财达期货｜股指期货周报-20250721

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoints - The A-share market is expected to continue its upward trend, with the policy adjustment and the continuous listing of high-quality assets driving the index up, reflecting the improvement of market liquidity and the trend of value revaluation [3][4] - After the A-share market turns into an incremental market following the Hong Kong stock market, and with the stabilization of trade war expectations and the end of the interim report season in August, a sectoral market may form again [3] 3. Summary by Related Catalogs 3.1 Market Performance - Last week, the four stock index futures varieties continued to rise across the board, with CSI 300, CSI 500, and CSI 1000 showing relatively strong performance. Most of the basis of the four stock index futures varieties was in the mode of futures discount [2] - The A-share market continued to rise last week, with the CSI All-Share Index rising more than 1% for three consecutive weeks, and the trading volume remaining at a relatively high level. The financial industry represented by banks, securities, and insurance showed relatively weak performance, but its previous large gains and temporary adjustment helped relieve the liquidity pressure on other small and medium-sized sectors [2] 3.2 Market Outlook - The A-share market is expected to gradually turn into an incremental market after the Hong Kong stock market. With the stabilization of trade war expectations and the end of the interim report season in August, a sectoral market may form again [3] - Policy adjustment and the continuous listing of high-quality assets drive the index up, reflecting the improvement of market liquidity and the trend of value revaluation. The current low-valued manufacturing sector may be boosted by the inflow of incremental funds [4]