市场成交下降，轮动延续

Market Analysis - US PPI showed a mild slowdown, with the June PPI unchanged month - on - month and up 2.3% year - on - year, and the core PPI also unchanged month - on - month and up 2.5% year - on - year, the smallest increase since late 2023 [1] - In China, the State Council Premier chaired a meeting to discuss policies for strengthening the domestic market, reported on the regulation of the new energy vehicle industry competition order, and the initial rectification of audit - found problems in the 2024 central budget execution [1] - A - share market: The three major A - share indices fluctuated and adjusted. The Shanghai Composite Index fell 0.03% to 3503.78 points, and the ChiNext Index fell 0.22%. The social services, automobile, pharmaceutical and biological, and light manufacturing sectors led the gains, while the steel, banking, non - ferrous metals, and non - bank financial sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.4 trillion yuan [1] - US stock market: Trump's remarks on Fed Chairman Powell did not lead to immediate action. The three major US stock indices closed slightly higher, with the Dow Jones Industrial Average rising 0.53% to 44254.78 points [1] - Futures market: As the current - month futures contracts are to be delivered tomorrow, the basis is converging. Both the trading volume and open interest of stock index futures decreased [1] Strategy - US PPI data was temporarily stable. Trump's attitude towards Powell initially worried the market, but the three major US stock indices rebounded after an initial decline [2] - The trading activity in the domestic market declined compared to the previous period. Sector rotation accelerated, high - priced stocks entered an adjustment phase, and the market shifted to a sentiment - driven trading mode. The main stock indices showed a divergent trend, and the banking sector's decline led to relatively weak performance of large - cap stock indices in the short term [2] Summary by Directory 1. Macroeconomic Charts - Include charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A - share trends and styles [5][7][9] 2. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on July 16, 2025. For example, the Shanghai Composite Index closed at 3503.78, down 0.03% from the previous day [12] - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [12] 3. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. For example, the trading volume of IF was 100264, a decrease of 24033, and the open interest was 255864, a decrease of 11467 [17] - Charts show the open interest, open - interest ratio, and net positions of foreign investors in different stock index futures contracts, as well as the basis and inter - delivery spread of stock index futures [18][25][27]