情绪前低后高，沪指站上3600点

Report Industry Investment Rating - No information provided Core Viewpoints - The domestic "anti-involution" policy continues to advance, and the related themes remain hot, but short-term hot trading fluctuates repeatedly. The market completed a washout in a low-open and high-go trend, and the Shanghai Composite Index successfully regained 3600 points. As the market's consensus on the "bull market" expectation gradually strengthens, margin trading funds and equity funds, as important incremental sources for this round of the market, are continuously injecting vitality into the market and promoting the spread of the profit-making effect [1][2][3] Summary by Directory 1. Market Analysis - Domestic Policy: The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the revised draft of the Price Law, improving the standards for identifying dumping at low prices, regulating market price order, and governing "involution-style" competition [1] - Overseas Economy: In July, the preliminary value of the US S&P Global Manufacturing PMI dropped to 49.5, the lowest since December 2024, while the preliminary value of the Services PMI was 55.2, and the preliminary value of the Composite PMI was 54.6, both hitting new highs since December 2024. The number of initial jobless claims last week was 217,000, the lowest level since mid-April, lower than the market expectation of 226,000 and the previous value of 221,000 [1] - Spot Market: A-share's three major indexes opened low and closed high, with the Shanghai Composite Index rising 0.65% to close at 3605.73 points, and the ChiNext Index rising 1.50%. Most sector indexes rose, with beauty care, non-ferrous metals, steel, and commercial retail industries leading the gains, while only the banking, communication, and public utilities industries closed down. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.84 trillion yuan. Overseas, the three major US stock indexes closed mixed, with the Dow Jones Industrial Average falling 0.7% and the Nasdaq rising 0.18% to 21057.96 points [2] - Futures Market: In the futures market, the basis of stock index futures was repaired. In terms of trading volume and open interest, the trading volume of stock index futures decreased, while the open interest increased [2] 2. Strategy - The domestic "anti-involution" policy continues to advance, and the related themes remain hot. The market completed a washout in a low-open and high-go trend, and the Shanghai Composite Index successfully regained 3600 points. As the market's consensus on the "bull market" expectation gradually strengthens, margin trading funds and equity funds are continuously injecting vitality into the market and promoting the spread of the profit-making effect [3] 3. Macro Economic Charts - The report includes charts on the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends, with data sources from Flush and Huatai Futures Research Institute [6][8][10] 4. Spot Market Tracking Charts - Stock Index Performance: The daily performance of major domestic stock indexes on July 24, 2025, shows that the Shanghai Composite Index rose 0.65%, the Shenzhen Component Index rose 1.21%, the ChiNext Index rose 1.50%, the CSI 300 Index rose 0.71%, the SSE 50 Index rose 0.32%, the CSI 500 Index rose 1.56%, and the CSI 1000 Index rose 1.42% [13] - Market Data: The report also includes charts on the trading volume of the Shanghai and Shenzhen stock markets and the margin balance, with data sources from Flush and Huatai Futures Research Institute [12][13] 5. Stock Index Futures Tracking Charts - Trading Volume and Open Interest: The trading volume of stock index futures decreased, while the open interest increased. Specifically, the trading volume of IF was 114,133 (a decrease of 16,976), the open interest was 271,368 (an increase of 2,311); the trading volume of IH was 53,842 (a decrease of 13,034), the open interest was 100,891 (an increase of 135); the trading volume of IC was 95,468 (a decrease of 9,753), the open interest was 229,789 (an increase of 1,553); the trading volume of IM was 205,106 (a decrease of 6,634), the open interest was 338,313 (an increase of 35) [16] - Basis: The basis of stock index futures was repaired. The report provides the basis data for different contracts of IF, IH, IC, and IM, including the current month, next month, current quarter, and next quarter contracts [38] - Inter - delivery Spread: The report provides the inter - delivery spread data for different contracts of IF, IH, IC, and IM, including the next month - current month, next quarter - current month, etc., and their changes [45] - Charts: The report includes charts on the open interest of different contracts, the latest open interest ratio, foreign investors' net open interest, basis, and inter - delivery spread, with data sources from Flush and Huatai Futures Research Institute [6][16][38]