Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. For specific products: The investment outlook for stock index futures is "volatile and bullish"; for stock index options, it is "volatile"; for treasury bond futures, it is "volatile and cautious" [6]. Core Viewpoints - The stock market should be treated positively. There's no need to overly worry about the market adjustment. The policy is being implemented, there is potential for unentered funds to enter, and global stock market sentiment is positive. The bond market sentiment remains weak, with many short - term negative factors, especially for the long - end [1][6][8]. Summary by Relevant Catalogs 1. Market Views Stock Index Futures - Yesterday, the Shanghai Composite Index failed to hold above 3600 points, and the CSI 2000 Index pulled back nearly 1%. The adjustment was due to factors like large profit - taking and limited imagination for certain sectors. However, it's not the start of a market downturn. Policy is being implemented, unentered funds will enter, and global stock markets are positive. The operation suggestion is to hold positions, specifically the IM contract [1][6]. Stock Index Options - Yesterday, the option market turnover was 8.96 billion yuan, a 27.48% increase from the previous trading day. The trading volume of call options increased, and both buyers and sellers did not price in many negative factors. They saw the intraday pullback as a chance to bet on an up - move. The short - term strategy is to set up a bull spread, and the medium - term is to maintain a covered call strategy and add positions during the volatility increase [2][6]. Treasury Bond Futures - Yesterday, treasury bond futures closed down. The bond market sentiment is weak due to the rising risk appetite in the market and the stock - bond seesaw effect. The afternoon stock market adjustment may have boosted the bond market, but the bullish sentiment is unstable. The capital cost increased, and the bond market should be treated with caution, especially the long - end. Attention should be paid to long - end short - hedging operations and the signals from the Politburo meeting at the end of July [7][8]. 2. Economic Calendar - On July 21, 2025, China's 1 - year and 5 - year loan prime rates remained unchanged at 3% and 3.5% respectively. China's June全社会用电量 annual rate was 5.4%, higher than the previous value of 4.4% [10]. 3. Important Information and News Tracking - Food Delivery: Shanghai market regulators interviewed food delivery platforms. The platforms have implemented three rectifications. The new Anti - Unfair Competition Law will be implemented on October 15, and the Shanghai market regulator has carried out legal publicity [10]. - Anti - Involution: The Guangzhou Futures Exchange will adjust the price limit, margin, and trading fees for industrial silicon, polysilicon, and lithium carbonate futures contracts from July 25, 2025 [11]. - Artificial Intelligence: The Shanghai Stock Exchange conducted a special research on Shanghai's "Model Speed Space" and held a symposium on Shanghai's artificial intelligence industry chain enterprises [11]. - Stablecoins: The Chief Executive of the Hong Kong Monetary Authority wrote about stablecoins, emphasizing the need to strengthen the discussion and implement the Stablecoin Ordinance [11]. 4. Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data summaries are not provided in the content [12][16][28].
股市继续积极对待
Zhong Xin Qi Huo·2025-07-24 02:22