently, the inter - bank market liquidity has become more relaxed, and major repurchase rates have declined. The weighted average rate of overnight pledged - style repurchase by depository institutions dropped 4.47bp to 1.315%, reaching a new low since December 2024 [4]. Stock Index Market - The closing prices and changes of major stock indices and their corresponding futures contracts: The CSI 300 closed at 3991, down 0.18%; the SSE 50 closed at 2740, down 0.26%; the CSI 500 closed at an unspecified value, down 0.41%; the CSI 1000 closed at 6390, down 0.27%. The IF current - month contract closed at 3977, down 0.1%; the IH current - month contract closed at 2730, down 0.1%; the IC current - month contract closed at 5930, down 0.5%; the IM current - month contract closed at 6359, down 0.3% [5]. - The trading volume and open interest changes of stock index futures: IF trading volume was 82089, down 13.5; IF open interest was 246185, down 4.2; IH trading volume was 42379, down 8.9; IH open interest was 85854, down 2.5; IC trading volume was 70784, down 23.9; IC open interest was 222178, down 5.1; IM trading volume was 162388, down 25.4; IM open interest was 321744, down 7.4 [5]. - In June 2025, the year - on - year increase of CPI turned from a 0.1% decline last month to a 0.1% increase, with a cumulative year - on - year decline of 0.1% in the first half of the year. The year - on - year decline of PPI was 3.6%, with the decline widening from 3.3% last month, and the cumulative decline in the first half of the year was 2.8%. The turn of CPI from negative to positive was mainly driven by high - temperature and rainy weather leading to a reverse increase in vegetable prices and a significant narrowing of the year - on - year decline, as well as the increase in international oil prices driving the year - on - year recovery of domestic energy prices to positive growth. The year - on - year decline of PPI widened due to weak domestic demand, sufficient supply causing accelerated price declines of industrial products such as coal and steel, and tariff policy adjustments and weak external demand increasing the downward price pressure on some export - oriented industries [5]. - The升贴水 (premium/discount) rates of stock index futures contracts: IF current - month contract was 14.63%, next - month contract was 7.32%, current - quarter contract was 4.90%, next - quarter contract was 4.01%; IH current - month contract was 14.98%, next - month contract was 5.80%, current - quarter contract was 2.95%, next - quarter contract was 1.20%; IC current - month contract was 16.00%, next - month contract was 12.74%, current - quarter contract was 11.08%, next - quarter contract was 9.53%; IM current - month contract was 20.10%, next - month contract was 15.66%, current - quarter contract was 14.00%, next - quarter contract was 12.72% [7]. - Yesterday's closing situation: The CSI 300 rose 0.84% to 3998.5; the SSE 50 rose 0.57% to 2747.2; the CSI 500 rose 1.31% to 5977.7; the CSI 1000 rose 1.27% to 6407.7. The trading volume of the Shanghai and Shenzhen stock markets was 15052 billion yuan, an increase of 512 billion yuan from the previous day. Most industry sectors declined, with the diversified finance, engineering consulting services, cultural media, medical services, and banking sectors leading the gains, and the insurance, small metals, precious metals, shipbuilding, and wind power equipment sectors leading the losses [10].