瑞达期货股指期货全景日报-20250723

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the second quarter of 2025, Central Huijin bought large - scale exchange - traded funds (ETFs), with the total purchase amount exceeding 200 billion yuan. The LPR remained unchanged in July. A - share major indices mostly declined, and the trading volume decreased slightly. The real estate market still drags down fixed - asset investment growth, and the support of trade - in programs for social retail sales has weakened. However, financial data shows that the loose monetary policy has achieved some results, which may be reflected in subsequent economic indicators. With the approaching of the Politburo meeting at the end of July, market bulls may make early arrangements. Central Huijin's ETF purchases also boost market confidence, and stock indices still have long - term upward potential. The strategy is to buy on dips with a light position [2] 3. Summary by Relevant Catalogs 3.1 Futures Prices and Spreads - IF main contract (2509) price is 4109.2, up 12.6; IH main contract (2509) price is 2802.8, up 13.4. IC main contract (2509) price is 6120.0, up 8.2; IM main contract (2509) price is 6500.0, up 4.2. Most spreads between different contracts decreased, while the differences between quarterly and current contracts of most varieties increased [2] 3.2 Futures Position - IF top 20 net positions are - 27,906.00, up 240.0; IH top 20 net positions are - 15,788.00, up 674.0; IC top 20 net positions are - 12,752.00, up 932.0; IM top 20 net positions are - 38,839.00, down 691.0 [2] 3.3 Spot Prices and Basis - The Shanghai - Shenzhen 300 index is 4119.77, up 0.8; the Shanghai 50 index is 2801.20, up 9.0; the CSI 500 index is 6196.76, down 16.7; the CSI 1000 index is 6607.22, down 29.9. The basis of most futures contracts has different changes [2] 3.4 Market Sentiment - A - share trading volume is 18,983.71 billion yuan, down 302.74 billion yuan; margin trading balance is 19,332.73 billion yuan, up 153.54 billion yuan. North - bound trading volume is 2414.97 billion yuan, up 328.02 billion yuan. The proportion of rising stocks is 23.44%, down 23.46 percentage points [2] 3.5 Wind Market Strength - Weakness Analysis - The overall A - share index is 3.40, down 2.30; the technical index is 2.30, down 2.30; the capital index is 4.50, down 2.30 [2] 3.6 Industry News - In the second quarter of 2025, Central Huijin bought large - scale ETFs. On July 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%, both unchanged from the previous month [2] 3.7 Key Events to Watch - July 24: France, Germany, Eurozone, UK July SPGI manufacturing PMI preliminary value; European Central Bank interest rate decision; US initial jobless claims for the week ending July 19 and July SPGI manufacturing PMI preliminary value. July 27: China's industrial enterprise profits above designated size in June [3]