意大利6月制造业PMI 48.4，预期 49.5，前值 49.2。 ...

Group 1 - The final manufacturing PMI for France, Germany, and the Eurozone for June is set to be released shortly [1] - Germany's seasonally adjusted unemployment figures and unemployment rate for June will also be published soon [1]

西班牙6月制造业PMI 51.4，预期50.5，前值50.5。 ...

智通财经7月1日电，西班牙6月制造业PMI为51.4，预期50.5，前值50.5。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The cancellation of the digital services tax by Canada to promote trade negotiations with the US led to a full - scale increase in the three major US stock indices. China's manufacturing PMI has rebounded for two consecutive months. Affected by pre - export rush, both supply and demand have improved, but it is still below the boom - bust line, and the economy is in the bottom - building stage. Benefiting from the simultaneous improvement of the domestic and overseas environments, the stock index is in the repair period after a short - term sharp rise [1][3]. 3. Summary According to Related Catalogs 3.1 Macro - economic Charts - In China, in June, the manufacturing, non - manufacturing, and composite PMIs were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. The PMIs of the equipment manufacturing, high - tech manufacturing, and consumer goods industries have been in the expansion range for two consecutive months. Overseas, Fed's Bostic still expects the Fed to cut interest rates once this year and three times next year [1]. 3.2 Spot Market Tracking Charts - A - share three major indices fluctuated and rebounded. The Shanghai Composite Index rose 0.59% to close at 3444.43 points, and the ChiNext Index rose 1.35%. In the industry, most sector indices rose, with national defense and military industry, media, communication, and electronics industries leading the gains. Only the banking, non - banking finance, and transportation industries closed down. The trading volume of the Shanghai and Shenzhen stock markets decreased slightly to 1.5 trillion yuan. The three major US stock indices closed up, with the Dow Jones Industrial Average rising 0.63% to 44094.77 points [1]. 3.3 Stock Index Futures Tracking Charts - In the futures market, the basis trend was differentiated, and the discount of the near - month contracts of IC and IM deepened. In terms of trading volume and open interest, the trading volume and open interest of stock index futures decreased simultaneously [2].

2025年07月01日 国泰君安期货商品研究晨报 观点与策略 | 黄金：地缘政治停火 | 3 | | --- | --- | | 白银：继续冲高 | 3 | | 铜：情绪利好，价格坚挺 | 5 | | 锡：紧现实弱预期 | 7 | | 镍：矿端支撑有所松动，冶炼端限制上方弹性 | 9 | | 不锈钢：库存边际小幅去化，钢价修复但弹性有限 | 9 | | 碳酸锂：仓单矛盾缓解，偏弱运行 | 11 | | 工业硅：上游工厂开始复产，盘面或回调 | 13 | | 多晶硅：关注实际现货成交情况 | 13 | | 铁矿石：预期反复，宽幅震荡 | 15 | | 螺纹钢：宽幅震荡 | 16 | | 热轧卷板：宽幅震荡 | 16 | | 硅铁：宽幅震荡 | 18 | | 锰硅：宽幅震荡 | 18 | | 焦炭：宽幅震荡 | 20 | | 焦煤：消息扰动，宽幅震荡 | 20 | | 动力煤：日耗修复，震荡企稳 | 22 | | 原木：主力切换，宽幅震荡 | 23 | | 橡胶：震荡运行 | 25 | | 合成橡胶：短期震荡运行 | 27 | | LLDPE：短期震荡为主 | 29 | | PP：现货震荡，成交偏淡 | 31 | ...

印度6月制造业PMI终值58.4，预期58.5，前值58.4。 ...

印度6月制造业PMI终值 58.4，初值 58.4。 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is mainly fluctuating strongly, and the medium - term view is rising. The overall reference view is fluctuating strongly. Policy - side favorable expectations provide strong support, and the risk preference of the stock market has recovered recently [1][4] Group 3: Summary by Related Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2509 variety, the short - term view is fluctuating, the medium - term view is rising, the intraday view is fluctuating strongly, and the overall view reference is fluctuating strongly. The core logic is that policy - side favorable expectations form strong support [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is fluctuating strongly, and the medium - term view is rising, with a reference view of fluctuating strongly. Yesterday, each stock index fluctuated and sorted out, rising slightly throughout the day. The full - market trading volume of the stock market was 1575.6 billion yuan, a reduction of 47.5 billion yuan compared with the previous day. The manufacturing PMI data in June showed a marginal improvement. The risk preference of the stock market has recovered recently due to policy - side support, expectations of incremental funds entering the market, and the easing of external risk factors in the short term. The large - finance and AI technology sectors have become the market's main lines, and the market sentiment is positive and optimistic [4]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 7 月 1 日） ◼ 品种观点参考—金融期货股指板块 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：TL、T、TF、TS 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡 核心逻辑：昨日国债期货均震荡回调。消息面，统计局公布了 6 月 PMI 数据，其中制造业 PMI 为 49.7， 上月为 49.5，表现出向好趋势，并且新订单指数回升至扩张区间。制造业 PMI 边际向好意味着未来 降息的紧迫性有所下降，国债期货价格承压。另外，近期股市风险偏好回升较快，股债跷跷板效应增 强，国债的投资者偏好有所下降。不过目前内需复苏仍需要政策面托底需求端，未来仍需要偏宽松的 货币环境，国债期货的下方支撑力量较强。总的来说，短期内国债期货震荡整理为主。 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | ...