金融数据回升，沪指收红

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump used high - tariff threats last week but signaled negotiation on Monday, showing tariffs as a negotiation strategy, and the three major US stock indexes closed slightly higher [3] - China's June financial data shows that the social financing scale and RMB loans have improved year - on - year, and the import and export data shows signs of stabilization, indicating overall economic development [3] - The A - share market showed a shrinking trading volume, with the market transitioning from large - financial stocks to resource stocks. The adjustment of the banking sector drove up the individual - stock profit - making effect, but short - term chasing risks should be watched out for [3] Summary by Directory 1. Market Analysis - Domestic Financial Data: In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year; RMB loans increased by 12.92 trillion yuan. At the end of June, the M2 balance increased by 8.3% year - on - year. The central bank will continue a moderately loose monetary policy [1] - Domestic Trade Data: In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a record high for the same period, with exports growing by 7.2% and imports by 2.3% [1] - Overseas Trade News: Trump said the US will negotiate on tariffs with other countries and is open to trade negotiations with Europe. The EU will also discuss trade issues with the US, and the US has reached some trade agreements [1] - Stock Market Performance: In the spot market, the three major A - share indexes showed mixed trends. The Shanghai Composite Index rose 0.27% to 3519.65 points, while the ChiNext Index fell 0.45%. Most sector indexes rose, with machinery, public utilities, and household appliances leading the gains, and real estate, media, and non - bank finance sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets fell slightly below 1.5 trillion yuan. In overseas markets, the three major US stock indexes closed slightly higher, with the Nasdaq rising 0.27% to 20640.33 points [2] - Futures Market Situation: In the futures market, the current - month contract will be delivered this Friday, and the basis is converging. The trading volume and open interest of index futures decreased simultaneously [2] 2. Strategy - Trump's tariff strategy and the positive domestic economic data led to a slightly higher close of US stocks and a shrinking - volume A - share market. The market transitioned, and short - term chasing risks should be noted [3] 3. Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 4. Spot Market Tracking Charts - Stock Index Performance: On July 14, 2025, the Shanghai Composite Index rose 0.27% to 3519.65 points, the Shenzhen Component Index fell 0.11% to 10684.52 points, the ChiNext Index fell 0.45% to 2197.07 points, the CSI 300 Index rose 0.07% to 4017.67 points, the SSE 50 Index rose 0.00% to 2757.81 points, the CSI 500 Index fell 0.10% to 6020.86 points, and the CSI 1000 Index rose 0.02% to 6462.31 points [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][14] 5. Futures Market Tracking Charts - Position and Volume: The trading volume and open interest of IF, IH, IC, and IM index futures decreased. For example, the open interest of IF was 80048 (down 83463), and the trading volume was 263468 (down 19160) [6][18] - Basis: The basis of index futures showed different changes. For example, the current - month contract basis of IF was - 0.21 (up 12.61) [6][41] - Inter - period Spread: The inter - period spreads of index futures also had various changes. For example, the spread between the next - month and current - month contracts of IF was - 14.60 (up 3.40) [6][47]