光大期货金融期货日报-20250731

Research Views Index Futures - Yesterday, the A-share market oscillated and pulled back, with the Wind All A index down 0.4% and a trading volume of 1.87 trillion yuan. The CSI 1000 index fell 0.82%, the CSI 500 index dropped 0.65%, the SSE 50 index rose 0.38%, and the SSE 300 index declined 0.02%. The implementation of the parenting subsidy system is expected to boost inflation. The recent stock market rally is driven by long-term, medium-term, and short-term factors. It's advisable to wait for clearer policies and market trends before adjusting positions [1]. Treasury Futures - Treasury futures closed higher, with the 30-year, 10-year, 5-year, and 2-year contracts up 0.40%, 0.15%, 0.08%, and 0.03% respectively. The central bank conducted 3090 billion yuan of 7-day reverse repurchase operations, with a net injection of 1585 billion yuan. The bond market is expected to have a repair market, and short-term treasury bonds are expected to stop falling and stabilize [2]. Daily Price Changes Stock Index Futures - IH rose 0.21%, IF fell 0.12%, IC dropped 0.76%, and IM declined 0.87%. Among stock indices, the SSE 50 rose 0.38%, the SSE 300 fell 0.02%, the CSI 500 dropped 0.65%, and the CSI 1000 declined 0.82% [3]. Treasury Futures - TS rose 0.03%, TF rose 0.08%, T rose 0.16%, and TL rose 0.42%. Yields of treasury bonds decreased, with the 2-year, 5-year, 10-year, and 30-year yields down 1.52, 0.92, 1.41, and 2.15 respectively [3]. Market News - The Politburo meeting on July 30 stated that macro policies should continue to exert force and add strength in a timely manner. Fiscal policies should be more proactive, and monetary policies should maintain liquidity and lower financing costs [4]. Chart Analysis Stock Index Futures - The report presents charts of the trends and basis of IH, IF, IM, and IC, including their historical price trends and basis changes [6][7][9]. Treasury Futures - Charts show the trends of treasury futures contracts, yields of treasury bonds, basis, inter - period spreads, cross - variety spreads, and funding rates [13][16][18]. Exchange Rates - Charts display the middle rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates of other currency pairs such as the euro - US dollar, pound - US dollar, and US dollar - yen [21][22][26].