FICC日报：军工板块再度领涨-20250718

1. Report Industry Investment Rating - Citigroup upgraded its rating on the Chinese stock market to "Overweight," with a year - end target of 25,000 for the Hang Seng Index and 4,200 for the CSI 300 Index [1] 2. Core Viewpoints of the Report - Overseas markets: Driven by strong growth in US retail sales data in June and a continuous decline in the number of initial jobless claims, the three major US stock indexes closed higher [2] - Domestic markets: The A - share market continues its structural market characteristics. The national defense and military industry sector leads the gains, highlighting the performance - driven main line. Sectors with performance support such as rare earth permanent magnets, biomedicine, and consumer electronics are expected to regain upward momentum based on fundamental advantages after a short - term technical correction [2] 3. Summary by Relevant Catalogs Macro - economic Charts - The report includes charts showing 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 [5][7][9] Spot Market Tracking Charts - Stock Index Performance: On July 17, 2025, the Shanghai Composite Index rose 0.37% to 3,516.83 points, the Shenzhen Component Index rose 1.43% to 10,873.62 points, the ChiNext Index rose 1.76% to 2,269.33 points, the CSI 300 Index rose 0.68% to 4,034.49 points, the SSE 50 Index fell 0.23% to 2,744.26 points, the CSI 500 Index rose 1.08% to 6,082.46 points, and the CSI 1000 Index rose 1.14% to 6,535.67 points [12] - Transaction Volume: The trading volume of the Shanghai and Shenzhen stock markets rebounded to 1.5 trillion yuan [1] - Charts: Include charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][13] Stock Index Futures Tracking Charts - Volume and Open Interest: The trading volume and open interest of IH and IF contracts increased synchronously. The trading volume of IC and IM contracts decreased, while the open interest increased [1][16] - Basis: The basis of the current - month contracts basically converged. The report details the basis of IF, IH, IC, and IM contracts for the current - month, next - month, current - quarter, and next - quarter contracts [1][36][38] - Inter - period Spread: The report provides the inter - period spreads of IF, IH, IC, and IM contracts, including next - month minus current - month, next - quarter minus current - month, etc., along with their changes [46][47] - Charts: Include charts of contract open interest, open - interest ratios, foreign - funded net open positions, basis, and inter - period spreads for IH, IF, IC, and IM contracts [5]