Report Information - Report Date: July 2, 2025 [2] - Report Title: Big - Asset Morning Report [9] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - As of July 1, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.243%, 4.453%, 3.250% respectively. The latest changes ranged from - 0.035% (UK) to 0.052% (Japan), weekly changes from - 0.119% (Brazil) to 0.063% (Germany), monthly changes from - 0.213% (US) to 0.183% (Switzerland), and annual changes from - 0.961% (Japan) to 0.371% (UK) [3] 2 - Year Treasury Yields of Major Economies - On July 1, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.730%, 3.821%, 1.844% respectively. The latest changes ranged from - 0.013% (Germany) to 0.030% (US), weekly changes from - 0.170% (US) to 0.026% (South Korea), monthly changes from - 0.230% (US) to 0.063% (Germany), and annual changes from - 1.424% (Italy) to 0.438% (Japan) [3] US Dollar Exchange Rates Against Major Emerging - Market Currencies - As of July 1, 2025, the exchange rates of the US dollar against the Brazilian real, Russian ruble, etc. were 5.459, 108.000 respectively. The latest changes ranged from - 0.65% (South African rand) to 0.50% (Brazilian real), weekly changes from - 1.20% (Malaysian ringgit) to 0.00% (Russian ruble), monthly changes from - 3.19% (Brazilian real) to 0.00% (Russian ruble), and annual changes from - 11.54% (Thai baht) to 0.49% (Brazilian real) [3] Stock Indices of Major Economies - On July 1, 2025, the S&P 500, Dow Jones Industrial Average, etc. were 6198.010, 44494.940 respectively. The latest changes ranged from - 1.24% (Nikkei) to 1.88% (Thai index), weekly changes from - 0.45% (South Korean index) to 3.26% (Dow Jones), monthly changes from - 1.84% (Indian index) to 6.78% (Nikkei), and annual changes from - 15.03% (Thai index) to 33.52% (Hang Seng Index) [3] Credit Bond Indices - As of July 1, 2025, the US investment - grade corporate bond index, euro - area investment - grade corporate bond index, etc. were 3428.740, 263.071 respectively. The latest changes ranged from 0.04% (euro - area high - yield corporate bond index) to 0.28% (emerging - market high - yield corporate bond index), weekly changes from - 0.01% (euro - area high - yield corporate bond index) to 0.95% (emerging - market high - yield corporate bond index), monthly changes from 0.33% (euro - area high - yield corporate bond index) to 2.22% (emerging - market high - yield corporate bond index), and annual changes from 6.12% (euro - area investment - grade corporate bond index) to 14.36% (emerging - market high - yield corporate bond index) [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3457.75, 3942.76 respectively. The daily changes were 0.39% (A - shares), 0.17% (CSI 300), etc. [5] Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 13.12, 11.26 respectively. The环比 changes were 0.05 (CSI 300), 0.05 (SSE 50), etc. [5] Risk Premium - The risk premiums of CSI 300, SSE 50, etc. were 3.70, 5.77 respectively. The环比 changes were 0.00 (CSI 300), 0.00 (SSE 50), etc. [5] Fund Flows - The latest values of A - shares, main board, etc. were - 746.29, - 399.28 respectively. The 5 - day average values were - 280.06 (A - shares), - 209.33 (main board), etc. [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 14660.15, 2360.70 respectively. The环比 changes were - 208.42 (Shanghai and Shenzhen stock markets), - 527.51 (CSI 300), etc. [5] Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 56.76, - 27.91, - 66.67 respectively. The magnitudes were - 1.44% (IF), - 1.03% (IH), - 1.12% (IC) [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 109.005, 106.205 respectively. The daily changes were - 0.14% (T00), - 0.10% (TF00), etc. [6] - The funding rates of R001, R007, SHIBOR - 3M were 1.4493%, 1.6175%, 1.6280% respectively. The daily changes were - 56.00 (R001), - 39.00 (R007), 0.00 (SHIBOR - 3M) [6]

Group 1 - The S&P 500 futures declined by 0.11% at the end of trading on Tuesday, July 1 [1] - The Dow Jones futures increased by 0.97% [1] - The Nasdaq 100 futures fell by 0.87% [1] Group 2 - The Russell 2000 futures rose by 1.06% [2]

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]

Group 1: Stock Index Futures Market Overview - The four major stock index futures contracts all increased last week, with the CSI 1000 index futures showing the largest gain of 5.49%, while the SSE 50 index futures had the smallest increase of 1.27% [3][11] - The average trading volume of the four major index futures contracts varied, with the IH contract seeing the largest increase of 7.98%, while the IC contract experienced the largest decrease of 4.93% [3][11] - The annualized basis rates for the current contracts of IF, IC, IM, and IH were -4.84%, -8.50%, -11.12%, and -4.28%, respectively, indicating a narrowing of the basis compared to the previous week [3][11] Group 2: Arbitrage Opportunities and Dividend Predictions - For the IF contract, the required basis rates for both long and short arbitrage strategies over the next 15 trading days are 0.59% and -1.02%, respectively, indicating a potential for reverse arbitrage [4][12] - The predicted dividend points for the CSI 300, CSI 500, SSE 50, and CSI 1000 indices are estimated at 33.23, 18.52, 28.86, and 13.05, respectively [4][12] - The narrowing of the basis for IH, IF, and IC contracts reflects a re-pricing of tail risks in the market, while the small-cap IM contract still shows deep basis discounts [4][12] Group 3: Sell-Side Strategy Insights - Eight brokerage firms have turned optimistic about market sentiment, while seven firms noted increased liquidity or capital inflows [5][39] - There is a consensus among brokerage firms regarding the positive outlook for the military, non-ferrous metals, and technology growth sectors [5][39] - The report utilized a language model to summarize the market and industry perspectives from over 20 sell-side strategy teams, providing a comprehensive overview of investment consensus and divergences [5][39]

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 ...