Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [N/A] 2. Core View of the Report - The stock indices closed higher today. The CSI 500 and CSI 1000 indices, after yesterday's adjustment, were relatively strong and hit new highs for the year. The trading volume in the two markets decreased slightly but remained at a relatively high level for the year. Affected by the news that Hainan Free Trade Port will start the full - island customs closure operation on December 18 this year, related concept sectors such as free trade zones and duty - free shops led the gains. In terms of futures basis, the basis of each variety contract increased today, and the open interest also increased, indicating that bulls entered the market. With the current news being relatively calm and the market sentiment remaining optimistic, it is expected that the stock indices will continue to operate strongly [6] 3. Summary by Relevant Catalogs Market Review - The stock indices closed higher today. Taking the CSI 300 index as an example, it closed up. In terms of capital, the trading volume in the two markets decreased by 1.9894 billion yuan. The stock index futures all rose with increased volume [4] Important Information - Approved by the Party Central Committee, Hainan Free Trade Port will start the full - island customs closure operation on December 18 this year. A series of policy measures will be implemented on the day of the full - island customs closure. Among them, the proportion of the tax items of "zero - tariff" goods imported from the "first line" will be increased from 21% to 74%. These goods can circulate within the island among beneficiaries without import tax, and those with a processing value - added of 30% can be sold to the Chinese mainland duty - free [5] Strategy Recommendation - Hold long positions and wait and see [7] Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.76 | 0.50 | 1.72 | 1.84 | | Trading volume (10,000 lots) | 11.4133 | 5.3842 | 9.5468 | 20.5106 | | Trading volume change compared to the previous day (10,000 lots) | - 1.6976 | - 1.3034 | - 0.9753 | - 0.6634 | | Open interest (10,000 lots) | 27.1368 | 10.0891 | 22.9789 | 33.8313 | | Open interest change compared to the previous day (10,000 lots) | 0.2311 | 0.0135 | 0.1553 | 0.0035 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.65 | | Shenzhen Component Index change (%) | 1.21 | | Ratio of rising to falling stocks | 4.80 | | Trading volume in the two markets (100 million yuan) | 18447.06 | | Trading volume change compared to the previous day (100 million yuan) | - 198.94 | [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - A-shares' major indexes rose collectively, with the Shanghai Composite Index surpassing 3600 points. The market expects positive news from the upcoming Sino-US trade talks. Central Huijin's large-scale ETF purchases in Q2 stabilized market expectations. Although the real estate market still drags down fixed - asset investment and the support for social retail sales from trade - in programs has weakened, loose monetary policies are showing results, and the stock index has long - term upward potential. It is recommended to buy on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Futures Contract Prices**: IF (2509) at 4141.2 (+31.4), IH (2509) at 2816.6 (+14.0), IC (2509) at 6226.0 (+105.2), IM (2509) at 6618.6 (+119.4) [2]. - **Futures Spreads**: IF - IH spread at 1331.6 (+16.8), IC - IF spread at 2122.6 (+73.6), etc. [2]. - **Futures - Spot Basis**: IF basis at - 7.8 (+2.7), IH basis at 4.2 (+2.6), IC basis at - 67.6 (+9.2), IM basis at - 82.5 (+24.7) [2]. - **Futures Positioning**: IF top 20 net position at - 29,671.00 (+2272.0), IH at - 16,384.00 (+927.0), IC at - 14,176.00 (+1424.0), IM at - 43,052.00 (+1859.0) [2]. 3.2 Spot Market and Market Sentiment - **Spot Indexes**: CSI 300 at 4149.04 (+29.3), SSE 50 at 2812.44 (+11.2), CSI 500 at 6293.60 (+96.8), CSI 1000 at 6701.12 (+93.9) [2]. - **Market Sentiment Indicators**: A - share trading volume at 18,738.81 billion yuan (- 244.90), margin trading balance at 19,358.17 billion yuan (+25.44), etc. [2]. 3.3 Industry News - Central Huijin bought over 200 billion yuan of core broad - based ETFs in Q2 2025 [2]. - Chinese Vice - Premier He Lifeng will hold economic and trade talks with the US in Sweden from July 27 - 30 [2]. - China's Q2 GDP grew 5.2% year - on - year, while social retail and fixed - asset investment growth slowed, and the real estate market declined. M1 and M2 growth accelerated in June [2]. 3.4 Key Events to Watch - July 24: ECB interest rate decision, US initial jobless claims, and SPGI manufacturing PMI [3]. - July 27: China's June industrial enterprise profits [3].

Group 1 - The main contract of the CSI 1000 stock index futures (IM) reached 6600 points, marking an increase of 1.55% for the day [1]

Group 1 - The main contract of the CSI 500 stock index futures (IC) has surpassed 6200 points, indicating a positive market trend [1] - The index experienced a daily increase of 1.29%, reflecting investor confidence and market dynamics [1]

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. For specific products: The investment outlook for stock index futures is "volatile and bullish"; for stock index options, it is "volatile"; for treasury bond futures, it is "volatile and cautious" [6]. Core Viewpoints - The stock market should be treated positively. There's no need to overly worry about the market adjustment. The policy is being implemented, there is potential for unentered funds to enter, and global stock market sentiment is positive. The bond market sentiment remains weak, with many short - term negative factors, especially for the long - end [1][6][8]. Summary by Relevant Catalogs 1. Market Views Stock Index Futures - Yesterday, the Shanghai Composite Index failed to hold above 3600 points, and the CSI 2000 Index pulled back nearly 1%. The adjustment was due to factors like large profit - taking and limited imagination for certain sectors. However, it's not the start of a market downturn. Policy is being implemented, unentered funds will enter, and global stock markets are positive. The operation suggestion is to hold positions, specifically the IM contract [1][6]. Stock Index Options - Yesterday, the option market turnover was 8.96 billion yuan, a 27.48% increase from the previous trading day. The trading volume of call options increased, and both buyers and sellers did not price in many negative factors. They saw the intraday pullback as a chance to bet on an up - move. The short - term strategy is to set up a bull spread, and the medium - term is to maintain a covered call strategy and add positions during the volatility increase [2][6]. Treasury Bond Futures - Yesterday, treasury bond futures closed down. The bond market sentiment is weak due to the rising risk appetite in the market and the stock - bond seesaw effect. The afternoon stock market adjustment may have boosted the bond market, but the bullish sentiment is unstable. The capital cost increased, and the bond market should be treated with caution, especially the long - end. Attention should be paid to long - end short - hedging operations and the signals from the Politburo meeting at the end of July [7][8]. 2. Economic Calendar - On July 21, 2025, China's 1 - year and 5 - year loan prime rates remained unchanged at 3% and 3.5% respectively. China's June全社会用电量 annual rate was 5.4%, higher than the previous value of 4.4% [10]. 3. Important Information and News Tracking - **Food Delivery**: Shanghai market regulators interviewed food delivery platforms. The platforms have implemented three rectifications. The new Anti - Unfair Competition Law will be implemented on October 15, and the Shanghai market regulator has carried out legal publicity [10]. - **Anti - Involution**: The Guangzhou Futures Exchange will adjust the price limit, margin, and trading fees for industrial silicon, polysilicon, and lithium carbonate futures contracts from July 25, 2025 [11]. - **Artificial Intelligence**: The Shanghai Stock Exchange conducted a special research on Shanghai's "Model Speed Space" and held a symposium on Shanghai's artificial intelligence industry chain enterprises [11]. - **Stablecoins**: The Chief Executive of the Hong Kong Monetary Authority wrote about stablecoins, emphasizing the need to strengthen the discussion and implement the Stablecoin Ordinance [11]. 4. Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data summaries are not provided in the content [12][16][28].

Group 1 - The main contract of CSI 300 stock index futures (IF) fell by 0.09% [1] - The main contract of SSE 50 stock index futures (IH) decreased by 0.18% [1] - The main contract of CSI 500 stock index futures (IC) increased by 0.18% [1] - The main contract of CSI 1000 stock index futures (IM) rose by 0.38% [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report indicates that the short - term view of stock index futures is to fluctuate strongly, and the medium - term view is to rise. The reference view is also a rise. The rebound of the stock index is mainly driven by policy - related positive expectations. Although the upward momentum may slow down if policy increments decrease, the overall upward trend remains due to high trading volume and positive market sentiment [1][5]. 3. Summary by Relevant Content 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is to fluctuate, the medium - term view is to rise, the intraday view is to fluctuate strongly, and the reference view is to rise. The core logic is that positive policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indexes rose slightly throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1,898.4 billion yuan, a decrease of 30.3 billion yuan from the previous day. The recent rebound of the stock index is driven by policy - related positive expectations. If policy increments decrease, the upward momentum may slow down. Currently, the trading volume is high, indicating positive investor risk preference. Policy expectations and relevant projects drive the valuation recovery of related industries, and the overall market atmosphere is optimistic, so the stock index is expected to fluctuate strongly in the short term [5].

Group 1 - The euro experienced a short-term rise of approximately 20 points, approaching 1.1750, with overall narrow fluctuations and remaining roughly flat during the day [1] - The Eurozone STOXX 50 index futures increased by 2.4%, while European bond prices declined [1] - The S&P 500 index rose by 0.57%, the Dow Jones increased by 375 points or 0.84%, and the Nasdaq gained 0.39%, whereas the semiconductor index fell by 0.21% [1] Group 2 - Reports indicate that the US and EU are close to reaching an agreement regarding the 15% tariffs imposed by the Trump administration on the EU [1] - The US and EU will eliminate tariffs on aircraft, spirits, and medical devices [1]

Core Insights - The Hang Seng Index futures are standardized contracts based on the Hong Kong Hang Seng Index, serving as a crucial risk management tool in international financial markets [1] - The futures allow investors to speculate on the future price movements of the index, providing opportunities for profit in both rising and falling markets [1] Types and Characteristics - Hang Seng Index futures are categorized by expiration dates into current month, next month, and the following two quarterly contracts, with the current month contract having an average daily trading volume of 300,000 lots [2] - The annualized volatility for the Hang Seng Index futures is 22%, while the Hang Seng Tech Index futures, which focus on technology stocks, have a higher volatility of 30% [2] Trading Rules and Impact - Trading hours for Hang Seng Index futures cover both Asian and European sessions, with a T+0 trading system allowing same-day opening and closing of positions [3] - In 2023, the Hong Kong Stock Exchange reduced the margin requirement for futures from 10% to 8%, resulting in a 25% increase in trading volume within one month [3] Relationship with Hang Seng Index - The price of Hang Seng Index futures is closely linked to the spot index, with the basis typically fluctuating within ±20 points [5] - Futures prices often lead spot index movements by 3-5 minutes, reflecting market information more rapidly [5] Market Role and Significance - For institutional investors, Hang Seng Index futures serve as a vital hedging tool, with 40% of institutional trades in 2024 being hedging transactions [6] - The futures market enhances liquidity in the Hong Kong stock market, with a trading volume ratio of 1.5:1 compared to the spot market, facilitating better price discovery [6]

Report Summary 1. Report Industry Investment Rating No information provided 2. Core View The stock index reached a new high during intraday trading today, but pulled back in the afternoon. The overall upward trend of the stock index remains unchanged. The afternoon pullback is a way to prevent overheating of market sentiment. After consecutive sharp rises, the index may experience a short - term consolidation. It is recommended to hold long positions [6]. 3. Summary by Relevant Catalogs Market Review - The stock index showed mixed performance today, with large - cap indices rising and small and medium - cap indices falling. The trading volume of the two markets decreased by 284.39 billion yuan. Among stock index futures, IH rose with shrinking volume, while the rest rose with increasing volume [4]. Important Information - At the end of the second quarter, the balance of RMB real estate loans was 53.33 trillion yuan, a year - on - year increase of 0.4%, 0.6 percentage points higher than at the end of last year, with an increase of 416.6 billion yuan in the first half of the year [5]. - Trump's stance on "firing Powell" has softened, and he and Bessent are pressuring the Fed to cut interest rates [5]. Strategy Recommendation - Hold long positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.31 | 0.48 | 0.13 | 0.06 | | Trading volume (10,000 lots) | 13.1109 | 6.6876 | 10.5221 | 21.174 | | Trading volume change (10,000 lots) | 1.3706 | 0.7078 | 1.2645 | 1.9443 | | Open interest (10,000 lots) | 26.9057 | 10.0756 | 22.8236 | 33.8278 | | Open interest change (10,000 lots) | 0.151 | - 0.1022 | 0.291 | 0.9947 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.01 | | Shenzhen Component Index change (%) | - 0.37 | | Ratio of rising to falling stocks | 0.32 | | Trading volume of the two markets (billion yuan) | 18646.00 | | Trading volume change (billion yuan) | - 284.39 | [8]