市场回调下，前期弱势行业展韧性

Report Industry Investment Rating - Not provided Core View - The decline in the stock market today has widened, which generally aligns with the idea of a fall in sentiment and a rise in risk - aversion mentioned yesterday. Banks, consumer - related industries, public utilities, and transportation, which had relatively small increases since June 20, showed resilience, while TMT continued to lead the decline. Although the trading volume of the two markets has fallen from the high of three trillion, it remains at an active level. After three consecutive negative days in the stock market, sentiment is expected to be cautious, and there is significant pressure for a short - term rebound. However, the short - selling power is not strong, as indicated by the long lower shadow of the stock index. With no strong negative factors, after a rapid and substantial short - term correction, the stock market is expected to return to a volatile state [4]. Market Review - The stock index declined with increased trading volume today. Taking the CSI 300 index as an example, it closed down 2.12%. The trading volume of the two markets increased by 180.171 billion yuan. In the futures index market, all varieties declined with increased volume [2]. Important Information - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a notice on printing and distributing the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry from 2025 - 2026" [3]. Strategy Recommendation Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -1.88 | -1.51 | -2.42 | -2.21 | | Trading volume (10,000 lots) | 21.4783 | 10.143 | 19.4079 | 38.3239 | | Trading volume change (10,000 lots) | 1.8541 | 1.5325 | 2.7933 | 4.4942 | | Open interest (10,000 lots) | 29.8905 | 11.1522 | 26.1202 | 40.4746 | | Open interest change (10,000 lots) | 1.2436 | 0.8984 | 1.6332 | 0.5496 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -1.25 | | Shenzhen Component Index change (%) | -2.83 | | Ratio of rising to falling stocks | 0.72 | | Trading volume of the two markets (100 million yuan) | 25442.57 | | Trading volume change (100 million yuan) | 1801.71 | [6]