沪深300股指期货（IF）主力合约涨0.08%，上证50股指期货（IH）主力合约涨0.12%，中证500股指期 货（IC）主力合约跌0.04%，中证1000股指期货（IM）主力合约跌0.03%。 股指期货早盘开盘 ...

1. Report Industry Investment Rating - The investment ratings for stock index futures, stock index options, and treasury bond futures are all "Oscillation" [6][7][9] 2. Core Views of the Report - Stock index futures: The crowding in the Hong Kong stock market has been released. After the policy stance is released at the Lujiazui Forum, there will be no visible main line, so the operation should be defensive, waiting for the release of capital crowding [1][6] - Stock index options: The volatility is at a low quantile, and the double - buying strategy should be continued to seize potential volatility - rising opportunities [2][7] - Treasury bond futures: The bond market yield curve shows a bullish steepening. The short - end is favorable, while the long - end 10Y treasury bond yield has limited downward momentum, so attention should be paid to the curve steepening [2][7][9] 3. Summaries by Related Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Views**: The crowding in the Hong Kong stock market has been released. The basis of IF, IH, IC, and IM contracts and their inter - period spreads have changed, and the positions have also changed [6] - **Logic**: The main lines of new consumption and innovative drugs have corrected, the momentum effect has weakened, and the Hang Seng AH Premium Index has reached a five - year low, which may drag down the A - share market. After the Lujiazui Forum, there will be no clear main line [1][6] - **Operation Suggestion**: Wait and see [6] 3.1.2 Stock Index Options - **Views**: The volatility is at a low quantile, and the double - buying strategy should be continued [7] - **Logic**: The market liquidity has not improved significantly, the volatility is at a low level, and the sentiment indicators are neutral to optimistic, but the volume is weak, so the direction strategy should be on short - term wait - and - see, and a small - position call - buying can be tried [2][7] - **Operation Suggestion**: Adopt the double - buying strategy [7] 3.1.3 Treasury Bond Futures - **Views**: The bond market yield curve shows a bullish steepening. The trading volume, positions, inter - period spreads, cross - variety spreads, and basis of T, TF, TS, and TL contracts have changed [7] - **Logic**: The MLF expired, but the inter - bank repurchase rate declined, the funds were loose, and the stock - bond seesaw effect was obvious. The central bank's attitude towards the funds is still supportive, and large banks are buying short - term bonds, but the long - term yield has limited downward momentum [2][7][9] - **Operation Suggestion**: Trend strategy: Be cautious. Hedging strategy: Pay attention to short - selling hedging at low basis levels. Basis strategy: Pay attention to the widening of the basis. Curve strategy: Steepening the curve in the medium - term has a higher odds [9] 3.2 Economic Calendar - The economic data of China, the United States, the Eurozone, and Japan from June 16 - 20, 2025 are presented, including fixed - asset investment, social consumption, industrial added value, unemployment rate, CPI, and other indicators [10] 3.3 Important Information and News Tracking - "New Fed Wire" Nick Timiraos believes that the Fed may cut interest rates this week if it were not for tariff risks [11] - The Bank of Japan maintains the target interest rate and will reduce the purchase of Japanese government bonds starting from April 2026 [11] - China plans to implement zero - tariff measures for 53 African countries through a new free - trade agreement [12] 3.4 Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and treasury bond futures, but no specific data content is provided in the given text [13][17][29]

Report Summary 1. Report Information - Report Title: "大类资产早报" - Release Date: June 17, 2025 - Author: Research Center Macro Team [2] 2. Global Asset Market Performance 2.1 Major Economies' 10 - Year Treasury Yields - On June 16, 2025, yields varied across countries, e.g., the US was 4.448%, the UK was 4.532%, and China was 1.644%. - Changes in yields differed in the latest, one - week, one - month, and one - year periods. For example, the US had a latest change of 0.047%, a one - week change of - 0.028%, a one - month change of - 0.032%, and a one - year change of 0.172%. [3] 2.2 Major Economies' 2 - Year Treasury Yields - As of June 16, 2025, the US was 3.900%, the UK was 3.901%, and Germany was 1.838%. - Yield changes also varied over different time frames. For instance, the US had a latest change of - 0.040%, a one - week change of - 0.020%, a one - month change of - 0.060%, and a one - year change of - 0.920%. [3] 2.3 Dollar Exchange Rates against Major Emerging Economies' Currencies - On June 16, 2025, exchange rates and their changes were presented. For example, the dollar - to - Brazilian real rate was 5.493 with a latest change of - 0.92%. - Changes over one - week, one - month, and one - year periods were also provided. The dollar - to - Brazilian real had a one - week change of - 1.19%, a one - month change of - 3.05%, and a one - year change of 3.66%. [3] 2.4 Stock Indexes and Credit Bond Indexes - Stock indexes of major economies and emerging economies showed different performances. For example, the S&P 500 had a one - week change of 0.04%, a one - month change of - 3.29%, and a one - year change not given. - Credit bond indexes also had their respective changes. For example, the US investment - grade credit bond index had a latest change of - 0.15%, a one - week change of 0.31%, a one - month change of 0.86%, and a one - year change of 4.61%. [3] 3. Stock Index Futures Trading Data 3.1 Index Performance - A - shares closed at 3388.73 with a 0.35% increase, the CSI 300 closed at 3873.80 with a 0.25% increase, etc. [4] 3.2 Valuation - PE (TTM) values were provided for different indexes, such as 12.78 for the CSI 300, 10.91 for the SSE 50, etc., along with their环比 changes. [4] 3.3 Risk Premium - Risk premium data and their环比 changes were presented for some indexes, e.g., the S&P 500 had a risk premium of - 0.55 with a环比 change of - 0.09. [4] 3.4 Fund Flows - Latest values and 5 - day average values of fund flows were given for different markets, such as 122.23 for A - shares and - 595.70 for the 5 - day average. [4] 3.5 Trading Volume - Latest trading volumes and their环比 changes were provided for different markets, e.g., 12150.76 for the Shanghai and Shenzhen stock markets with a环比 change of - 2521.21. [4] 3.6 Basis and Spread - Basis and spread data were given for stock index futures, such as - 4.00 for the IF basis with a - 0.10% spread. [4] 4. Treasury Bond Futures Trading Data - Closing prices and price changes of treasury bond futures (T00, TF00, T01, TF01) were presented, all with 0.00% changes on the given day. - Money market fund rates (R001, R007, SHIBOR - 3M) and their daily changes were also provided, e.g., R001 was 1.4450% with a - 13.00 BP change. [5]

Report Industry Investment Rating - Not provided Core View of the Report - A - share major indices collectively declined with narrow - range fluctuations in the three major indices. The trading volume of the Shanghai and Shenzhen stock markets slightly decreased. The domestic economic fundamentals are under pressure, and consumer stocks are expected to lead the next - stage structural market. It is recommended to allocate IF on dips [3] Summary by Related Catalogs Futures Quotes - **Contract Prices**: IF (2506) was at 3868.6 (- 0.4), IF (2509) at 3799.2 (- 0.2); IH (2506) at 2680.8 (+ 2.6), IH (2509) at 2642.8 (+ 6.4); IC (2506) at 5748.4 (- 11.8), IC (2509) at 5575.4 (- 7.6); IM (2506) at 6130.0 (+ 1.2), IM (2509) at 5877.6 (+ 3.6) [2] - **Contract Spreads**: IF - IH spread was 1187.8 (- 3.6), IC - IF spread was 1879.8 (- 6.6), etc. [2] - **Quarter - to - Month Spreads**: IF quarter - to - month was - 69.4 (- 0.6), IH quarter - to - month was - 38.0 (+ 2.8), etc. [2] - **Net Positions of Top 20 Holders**: IF was - 25100.00 (- 1503.0), IH was - 13246.00 (- 304.0), IC was - 10509.00 (+ 472.0), IM was - 34063.00 (- 595.0) [2] Spot Market - **Stock Index Prices**: CSI 300 was 3870.38 (- 3.4), SSE 50 was 2683.95 (- 1.1), CSI 500 was 5750.91 (- 16.9), CSI 1000 was 6141.47 (- 6.0) [2] - **Base Differences**: IF base difference was - 1.8 (+ 2.2), IH base difference was - 3.2 (+ 3.5), IC base difference was - 2.5 (+ 9.1), IM base difference was - 11.5 (+ 8.6) [2] - **Other Data**: A - share trading volume was 12371.36 billion yuan (- 65.05), margin trading balance was 18223.27 billion yuan (+ 56.29) [2] Market Sentiment - **Trading Volume and Balance**: North - bound trading volume was 1446.43 billion yuan (- 690.66), reverse repurchase was - 1986.0 billion yuan (+ 1973.0) [2] - **Fund Flows**: Main funds were - 20.94 billion yuan (- 304.57), MLF net injection was - 1820 billion yuan [2] - **Other Indicators**: Rising stock ratio was 41.57% (- 24.15), Shibor was 1.369% (- 0.019), etc. [2] Wind Market Strength - Weakness Analysis - **Overall A - shares**: Score was 4.40 (- 2.20), technical score was 4.20 (- 2.30), capital score was 4.70 (- 2.00) [2] Industry News - **Economic Data**: In May, industrial added value increased by 5.8% year - on - year, fixed asset investment increased by 3.7% year - on - year, social retail sales increased by 6.4% year - on - year, etc. [2] - **Real Estate Market**: From January to May, real estate development investment decreased by 10.7% year - on - year, new housing sales area decreased by 2.9% year - on - year [2] - **Geopolitical News**: Iran hopes to dialogue with the US and Israel to end hostilities [2] Key Data to Watch - 6/17 20:30 US May retail sales, core retail sales, import/export price indices - 6/18 14:00 UK May CPI, core CPI - 6/19 2:00 Fed interest rate decision - 6/19 16:30 Swiss National Bank interest rate decision - 6/19 19:00 Bank of England interest rate decision - 6/19 US financial markets closed for Juneteenth - 6/20 9:00 China June 1 - year, 5 - year LPR quotes [3]

股指期货午盘收盘 沪深300股指期货（IF）主力合约跌0.01%，上证50股指期货（IH）主力合约涨0.10%，中证500股指期 货（IC）主力合约跌0.22%，中证1000股指期货（IM）主力合约涨0.02%。 ...

1. Index Trends - On June 16th, the Shanghai Composite Index rose by 0.35% to close at 3388.73 points, with a trading volume of 481.594 billion yuan; the Shenzhen Component Index rose by 0.41% to close at 10163.55 points, with a trading volume of 733.481 billion yuan [1]. - The CSI 1000 Index rose by 0.68% with a trading volume of 253.088 billion yuan, opening at 6089.96, closing at 6147.46, reaching a high of 6151.51 and a low of 6089.96 [1]. - The CSI 500 Index rose by 0.48% with a trading volume of 170.989 billion yuan, opening at 5725.0, closing at 5767.81, reaching a high of 5775.95 and a low of 5725.0 [1]. - The SSE 50 Index rose by 0.32% with a trading volume of 68.811 billion yuan, opening at 2666.82, closing at 2685.01, reaching a high of 2687.11 and a low of 2664.43 [1]. - The SSE 300 Index rose by 0.25% with a trading volume of 246.861 billion yuan, opening at 3853.62, closing at 3873.8, reaching a high of 3876.17 and a low of 3853.62 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 41.45 points from the previous close, with sectors such as computer, power equipment, and media significantly pulling the index up [3]. - The CSI 500 rose 27.57 points from the previous close, with sectors such as media, electronics, and non - bank finance significantly pulling the index up, while the pharmaceutical and biological sector pulled it down [3]. - The SSE 300 rose 9.62 points from the previous close, with sectors such as banks, non - bank finance, and electronics significantly pulling the index up, while sectors such as automobiles, non - ferrous metals, and pharmaceutical and biological pulled it down [3]. - The SSE 50 rose 8.58 points from the previous close, with sectors such as banks and non - bank finance significantly pulling the index up, while non - ferrous metals pulled it down [3]. 3. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 13.01, IM01 of - 107.61, IM02 of - 269.2, and IM03 of - 449.07 [13]. - For IC contracts, IC00 had an average daily basis of - 5.28, IC01 of - 78.58, IC02 of - 185.61, and IC03 of - 311.9 [13]. - For IF contracts, IF00 had an average daily basis of - 2.83, IF01 of - 45.25, IF02 of - 73.74, and IF03 of - 104.93 [13]. - For IH contracts, IH00 had an average daily basis of - 5.71, IH01 of - 43.45, IH02 of - 48.57, and IH03 of - 50.32 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - Multiple tables show the roll - over point differences and their annualized costs for IM, IC, IF, and IH contracts at different time points [23][25][26].

股指期货早盘开盘 沪深300股指期货（IF）主力合约涨0.04%，上证50股指期货（IH）主力合约涨0.04%，中证500股指期 货（IC）主力合约跌0.07%，中证1000股指期货（IM）主力合约涨0.03%。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - A-shares' major indices generally rose, with the Shanghai Composite Index up 0.35%, the Shenzhen Component Index up 0.41%, and the ChiNext Index up 0.66%. The trading volume in the Shanghai and Shenzhen stock markets dropped significantly. Under the current situation where the domestic economic fundamentals are still under pressure and the repair of domestic demand may become the main driving force for economic growth, consumer stocks are expected to lead the next-stage structural market. It is recommended to allocate IF on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF, IH, IC, and IM's main and secondary contracts all rose, with IM's main contract (2506) rising the most, up 43.8 points. The spreads between different contracts also showed various changes, such as the IM - IF monthly contract spread rising 29.8 points. The differences between the current quarter and the current month, and the next quarter and the current month of each contract also changed to varying degrees [2] 3.2 Futures Positions - The net positions of the top 20 in IF decreased by 265, while those in IH increased by 274. The net positions of the top 20 in IC increased by 1730, and those in IM decreased by 181 [2] 3.3 Spot Prices - The spot prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all rose, with the CSI 1000 rising the most, up 41.5 points. The basis of each futures contract also changed, with the basis of the IC main contract decreasing by 0.4 points [2] 3.4 Market Sentiment - The A-share trading volume decreased by 260.355 billion yuan, and the margin trading balance decreased by 4627 million yuan. The northbound trading volume increased by 63.775 billion yuan, and the reverse repurchase operation volume increased by 242 billion yuan. The proportion of rising stocks increased by 50.07 percentage points, and the Shibor decreased by 0.023 percentage points [2] 3.5 Wind Market Strength - Weakness Analysis - The overall A-share market showed strength in terms of technology and funds, with the overall A-share index rising 3.8 points, the technical aspect rising 5.1 points, and the funds aspect rising 2.7 points [2] 3.6 Industry News - In May, the added value of industrial enterprises above designated size increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4% year - on - year. From January to May, the national fixed - asset investment (excluding rural households) increased by 3.7% year - on - year, and the real estate development investment decreased by 10.7% year - on - year. The average urban surveyed unemployment rate from January to May was 5.2%, and in May it was 5.0%, a 0.1 - percentage - point decrease from the previous month [2] 3.7 Key Events to Watch - On June 17 at 11:00, there will be the Bank of Japan's interest rate decision; at 20:30, the US May retail sales, core retail sales, and import/export price indices will be released. On June 18 at 14:00, the UK May CPI and core CPI will be announced. On June 19 at 2:00, there will be the Federal Reserve's interest rate decision; at 16:30, the Swiss National Bank's interest rate decision; at 19:00, the Bank of England's interest rate decision. The US financial market will be closed for Juneteenth on June 19. On June 20 at 9:00, China's June 1 - year and 5 - year LPR quotes will be released [3]

Group 1: Overall Investment Ratings - No specific industry investment rating is provided in the report. Group 2: Core Views - The overall view is that the stock index will maintain a range - bound oscillation in the short term. Although the market sentiment has weakened due to the Middle - East geopolitical crisis and concerns about supply and global demand, the policy - side support is strong, and the market bottom - support power is sufficient. The upward momentum of the market is still restricted by the weak macro - demand expectation [4]. Group 3: Summary by Relevant Content Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is upward, the intraday view is oscillatory and bullish, and the overall view is range - bound oscillation. The core logic is that the positive policy expectations provide strong support [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is oscillatory and bullish, the medium - term view is upward, and the reference view is range - bound oscillation. Last Friday, the stock indexes oscillated and declined. Due to the Middle - East geopolitical crisis, market sentiment weakened. However, the weakening of external demand under the tariff war is within market expectations, and the recovery of domestic demand is the key. The weakening of recent macro - economic indicators increases the expectation of policy support, and the market bottom - support power is sufficient. Attention should be paid to the financial policy guidance of the Lujiazui Forum on June 18th. The market's upward momentum is restricted by the weak macro - demand expectation [4].

沪深300股指期货（IF）主力合约跌0.11%，上证50股指期货（IH）主力合约跌0.26%，中证500股指期 货（IC）主力合约涨0.06%，中证1000股指期货（IM）主力合约涨0.22%。 股指期货早盘开盘 ...