Market Overview - The three major stock indices rose across the board, with the ChiNext Index increasing by over 1% [1] - The Shanghai Composite Index closed up 0.52% at 3402.32 points, the Shenzhen Component Index rose 0.83% to 10246.02 points, and the ChiNext Index gained 1.21% to 2061.87 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 128.69 billion yuan, a decrease of over 16 billion yuan from the previous day [1] Sector Performance - Sectors such as insurance, brokerage, and automotive saw significant gains, while non-ferrous metals, agriculture, real estate, coal, and steel also experienced upward movement [1] - The rare earth concept showed strong performance, and sectors related to digital currency, online gaming, and short video games were active [1] Investment Opportunities - Huazhong Securities indicated that positive factors continue to accumulate in the current market volatility, with opportunities emerging in the new consumption sector [1] - The banking and insurance sectors are highlighted as having strong short-term allocation demand and long-term strategic investment value [1] Silver Market Insights - Global industrial demand for silver is expected to account for approximately 58.5% in 2024, with a year-on-year growth of 3.6%, driven primarily by photovoltaic demand [2] - Despite a marginal decline in silver paste consumption, the demand for silver in photovoltaics is expected to remain resilient due to ongoing increases in installed capacity and component structure optimization [2] - A global silver shortage is anticipated to persist into 2025, with a gradual increase in price levels expected [2] Hydrogen Energy Development - The National Energy Administration has officially launched hydrogen energy pilot projects to promote innovative management models and explore diversified development paths for the hydrogen industry [3] - The pilot projects aim to develop a comprehensive hydrogen energy supply chain, including production, storage, transportation, and utilization [3] - The focus on hydrogen energy aligns with national strategies for enhancing safety capabilities in key sectors [3] Waterway Construction Opportunities - China's natural water transport resources provide significant advantages, with major projects like the Grand Canal and Pinglu Canal showcasing impressive results [4] - Water transport is highlighted for its strong capacity, low energy consumption, and cost advantages compared to land transport [4] - National strategic plans have opened up development space for canal engineering, with substantial funding support for related projects [4] Gaming Industry Support - Zhejiang Province has introduced measures to support the international expansion of gaming companies, including a tiered cultivation plan for digital cultural enterprises [6][7] - The initiative encourages the development of high-quality games and the creation of independent cultural IPs, aiming to enhance the international competitiveness of local gaming firms [6][7] Bio-Manufacturing Initiatives - The Ministry of Industry and Information Technology and the National Development and Reform Commission have announced plans to cultivate pilot platforms for bio-manufacturing [8] - The goal is to establish over 20 pilot platforms by 2027, serving more than 200 enterprises and incubating over 400 products [8] New Energy Vehicle Sales Growth - In May, the production and sales of new energy vehicles reached 1.27 million and 1.307 million units, respectively, representing year-on-year growth of 35% and 36.9% [9] - New energy vehicles accounted for 48.7% of total new car sales in May, with cumulative production and sales from January to May showing growth rates of 45.2% and 44% [9] Automotive Certification Initiatives - The National Market Supervision Administration has initiated a pilot program for mandatory product certification in the automotive sector to enhance quality infrastructure for vehicle exports [10]

Report Information - Report Date: June 12, 2025 [1] - Report Title: Futures Index: After the Uncertainty is Resolved, It May Shift to a Sideways Consolidation Trend [1] Industry Investment Rating - Not provided Core View - After the uncertainty is resolved, the futures index may shift to a sideways consolidation trend [1] Summary by Relevant Catalogs 1. Futures Index and Spot Data Tracking - On June 11, all the current-month contracts of the four major futures indices rose. IF rose 0.89%, IH rose 0.79%, IC rose 0.75%, and IM rose 0.63% [2] - On this trading day, the total trading volume of futures indices declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 13,150 lots, IH decreased by 2,866 lots, IC decreased by 5,584 lots, and IM decreased by 28,076 lots. In terms of positions, the total positions of IF increased by 12,268 lots, IH decreased by 462 lots, IC decreased by 28 lots, and IM decreased by 13,541 lots [2][3] 2. Futures Index Basis - The basis data of IF, IH, IC, and IM from May 15 to June 11 are presented graphically [5] 3. Changes in the Positions of the Top 20 Futures Index Members - The changes in long and short positions of the top 20 members in different contracts of IF, IH, IC, and IM are provided. For example, in the IF2506 contract, long positions increased by 2,725 lots and short positions increased by 3,286 lots [6] 4. Trend Intensity and Important Drivers - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The取值 range of trend intensity is an integer in the [-2, 2] interval [7] - Important drivers include the Middle East tension overwhelming the weak CPI in the US, the retreat of the US stock market's upward trend, the sharp rise of crude oil by over 5%, the decline of the US dollar and US Treasury yields, and the performance of various sectors such as quantum computing, rare earths, etc. In the A-share market, the three major indices rose collectively, with the rare earth permanent magnet concept booming, and sectors such as the automobile industry chain and short drama game concept stocks being active [7]