光大期货金融期货日报-20250813

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The stock market has been rising recently due to three logics: long - term, the market anticipates more fiscal policies to promote consumption and an increase in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; medium - term, the anti - involution trend is strong, and infrastructure investment on the demand side benefits upstream cyclical sectors; short - term, capital inflows due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data lead to more entity liquidity flowing into the stock market. For stock index futures, a strategy of selling put options can be considered [1]. - For treasury bond futures, the bond market is under pressure due to the strong stock market this week. In the short term, the bond market is lack of directional drive and will mainly fluctuate, although the expected weak credit data in July may provide some support [2]. Summary by Relevant Catalogs Research Views Stock Index Futures - Yesterday, the A - share market continued to rise with increased trading volume. The Wind All - A index rose 0.34% with a trading volume of 1.91 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices also had varying degrees of increase. The implementation of the parenting subsidy system is expected to be an important path to stabilize and increase inflation. The long - term, medium - term, and short - term logics for the recent stock market rise are analyzed, and a selling put options strategy is recommended [1]. Treasury Bond Futures - The 30 - year, 10 - year, 2 - year, and 5 - year treasury bond futures contracts showed different trends. The central bank conducted 1146 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 461 billion yuan. The bond market is under pressure from the strong stock market and will mainly fluctuate in the short term [2]. Daily Price Changes - For stock index futures, IH, IF, IC, and IM all rose, with increases of 0.72%, 0.64%, 0.70%, and 0.47% respectively. For stock indices, the SSE 50, SSE 300, CSI 500, and CSI 1000 also increased. For treasury bond futures, TS, TF, T, and TL had different degrees of decline [3]. Market News - On August 11, local time, US President Trump signed an executive order to extend the tariff suspension measures on China for another 90 days [4]. Chart Analysis Stock Index Futures - Charts show the trends of IH, IF, IM, IC main contracts, and the basis trends of various stock indices [6][7][9][10][11]. Treasury Bond Futures - Charts present the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][17][18]. Exchange Rates - Charts display the trends of the US dollar to RMB central parity rate, euro to RMB central parity rate, forward US dollar to RMB, forward euro to RMB, US dollar index, euro to US dollar, British pound to US dollar, and US dollar to Japanese yen [21][22][23][25][26].