Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The joint issuance of the "Opinions on Deeply Promoting the Comprehensive Reform Pilot in Shenzhen to Deepen Reform and Innovation and Expand Opening - up" by the General Offices of the CPC Central Committee and the State Council may prompt Hong Kong - listed tech giants to list in A - shares, trigger the rapid inclusion rules of several A - share broad - based indices, and promote index - level market trends while enhancing the "new economy" and "new technology" content of the indices for long - term upward expectations [2] - The China - US trade representatives reached an agreement framework in London, canceling some additional tariffs and reciprocal counter - tariffs, but the impact on the index level was not significant [2] - The US May PPI had a mild increase, core inflation was better than expected, and the labor market cooled, leading the market to resume the expectation of two Fed rate cuts this year [2] - Recent south - bound capital flow has boosted the Hong Kong stock market, while the A - share market has been mainly volatile, with a slight increase in daily average trading volume to about 1.3 trillion yuan per day and a slow return of margin trading, with the margin balance rising above 1.8 trillion yuan this week [2] - The Shanghai Composite Index failed to break through 3400 points and pulled back on Friday, resulting in a negative weekly line. All broad - based indices declined slightly, with the decline ranging from 0.2% to 0.8% for the four scale indices from SSE 50 to CSI 1000, and CSI 1000 having a larger decline [2] - Affected by short - term risk - aversion sentiment and news, the non - ferrous and energy sectors rose significantly [2] - This week, the basis of each variety remained stable. IH switched from premium to a slight discount, and the annualized discounts of IC and IM remained around 10% and 15% respectively, with little change in the term structure. The annualized cost of near - month contracts was low, and near - end hedging could be maintained [2] Summary by Relevant Catalogs Weekly Forecast Conclusion - The model predicts that the basis of IH, IF, IC, and IM will strengthen next week [4] Weekly Review - The A - share market was mainly volatile this week, with daily average trading volume slightly increasing to about 1.3 trillion yuan per day, and the margin balance rising above 1.8 trillion yuan [2] - The Shanghai Composite Index failed to break through 3400 points and pulled back on Friday, and all broad - based indices declined slightly, with the decline of the four scale indices from SSE 50 to CSI 1000 ranging from 0.2% to 0.8%, and CSI 1000 having a larger decline [2] - The non - ferrous and energy sectors rose significantly due to short - term risk - aversion sentiment and news [2] - This week, the basis of each variety remained stable. IH switched from premium to a slight discount, and the annualized discounts of IC and IM remained around 10% and 15% respectively, with little change in the term structure [2]

Group 1 - The U.S. economy experienced negative growth in the first quarter, with a 70% probability of recession expected this year [1] - Spot gold prices fluctuated downwards, dropping by $50 to fall below the $3240 mark [1] Group 2 - The Hang Seng Index shows a bullish sentiment of 19% and bearish sentiment of 81% [3] - The S&P 500 Index has a bullish sentiment of 84% and bearish sentiment of 16% [3] - The Nasdaq Index reflects a bullish sentiment of 36% and bearish sentiment of 64% [3] - The Dow Jones Index indicates a bullish sentiment of 45% and bearish sentiment of 55% [3] - The Nikkei 225 Index shows a bullish sentiment of 35% and bearish sentiment of 65% [3] - The German DAX 40 Index has a bullish sentiment of 26% and bearish sentiment of 74% [3] Group 3 - The Euro/USD pair has a bullish sentiment of 35% and bearish sentiment of 65% [3] - The Euro/GBP pair shows a bullish sentiment of 35% and bearish sentiment of 65% [3] - The Euro/JPY pair reflects a bullish sentiment of 32% and bearish sentiment of 68% [3] - The Euro/AUD pair indicates a bullish sentiment of 24% and bearish sentiment of 76% [3] - The GBP/USD pair has a bullish sentiment of 74% and bearish sentiment of 26% [3] - The GBP/JPY pair shows a bullish sentiment of 54% and bearish sentiment of 46% [3] - The USD/JPY pair reflects a balanced sentiment of 50% for both bullish and bearish [3] - The USD/CAD pair has a bullish sentiment of 22% and bearish sentiment of 78% [3] - The USD/CHF pair shows a bullish sentiment of 93% and bearish sentiment of 7% [3] Group 4 - The AUD/USD pair has a bullish sentiment of 33% and bearish sentiment of 67% [4] - The AUD/JPY pair reflects a bullish sentiment of 61% and bearish sentiment of 39% [4] - The CAD/JPY pair shows a bullish sentiment of 54% and bearish sentiment of 46% [4] - The NZD/USD pair has a balanced sentiment of 50% for both bullish and bearish [4] - The NZD/JPY pair indicates a bullish sentiment of 34% and bearish sentiment of 66% [4] - The USD/CNH pair shows a bullish sentiment of 86% and bearish sentiment of 14% [4]