宏观金融数据日报-20250728

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market mainly traded on the expectation of "anti - involution" policies last week as no incremental policies were further introduced. The market is highly concerned about whether the upcoming policies from the July Politburo meeting will signal a new round of supply - side reform and focuses on the policy priorities for the second - half economic work [7]. - With the short - term ebb of hot topics, the upward speed of stock indices may slow down in the short term, presenting a volatile pattern. The market also pays attention to the July Politburo meeting communique and the Sino - US trade consultation on Wednesday [7]. 3. Summary by Relevant Catalogs Money Market - Market Data: DRO01 closed at 1.52 with a - 13.41bp change, DR007 at 1.65 with a 7.64bp change, GC001 at 1.35 with a 26.00bp change, etc. The 10 - year US Treasury yield decreased by 3.00bp to 4.40 [4]. - Central Bank Operations: Last week, the central bank conducted 16563 billion yuan of reverse repurchase operations, 4000 billion yuan of MLF, and 1000 billion yuan of treasury cash fixed - deposit operations. With 17268 billion yuan of reverse repurchase, 2000 billion yuan of MLF, and 1200 billion yuan of treasury cash fixed - deposit maturing, the net injection was 1095 billion yuan. This week, 16563 billion yuan of reverse repurchases will mature [4][5]. - Market Situation: The inter - bank market liquidity has tightened recently, with DR001 rising above 1.5% and DR007 above 1.65% [5]. Stock Index Market - Market Data: The CSI 300 closed at 4127 with a - 0.53% change, the SSE 50 at 2796 with a - 0.60% change, etc. The trading volumes and positions of IF, IH, IC, and IM all decreased. Last week, the CSI 300 rose 1.69%, the SSE 50 rose 1.12%, etc. The daily average trading volume increased by 2778.4 billion yuan compared to the previous week. In the Shenwan primary industry index, construction materials (8.2%), steel (7.7%), etc. led the gains, while only banking (- 2.9%), communication (- 0.8%), and public utilities (- 0.3%) declined [6]. - Market Situation: The market was mainly driven by the expectation of "anti - involution" policies last week. Stocks were mainly hyped around the Yarlung Zangbo River project, "anti - involution" policy expectations, and Hainan Free Trade Zone themes [7]. Futures Premium and Discount - Premium and Discount Data: IF's current - month contract had a premium of 2.03%, IH's current - month contract had a discount of - 0.06%, IC's current - month contract had a premium of 11.71%, and IM's current - month contract had a premium of 11.00% [8].