Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-08 10:38Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The A - share market's major indices rose this week, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. Market attention shifted to corporate semi - annual reports after the Politburo meeting, and the net profit growth of reported companies increased. Trading activity declined compared to last week [8]. - The bond market entered a repair phase. Although the central bank continued net withdrawals in the open - market operations, the bond market stabilized. The potential VAT levy on treasury bonds may widen the spread between new and old bonds [8]. - The commodity market faced a retracement risk. Although the Sino - US tariff truce was extended and trade relations improved marginally, domestic fundamentals remained weak [8]. - In the foreign exchange market, the US dollar was under pressure due to the dovish signals from the Fed and weak economic data, while the euro was boosted by the weakening dollar in the short term [8]. 3. Summary by Directory 3.1 This Week's Summary and Next Week's Allocation Suggestions - Stocks: The CSI 300 rose 1.23%, and CSI 300 stock index futures rose 1.27%. Small - and medium - cap stocks were stronger than large - cap blue - chip stocks, with IM>IC>IF>IH in terms of gains. The recommendation is to buy on dips [8]. - Bonds: The 10 - year treasury bond yield decreased by 0.15% with a weekly change of - 0.09BP, and the 10 - year treasury bond futures rose 0.18%. The suggestion is to buy on dips [8]. - Commodities: The Wind Commodity Index rose 1.86%, and the CSI Commodity Futures Price Index rose 0.10%. Due to weak fundamentals, there is a risk of retracement. The recommendation is to buy on dips [8]. - Foreign Exchange: The euro against the US dollar rose 0.65%, and the euro - US dollar 2509 contract rose 0.70%. The suggestion is to observe cautiously [8]. 3.2 Important News and Events - Domestic: The central bank will continue a moderately loose monetary policy, and the State Council plans to gradually implement free pre - school education. Several departments issued policies on finance and foreign exchange remittance [16]. - International: The US - EU trade tension eased as the EU postponed tariff counter - measures. Trump signed executive orders to impose tariffs on multiple countries, and there were speculations about a new Fed chair [18]. 3.3 This Week's Domestic and International Economic Data - China: In July, exports increased by 7.2% and imports by 4.1% in US dollars, both better than expected [13]. - US: The factory orders in June decreased by 4.8%, and the initial jobless claims in the week ending August 2 increased to 226,000 [19]. - EU: The eurozone's June PPI increased by 0.8%, and retail sales increased by 0.3% [19]. - UK: The central bank interest rate remained at 4% [19]. - Germany: The industrial output in June decreased by 1.9%, and the trade surplus was 14.9 billion euros [19]. - France: The industrial output in June increased by 3.8%, and the trade deficit was 7.623 billion euros [19]. 3.4 Next Week's Important Economic Indicators and Economic Events - Key economic data to be released next week include the UK's July unemployment rate, the US's July CPI, Germany's July CPI, and China's July social consumer goods retail sales [81].