FICC日报：权重板块拉涨，指数突破重要点位-20250711

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump's tariff policy is advancing, but the resilience of the US job market supports the three major US stock indices to close in the green. In China, as policy expectations become clearer, the heavyweight sectors start a catch - up rally, with the real estate sector significantly rebounding and the stock prices of the four major banks hitting new highs, driving up the Shanghai Composite Index. The strong performance of the equity market is expected to form a capital attraction effect, increasing the willingness of residents to transfer savings and long - term institutional funds to enter the market, which lays a solid foundation for the long - term healthy operation of the capital market [3] Summary by Relevant Catalogs Market Analysis - Domestically, from January 1, 2025, the basic pension level of retirees who have completed retirement procedures and receive monthly basic pensions by the end of 2024 will be increased by 2%, based on the average monthly basic pension of retirees in 2024. Overseas, Trump urges Fed Chairman Powell to cut interest rates and announces a 50% tariff on imported copper starting from August 1, 2025. He also criticizes the Fed's current interest rate policy, claiming that the interest rate is at least 3 percentage points too high, causing an annual refinancing cost of $360 billion for the US [1] Spot Market - A - share indices rise, with the Shanghai Composite Index up 0.48% at 3509.68 points and the ChiNext Index up 0.22%. The real estate, petroleum and petrochemical, steel, and non - banking financial sectors lead the gains, while the automobile, media, and national defense and military industries lead the declines. The trading volume of the Shanghai and Shenzhen stock markets remains at 1.5 trillion yuan. In the US, the number of initial jobless claims is 227,000, the lowest in two months, and the number of continuing jobless claims is 1.965 million, still the highest since the end of 2021. The three major US stock indices close slightly higher, with the Dow up 0.43% at 44,650.64 points [2] Futures Market - In the futures market, the basis of stock index futures fluctuates slightly. The trading volume and open interest of stock index futures increase simultaneously [2] Strategy - The current strong performance of the equity market can attract funds, with increased willingness of residents to transfer savings and long - term institutional funds to enter the market, which is beneficial for the long - term healthy operation of the capital market [3] Macroeconomic Charts - The charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [6][8][10] Spot Market Tracking Charts - The table shows the daily performance of major domestic stock indices. For example, the Shanghai Composite Index rises 0.48% to 3509.68 points, the Shenzhen Component Index rises 0.47% to 10,631.13 points, and the ChiNext Index rises 0.22% to 2189.58 points. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13][14] Futures Market Tracking Charts - The table shows the open interest and trading volume of stock index futures. For example, the trading volume of IF is 97,027, an increase of 14,938, and the open interest is 258,020, an increase of 11,835. There are also charts of open interest, open interest ratio, net open interest of foreign capital, basis, and inter - delivery spread of different stock index futures contracts [17][42][50]