Report Overview - Report Date: August 15, 2025 [1] - Report Title: Stock Index Daily Report - Stock Index Futures Daily Report [1] - Analyst: Wang Ying (Z0016367) [1] - Investment Advisory License: China Securities Regulatory Commission Permit [2011] No. 1290 [1] 1. Report Industry Investment Rating - No investment rating information provided 2. Core View - The stock market performed more optimistically than expected today, driven by fundamental confidence and high trading enthusiasm. Concept stocks boosted by favorable information led the market, with non - bank finance and technology - related industries leading the gains. Small - cap stocks showed strong performance due to positive sentiment and high - spirited funds. Looking ahead, the breakthrough of the pressure line should be monitored. Despite the optimistic sentiment today, it is not recommended to chase the market at present, and it is advisable to hold positions and observe. An insurance strategy of holding spot and buying put options is recommended [4] 3. Summary by Directory Market Review - The stock index rose with shrinking volume today, and the market index attempted to reach new highs again. The trading volume of the two markets dropped significantly by 345.97 billion yuan. Among stock index futures, IF and IH rose with shrinking volume, while IC and IM rose with expanding volume [2] Important Information - An important article by General Secretary Xi Jinping, "Promoting the Healthy and High - Quality Development of the Private Economy," was published in Qiushi Journal. China's year - on - year growth rate of social retail sales in July slowed to 3.7%, and the year - on - year total retail sales of automobiles declined. From January to July, China's real estate development investment decreased by 12% year - on - year, and the sales area of newly built commercial housing decreased by 4% year - on - year. In July, the added value of industrial enterprises above designated size increased by 5.7% year - on - year, and the production of crude steel and raw coal declined. From January to July, China's national fixed - asset investment increased by 1.6%, while private investment declined. In July, the prices of second - hand houses in first - tier cities showed wider month - on - month and year - on - year declines, and the year - on - year declines in housing prices in all tiers narrowed. Relevant national departments are researching and formulating policies and measures for the development of the marine industry and actively exploring ways to encourage central enterprises and social capital to participate in the development of the marine economy [3] Strategy Recommendation - Insurance Strategy: Hold spot and buy put options [4] Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main Contract Intraday Change (%) | 0.80 | 0.34 | 2.11 | 2.16 | | Trading Volume (10,000 lots) | 14.0755 | 7.7296 | 12.2047 | 25.7577 | | Trading Volume MoM (10,000 lots) | - 1.2994 | - 0.9794 | 0.9901 | - 0.8154 | | Open Interest (10,000 lots) | 26.8828 | 10.4541 | 22.8854 | 38.1845 | | Open Interest MoM (10,000 lots) | - 0.3048 | - 0.0183 | 1.3297 | 1.6552 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.83 | | Shenzhen Component Index Change (%) | 1.60 | | Ratio of Rising to Falling Stocks | 6.85 | | Trading Volume of the Two Markets (billion yuan) | 22446.12 | | Trading Volume MoM (billion yuan) | - 345.97 | [5]

Group 1 - The private economy is a vital force in promoting Chinese-style modernization and is an important foundation for high-quality development, with over 58 million private enterprises and continuous growth in imports and exports for 21 consecutive quarters [1] - During the 14th Five-Year Plan period, private enterprises have shown confidence and seized opportunities, contributing significantly to economic vitality through industrial upgrades and technological innovations [2][3] - The proportion of private enterprises in China's foreign trade has increased from 46.6% in 2020 to 57.3% in the first half of this year, maintaining their position as the largest foreign trade operators for six consecutive years [3] Group 2 - The implementation of the "Private Economy Promotion Law" in May 2023 marks a significant step in protecting the rights and interests of private enterprises [4] - The Supreme People's Court's ruling in favor of a private enterprise demonstrates the legal support for the private economy, reflecting ongoing efforts to enhance the legal framework for private enterprise development [5] - The policy framework for private economic development has been strengthened, with the establishment of the Private Economy Development Bureau and a series of measures aimed at optimizing the business environment [6] Group 3 - From 2021 to the first half of this year, the cumulative tax reductions and fee cuts nationwide reached 9.9 trillion yuan, with 72.9% benefiting private enterprises and individual businesses [7] - Policies targeting the private economy include a unified negative list for market access and financial support for the real economy, facilitating a steady path toward high-quality development for private enterprises [7] Group 4 - Private enterprises are actively innovating and expanding, as exemplified by the Ounait Cable Group's development of specialized cables for harsh environments, aiming for a production target of 2 billion yuan next year [8] - The government is enhancing communication with enterprises to address their concerns and promote healthy and high-quality development of the private economy [9]

Group 1 - The private economy is a driving force for China's modernization and a crucial foundation for high-quality development, with over 58 million private enterprises and continuous growth in imports and exports for 21 consecutive quarters [1] - During the 14th Five-Year Plan period, private enterprises are seizing opportunities in industrial upgrading and technological innovation, contributing significantly to economic vitality [2][3] - The proportion of private enterprises in China's foreign trade has increased from 46.6% in 2020 to 57.3% in the first half of this year, maintaining their position as the largest foreign trade entity for six consecutive years [3] Group 2 - The implementation of the "Promotion Law for Private Economy" in May 2023 marks a significant step in protecting the rights of private enterprises, with a recent court ruling awarding over 8 million yuan in compensation to a private company [4][5] - The policy framework for supporting the private economy has been enhanced, with the release of 31 measures aimed at promoting the growth of private enterprises [6][7] - A total of 9.9 trillion yuan in tax reductions and exemptions have been implemented from 2021 to mid-2023, with 72.9% benefiting private enterprises, showcasing strong policy support for the sector [7] Group 3 - Private enterprises are increasingly focusing on innovation and expanding into new markets, as demonstrated by companies like Ounait Cable Group, which has developed specialized cables for harsh environments and aims for a production target of 2 billion yuan next year [8] - Continuous communication between government and enterprises is being established to address challenges faced by private companies, ensuring a supportive environment for their development [9]

Core Viewpoint - The article emphasizes the importance of promoting the healthy and high-quality development of the private economy in China, highlighting the government's commitment to supporting private enterprises and entrepreneurs [3][4]. Group 1: Development Prospects of the Private Economy - The private economy has significant potential for growth, with over 92% of enterprises being private and contributing more than 50% to exports and tax revenues, as well as 80% to urban employment [7][8]. - The current political, economic, and social environments are favorable for the development of the private economy, providing ample opportunities for private enterprises to thrive [8][9]. Group 2: Challenges Facing the Private Economy - The private economy faces challenges such as the impact of new technological revolutions on traditional industries, difficulties for technology-oriented and export-driven enterprises, and issues related to management and market understanding [9]. - These challenges are seen as temporary and manageable, requiring collective efforts from various stakeholders to overcome [9]. Group 3: Policy Measures to Support the Private Economy - The government is committed to implementing policies that ensure equal access to production factors and fair market competition for private enterprises, including revising market access negative lists [10]. - Addressing issues such as overdue payments to private enterprises and ensuring the legal protection of their rights is a priority [11][13]. - The government aims to enhance the effectiveness of existing support policies for private enterprises, ensuring that assistance is meaningful and equitable [13][14]. Group 4: Responsibilities of Private Enterprises - Private enterprises are encouraged to innovate, improve management, and focus on high-quality development, aligning with national economic goals [15][17]. - Emphasizing the importance of integrity and legal compliance, private enterprises should build a good reputation and contribute positively to society [18][19]. - There is a call for private enterprises to actively engage in social responsibility, including caring for employees and participating in charitable activities [19].

新华社北京8月15日电 8月16日出版的第16期《求是》杂志将发表中共中央总书记、国家主席、中央军委主席 习近平的重要文章《促进民营经济健康发展、高质量发展》。 文章强调，民营企业是伴随改革开放伟大历程蓬勃发展起来的。几十年来，关于对民营经济在改革开放和社会 主义现代化建设事业中地位和作用的认识、党和国家对民营经济发展的方针政策，我们党理论和实践是一脉相 承、与时俱进的。中国共产党领导人民发展社会主义市场经济，非公有制经济是我国社会主义市场经济的重要 组成部分，受宪法和法律保护；党和国家坚持和完善社会主义基本经济制度，毫不动摇巩固和发展公有制经 济，毫不动摇鼓励、支持、引导非公有制经济发展；党和国家保证各种所有制经济依法平等使用生产要素、公 平参与市场竞争、同等受到法律保护，促进各种所有制经济优势互补、共同发展，促进非公有制经济健康发展 和非公有制经济人士健康成长。这些基本方针政策已经纳入中国特色社会主义制度体系，宪法和党章都有明确 体现，我们将一以贯之坚持和落实，不能变，也不会变。 文章指出，广大民营企业和民营企业家要勇担时代重任，敢作敢为、善作善成，满怀创业和报国激情，弘扬企 业家精神，专心致志做强做优做 ...

《求是》杂志发表习近平总书记重要文章《促进民营经济健康发展、高质量发展》，其中提到，着力解决拖欠民营企业账款问题。用好新增地方政府专项债等政策，切实加快清欠进度。健全法律法规，强化失信惩戒。（新华社） ...

Core Viewpoint - The article emphasizes the importance of financial support for private and small enterprises in addressing their financing challenges, highlighting the ongoing efforts to enhance the accessibility and affordability of financing during the "14th Five-Year Plan" period [1]. Group 1: Increasing Supply and Enhancing Financing Accessibility - The average annual growth rate of inclusive small and micro loans has exceeded 20% over the past five years, with the balance of such loans increasing from 15.1 trillion yuan at the end of 2020 to 35.6 trillion yuan by June 2025 [2][3]. - The proportion of credit loans has reached nearly 30%, with private enterprise loan balances rising to approximately 45 trillion yuan by the end of May this year [2]. Group 2: Reducing Costs to Support Enterprises - The average interest rate for newly issued inclusive small and micro enterprise loans has decreased from 5.08% in December 2020 to 3.48% by June 2025, reflecting a significant reduction in financing costs [4][6]. - Following interest rate cuts, a loan of 5 million yuan can save over 20,000 yuan in annual interest expenses compared to the previous year [5]. Group 3: Diversifying Financing Options - The establishment of a multi-layered and diversified financing system is underway, with a focus on increasing the proportion of direct financing in social financing [7][8]. - In the first half of this year, private enterprises issued over 350 billion yuan in bonds, with an average issuance interest rate of 2.08% for corporate credit bonds [7].

Core Points - The "Regulations on Promoting the Development of the Private Economy in Hainan Free Trade Port" has been implemented, marking the first local legislation on private economic development following the promulgation of the "Law on Promoting the Private Economy of the People's Republic of China" [2] - The regulations consist of 29 articles aimed at providing legal support for private enterprises to seize opportunities and respond to challenges in the context of the Hainan Free Trade Port [2][3] Group 1: Fair Competition and Policy Support - The regulations ensure equal access to various production factors and public service resources, prohibiting entry barriers and restrictions on private economic organizations in public resource transactions [3] - The regulations encourage private economic organizations to participate in the development of Hainan's four leading industries and key project construction, ensuring they enjoy tax incentives and other benefits under the Hainan Free Trade Port policies [3] Group 2: Investment and Financing Environment - The regulations aim to enhance the investment and financing environment for private enterprises by strengthening land supply and financial support [3] - Measures are introduced to improve government service levels for private economic development and to ensure the integrity of government commitments [3] Group 3: Contribution of Private Economy - As of June 2023, there are 3.6044 million private business entities in Hainan, accounting for 97.54% of the province's total business entities [3] - Private economic organizations contribute nearly 60% of the province's GDP and close to 90% of employment [3] Group 4: Future Focus - The provincial development and reform commission will focus on ensuring that policy benefits reach private economic organizations, emphasizing equal treatment, fair competition, and common development [4]

Group 1 - The core viewpoint of the news is the introduction of regulations to promote the development of the private economy in Hainan Free Trade Port, emphasizing the importance of private enterprises in the region's economic growth [1][2] - As of June 30, there are 3.6044 million private business entities in Hainan, accounting for 97.54% of all business entities in the province, with private enterprises contributing nearly 60% of GDP and close to 90% of employment [1] - The regulations focus on ensuring fair competition for private economic organizations, detailing mechanisms for equal access to resources and public services, and prohibiting entry barriers [2] Group 2 - The regulations support and encourage private economic organizations to participate in the development of Hainan's four leading industries and key projects, ensuring they enjoy tax benefits and other policies [2] - Financial support measures are included in the regulations, with plans for ongoing actions to enhance financing channels for private economic organizations, ensuring equal treatment from financial institutions [2]

Group 1 - The development prospects of the private economy in China are broad and promising, with a series of policies implemented this year to enhance vitality and promote high-quality development [2][6] - The central government has introduced fiscal subsidy policies for personal consumption loans and service industry operating loans for the first time [6] Group 2 - The soil quality is crucial for food security, and measures have been taken to strengthen soil pollution control and remediation, leading to an initial halt in the worsening trend of soil pollution [3] - Hainan's Wuzhishan is focusing on ecological priority and green development, promoting agricultural-tourism integration [4] Group 3 - The Tibet Autonomous Region has seen significant improvements in people's livelihoods over the past 60 years, with advancements in healthcare and education [5] Group 4 - The U.S. federal government debt has exceeded $37 trillion, approximately 1.27 times the projected GDP for 2024 [17] - The U.S. consumer price index rose by 2.7% year-on-year in July, with the core consumer price index increasing by 3.1%, surpassing the Federal Reserve's target [19]