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]

关 注 我 们 获 取 更 多 资 讯 瑞达期货研究院 「2025.6.27」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 业务咨询 添加客服 「摘要」 • 周度观点：A股主要指数本周集体走强，除上证指数外均涨超2%。四期指亦集体走高，中小 盘股强于大盘蓝筹股。本周，海内外均有利多消息对市场起到提振，海外伊朗以色列宣布停 火，推动市场风险偏好回暖；国内，央行联合六部门印发《关于金融支持提振和扩大消费的 指导意见》，提振市场对消费及金融板块的热情。本周，市场成交活跃度较上周明显回升。 2 来源：瑞达期货研究院 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2509 | 2.73 | -0.74 | 3876.6 | | | IH2509 | 1.69 | -1.17 | 2680.0 | | ...

1. Index Trends - On June 26, the Shanghai Composite Index fell by 0.22% to close at 3448.45 points, with a trading volume of 603.095 billion yuan; the Shenzhen Component Index fell by 0.48% to close at 10343.48 points, with a trading volume of 980.056 billion yuan [1]. - The CSI 1000 Index fell by 0.45%, with a trading volume of 343.746 billion yuan. The opening price was 6272.44, the closing price was 6247.79, the highest price was 6310.54, and the lowest price was 6244.78 [1]. - The CSI 500 Index fell by 0.41%, with a trading volume of 235.224 billion yuan. The opening price was 5868.29, the closing price was 5838.25, the highest price was 5885.25, and the lowest price was 5835.34 [1]. - The SSE 50 Index fell by 0.34%, with a trading volume of 87.101 billion yuan. The opening price was 2740.23, the closing price was 2738.47, the highest price was 2747.61, and the lowest price was 2734.95 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index dropped 28.37 points from the previous closing price. Sectors such as automobiles, electronics, and pharmaceuticals significantly dragged down the index [2]. - The CSI 500 Index dropped 24.3 points from the previous closing price. The banking sector significantly boosted the index, while sectors such as power equipment, pharmaceuticals, and electronics significantly dragged it down [2]. - The SSE 300 Index dropped 14.05 points from the previous closing price. Sectors such as banking, communications, and food and beverages significantly boosted the index, while sectors such as power equipment, automobiles, and non - bank finance significantly dragged it down [2]. - The SSE 50 Index dropped 9.26 points from the previous closing price. Sectors such as banking, food and beverages, and public utilities significantly boosted the index, while sectors such as electronics, pharmaceuticals, and non - bank finance significantly dragged it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 45.13, IM01 had - 100.83, IM02 had - 162.62, and IM03 had - 331.27 [12]. - For IC contracts, IC00 had an average daily basis of - 35.8, IC01 had - 76.94, IC02 had - 119.69, and IC03 had - 235.25 [12]. - For IF contracts, IF00 had an average daily basis of - 26.42, IF01 had - 38.77, IF02 had - 43.57, and IF03 had - 74.93 [12]. - For IH contracts, IH00 had an average daily basis of - 24.19, IH01 had - 28.38, IH02 had - 27.35, and IH03 had - 26.96 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points are provided, such as at 09:45, IM00 - 01 was - 53.1193, IM00 - 02 was - 158.791, etc. [22]. - For IC contracts, data on roll - over point differences and their annualized costs at different time points are provided, such as at 09:45, IC00 - 01 was - 26.1467, IC00 - 02 was - 90.0318, etc. [24]. - For IF contracts, data on roll - over point differences and their annualized costs at different time points are provided, such as at 09:45, IF00 - 01 was - 5.99267, IF00 - 02 was - 13.4098, etc. [29]. - For IH contracts, data on roll - over point differences and their annualized costs at different time points are provided, such as at 09:45, IH00 - 01 was - 1.29644, IH00 - 02 was 1.559889, etc. [28]

国内现在一共有4个股指期货，都在中国金融期货交易所上市，它们分别是中证500、上证50、中证1000和沪深300股指期货。你想交易哪个就 选哪个，不过开户条件都是一样的哦，那么有期货账户的话，在哪里可以开通股指期货？ 并非所有期货公司都能提供股指期货交易服务，投资者需确认自己现有的期货公司是否具备中金所（中国金融期货交易所）资格，若你的期货 公司不具备相关资质，建议重新选择一家符合条件的期货公司开户。 股指期货开户的标准要求主要涵盖以下几个方面： 1、资金要求：开通股指期货/期权权限前连续5个交易日结算后，期货账户可用资金≥50万元人民币。 2、知识测试：在中国期货业协会官网"期货交易基础知识测试"线上答题，并且测试分数应在80分及以上。 需要多少手续费？源自：衍生股指君 假设股指期货交易所手续费标准为成交金额的万分之零点二三，其中平今仓手续费为成交金额的万分之二点三。 例如，假设沪深300股指期货IF2410合约成交价3930点，隔夜平仓，手续费为3930*300*0.000023=27.117元，平今仓手续费为 3930*300*0.00023=271.17元，平今仓手续费大约是隔夜平仓的十倍。 3、交易 ...

金十期货6月27日讯，沪深300股指期货（IF）主力合约跌0.76%，上证50股指期货（IH）主力合约跌 1.17%，中证500股指期货（IC）主力合约涨0.23%，中证1000股指期货（IM）主力合约涨0.10%。 股指期货午盘收盘 ...

股指日报 股指期货日报 2025年6月26日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 小幅缩量调整，等待新的驱动出现 市场回顾 今日股指震荡偏弱，以沪深300指数为例，收盘下跌0.35%。从资金面来看，两市成交额回落195.89亿元。期 指均缩量下跌。 重要资讯 1. 国家发改委：将于今年7月份下达今年第三批消费品以旧换新资金，同时，将协调有关方面，坚持更加注重 持续性和均衡性原则，分领域制定落实到每个月、每一周的国补资金使用计划，保障消费品以旧换新政策全 年有序实施。 核心观点 今日股指小幅缩量回调，调整幅度不大，从盘面指标来看，市场情绪没有明显变化，因此我们认为今日股指 偏弱运行是基于连续多日放量上涨的阶段性调整。由于目前经济基本面仍处于弱复苏状态，信贷、通胀等数 据表现疲软，托底政策预期有所升温，对股指形成支撑。不过短期政策面预计难以出现新的增量信号，需要 等待7月政治局会议的政策指引。当前操作建议多头可持仓观望。 策略推荐 多头持仓观望 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | ...

股指日报 股指期货日报 2025年6月25日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 内外利好，股指延续上涨 市场回顾 今日股指放量上涨，以沪深300指数为例，收盘上涨1.44%。从资金面来看，两市成交额上涨1881.59亿元。 期指均放量上涨。 重要资讯 1. 央行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，从支持增强消费能力、扩大消费领 域金融供给、挖掘释放居民消费潜力、促进提升消费供给效能、优化消费环境和政策支撑保障等六个方面提 出19项重点举措。《意见》明确，设立服务消费与养老再贷款，额度5000亿元。健全投资和融资相协调的资 本市场功能，推动中长期资金入市，促进资本市场稳定发展。 2. 以色列和伊朗同意全面停火！伊朗最高国家安全委员会发表声明，宣布与"以色列及其支持者"停火。 核心观点 昨日收盘后央行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，文件中明确设立额度5000 亿元的服务消费与养老再贷款。再加上以色列和伊朗同意全面停火。内外双重利好下今日股指再度放量大 涨。从期指算术平均基差来看，各期指均贴水 ...

1. Report Title and Date - Report title: "Stock Index Futures Data Daily Report" [1] - Date: June 25, 2025 [2] 2. IM (China Securities 1000 Index Futures) 2.1 Daily Quotes - The closing price of the CSI 1000 was 6,276.16, up 1.32%. The total trading volume of the four IM contracts was 247,386 lots, an increase of 33,750 lots from the previous day; the total open interest was 345,077 lots, an increase of 20,157 lots from the previous day. The main contract of IM rose 2.19% to close at 6,119.6 points [4][5]. 2.2 Basis and Annualized Basis Rate - The main contract of IM was at a discount of 156.56 points, up 43.11 points from the previous day; the annualized basis rate was -10.73% [5]. 2.3 Main Seats' Positions - For different contracts (IM2507, IM2508, IM2509, IM2512), the report shows the trading volume, long and short positions, and their changes of the top - ranking member companies [16][18][19]. 3. IF (CSI 300 Index Futures) 3.1 Daily Quotes - The closing price of the CSI 300 was 3,960.07, up 1.44%. The total trading volume of the four IF contracts was 123,530 lots, an increase of 9,685 lots from the previous day; the total open interest was 254,002 lots, an increase of 12,395 lots from the previous day. The main contract of IF rose 1.93% to close at 3,922.8 points [20][21]. 3.2 Basis and Annualized Basis Rate - The main contract of IF was at a discount of 37.27 points, up 14.36 points from the previous day; the annualized basis rate was -3.99% [21]. 3.3 Main Seats' Positions - For different contracts (IF2507, IF2508, IF2509, IF2512), the report shows the trading volume, long and short positions, and their changes of the top - ranking member companies [34][35]. 4. IC (CSI 500 Index Futures) 4.1 Daily Quotes - The closing price of the CSI 500 was 5,862.55, up 1.68%. The total trading volume of the four IC contracts was 110,445 lots, an increase of 15,870 lots from the previous day; the total open interest was 234,477 lots, an increase of 12,841 lots from the previous day. The main contract of IC rose 2.37% to close at 5,759.8 points [39][40]. 4.2 Basis and Annualized Basis Rate - The main contract of IC was at a discount of 102.75 points, up 30.49 points from the previous day; the annualized basis rate was -7.48% [40]. 4.3 Main Seats' Positions - For different contracts (IC2507, IC2508, IC2509, IC2512), the report shows the trading volume, long and short positions, and their changes of the top - ranking member companies [49][50][52]. 5. IH (SSE 50 Index Futures) 5.1 Daily Quotes - The closing price of the SSE 50 was 2,747.73, up 1.17%. The total trading volume of the four IH contracts was 62,048 lots, a decrease of 784 lots from the previous day; the total open interest was 93,338 lots, an increase of 5,800 lots from the previous day. The main contract of IH rose 1.59% to close at 2,722.6 points [54]. 5.2 Basis and Annualized Basis Rate - The main contract of IH was at a discount of 25.13 points, up 8.79 points from the previous day; the annualized basis rate was -3.87% [55]. 5.3 Main Seats' Positions - For different contracts (IH2507, IH2508, IH2509, IH2512), the report shows the trading volume, long and short positions, and their changes of the top - ranking member companies [68][70]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View - The stock index rose sharply with heavy volume today mainly because Iran and Israel announced a formal cease - fire before the market opened, reducing the geopolitical risk in the Middle East. Except for a slight deepening of the small discount of IH, the discounts of the others converged, indicating an overall boost in market sentiment. However, after the market, new news came from the periphery that the Israeli Defense Forces detected another ballistic missile launch from Iran. The current Middle East situation remains uncertain, and the peripheral positive factors are difficult to drive the stock index continuously. Therefore, the sustainability of the positive market sentiment and the upward movement of the stock index remains to be observed. It is recommended to hold long positions and wait and see [6] Group 3: Market Review - The stock index rose with heavy volume today. Taking the CSI 300 index as an example, it closed up 1.20%. The trading volume of the two markets increased by 29.1975 billion yuan. The stock index futures also rose with heavy volume [4] Group 4: Important Information - Iran and Israel announced a formal cease - fire [5] Group 5: Strategy Recommendation - Hold long positions and wait and see [7] Group 6: Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 1.38 | 1.02 | 1.70 | 2.37 | | Trading volume (10,000 lots) | 11.3845 | 6.2832 | 9.4575 | 21.3636 | | Trading volume MoM (10,000 lots) | 2.0978 | 0.8162 | 1.7867 | 3.0475 | | Open interest (10,000 lots) | 24.1607 | 8.7538 | 22.1636 | 32.492 | | Open interest MoM (10,000 lots) | 0.9891 | 0.2748 | 0.6727 | 0.508 | [7] Group 7: Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 1.15 | | Shenzhen Component Index change (%) | 1.68 | | Ratio of rising to falling stocks | 8.25 | | Trading volume of the two markets (billion yuan) | 141.4582 | | Trading volume MoM (billion yuan) | 29.1975 | [8]

Report Industry Investment Rating - No relevant content provided Core View of the Report - A-shares' major indices rose collectively, with significant recovery in trading volume. The overall market sentiment was strong, with over 4,700 stocks rising. Overseas, the ceasefire in the Middle East eased geopolitical tensions, and the Fed signaled a potential interest rate cut, which alleviated the pressure on the RMB exchange rate and boosted market risk appetite. Domestically, the economic fundamentals are still under pressure, and the recovery of domestic demand may become the main driving force for economic growth. Strategically, it is recommended to lightly open positions on dips [2] Summary by Related Catalogs Futures Contract Data - IF, IH, IC, and IM's main and sub - main contracts all rose. For example, the IF main contract (2509) rose to 3852.4, up 52.6 [2] - The spreads between different contracts also changed. For instance, the IF - IH current - month contract spread rose to 1188.6, up 19.2 [2] - The differences between quarterly and current - month contracts showed various trends. For example, IF current - quarter minus current - month was - 19.8, up 6.2 [2] Futures Position Data - The net positions of the top 20 in IF, IH, IC, and IM all increased. For example, the IF top 20 net position was - 29,840.00, up 3076.0 [2] Spot Price Data - The spot prices of CSI 300, SSE 50, CSI 500, and CSI 1000 all rose. For example, the CSI 300 was 3904.03, up 46.1 [2] - The basis of the main contracts showed different changes. For example, the IF main contract basis was - 51.6, up 8.9 [2] Market Sentiment Data - A - share trading volume reached 14,480.59 billion yuan, up 3011.36 billion yuan. The margin trading balance was 18,169.01 billion yuan, up 44.20 billion yuan [2] - The proportion of rising stocks was 88.20%, up 6.15%. The Shibor was 1.370%, up 0.003 [2] Market Strength and Weakness Analysis - The overall A - share market strength was 8.20, up 0.60. The technical aspect was 8.80, up 0.60 [2] Industry News - Iran launched a missile attack on a US military base in Qatar, but there were no US casualties. Trump thanked Iran for the prior notice and called for peace. A cease - fire agreement has been reached, involving two 12 - hour cease - fire periods [2] - Fed Vice - Chair Bowman said she might support an interest rate cut as early as July. Fed's Goolsbee also expressed views on interest rate cuts and stagflation risks [2] Key Data to Focus On - June 24, 20:30: US Q1 current account [3] - June 24, 22:00: Fed Chair Powell testifies on monetary policy in the House [3] - June 25, 20:30: US May PCE and core PCE [3]