Report Summary 1. Report Information - Report Title: "Stock Index Futures Data Daily Report" [1] - Report Date: July 1, 2025 [2] 2. IM (CSI 1000 Index Futures) 2.1 Market Quotes - The closing price of CSI 1000 was 6,373.77, up 0.28%. The total trading volume of the four IM contracts was 181,858 lots, an increase of 9,846 lots from the previous day; the total open interest was 327,974 lots, an increase of 10,329 lots from the previous day [4][5]. - The main contract of IM (IM2509) fell 0.36% to close at 6,133.4 points. The main contract was at a discount of 240.37 points, a decrease of 32.79 points from the previous day; the annualized basis rate was -17.66% [4][5]. 2.2 Key Data of Each Contract | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 6,373.77 | 0.28% | 24,354 | 3% | 3,343 | -1% | - | - | - | | IM2507 | 6,286.80 | -0.04% | 52,561 | -1% | 659 | -1% | 84,569 | 1,694 | 128 | | IM2508 | 6,210.40 | -0.22% | 5,612 | 33% | 70 | 33% | 8,638 | 1,368 | 13 | | IM2509 | 6,133.40 | -0.36% | 103,226 | 9% | 1,263 | 9% | 164,955 | 6,227 | 243 | | IM2512 | 5,951.40 | -0.47% | 20,459 | 2% | 243 | 1% | 69,812 | 1,040 | 100 | [4] 2.3 Dividend Impact and Basis Information - The dividend impacts of the four IM contracts were 13.64 points, 16.17 points, 18.13 points, and 18.91 points respectively [5]. 2.4 Main Seats' Information - The information of the top five, ten, and twenty seats in terms of trading volume, long positions, and short positions for each contract (IM2507, IM2508, IM2509, IM2512) is detailed in the report, showing changes compared to the previous day [18][20][22] 3. IF (CSI 300 Index Futures) 3.1 Market Quotes - The closing price of CSI 300 was 3,942.76, up 0.17%. The total trading volume of the four IF contracts was 70,001 lots, a decrease of 8,991 lots from the previous day; the total open interest was 238,772 lots, a decrease of 5,835 lots from the previous day [23][26]. - The main contract of IF (IF2509) fell 0.03% to close at 3,886 points. The main contract was at a discount of 56.76 points, a decrease of 6.48 points from the previous day; the annualized basis rate was -6.58% [23][26]. 3.2 Key Data of Each Contract | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 3,942.76 | 0.17% | 12,896 | -11% | 2,361 | -18% | - | - | - | | IF2507 | 3,911.60 | 0.10% | 28,002 | -9% | 328 | -9% | 60,998 | -4,473 | 86 | | IF2508 | 3,895.00 | 0.01% | 1,906 | -6% | 22 | -6% | 4,228 | 546 | 6 | | IF2509 | 3,886.00 | -0.03% | 34,558 | -14% | 403 | -14% | 132,977 | -2,451 | 186 | | IF2512 | 3,850.20 | -0.17% | 5,535 | -8% | 64 | -9% | 40,569 | 543 | 56 | [23] 3.3 Dividend Impact and Basis Information - The dividend impacts of the four IF contracts were 22.14 points, 28.03 points, 30.97 points, and 30.97 points respectively [32]. 3.4 Main Seats' Information - The information of the top five, ten, and twenty seats in terms of trading volume, long positions, and short positions for each contract (IF2507, IF2508, IF2509, IF2512) is detailed in the report, showing changes compared to the previous day [36][37][39] 4. IC (CSI 500 Index Futures) 4.1 Market Quotes - The closing price of CSI 500 was 5,934.67, up 0.33%. The total trading volume of the four IC contracts was 68,686 lots, a decrease of 2,617 lots from the previous day; the total open interest was 220,821 lots, a decrease of 540 lots from the previous day [41][42]. - The main contract of IC (IC2509) fell 0.19% to close at 5,764.6 points. The main contract was at a discount of 170.07 points, a decrease of 23.48 points from the previous day; the annualized basis rate was -13.29% [41][42]. 4.2 Key Data of Each Contract | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 5,934.67 | 0.33% | 15,419 | -7% | 2,136 | -6% | - | - | - | | IC2507 | 5,868.00 | 0.01% | 31,394 | -5% | 368 | -5% | 70,063 | -3,404 | 99 | | IC2508 | 5,817.60 | -0.13% | 3,013 | -1% | 35 | -1% | 5,616 | 796 | 8 | | IC2509 | 5,764.60 | -0.19% | 26,248 | -5% | 302 | -5% | 92,761 | 1,286 | 128 | | IC2512 | 5,639.60 | -0.28% | 8,031 | 3% | 90 | 3% | 52,381 | 782 | 71 | [41] 3.3 Dividend Impact and Basis Information - The dividend impacts of the four IC contracts were 12.64 points, 17.83 points, 19.77 points, and 26.34 points respectively [47]. 3.4 Main Seats' Information - The information of the top five, ten, and twenty seats in terms of trading volume, long positions, and short positions for each contract (IC2507, IC2508, IC2509, IC2512) is detailed in the report, showing changes compared to the previous day [53][55][57] 5. IH (SSE 50 Index Futures) 5.1 Market Quotes - The closing price of SSE 50 was 2,717.71, up 0.21%. The total trading volume of the four IH contracts was 32,102 lots, a decrease of 8,576 lots from the previous day; the total open interest was 83,173 lots, a decrease of 2,668 lots from the previous day [59]. - The main contract of IH (IH2509) rose 0.08% to close at 2,689.8 points. The main contract was at a discount of 27.91 points, a decrease of 4.92 points from the previous day; the annualized basis rate was -4.68% [59][60]. 5.2 Key Data of Each Contract | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,717.71 | 0.21% | 3,303 | -14% | 661 | -13% | - | - | - | | IH2507 | 2,696.00 | 0.16% | 11,086 | -22% | 90 | -22% | 24,800 | -1,601 | 24 | | IH2508 | 2,691.00 | 0.12% | 999 | 17% | 8 | 17% | 1,764 | 8 | 2 | | IH2509 | 2,689.80 | 0.08% | 17,755 | -23% | 143 | -23% | 48,099 | -1,034 | 47 | | IH2512 | 2,689.60 | 0.08% | 2,262 | -12% | 18 | -12% | 8,510 | -41 | 8 | [59] 5.3 Dividend Impact and Basis Information - The dividend impacts of the four IH contracts were 20.88 points, 23.44 points, 24.26 points, and 24.26 points respectively [69]. 5.4 Main Seats' Information - The information of the top five, ten, and twenty seats in terms of trading volume, long positions, and short positions for each contract (IH2507, IH2509) is detailed in the report, showing changes compared to the previous day [73][75]

Group 1: Report Overview - Report Date: July 1, 2025 [1] - Authors: Wang Mengying (Z0015429), Liao Chenyue (F03120676) [1] - Investment Advisory Business Qualification: CSRC License [2011] No. 1290 [1] - Report Title: Stock Index Daily Report [1] Group 2: Market Review - Stock Index Performance: The stock index continued to rise, with the CSI 300 index closing up 0.17%. The trading volume of the two markets decreased by 20.842 billion yuan. Among the stock index futures, IF decreased in volume, IH and IC increased in volume, and IM decreased in volume. [2] Group 3: Important News - Tariff Announcement: With only 10 days left until the "tariff deadline" on July 9, Trump clearly stated that there is no need to extend the upcoming tariff deadline. He will directly send letters to hundreds of countries to notify them of the tariff rates and will no longer conduct individual trade negotiations. [3] Group 4: Core View - Market Outlook: The stock index continued to rise today, but the trading volume of the two markets continued to shrink. There is a lack of positive information to drive the index up, and the future strength of the RMB exchange rate remains to be seen. The market sentiment is cautious, and the sustainability of this round of the stock index rise is uncertain. If the trading volume continues to shrink and the upward momentum weakens, a short - term adjustment is expected. [4] Group 5: Strategy Recommendation - Strategy: Hold and wait for further development [5] Group 6: Futures Market Observation | Futures Type | Main Contract Intraday Change (%) | Volume (10,000 lots) | Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | -0.03 | 7.0001 | -0.8991 | 23.8772 | -0.5835 | | IH | 0.08 | 3.2102 | -0.8576 | 8.3173 | -0.2668 | | IC | 0.01 | 6.8686 | -0.2617 | 22.0821 | -0.054 | | IM | -0.36 | 18.1858 | 0.9846 | 32.7974 | 1.0329 | [5] Group 7: Spot Market Observation | Index Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.39 | | Shenzhen Component Index Change (%) | 0.11 | | Ratio of Rising to Falling Stocks | 1.03 | | Trading Volume of the Two Markets (billion yuan) | 146.6015 | | Trading Volume MoM (billion yuan) | -20.842 | [6]

股指期货早盘收盘 沪深300股指期货（IF）主力合约跌0.03%，上证50股指期货（IH）主力合约涨0.09%，中证500股指期 货（IC）主力合约跌0.25%，中证1000股指期货（IM）主力合约跌0.75%。 ...

Group 1 - The U.S. stock index futures, including the three major indices and the Russell 2000, experienced a decline of up to 0.2% during the early trading session on July 1 [1]

qqqqqqqqqqqqqqqqqqq 股指期货市场概况 从整体表现来看，上周四大期指主力合约均上涨，中证 1000 期指涨幅最大，幅度为 5.49%，上证 50 期指涨幅最小， 幅度为 1.27%。上周四大期指主力合约贴水均收窄。IF、IC、IM 和 IH 期指均为贴水状态。 全部合约角度看，较上周而言，四大期指当月、下月、当季和下季合约的平均成交量升降不一，其中 IH 上升幅度最 大，为 7.98%，IC 下降幅度最大，为-4.93%。四大期指上周最后一个交易日的合计持仓量均上升，其中 IH 上升幅度 最大，为 30.34%，IM 上升幅度最小，为 9.50%。 基差水平方面，截至上周最后一个交易日收盘，IF、IC、IM 和 IH 当季合约的年化基差率分别为-4.84%、-8.50%、- 11.12%和-4.28%，较上周最后一个交易日，四大期指贴水幅度均有所收窄。 跨期价差方面，截至上周五收盘，IF、IC、IM和IH当月合约与下月合约的跨期价差率分别处在2019年以来的63.90%、 58.80%、76.50%和 64.00%分位数。四大期指当月合约与下月、当季、下季的价差率均处于历史分布常态位置。 正 ...

股指期货早盘收盘 金十期货6月30日讯，沪深300股指期货（IF）主力合约跌0.02%，上证50股指期货（IH）主力合约跌 0.12%，中证500股指期货（IC）主力合约涨0.51%，中证1000股指期货（IM）主力合约涨0.48%。 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 30 日） ◼ 品种观点参考—金融期货股指板块 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 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 震荡偏强 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 日内观点：震荡偏强 中期观点：上涨 参考观点：震荡偏强 核心逻辑：上周五各股指均冲高回落，走势有所分化，其中上证 50 与沪深 300 震荡收跌，中证 500 与中证 1000 小幅收涨。股市全市场成交额 15756 亿元，较上日缩量 475 亿元。6 月下旬以来股指已 实现涨幅较为客观，股指的反弹动能有所放缓，这主要是因为目前市场主要驱动来自对未来政策面的 利好预期。由于信贷、通胀等宏观经济指标边际走弱，政策面托底预期升温，加上外部风险因素边际 ...

金十期货6月30日讯，沪深300股指期货（IF）主力合约涨0.07%，上证50股指期货（IH）主力合约跌 0.01%，中证500股指期货（IC）主力合约涨0.14%，中证1000股指期货（IM）主力合约涨0.15%。 股指期货早盘开盘 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A - share's core contradiction lies internally, with a clear bottom - line for stock indices. The upside space depends on economic fundamental repair and incremental funds, and also requires reduced trading volume. The "dumbbell strategy" is effective, and the basis brings an overweight opportunity for CSI 1000. However, the current annualized basis rate of stock index futures has significantly converged, so it is recommended to temporarily take profit on the IM2509 strategy and wait for a new entry opportunity [3]. - International situations are complex, but market expectations are sufficient, and disturbances from Sino - US and Israel - Iran issues are limited. The Fed's interest rate decision has a greater external impact. A rate cut is beneficial for RMB appreciation, foreign capital inflow, and new incremental funds, which may start as early as September. Current policies to stabilize the capital market are positive, with a clear bottom - line for stock indices, and new technologies and new consumption are promoting the stabilization and recovery of economic expectations. After the risk - free rate drops to a low level, the entry of medium - and long - term funds and individual investors will enter a new cycle. A breakthrough must be accompanied by increased trading volume, and a two - market trading volume of 1.5 trillion (MA5) is a signal [4]. 3. Summary by Directory 3.1 Market Performance - This week, domestic indices rose first and then fell, while the US index reached a new high. As of June 26, 2025, the Nasdaq index rose 3.70%, the S&P 500 index rose 2.90%, the Hang Seng Tech index rose 4.13%, the Shanghai Composite Index rose 2.64%, the CSI 1000 index rose 4.14%, the SSE 50 index rose 2.42%, the ChiNext index rose 5.20%, and the STAR 50 index rose 3.35%. Most of the 31 Shenwan primary industry indices rose this week, with sectors such as computers, non - bank finance, and national defense and military industry rising more than 5%, and only a few sectors such as petroleum and petrochemicals and food and beverages falling [12][16]. 3.2 Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The capital interest rate (DR007) remained low, and the net MLF investment in May was 37.5 billion yuan. The yield of the 10 - year treasury bond was around 1.65%. The growth rate of social financing in May remained at a relatively high level, with government bond financing being an important support, while credit growth was still weak. The incremental social financing in May was 2.29 trillion yuan, an increase of 224.7 billion yuan year - on - year. The stock of social financing scale increased by 8.7% year - on - year, remaining flat month - on - month. The growth rate of M2 declined slightly but remained stable overall, the growth rate of M1 increased, and the M1 - M2 gap narrowed [17]. 3.3 Trading Data and Sentiment - Stock indices rose first and then fell this week. The number of new accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million. Domestic stock indices rose first and then fell this week, and the trading volume of the two markets increased to around 1.5 trillion [26]. 3.4 Index Valuation - As of June 26, 2025, the latest PE of the Shanghai Composite Index was 15.06, with a percentile of 68.03, and the latest PE of the Wande All - A was 19.80, with a percentile of 08.30. In terms of major stock indices, the valuation percentiles were CSI 1000 < CSI 500 < CSI 300 < SSE 50. The index valuation is in the median range [37]. 3.5 Index Industry Weights (as of December 31, 2024) - For the SSE 50, the weights of banks, food and beverages, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the CSI 300 are relatively dispersed, and the top three weighted industries are banks, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, medicine and biology, and power equipment, but the weight of the electronics industry in the CSI 1000 is higher [43][46].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Today, the stock index rose after opening and then declined, indicating significant upward pressure. With a quiet news background and the domestic economy in a weak recovery, the stock index lacks sufficient positive drivers and is unlikely to break through the pressure line to form an upward trend. The latest data shows that the profits of industrial enterprises above a designated size have turned negative year - on - year, affected by tariffs and prices, and also indicating insufficient effective demand. Amid weak economic data, expectations of supportive policies have increased, providing support for the stock index. In the short term, the stock index is expected to fluctuate within a range. Attention should be paid to the policy guidance from the Politburo meeting in July [6]. 3. Summary by Related Catalogs Market Review - Today, the stock indices showed mixed performance, with large - cap indices closing down and small - and medium - cap indices closing up. The trading volume of the two markets decreased by 420.50 million yuan. In the futures index market, IF and IH declined on increased volume, while IC and IM rose on increased volume [4]. Important Information - The National Development and Reform Commission announced that it will allocate the third batch of funds for the consumer goods trade - in program in July. The National Bureau of Statistics reported that the profits of industrial enterprises above a designated size in May decreased by 9.1% year - on - year, and from January to May, they decreased by 1.1% [5]. Strategy Recommendation - Hold positions and wait and see. The table shows the main contract's intraday percentage change, trading volume, trading volume change compared to the previous period, open interest, and open interest change compared to the previous period for IF, IH, IC, and IM [7]. Spot Market Observation - The table presents the Shanghai Composite Index's percentage change, Shenzhen Component Index's percentage change, the ratio of rising to falling stocks, the trading volume of the two markets, and the trading volume change compared to the previous period [8]. Other Data Presentations - There are charts showing the ratio of margin trading turnover to A - share trading turnover, cross - variety strength comparisons (IH/IC, IC/IM, IH/IM, IF/IH, IF/IM, IF/IC), volume - weighted average premium/discount rates and closing prices of various indices (IF, IH, IC, IM), and price - to - earnings ratios of various indices (CSI 300, SSE 50, CSI 500, CSI 1000) [9][10][11][18]