Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices closed higher, with the Shanghai Composite Index breaking through the stage high on October 8, 2024. The trading volume of the Shanghai and Shenzhen stock markets has significantly rebounded for three consecutive trading days, exceeding 2 trillion yuan for the first time since March. Most industry sectors rose, with the communication sector strengthening significantly and the banking sector leading the decline. Domestically, the economic fundamentals showed that the CPI turned from a decline to an increase in July, and the core CPI increase has expanded for three consecutive months. The month-on-month decline of PPI narrowed by 0.2 percentage points, and the year-on-year decline remained the same as last month, with the PPI-CPI scissors gap narrowing slightly. The stabilization of domestic demand and the effectiveness of industrial policies have driven the month-on-month growth of PPI and CPI. In terms of sentiment, S&P maintained China's sovereign credit rating at "A+" and the outlook at "stable". At the individual stock level, the net profit growth rates of the four broad-based indices have further increased based on the semi-annual reports of listed companies disclosed so far. In terms of funds, northbound capital transactions have been continuously active, and QFII has further increased its positions in A-share listed companies. Overall, the stabilization of prices has a repairing effect on corporate profits and investment confidence. Currently, the market focus has shifted to the semi-annual reports of listed companies. The net profit growth rates of the four broad-based indices are all showing positive growth, and the improvement of the fundamentals of some listed companies supports the stock market. However, one must be vigilant against the drag on the index performance caused by the decline in the profits of companies that have not yet released their financial reports. At the same time, with the high valuation of US stocks, A-shares with relatively reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. Finally, S&P's attitude towards China's sovereign credit rating has also strengthened market confidence. Strategically, it is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - IF main contract (2509) latest price is 4170.8, up 42.2; IF sub-main contract (2508) latest price is 4181.2, up 40.0. IH main contract (2509) latest price is 2818.8, up 9.8; IH sub-main contract (2508) latest price is 2818.0, up 9.2. IC main contract (2509) latest price is 6451.8, up 113.0; IC sub-main contract (2508) latest price is 6505.8, up 100.6. IM main contract (2509) latest price is 7001.8, up 122.0; IM sub-main contract (2508) latest price is 7064.2, up 113.4. Various spreads and differences between different contracts also showed corresponding changes [2]. 3.2 Futures Position - IF top 20 net positions are -28,998.00, up 1645.0; IH top 20 net positions are -17,875.00, up 415.0; IC top 20 net positions are -16,519.00, up 255.0; IM top 20 net positions are -55,549.00, up 3154.0 [2]. 3.3 Spot Price - CSI 300 is 4176.58, up 32.8; SSE 50 is 2812.98, up 6.0; CSI 500 is 6508.10, up 89.9; CSI 1000 is 7064.33, up 100.7. A-share trading volume (daily, billion yuan) is 21,752.11, up 2700.00; margin trading balance (previous trading day, billion yuan) is 20,345.33, up 83.35. Northbound trading total (previous trading day, billion yuan) is 2365.34, up 95.34 [2]. 3.4 Market Sentiment - Main funds (yesterday, today, billion yuan) changed from -376.99 to -70.99. The proportion of rising stocks (daily, %) is 50.39, up 11.94. Shibor (daily, %) is 1.315, unchanged. IO at-the-money call option closing price (2508) is 11.60, up 6.20; IO at-the-money call option implied volatility (%) is 13.16, up 0.18. IO at-the-money put option closing price (2508) is 31.40, down 32.40; IO at-the-money put option implied volatility (%) is 13.16, down 0.34 [2]. 3.5 Wind Market Strength and Weakness Analysis - All A-shares score is 6.10, up 1.00; technical aspect score is 5.00, up 1.20; capital aspect score is 7.20, up 0.80 [2] 4. Key Data to be Focused on - China's July financial data (to be determined); US July PPI and core PPI on August 14 at 20:30; China's July industrial added value above designated size, fixed asset investment, total retail sales of consumer goods, and real estate data on August 15 at 10:00 [3]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents the index trends, sector - related impacts on indices, and data on futures basis, cost, and points differentials for various indices on August 12th. 3. Summary of Each Section Index Trends - On August 12th, the Shanghai Composite Index rose 0.5% to 3665.92 points with a trading volume of 778.161 billion yuan; the Shenzhen Component Index rose 0.53% to 11351.63 points with a trading volume of 1103.359 billion yuan [1]. - The CSI 1000 Index rose 0.28% with a trading volume of 409.923 billion yuan; the CSI 500 Index rose 0.41% with a trading volume of 290.495 billion yuan; the SSE 50 Index rose 0.61% with a trading volume of 109.688 billion yuan; the CSI 300 Index rose 0.52% with a trading volume of 383.088 billion yuan [1]. Impact of Sector Movements on Indices - The CSI 1000 rose 19.67 points, with sectors like electronics, communication, and non - bank finance pulling the index up, and non - ferrous metals pulling it down [2]. - The CSI 500 rose 26.4 points, with electronics, machinery, and non - bank finance pulling it up, and non - ferrous metals and national defense and military industry pulling it down [2]. - The CSI 300 rose 21.32 points, with electronics, communication, and non - bank finance pulling it up [2]. - The SSE 50 rose 17.11 points, with electronics, banks, and non - bank finance pulling it up, and food and beverage pulling it down [2]. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 5.26, IM01 of - 76.54, IM02 of - 264.55, and IM03 of - 446.98 [13]. - For IC contracts, IC00 had an average daily basis of - 8.04, IC01 of - 74.4, IC02 of - 229.64, and IC03 of - 365.56 [13]. - For IF contracts, IF00 had an average daily basis of - 1.26, IF01 of - 13.73, IF02 of - 42.76, and IF03 of - 74.94 [13]. - For IH contracts, IH00 had an average daily basis of - 0.03, IH01 of 0.34, IH02 of 0.66, and IH03 of 0.06 [13]. Futures Roll - over Point Differences and Annualized Costs - Detailed data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH contracts are provided at different time points from 09:45 to 15:00 [23][24][25][26].

（文章来源：每日经济新闻） 每经AI快讯，周二（8月12日）纽约尾盘，标普500股指期货最终上涨1.14%，道指期货涨1.07%，纳斯 达克100股指期货涨1.36%。罗素2000股指期货涨3.16%。 ...

1. Index Trends - On August 11th, the Shanghai Composite Index rose 0.34% to close at 3647.55 points with a trading volume of 751.329 billion yuan; the Shenzhen Component Index rose 1.46% to close at 11291.43 points with a trading volume of 1075.644 billion yuan [1]. - The CSI 1000 Index rose 1.55% with a trading volume of 401.163 billion yuan, opening at 6850.57, closing at 6943.94, with a daily high of 6957.4 and a low of 6850.57 [1]. - The CSI 500 Index rose 1.08% with a trading volume of 277.034 billion yuan, opening at 6335.43, closing at 6391.76, with a daily high of 6404.83 and a low of 6335.43 [1]. - The SSE 300 Index rose 0.43% with a trading volume of 360.686 billion yuan, opening at 4110.29, closing at 4122.51, with a daily high of 4134.25 and a low of 4103.6 [1]. - The SSE 50 Index rose 0.03% with a trading volume of 90.334 billion yuan, opening at 2791.35, closing at 2789.9, with a daily high of 2800.89 and a low of 2783.65 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 105.81 points from the previous close, with sectors such as power equipment, electronics, and pharmaceutical biology significantly pulling the index up [2]. - The CSI 500 rose 68.26 points from the previous close, with sectors such as electronics, power equipment, and machinery significantly pulling the index up [2]. - The SSE 300 rose 17.54 points from the previous close, with sectors such as food and beverage, electronics, and power equipment significantly pulling the index up, while the banking sector pulled it down [2]. - The SSE 50 rose 0.73 points from the previous close, with sectors such as food and beverage, non - banking finance, and electronics significantly pulling the index up, while sectors such as petroleum and petrochemicals, non - ferrous metals, and banking pulled it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was - 4.24, IM01 was - 75.76, IM02 was - 265.4, and IM03 was - 447.73 [12]. - IC00 average daily basis was - 6.74, IC01 was - 72.91, IC02 was - 228.99, and IC03 was - 368.34 [12]. - IF00 average daily basis was 0.18, IF01 was - 11.76, IF02 was - 41.12, and IF03 was - 73.78 [12]. - IH00 average daily basis was 0.63, IH01 was 1.52, IH02 was 3.18, and IH03 was 2.99 [12]. 4. Stock Index Futures Rollover Point Differences and Annualized Costs - Data for IM rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [24][25]. - Data for IC rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [26]. - Data for IF rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [27]. - Data for IH rollover point differences and their annualized costs are presented at different time intervals from 09:45 to 15:00 [23].

（文章来源：每日经济新闻） 每经AI快讯，周一（8月11日）纽约尾盘，标普500股指期货最终下跌0.26%，道指期货跌0.46%，纳斯 达克100股指期货跌0.36%。罗素2000股指期货跌0.06%。 ...

1. Global Asset Market Performance 1.1 10 - Year Treasury Yields of Major Economies - On August 8, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.284%, 4.600%, 3.348% respectively. The latest changes were 0.033, 0.054, 0.053; weekly changes were 0.066, 0.074, 0.002; monthly changes were - 0.127, - 0.021, - 0.064; and annual changes were 0.252, 0.631, 0.337 [3]. 1.2 2 - Year Treasury Yields of Major Economies - As of August 8, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.690, 3.896, 1.952 respectively. The latest changes were - 0.030, 0.023, 0.036; weekly changes were - 0.250, 0.107, 0.027; monthly changes were - 0.190, 0.045, 0.056; and annual changes were - 0.670, 0.090, - 0.573 [3]. 1.3 Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 8, 2025, the dollar - Brazilian real exchange rate was 5.435, with a latest change of 0.18%, a weekly change of - 1.94%, a monthly change of - 2.25%, and an annual change of - 3.82%. Similar data were provided for other currencies like the Russian ruble, South African rand, etc. [3]. 1.4 Stock Indices of Major Economies - On August 8, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 6389.450, 44175.610, 21450.020 respectively. The latest changes were 0.78%, 0.47%, 0.98%; weekly changes were 2.43%, 1.35%, 3.87%; monthly changes were 2.07%, - 0.44%, 4.20%; and annual changes were 15.70%, 8.16%, 21.88% [3]. 1.5 Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - area investment - grade credit bond index, etc. were - 0.24%, - 0.15%, etc.; weekly changes were - 0.12%, 0.08%, etc.; monthly changes were 1.45%, 0.45%, etc.; and annual changes were 5.06%, 4.83%, etc. [3][4] 2. Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3635.13, 4104.97, 2789.17 respectively. The corresponding percentage changes were - 0.12%, - 0.24%, - 0.33% [5]. 2.2 Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.31, 11.47, 30.52 respectively, with环比 changes of - 0.02, - 0.02, - 0.06 [5]. 2.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 and German DAX were - 0.59 and 2.68 respectively, with环比 changes of - 0.06 and - 0.03 [5]. 2.4 Fund Flows - The latest values of fund flows for A - shares, the main board, and SMEs were - 731.15, - 338.22, etc., and the 5 - day average values were - 266.18, - 179.38, etc. [5]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 17102.27, 3085.08, 828.05 respectively, with环比 changes of - 1152.63, - 496.00, - 114.17 [5]. 2.6 Main Contract Basis and Spread - The basis of IF, IH, and IC were - 21.77, - 3.77, - 96.50 respectively, with spreads of - 0.53%, - 0.14%, - 1.53% [5] 3. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.640, 105.840, 108.535, 105.895 respectively, with percentage changes of 0.06%, 0.05%, 0.06%, 0.06% [6]. - The funding rates of R001, R007, and SHIBOR - 3M were 1.3413%, 1.4538%, 1.5544% respectively, with daily changes of - 14.00, - 3.00, - 1.00 [6]

Report Industry Investment Rating - The rating for stock index trends is "oscillation" [5] Core Viewpoints of the Report - The market remains overvalued, with the Shanghai Composite Index approaching its 2024/10/8 high and the PETTM of Wind All - A at 20.7x. China's foreign trade sector is strong, and domestic policies are showing positive changes, which may contribute to the market's overvaluation [3][11] Summary by Directory 1. One - Week Views and Macroeconomic Key Event Overview - **Next Week's View**: Pay attention to changes in July's economic data. Despite the market being overvalued, China's foreign trade is strong, and domestic policies are showing positive changes, which may be the reason for the market's overvaluation [3][11] - **This Week's Key Events**: Multiple significant events occurred from August 4th to 8th, including changes in service trade deficits, central bank liquidity operations, policy releases on finance and education, and international trade policies [12][15][18] 2. One - Week Market Quotes Overview - **Global Stock Market Weekly Overview**: Global stock markets denominated in US dollars rose this week (08/04 - 08/08). The MSCI Global Index increased by 2.52%, with frontier markets (+3.95%) > developed markets (+2.55%) > emerging markets (+2.25%). South African stocks led the global rise with a 6.29% increase, while Indian stocks had the worst performance, dropping 1.09% [2][26] - **Chinese Stock Market Weekly Overview**: Chinese equity assets rose significantly this week. A - shares > Chinese concept stocks > Hong Kong stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1696.7 billion yuan, a decrease of 113.3 billion yuan from last week. Most indexes rose by over 1%, with the micro - cap stock index rising 4.49% and the ChiNext Index rising 0.49% [2][29] - **Weekly Overview of GICS First - Level Industries in Chinese and Foreign Stock Markets**: Most global GICS first - level industries rose this week. The leading industry was materials (+4.15%), and the underperforming industry was healthcare (-0.44%). In the Chinese market, materials led the rise (+3.53%), and healthcare led the decline (-0.72%) [32] - **Weekly Overview of China A - Share CITIC First - Level Industries**: Among China A - share CITIC first - level industries, 28 rose (6 last week) and 2 fell (24 last week). The leading industry was non - ferrous metals (+5.83%), and the industry with the largest decline was pharmaceuticals (-0.79%) [2][33] - **Weekly Overview of China A - Share Styles**: The growth style outperformed the value style, and the market - cap style favored small - cap stocks [38] - **Overview of Stock Index Futures Basis**: Provided the basis of IH, IF, IC, and IM in the past 6 months [40][42] 3. Index Valuation and Earnings Forecast Overview - **Broad - Based Index Valuation**: Presented the PE, PB, and their changes and eight - year percentiles of multiple broad - based indexes such as the Shanghai 50, CSI 100, etc. [47] - **First - Level Industry Valuation**: Showed the PE, PB, and their changes and eight - year percentiles of various first - level industries such as petroleum and petrochemicals, coal, etc. [48] - **Equity Risk Premium of Broad - Based Indexes**: The ERP of the CSI 300 decreased slightly this week, while the ERPs of the CSI 500 and CSI 1000 increased slightly [49][54] - **Consensus Expected Earnings Growth of Broad - Based Indexes**: Adjusted the expected earnings growth rates of the CSI 300, CSI 500, and CSI 1000 for 2025 and 2026 [55] 4. Liquidity and Fund Flow Tracking - **Interest Rates and Exchange Rates**: This week, the 10 - year yield decreased, the 1 - year yield decreased, and the spread widened. The US dollar index was 98, and the offshore RMB was 7.19 [65] - **Trading - Type Fund Tracking**: The average daily trading volume of northbound funds decreased by 31.4 billion yuan compared to last week, and the margin trading balance increased by 32.6 billion yuan [64] - **Fund Inflows through ETFs**: Tracked the number and share changes of ETFs tracking the CSI 300, CSI 500, CSI 1000, and CSI A500. The shares of ETFs tracking the CSI 300 and CSI 500 decreased, while those tracking the CSI 1000 increased [68][69][71] 5. Domestic Macroeconomic High - Frequency Data Tracking - **Supply Side**: Tire operating rates rebounded [75][77] - **Consumption Side**: Real estate transactions remained sluggish, and the year - on - year growth rate of passenger car wholesale sales declined [83][92] - **Inflation Observation**: Producer prices rebounded from a low level, while agricultural product prices reached a new low for the year [94][95]

股指日报 股指期货日报 2025年8月8日 王映(Z0016367) 投资咨询业务资格:证监许可【2011】1290号 信息平淡下的缩量震荡 市场回顾 今日股指震荡为主，四大规模指数均小幅下降。从资金面来看，两市成交额回落1152.63亿元。期指方面，各 品种均缩量，IC主力小幅上涨，其余期指均回落，多头情绪回落。 重要资讯 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.24 | -0.44 | 0.01 | -0.20 | | 成交量（万手） | 7.5164 | 3.9458 | 6.9645 | 15.7592 | | 成交量环比（万手） | -1.8105 | -0.9004 | -1.8301 | -3.7903 | | 持仓量（万手） | 25.0531 | 8.9786 | 21.4682 | 33.4195 | | 持仓量环比（万手） | -0.9906 | -0.3451 | -0.8103 | -1.1229 | source： wind,南华研究 股指日报现货市场观察 | 名称 | 数值 ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Views of the Report - The short - term view of the stock index is to maintain a strong - side volatile operation, and the medium - term view is to rise. The reference view is also a rise. The policy support and positive expectations of anti - involution policies drive the recovery of the stock market's risk appetite, and the overseas uncertainty risks are temporarily suspended, making the short - term market sentiment positive and optimistic. However, some stocks have achieved large gains, so there is a need for technical consolidation in the future [1][5] Group 3: Summary by Relevant Content 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is volatile, the medium - term view is rising, the intraday view is strong - side volatile, and the reference view is rising. The core logic is that the positive policy expectations provide strong support [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, IM is strong - side volatile, the medium - term view is rising, and the reference view is rising. Yesterday, each stock index fluctuated and consolidated in a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1852.5 billion yuan, an increase of 93.2 billion yuan from the previous day. The current trading volume of the stock market is above 1.5 trillion yuan, indicating that investors' risk appetite is positive and optimistic. Although the expectation of short - term policy intensification has weakened, the policy support expectation still exists. Overall, it is expected that the stock index will maintain a strong - side volatile operation in the short term [5]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Although the import and export trade has improved marginally, there may still be pressure in the future. The market's focus has shifted to the semi - annual reports of listed companies. The net profit growth rates of the four broad - based indexes are all positive, and the improvement of the fundamentals of some listed companies supports the stock market. However, one should be vigilant about the drag on index performance from the profit decline of companies that have not yet released their financial reports. Also, with the high valuation of US stocks, A - shares with reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. The strategy suggests light - position buying on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2509) is at 4092.6, down 6.0; IH main contract (2509) is at 2797.8, down 0.4; IC main contract (2509) is at 6226.4, down 39.8; IM main contract (2509) is at 6750.0, down 20.4. The spreads between different contracts also show various changes, such as IF - IH monthly contract spread at 1309.4, down 2.4 [2] 3.2 Futures Positions - IF top 20 net positions are - 25,062.00, down 2115.0; IH top 20 net positions are - 15,581.00, down 274.0; IC top 20 net positions are - 14,395.00, down 1600.0; IM top 20 net positions are - 51,037.00, up 460.0 [2] 3.3 Spot Prices - The Shanghai and Shenzhen 300 index is at 4114.67, up 1.2; the Shanghai Stock Exchange 50 index is at 2798.31, up 0.9; the CSI 500 index is at 6337.54, down 19.8; the CSI 1000 index is at 6862.15, up 0.8. The basis of each main contract also has corresponding changes [2] 3.4 Market Sentiment - A - share trading volume is 18,524.79 billion yuan, up 932.38 billion yuan; margin trading balance is 20,094.14 billion yuan, up 91.55 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, and main funds also show different trends [2] 3.5 Wind Market Strength and Weakness Analysis - All A - shares are at 4.50, down 2.00; the technical aspect is at 3.90, down 2.20; the capital aspect is at 5.00, down 1.80 [2] 3.6 Industry News - In the first seven months of 2025, China's total goods trade import and export value was 25.7 trillion yuan, a year - on - year increase of 3.5%. In July, the total import and export value was 3.91 trillion yuan, a year - on - year increase of 6.7%. In July, exports in US dollars increased by 7.2% year - on - year, and imports increased by 4.1% year - on - year [2] 3.7 Market Performance - A - share major indexes closed with mixed results. The Shanghai Composite Index rose 0.16%, the Shenzhen Component Index fell 0.18%, and the ChiNext Index fell 0.68%. The trading volume of the Shanghai and Shenzhen stock markets has rebounded significantly for three consecutive days. Industry sectors also showed mixed performance [2]