Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-22 09:41Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - A-share major indices rose significantly this week, with the ChiNext Index up over 5% and the STAR 50 up over 10%. The four stock index futures also increased collectively, and the performance of large and small-cap stocks was relatively balanced. The market trading activity continued to rise compared to last week, with the trading volume of the Shanghai and Shenzhen stock markets remaining at the two-trillion level, and the trading amount of northbound funds exceeding one trillion for five consecutive weeks [5][97]. - Domestically, in terms of economic fundamentals, the growth rates of industrial added value, fixed asset investment, and social retail sales of above-scale industries in July all declined compared to the previous values, and the real estate market also showed an accelerated decline. Previously announced inflation data improved month-on-month under the combined effect of seasonal effects and industrial policies. In terms of financial data, the M2 - M1 gap continued to narrow in July, indicating that residents are gradually shifting from excess savings to consumption. At the individual stock level, the net profit growth rate of all A-shares has increased compared to the first quarter, and the profit performance of the four stock index futures has been differentiated. In terms of the capital side, northbound funds remained active in trading, and the margin trading balance continued to climb [97]. - Overall, this week was a macro data vacuum period in China, and the market focused on the disclosure of the semi-annual reports of listed companies. In the current low-interest rate environment, the movement of residents' deposits has injected liquidity into the market, and the previous policies for the entry of medium and long-term funds have also promoted the optimization of the A-share investment structure. In addition, due to the relatively high valuation of the US stock market, A-shares with more reasonable valuations have continuously attracted foreign capital inflows. Finally, due to the poor performance of previous economic data, the market still expects policy intensification. The strategy is to recommend light - position buying on dips [97]. 3. Summary According to Relevant Catalogs 3.1 Market Review | Futures/Spot | Contract/Index Name | Weekly Change (%) | Friday Change (%) | Closing Price | | --- | --- | --- | --- | --- | | Futures | IF2509 | 4.39 | 2.72 | 4394.0 | | | IH2509 | 3.36 | 2.80 | 2942.0 | | | IC2509 | 4.28 | 2.50 | 6810.4 | | | IM2509 | 3.70 | 2.25 | 7348.6 | | Spot | CSI 300 | 4.18 | 2.10 | 4378.00 | | | SSE 50 | 3.38 | 2.32 | 2928.61 | | | CSI 500 | 3.87 | 1.77 | 6822.85 | | | CSI 1000 | 3.45 | 1.51 | 7362.94 | [8] 3.2 News Overview - Premier Li Qiang emphasized enhancing the effectiveness of macro - policies, stimulating consumption potential, expanding effective investment, and stabilizing the real estate market, which is positive for the market [11]. - As of August 18, the margin trading balance exceeded 2.1 trillion yuan, with a six - consecutive - day increase and a cumulative increase of over 110 billion yuan since August, which is positive for the market [11]. - On August 20, 2025, the 1 - year LPR was 3.0% and the 5 - year LPR was 3.5%, remaining unchanged from the previous values, which is neutral for the market [11]. 3.3 Weekly Market Data - Domestic Major Indices: The Shanghai Composite Index rose 3.49% this week, the Shenzhen Component Index rose 4.57%, the STAR 50 rose 13.31%, the SME 100 rose 4.64%, and the ChiNext Index rose 5.85% [14]. - External Major Indices (as of Thursday): The S&P 500 fell 1.23%, the UK FTSE 100 rose 1.86%, the Hang Seng Index rose 0.27%, and the Nikkei 225 fell 1.72% [15]. - Industry Sector Performance: All industry sectors rose, with the communication, electronics, and comprehensive sectors rising significantly. However, the main funds in the industry were generally in net outflows, with large net outflows in the computer, machinery, and power equipment sectors [19][23]. - Other Data: SHIBOR short - term interest rates first rose and then fell, with low capital prices. This week, major shareholders had a net reduction of 7.523 billion yuan in the secondary market, the market value of restricted shares lifted was 92.504 billion yuan, and the total trading amount of northbound funds was 1.345191 trillion yuan. The basis of the main contracts of IF, IH, IC, and IM strengthened [27][30][38]. 3.4 Market Outlook and Strategy - The market is expected to continue to be affected by factors such as the disclosure of semi - annual reports, economic fundamentals, and policy expectations. The strategy is to recommend light - position buying on dips [97].