瑞达期货股指期货全景日报-20250827

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - A - share major indices closed generally lower, with the Shanghai Composite Index down 1.76%, the Shenzhen Component Index down 1.43%, and the ChiNext Index down 0.69%. After continuous sharp rallies, the market showed profit - taking actions. [2] - The profit decline of industrial enterprises above designated size in July narrowed for two consecutive months, but the revenue growth rate was lower than the cost growth rate, resulting in a decline in the revenue profit margin. The economic data in July were generally below expectations, and financial data showed that residents were gradually shifting from excessive savings to consumption. [2] - From the semi - annual reports of listed companies, except for the obvious acceleration of the net profit growth rate of CSI 300, the net profit improvement of SSE 50 and CSI 500 was not obvious, and the net profit growth rate of CSI 1000 changed from growth in the first quarter to decline. [2] - Northbound funds remained active in trading, and the margin trading balance continued to rise. In the current low - interest - rate environment, the transfer of residents' deposits will inject liquidity into the market, and previous policies on the entry of medium - and long - term funds will help optimize the A - share investment structure. A - shares with reasonable valuations are attracting foreign capital inflows. The market still expects policy intensification due to poor economic data performance. It is recommended to buy on dips with a light position. [2] 3. Summary by Related Catalogs 3.1 Futures Market Data - Futures Contract Prices: The prices of IF, IH, IC, and IM main and secondary contracts all declined. For example, the IF main contract (2509) was at 4384.0, down 76.2; the IH main contract (2509) was at 2920.2, down 54.8; the IC main contract (2509) was at 6837.8, down 104.6; the IM main contract (2509) was at 7287.2, down 154.8. [2] - Futures Spreads: The spreads between different contracts also changed. For instance, the IF - IH current - month contract spread was 1463.8, down 14.4; the IC - IF current - month contract spread was 2453.8, down 13.6. [2] - Futures Net Positions: The net positions of the top 20 in IF, IH, IC, and IM all decreased. The IF top 20 net position was - 37,436.00, down 1340.0; the IH top 20 net position was - 18,119.00, down 204.0; the IC top 20 net position was - 18,698.00, down 848.0; the IM top 20 net position was - 54,489.00, down 61.0. [2] - Futures Basis: The basis of IF, IH, IC, and IM main contracts changed. The IF main contract basis was - 2.1, up 1.5; the IH main contract basis was 1.8, up 0.8; the IC main contract basis was - 24.8, up 22.9; the IM main contract basis was - 49.3, up 11.8. [2] 3.2 Market Sentiment Data - Trading Volume and Balance: A - share trading volume was 31,977.88 billion yuan, up 4879.57 billion yuan; the margin trading balance was 22,076.11 billion yuan, up 192.84 billion yuan; northbound trading volume was 3634.61 billion yuan, down 410.83 billion yuan. [2] - Other Indicators: The proportion of rising stocks was 11.67%, down 40.00 percentage points; the 20 - day volatility of the CSI 300 index was 15.13%, up 1.42 percentage points; the volume PCR was 55.25%, up 15.41 percentage points; the open - interest PCR was 80.89%, down 2.37 percentage points. [2] 3.3 Industry News - Industrial Enterprise Data: From January to July, the total profit of industrial enterprises above designated size was 40203.5 billion yuan, a year - on - year decrease of 1.7%. The operating income was 78.07 trillion yuan, a year - on - year increase of 2.3%, and the operating cost was 66.80 trillion yuan, an increase of 2.5%. The operating income profit margin was 5.15%, a year - on - year decrease of 0.21 percentage points. In July, the profit of industrial enterprises above designated size decreased by 1.5% year - on - year. [2] - ETF and Mutual Fund Data: The domestic ETF scale reached 5.07 trillion yuan, completing the leap from 4 trillion to 5 trillion in only 4 months, with 1271 ETF funds. 101 ETFs had a scale of over 10 billion, and 6 had a scale of over 100 billion. As of the end of July 2025, the total scale of public funds in China was 35.08 trillion yuan, hitting a record high for the tenth time since the beginning of 2024. In July, the scale of money market funds increased by over 380 billion yuan, the scale of stock funds increased by over 190 billion yuan, the scale of hybrid funds increased by over 130 billion yuan, and the scale of bond funds decreased by over 46 billion yuan. [2]