Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-21 09:02Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Although economic data weakened in July, market expectations for policy intensification have risen. The market is focused on the semi - annual reports of listed companies, with positive net profit growth in the four broad - based indices. Some companies' improved fundamentals support the stock market, but caution is needed regarding the potential drag on index performance from companies with unannounced and possibly poor earnings. A - shares, with reasonable valuations, are attracting foreign capital inflows. The strategy suggests light - position buying on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - IF, IH, and IC main contracts (2509) rose, while IM main contract (2509) fell. For example, IF main contract (2509) was at 4282.2 (+28.2↑), IH main contract (2509) was at 2865.4 (+24.0↑), IC main contract (2509) was at 6656.4 (-4.0↓), and IM main contract (2509) was at 7202.2 (-31.4↓). Most of the contract spreads decreased, such as IF - IH monthly contract spread at 1416.8 (-2.0↓) [2] 3.2 Futures Position Holdings - The net positions of the top 20 in IF, IH, IC, and IM all decreased. IF top 20 net position was - 30,886.00 (-783.0↓), IH top 20 net position was - 17,218.00 (-1458.0↓), IC top 20 net position was - 16,125.00 (-305.0↓), and IM top 20 net position was - 58,664.00 (-1904.0↓) [2] 3.3 Spot Prices and Basis - The spot prices of CSI 300 and SSE 50 rose, while those of CSI 500 and CSI 1000 fell. The basis of IF, IH, IC, and IM main contracts all decreased. For instance, CSI 300 was at 4288.07 (+16.7↑), and IF main contract basis was - 5.9 (-4.5↓) [2] 3.4 Market Sentiment - A - share trading volume was 24,603.35 billion yuan (+119.21↑), and margin trading balance was 21,475.69 billion yuan (+158.75↑). The proportion of rising stocks decreased to 40.02% (-27.75↓), and Shibor was 1.466% (-0.007↓) [2] 3.5 Wind Market Strength - Weakness Analysis - The strength of all A - shares, technical aspects, and capital aspects all decreased. All A - shares were at 4.30 (-2.70↓), technical aspects were at 4.60 (-2.10↓), and capital aspects were at 4.00 (-3.10↓) [2] 3.6 Industry News - From January to July 2025, national fixed - asset investment (excluding rural households) was 288,229 billion yuan, with a year - on - year increase of 1.6%. Real estate development investment was 53,580 billion yuan, a year - on - year decrease of 12.0%. In July, the total retail sales of consumer goods were 38,780 billion yuan, a year - on - year increase of 3.7%. The LPR remained unchanged in August [2] 3.7 Key Events to Watch - On August 21 at 21:45, the preliminary values of the SPGI manufacturing, services, and composite PMIs in the US for August will be released. On August 22 at 22:00, Fed Chairman Powell will speak at the Jackson Hole Global Central Bank Annual Meeting [3]