Workflow
期指：结构性行情延续，支撑行情
Guo Tai Jun An Qi Huo·2025-07-22 02:06
  1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The structural market in index futures continues and supports the market [1] - On July 21, all the current - month contracts of the four major index futures rose. IF increased by 0.68%, IH by 0.25%, IC by 0.99%, and IM by 0.89% [1] - On this trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF decreased by 24,940 lots, IH by 19,875 lots, IC by 9,461 lots, and IM by 1,381 lots [2] - In terms of positions, the total positions of IF decreased by 2,025 lots, IH by 634 lots, while IC increased by 5,196 lots and IM by 15,851 lots [2] 3. Summary by Related Catalogs 3.1期指期现数据跟踪 - Index Futures Data: Presented the closing prices, price changes, basis, trading volumes (in billions), trading volumes, and position changes of various index futures contracts such as IF, IH, IC, and IM on July 21, 2025 [1] - Trading Volume and Position Changes: The total trading volume of the four major index futures decreased, and the position changes of different index futures varied [2] - 20 - Member Position Changes: Showed the long - and short - position changes of the top 20 members in different index futures contracts [5] - Trend Intensity: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [5] 3.2重要驱动 - LPR Quote: The LPR quote in July remained stable. The 1 - year LPR was reported at 3%, and the 5 - year - plus variety was reported at 3.5% [6] - Sino - US Leaders' Meeting: The Ministry of Foreign Affairs stated that there was no information available regarding the possible meeting between Chinese and US leaders in the next few months [6] - US - EU Trade Tension: The US Secretary of Commerce set August 1 as the "hard" deadline. If the EU fails to reach a new trade agreement by then, it will face at least a 30% tariff, and the EU is preparing a full - scale counterattack [6] - Stock Market Performance: The broader market opened higher and continued the upward trend in a volatile manner. The Shanghai Composite Index reached a new high for the year, and the ChiNext Index followed the upward trend in the afternoon. A - share trading volume increased to 1.73 trillion yuan [6][7]