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金融期货早班车-20250814
Zhao Shang Qi Huo· 2025-08-14 02:30
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stock index futures, maintain a long - term bullish view on the economy, and recommend buying long - term contracts of various varieties on dips [3]. - For bond futures, with the upward risk appetite and economic recovery expectations, it is recommended to hedge T and TL contracts on rallies in the medium - to - long term [4]. 3. Summary by Related Catalogs 3.1 Market Performance - On August 13th, the four major A - share stock indexes all rose. The Shanghai Composite Index rose 0.48% to 3683.46 points, the Shenzhen Component Index rose 1.76% to 11551.36 points, the ChiNext Index rose 3.62% to 2496.5 points, and the STAR 50 Index rose 0.74% to 1077.7 points. Market turnover was 2.1752 trillion yuan, an increase of 270 billion yuan from the previous day. In terms of industry sectors, communication (+4.91%), non - ferrous metals (+2.37%), and electronics (+2.01%) led the gains, while banks (-1.06%), coal (-0.81%), and food and beverages (-0.42%) led the losses. From the perspective of market strength, IM>IC>IF>IH, and the number of rising, flat, and falling stocks was 2730, 233, and 2456 respectively. Institutional, main, large - scale, and retail investors in the Shanghai and Shenzhen stock markets had net inflows of 7.6 billion, - 9.9 billion, - 12.3 billion, and 14.6 billion yuan respectively, with changes of +16.5 billion, +4.4 billion, - 11.1 billion, and - 9.8 billion yuan respectively [2]. - On August 13th, the yields of bond futures declined. Among the active contracts, the implied interest rate of the two - year bond was 1.398, a decrease of 2.13 bps from the previous day; the five - year bond was 1.564, a decrease of 1.33 bps; the ten - year bond was 1.662, a decrease of 0.75 bps; and the thirty - year bond was 2.038, a decrease of 0.76 bps [3]. 3.2 Stock Index Futures - **Basis and Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH were 62.53, 56.3, 5.78, and - 5.82 points respectively, and the annualized basis yields were - 7.9%, - 7.72%, - 1.24%, and 1.85% respectively, with three - year historical quantiles of 49%, 25%, 46%, and 70% respectively [3]. - **Trading Strategy**: Maintain a long - term bullish view on the economy, and it is recommended to buy long - term contracts of various varieties on dips [3]. 3.3 Bond Futures - **Cash Bond Situation**: The current active contract is the 2509 contract. For the 2 - year bond futures, the CTD bond is 250006.IB, with a yield change of - 0.75 bps, a corresponding net basis of 0.01, and an IRR of 1.35%; for the 5 - year bond futures, the CTD bond is 240020.IB, with a yield change of - 1.35 bps, a corresponding net basis of 0.006, and an IRR of 1.39%; for the 10 - year bond futures, the CTD bond is 250007.IB, with a yield change of - 0.25 bps, a corresponding net basis of 0.008, and an IRR of 1.37%; for the 30 - year bond futures, the CTD bond is 210005.IB, with a yield change of - 1 bps, a corresponding net basis of - 0.008, and an IRR of 1.5% [4]. - **Funding Situation**: In open - market operations, the central bank injected 118.5 billion yuan and withdrew 138.5 billion yuan, resulting in a net withdrawal of 20 billion yuan [4]. - **Trading Strategy**: With the upward risk appetite and economic recovery expectations, it is recommended to hedge T and TL contracts on rallies in the medium - to - long term [4]. 3.4 Economic Data - High - frequency data shows that the recent import and export and social activity sentiment have declined [10].
金融期货早班车-20250813
Zhao Shang Qi Huo· 2025-08-13 02:46
Report Industry Investment Rating Not mentioned in the provided content Core Viewpoints - For stock index futures, maintain the judgment of going long on the economy in the medium - to - long term, and recommend allocating long - term contracts of each variety on dips [1] - For bond futures, due to the upward risk appetite and economic recovery expectations, it is recommended to hedge T and TL contracts at high levels for the medium - to - long term [3] Summary by Directory (1) Stock Index Futures and Spot Market Performance - On August 12, A - share four major stock indexes all rose, with Shanghai Composite Index up 0.5% to 3665.92, Shenzhen Component Index up 0.53% to 11351.63, ChiNext Index up 1.24% to 2409.4, and Science and Technology Innovation 50 Index up 1.91% to 1069.81. Market trading volume was 19,052 billion yuan, an increase of 553 billion yuan from the previous day [1] - In terms of industry sectors, communication (+2.24%), electronics (+1.88%), and coal (+1.01%) led the gains; national defense and military industry (-1.03%), steel (-0.83%), and building materials (-0.46%) led the losses [1] - From the perspective of market strength, IH>IF>IC>IM, and the number of rising/flat/falling stocks was 2,083/172/3,162 respectively. The net inflows of institutional, main, large - scale, and retail funds in Shanghai and Shenzhen stock markets were - 89, - 143, - 12, and 244 billion yuan respectively, with changes of - 207, - 97, + 160, and + 145 billion yuan respectively [1] - The basis of IM, IC, IF, and IH next - month contracts was 80.01, 75.56, 12.63, and - 2.59 points respectively, with annualized basis yields of - 9.91%, - 10.15%, - 2.63%, and 0.79%, and three - year historical quantiles of 37%, 15%, 34%, and 54% respectively [1] (2) Treasury Bond Futures and Spot Market Performance - On August 12, the yields of treasury bond futures rose across the board. Among the active contracts, the implied interest rate of the two - year bond was 1.418, up 1.07bps from the previous day; the five - year bond was 1.571, up 0.6bps; the ten - year bond was 1.665, up 0.83bps; and the thirty - year bond was 2.044, up 1.7bps [2] - For the current active 2509 contract, the CTD bond of the two - year treasury bond futures was 250006.IB, with a yield change of + 0.25bps, a corresponding net basis of 0.027, and an IRR of 1.17%; the five - year was 240020.IB, with a yield change of + 0.85bps, a net basis of - 0.022, and an IRR of 1.66%; the ten - year was 250007.IB, with a yield change of + 1bps, a net basis of - 0.033, and an IRR of 1.79%; the thirty - year was 210005.IB, with a yield change of + 2.5bps, a net basis of - 0.127, and an IRR of 2.42% [2] (3) Economic Data - High - frequency data shows that the recent import/export and social activity sentiment has declined [9]
金融期货早班车-20250805
Zhao Shang Qi Huo· 2025-08-05 07:52
Report Highlights 1. Report Industry Investment Rating - Not provided in the document 2. Core Views - For stock index futures, maintain the judgment of going long on the economy in the medium - long term. It is recommended to allocate long - term contracts of each variety on dips as taking long positions in stock indices can achieve certain excess returns currently [2] - For treasury bond futures, with the upward trend of risk appetite and the expectation of economic recovery, it is suggested to conduct hedging operations on T and TL contracts on rallies in the medium - long term [2] 3. Summary by Directory (1) Stock Index Futures Spot and Futures Market Performance - On August 4, the four major A - share stock indices opened lower and closed higher. The Shanghai Composite Index rose 0.66% to 3583.31 points, the Shenzhen Component Index rose 1.22%, the ChiNext Index rose 0.5% to 2334.32 points, and the STAR 50 Index rose to 1049.41 points. Market turnover was 1518.2 billion yuan, a decrease of 101.7 billion yuan from the previous day [2] - In terms of industry sectors, national defense and military industry (+3.06%), machinery and equipment (+1.93%), and non - ferrous metals (+1.87%) led the gains; commercial and retail (-0.46%), petroleum and petrochemical (-0.36%), and social services (-0.21%) led the losses [2] - In terms of market strength, IM>IC>IH>IF. The number of rising, flat, and falling stocks was 3875, 230, and 1310 respectively. Institutional, main, large - scale, and retail investors had net inflows of 20, - 58, - 86, and 124 billion yuan respectively, with changes of +151, +53, - 87, and - 117 billion yuan respectively [2] - The basis of the next - month contracts of IM, IC, IF, and IH was 97.09, 92.73, 17.9 points respectively, and the annualized basis yields were - 10.29%, - 10.58%, - 3.14%, and 0.26% respectively. The three - year historical quantiles were 35%, 13%, 30%, and 48% respectively [2] (2) Treasury Bond Futures Spot and Futures Market Performance - On August 4, most yields of treasury bond futures declined. Among the active contracts, the implied interest rate of the two - year bond was 1.408, down 0.14bps from the previous day; the five - year bond was 1.571, up 0.36bps; the ten - year bond was 1.66, down 3.96bps; the thirty - year bond was 1.994, down 0.75bps [2] - For the current active 2509 contract, the CTD bond of the two - year treasury bond futures was 250006.IB, with a yield change of +1bps, corresponding to a net basis of - 0.021 and an IRR of 1.62%; the CTD bond of the five - year treasury bond futures was 240020.IB, with a yield change of +1bps, corresponding to a net basis of - 0.029 and an IRR of 1.7%; the CTD bond of the ten - year treasury bond futures was 220010.IB, with a yield change of - 0.25bps, corresponding to a net basis of - 0.008 and an IRR of 1.49%; the CTD bond of the thirty - year treasury bond futures was 210005.IB, with a yield change of - 0.75bps, corresponding to a net basis of 0.201 and an IRR of 0.19% [2] - In terms of the money market, the central bank injected 544.8 billion yuan and withdrew 495.8 billion yuan, resulting in a net injection of 49 billion yuan [2] (3) Economic Data - High - frequency data shows that the recent prosperity of various sectors is similar to the same period [9]
金融期货早班车-20250730
Zhao Shang Qi Huo· 2025-07-30 02:56
Report Overview - The report is a financial futures morning briefing released by China Merchants Futures Co., Ltd. on July 30, 2025, covering A-share market performance, stock index futures, treasury bond futures, and economic data [1][2] Market Performance A-share Market - On July 29, the four major A-share stock indices rose across the board, with the Shanghai Composite Index up 0.33% to 3,609.71 points, the Shenzhen Component Index up 0.64% to 11,289.41 points, the ChiNext Index up 1.86% to 2,406.59 points, and the STAR 50 Index up 1.45% to 1,070.45 points [2] - Market turnover was 1.8293 trillion yuan, an increase of 63.2 billion yuan from the previous day [2] - In terms of industry sectors, communication (+3.29%), steel (+2.59%), and pharmaceutical biology (+2.06%) led the gains, while agriculture, forestry, animal husbandry and fishery (-1.36%), banking (-1.19%), and beauty care (-0.71%) led the losses [2] - In terms of market strength, IM > IC > IF > IH, and the number of rising/flat/falling stocks was 2,240/176/2,999 respectively [2] - In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of -13.7 billion, -13.5 billion, 3.2 billion, and 24 billion yuan respectively, with changes of -10.9 billion, -5.1 billion, +1.6 billion, and +14.3 billion yuan respectively [2] Stock Index Futures - The basis of the next - month contracts of IM, IC, IF, and IH was 111.88, 93.13, 10.62, and -5.41 points respectively, with annualized basis yields of -10.59%, -9.39%, -1.64%, and 1.23% respectively, and three - year historical quantiles of 33%, 16%, 42%, and 61% respectively [3] - The trading strategy is to maintain a long - term bullish view on the economy and recommend buying forward contracts of each variety on dips [3] Treasury Bond Futures - On July 29, the yields of treasury bond futures rose. Among the active contracts, the implied interest rate of the two - year bond was 1.441, up 4.12 bps from the previous day; the implied interest rate of the five - year bond was 1.612, up 4.11 bps; the implied interest rate of the ten - year bond was 1.712, up 4.27 bps; and the implied interest rate of the thirty - year bond was 2.057, up 4.31 bps [3] - For the current active contract 2509, the CTD bond of the two - year treasury bond futures was 250006.IB, with a yield change of +2.75 bps, a corresponding net basis of 0.012, and an IRR of 1.47%; the CTD bond of the five - year treasury bond futures was 240020.IB, with a yield change of +4.5 bps, a corresponding net basis of 0.014, and an IRR of 1.46%; the CTD bond of the ten - year treasury bond futures was 220010.IB, with a yield change of +4 bps, a corresponding net basis of 0.024, and an IRR of 1.38%; the CTD bond of the thirty - year treasury bond futures was 210005.IB, with a yield change of +4.25 bps, a corresponding net basis of 0.121, and an IRR of 0.89% [3] - The trading strategy is to recommend hedging T and TL contracts on rallies in the medium - to - long term due to rising risk appetite and economic recovery expectations [4] Economic Data - High - frequency data shows that the manufacturing industry's prosperity has recovered recently, with industrial added value in June exceeding the same period [10] - Short - term capital interest rates have changed. For example, SHIBOR overnight is at 1.37, down from 1.47 the previous day; DR001 is at 1.36, down from 1.46 the previous day [10]
金融期货早班车-20250722
Zhao Shang Qi Huo· 2025-07-22 03:49
Report Summary 1. Market Performance - **Stock Index**: On July 21, the four major A-share stock indexes were all strong. The Shanghai Composite Index rose 0.72% to close at 3,559.79 points, the Shenzhen Component Index rose 0.86% to close at 11,007.49 points, the ChiNext Index rose 0.87% to close at 2,296.88 points, and the STAR 50 Index rose 0.04% to close at 1,007.89 points. Market turnover was 1.7271 trillion yuan, an increase of 133.8 billion yuan from the previous day. In terms of industry sectors, building materials (+6.06%), building decoration (+3.79%), and steel (+3.44%) led the gains; banks (-0.77%), composites (-0.34%), and computers (-0.31%) led the losses. From the perspective of market strength, IC>IM>IF>IH, and the number of rising/flat/falling stocks was 4,002/121/1,291 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of -9, -127, -46, and 18.2 billion yuan respectively, with changes of +12.6, -0.6, -8.2, and -3.8 billion yuan respectively [1]. - **Stock Index Futures Basis**: The basis of the next - month contracts of IM, IC, IF, and IH were 149.06, 105.71, 20.81, and 1.04 points respectively, and the annualized basis yields were -12.52%, -9.53%, -2.83%, and -0.21% respectively, with three - year historical quantiles of 23%, 16%, 32%, and 45% respectively [1]. - **Treasury Bond Futures**: On July 21, the yields of treasury bond futures rose across the board. Among the active contracts, the implied interest rate of the two - year bond was 1.363, up 1.19 bps from the previous day; the implied interest rate of the five - year bond was 1.513, up 1.69 bps; the implied interest rate of the ten - year bond was 1.613, up 1.21 bps; and the implied interest rate of the thirty - year bond was 1.958, up 2.78 bps [2]. - **Cash Bonds**: The current active contract is the 2509 contract. For the 2 - year treasury bond futures, the CTD bond is 250006.IB, with a yield change of +1.5 bps, a corresponding net basis of -0.023, and an IRR of 1.63%; for the 5 - year treasury bond futures, the CTD bond is 240020.IB, with a yield change of +1.25 bps, a corresponding net basis of -0.031, and an IRR of 1.68%; for the 10 - year treasury bond futures, the CTD bond is 250007.IB, with a yield change of +1.8 bps, a corresponding net basis of -0.041, and an IRR of 1.75%; for the 30 - year treasury bond futures, the CTD bond is 210005.IB, with a yield change of +2.25 bps, a corresponding net basis of 0.033, and an IRR of 1.33% [2]. - **Funding Situation**: In terms of open - market operations, the central bank injected 170.7 billion yuan and withdrew 226.2 billion yuan, resulting in a net withdrawal of 55.5 billion yuan [2]. 2. Trading Strategies - **Stock Index Futures**: In the medium - to - long term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - position substitute has certain excess returns. It is recommended to allocate long - term contracts of each variety on dips [1]. - **Treasury Bond Futures**: It is recommended to hedge T and TL contracts on rallies for medium - and long - term investors [2]. 3. Economic Data - High - frequency data shows that the real - estate market has recently contracted in terms of prosperity, while the manufacturing industry has seen a recovery in prosperity as the industrial added value in June exceeded the same period [11]. 4. Tables and Figures - **Table 1**: Shows the performance of stock index futures and spot markets, including details such as code, name, price change percentage, current price, price change, trading volume, trading value, open interest, daily position change, settlement price, basis, and annualized basis yield [6]. - **Table 2**: Displays the performance of treasury bond futures and spot markets, including information on code, name, price change percentage, current price, trading volume, trading value, open interest, daily position change, settlement price, net basis, and CTD bond implied interest rate [7]. - **Table 3**: Presents the changes in the short - end funding rate market, including SHIBOR overnight, DR001, SHIBOR one - week, and DR007 rates compared with yesterday, one week ago, and one month ago [11]. - **Figure 1**: Illustrates the term structure of treasury bond spot prices [8][9]. - **Figure 2**: Tracks domestic medium - level economic data, based on the comparison of medium - level data in each module with the same period in the past five years (year - on - year month - on - month), scored according to the degree of change [12][13].
金融期货早班车-20250718
Zhao Shang Qi Huo· 2025-07-18 02:04
Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - For stock index futures, maintain a long - term bullish view on the economy and recommend buying long - term contracts of various varieties on dips [2]. - For treasury bond futures, suggest medium - to long - term hedging of T and TL contracts on rallies [2]. 3. Summary by Section Stock Index Futures - **Market Performance**: On July 17, A - share major indices rose, with Shanghai Composite Index up 0.37% to 3516.83, Shenzhen Component Index up 1.43% to 10873.62, ChiNext Index up 1.75% to 2269.33, and STAR 50 Index up 0.8% to 1005.65. Market turnover was 1560.3 billion yuan, an increase of 98.5 billion yuan from the previous day. Defense and military (+2.74%), communication (+2.41%), and electronics (+2.18%) led the gains, while banking (-0.42%), transportation (-0.39%), and environmental protection (-0.26%) led the losses. IM>IC>IF>IH in terms of market strength, with 3535 stocks rising, 271 flat, and 1609 falling. Net inflows of institutional, main, large - scale, and retail funds were 12.4 billion, - 5.4 billion, - 9.5 billion, and 2.5 billion yuan respectively, with changes of +19.3 billion, +1.1 billion, - 9.7 billion, and - 10.7 billion yuan [2]. - **Basis and Yield**: The basis of IM, IC, IF, and IH next - month contracts were 69.67, 51.86, 11.49, and 2.26 points respectively, with annualized basis yields of - 12.11%, - 9.69%, - 3.24%, and - 0.94%. Their three - year historical quantiles were 25%, 15%, 30%, and 39% respectively [2]. - **Trading Strategy**: Long - term bullish on the economy, recommend buying long - term contracts of various varieties on dips [2]. Treasury Bond Futures - **Market Performance**: On July 17, most yields of treasury bond futures declined. The implied yields of 2 - year, 5 - year, 10 - year, and 30 - year bonds were 1.35 (down 0.4bps), 1.491 (down 0.48bps), 1.595 (down 0.22bps), and 1.923 (up 0.09bps) respectively [2]. - **Cash Bond**: The current active contract is 2509. The CTD bonds, yield changes, net basis, and IRR for 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided [2]. - **Funding**: The central bank injected 450.5 billion yuan and withdrew 90 billion yuan, resulting in a net injection of 360.5 billion yuan [2]. - **Trading Strategy**: Suggest medium - to long - term hedging of T and TL contracts on rallies [2]. Economic Data - High - frequency data shows that the real - estate market's prosperity has recently contracted, while the other four indicators are similar to the same period [10].
金融期货早班车-20250703
Zhao Shang Qi Huo· 2025-07-03 03:15
Report Summary 1. Market Performance - On July 2nd, A-share four major stock indexes pulled back, with the Shanghai Composite Index down 0.09% to 3454.79 points, the Shenzhen Component Index down 0.61% to 10412.63 points, the ChiNext Index down 1.13% to 2123.72 points, and the Science and Technology Innovation 50 Index down 1.22% to 982.64 points. Market turnover was 1.4051 trillion yuan, a decrease of 91.4 billion yuan from the previous day [1]. - In terms of industry sectors, steel (+3.37%), coal (+1.99%), and building materials (+1.42%) led the gains; electronics (-2.01%), communication (-1.96%), and national defense and military industry (-1.94%) led the losses [1]. - From the perspective of market strength, IH > IF > IC > IM, and the number of rising/flat/falling stocks was 1,943/190/3,282 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors' net capital inflows were -15.8 billion, -17.4 billion, 4.8 billion, and 28.4 billion yuan respectively, with changes of -6.7 billion, -3.4 billion, +2.5 billion, and +7.6 billion yuan respectively [1]. 2. Stock Index Futures - **Basis and Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH was 120.68, 86.75, 40.48, and 24.95 points respectively, and the annualized basis yields were -14.49%, -11.15%, -7.78%, and -6.94% respectively, with three - year historical quantiles of 15%, 12%, 16%, and 18% respectively [1]. - **Trading Strategy**: In the short - term, the stock index discount is reverting, and the current direction is unclear. A neutral strategy can be considered. In the medium - to long - term, the report maintains the judgment of being long on the economy. Using stock indexes as long - term substitutes has certain excess returns. It is recommended to allocate IF, IC, and IM forward contracts on dips. For near - month contracts, there is a risk of a decline in micro - cap stocks, which may drag down the IC and IM indexes, so caution is advised [1]. 3. Treasury Bond Futures - **Yield Changes**: On July 2nd, the yields of treasury bond futures declined. Among the active contracts, the implied interest rate of the two - year bond was 1.302, down 1.59 bps from the previous day; the five - year bond was 1.442, down 1.56 bps; the ten - year bond was 1.561, down 1.71 bps; and the thirty - year bond was 1.902, down 2.12 bps [2]. - **Spot Bonds**: The current active contract is the 2509 contract. For the 2 - year treasury bond futures, the CTD bond is 250006.IB, with a yield change of -0.6 bps, a corresponding net basis of -0.054, and an IRR of 1.76%; for the 5 - year, the CTD bond is 240020.IB, with a yield change of -1.25 bps, a net basis of -0.081, and an IRR of 1.88%; for the 10 - year, the CTD bond is 250007.IB, with a yield change of -1 bps, a net basis of -0.126, and an IRR of 2.04%; for the 30 - year, the CTD bond is 210005.IB, with a yield change of -2 bps, a net basis of -0.003, and an IRR of 1.51% [3]. - **Funding Situation**: In open - market operations, the central bank injected 98.5 billion yuan and withdrew 365.3 billion yuan, resulting in a net withdrawal of 266.8 billion yuan [3]. - **Trading Strategy**: On the futures side, the long - end buying power is strong, possibly betting on a further decline in future policy interest rates. It is recommended to be short - term long and medium - to long - term short. Short - term, buy T and TL on dips, and medium - to long - term, hedge T and TL on rallies [3]. 4. Economic Data - High - frequency data shows that recent social activities and real - estate market sentiment have contracted [11].
金融期货早班车-20250617
Zhao Shang Qi Huo· 2025-06-17 03:03
1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - On June 16, most of the four major A-share stock indices rose, with the Shanghai Composite Index up 0.35%, the Shenzhen Component Index up 0.41%, the ChiNext Index up 0.66%, and the STAR 50 Index down 0.21%. Market trading volume decreased by 260.4 billion yuan compared to the previous day. In the industry sector, media, communication, and computer led the gains, while agriculture, forestry, animal husbandry and fishery, beauty care, and non-ferrous metals led the losses. [2] - For stock index futures, the basis of the next-month contracts of IM, IC, IF, and IH are 110.26, 79.61, 45, and 43.41 points respectively, with annualized basis yields of -17.94%, -13.8%, -11.62%, and -16.17%. Entering the delivery week, attention should be paid to the convergence of the futures-spot price difference. In the short term, a short-cycle band strategy is advisable. In the medium and long term, it is recommended to allocate IF, IC, and IM forward contracts on dips. For near-month contracts, caution is advised due to the potential decline risk of micro-cap stocks. [3] - For bond futures, the yields of bond futures mostly declined on June 16. In the cash bond market, the current active contract is the 2509 contract. The trading strategy suggests short-term long and long-term short, buying T and TL on dips in the short term and hedging T and TL on rallies in the long term. [3][4] - High-frequency data shows that recent social activities and real estate sentiment have contracted. [13] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures and Spot Market Performance - The table provides detailed data on the performance of various stock index futures and spot indices, including their codes, names, price changes, trading volumes, open interests, basis, and annualized basis yields. For example, the IC2506 contract rose 0.46% to 5756.2 points, with a trading volume of 47,548 lots and an open interest of 69,823 lots. [7] 3.2 Bond Futures and Spot Market Performance - The table presents the performance of bond futures and spot bonds, including their codes, names, price changes, trading volumes, open interests, net basis, and CTD bond implied interest rates. For instance, the TS2509 contract rose 0.02% to 102.5 points, with a trading volume of 24,997 lots and an open interest of 117,711 lots. [9] - The figure shows the term structure of bond spot prices. [10][11] - The table shows the changes in short-term capital interest rates, including SHIBOR overnight, DR001, SHIBOR one-week, and DR007. [13] 3.3 Economic Data - High-frequency data indicates a contraction in recent social activities and real estate sentiment. The figure shows the tracking of domestic meso-level data, with positive scores representing improved sentiment, negative scores representing weakened sentiment, and zero scores representing little change in sentiment. [13][14][15]