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宏观金融数据日报-20250911
Guo Mao Qi Huo·2025-09-11 09:48

Report Summary 1. Market Investment Ratings - No information provided regarding the report's industry investment rating. 2. Core Viewpoints - The stock index closed up with reduced volatility and shrinking trading volume. There is still upward potential for the stock index due to abundant domestic liquidity, high expectations of a Fed rate cut in September, and the potential marginal repair of PPI, which could improve A-share profitability. The strategy is to go long opportunistically and take advantage of the premium/discount of stock index futures to place long orders [6]. 3. Summary by Relevant Catalogs Money Market - DRO01 closed at 1.43 with a 1.12bp increase, DR007 at 1.48 with a -0.26bp decrease, GC001 at 1.54 with a -5.50bp decrease, and GC007 at 1.49 with a -3.50bp decrease. SHBOR 3M was at 1.55 with a 0.20bp increase, and LPR 5-year remained unchanged at 3.50 [4]. - The 1-year, 5-year, and 10-year Chinese treasury bonds closed at 1.41, 1.65, and 1.89 respectively, with increases of 1.56bp, 2.06bp, and 2.52bp. The 10-year US treasury bond closed at 4.08 with a 3.00bp increase [4]. - The central bank conducted 3040 billion yuan of 7-day reverse repurchase operations, with 2291 billion yuan of reverse repurchases maturing, resulting in a net injection of 749 billion yuan. This week, 10684 billion yuan of reverse repurchases will mature, and the central bank may restart treasury bond trading operations [4]. Stock Index Market - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 4445, 2940, 6932, and 7230 respectively, with increases of 0.21%, 0.37%, 0.05%, and 0.06%. Industry sectors showed mixed performance, with the trading volume of the two markets at 19781 billion yuan, a decrease of 1404 billion yuan [5]. - IF, IH, IC, and IM contracts showed different price changes and volume/position changes. For example, IF volume increased by 7.4% to 130680, and its position increased by 2.7% to 275475 [5]. Futures Premium/Discount - IF, IH, IC, and IM contracts in different delivery months have different premium/discount rates. For example, the IF current-month contract has a premium rate of 11.83% [7].