光大期货金融期货日报-20250911

Report's Industry Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Range-bound [1] 2. Core Viewpoints of the Report - A-shares closed higher with the Wind All A index up 0.22% and a trading volume of 2 trillion yuan. The short-term correction is normal due to profit-taking, while long-term benefits from the Fed's dovish stance and potential rate cuts. Policy adjustments in Shanghai's housing market and the implementation of the childcare subsidy system are expected to boost the market. The liquidity-driven market will continue with obvious structural features and faster sector rotation [1]. - Treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year main contracts down 0.86%, 0.27%, 0.15%, and 0.04% respectively. The central bank conducted 3040 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 749 billion yuan. The short-term bonds are relatively stable, while the long-term bonds are more volatile [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - Stock Index Futures: IH rose 0.42% to 2,937.8, IF rose 0.14% to 4,432.4, IC fell 0.14% to 6,863.4, and IM fell 0.21% to 7,151.0 [3]. - Stock Indexes: Shanghai Composite 50 rose 0.37% to 2,939.6, CSI 300 rose 0.21% to 4,445.4, CSI 500 rose 0.05% to 6,932.1, and CSI 1000 rose 0.06% to 7,230.2 [3]. - Treasury Bond Futures: TS fell 0.03% to 102.35, TF fell 0.14% to 105.43, T fell 0.26% to 107.49, and TL fell 0.83% to 114.76 [3]. 3.2 Market News - In August, the month-on-month PPI ended eight consecutive months of decline, turning flat from a 0.2% drop in the previous month. The year-on-year PPI fell 2.9%, with the decline narrowing by 0.7 percentage points from the previous month, the first narrowing since March this year [4]. 3.3 Chart Analysis - Stock Index Futures: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts [6][7][8][9][10]. - Treasury Bond Futures: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures [12][15][16][17]. - Exchange Rates: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and various currency pairs [20][21][22][24][25][28]