1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On Friday, the A - share market saw an intraday decline. Financial technology and gaming concept stocks had significant pull - backs, while the automotive, gold, and medical sectors led the gains. The overall index is expected to oscillate. With the LPR and deposit rates cut and three - quarters of A - share listed companies achieving profitability in the 2024 annual reports, the market lacks a short - term main line and will mainly move in an oscillatory manner [2]. 3. Summary by Related Catalogs 3.1 Futures Market 3.1.1 Index Futures Quotes - IH2506 had a contract price of 2,693.00, a decline of 0.82%, and a volume of 39,517. It was at a discount of 18.85 points to the index. - IF2506 had a contract price of 3,846.20, a decline of 0.88%, and a volume of 78,281. It was at a discount of 36.07 points. - IC2506 had a contract price of 5,561.80, a decline of 0.95%, and a volume of 67,871. It was at a discount of 91.24 points. - IM2506 had a contract price of 5,872.00, a decline of 1.30%, and a volume of 167,101. It was at a discount of 117.68 points [3]. 3.1.2 Basis and Spread - The document shows the historical basis and spread data of the Shanghai - Shenzhen 50 and CSI 500 index futures from 2021 to 2025, which can be used to analyze the price relationship between different contracts and the underlying index [5][8]. 3.2 Spot Market 3.2.1 Important Index Daily Returns - Most important indices such as the Shanghai Composite Index, Shanghai 50, and CSI 300 showed declines on the day, with the CSI 1000 having a relatively large decline of 1.30% [11]. 3.2.2 Style Index Daily Returns - Different style indices, including the 300 Cycle, 300 Non - Cycle, and low - P/E ratio indices, also showed varying degrees of decline [14]. 3.2.3 Industry Index Daily Returns - Industries such as agriculture, forestry, animal husbandry, and fishery, and the automotive industry had positive returns, while most industries like media and communication had negative returns [17][18]. 3.3 Market Structure 3.3.1 AH - Share Premium - The document shows the historical data of the Hang Seng AH Premium Index from August 2024 to May 2025, reflecting the price difference between A - shares and H - shares [21]. 3.3.2 Price - to - Earnings Ratio (PE) and Price - to - Book Ratio (PB) - It presents the historical PE and PB data of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices, which helps in analyzing the valuation levels of different indices [24][26]. 3.4 Market Fundamentals 3.4.1 Stock Market Fund Inflows - The document shows the historical data of A - share fund net inflows and the CSI 300 index from May 2021 to May 2025, which can be used to analyze the relationship between market funds and the index [28]. 3.4.2 Margin Trading Balance - It shows the historical data of margin trading balance and the CSI 300 index from May 2021 to April 2025, reflecting the impact of margin trading on the market [30]. 3.4.3 Northbound Capital Flows - It presents the historical data of northbound capital net inflows from May 2021 to August 2024, which can be used to analyze the impact of foreign capital on the A - share market [32]. 3.4.4 Share Unlockings No detailed data analysis is provided, only the topic is mentioned [43]. 3.4.5 Funding Costs - It shows the historical data of SHIBOR overnight, one - week, and two - week rates from August 2024 to May 2025, reflecting the short - term funding costs in the market [47]. 3.5 Market Sentiment 3.5.1 Trading Activity - It presents the historical turnover rate data of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices, which can be used to analyze market trading activity [50][53]. 3.5.2 Public - Offering Hybrid Fund Positions No detailed data analysis is provided, only the topic is mentioned [55]. 3.6 Other Indicators 3.6.1 Dividend Yield and Treasury Yield - It shows the historical data of the dividend yields of the CSI 300, Shanghai 50, CSI 500, and CSI 1000 indices and the 10 - year Treasury yield from January 2015 to January 2025 [59]. 3.6.2 RMB Exchange Rate - It presents the historical data of the US dollar - RMB exchange rate from May 2021 to May 2025, which can be used to analyze the impact of exchange rate fluctuations on the market [61]. 3.6.3 New Account Openings and Index Tracking No detailed data analysis is provided, only the topic is mentioned [62]. 3.6.4 Newly Established Fund Sizes - It mentions the changes in the newly established sizes of stock - type, hybrid, and bond - type funds, but no detailed data analysis is provided [64][66][68].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Due to the impact of shrinking trading volume, the stock index fluctuated weakly. It is recommended to have long positions in 182506 and IP2506, and also allocate more to IM2506 because of its relatively high annualized basis rate [5]. - The joint statement between China and the US, domestic economic data improvement, policy support, capital market reforms, and "national team" actions are important factors supporting the market [6]. 3. Summary by Directory Market Performance - Domestic indices continued to fluctuate weakly this week, while US stocks fell significantly. By May 23, 2025, the NASDAQ fell 2.47%, the S&P 500 fell 2.61%, the Hang Seng Tech Index fell 0.65%, the Shanghai Composite Index fell 0.57%, the CSI 1000 fell 1.23%, the SSE 50 fell 0.18%, the ChiNext Index fell 0.88%, and the STAR 50 fell 1.47%. The performance of Shenwan's primary 31 industry indices was divergent, with sectors such as medicine, biology, non - ferrous metals, and automobiles rising, and sectors such as computers, machinery, and electronics falling [13][14]. Liquidity - In April, the growth rate of social financing increased significantly, and the growth rate of M2 rebounded. The net MLF investment in April was 50 billion yuan. The yield of 10 - year treasury bonds was around 1.65%. The growth rate of social financing stock was 8.7% year - on - year, a 0.3% increase from the previous month. More than 80% of the 1.16 trillion yuan increase in social financing came from new government bond financing. The M2 growth rate rebounded significantly, the M1 growth rate declined month - on - month, and the M1 - M2 gap widened to - 6.5%, indicating insufficient economic vitality [24]. Trading Data and Sentiment - The trading volume of the two markets continued to decline to around one trillion yuan. The number of new stock account openings in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, and in April it dropped to 1.92 million [27][37]. Index Valuation - As of May 23, 2025, the latest PE of the Shanghai Composite Index was 14.48, with a percentile of 62.56, and the latest PE of the All - A Index was 18.95, with a percentile of 59.90. Among the major stock indices, the valuation percentile ranking was CSI 500 < CSI 1000 < SSE 300 < SSE 50 [53]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banks, food and beverage, and non - bank finance were relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics sector became the fourth - largest weighted industry. - The weights of the SSE 300 were relatively dispersed, with the top three weighted industries being banks, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 were exactly the same, namely electronics, medicine and biology, and power equipment, but the electronics industry in the CSI 1000 had a higher weight [54].

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 5 月 23 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 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 震荡 | 震荡偏强 | 区间震荡 | 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。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1/2 请务必阅读文末免责条款 观点参考 观点参考 获 取 每 日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走向世界 知行合一 专业敬业 诚 信 ...

股指日报 股指期货日报 2025年5月22日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 市场回顾 今日股指整体偏弱，除上证50指数收涨外其余指数均收跌。从资金面来看，两市成交额回落707.55亿 元。期指方面，IF缩量下跌，IH放量上涨，IC、IM放量下跌。 重要资讯 1.美国新预算法案引发交易员对赤字的担忧，美债拍卖结果不佳，美国股债汇三杀。 核心观点 今日指数缩量调整，大盘股指相对抗跌，红利指数领涨，现货交投活跃度低迷 ，市场情绪趋于谨慎，不 过期指基差与现货价格反向变动，说明市场情绪反复，没有形成明显的趋势性变动。短期信息面变化不 多，板块轮动频繁，国内政策预期托底，下方空间有限，同时，外部扰动仍不断，市场仍持有谨慎交易原 则，短期预计股指仍将以震荡为主，趋势交易需谨慎。 策略推荐 持仓观望 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.05 | 0.10 | -0.70 | -0.81 | 整体偏弱，市场情绪趋于 ...

Index Trends - On May 21st, the Shanghai Composite Index rose 0.21% to close at 3387.57 points with a trading volume of 465.957 billion yuan; the Shenzhen Component Index rose 0.44% to close at 10294.22 points with a trading volume of 707.488 billion yuan [1]. - The CSI 1000 Index fell 0.23% with a trading volume of 234.419 billion yuan, opening at 6137.1, closing at 6132.18, with a daily high of 6141.73 and a low of 6109.92 [1]. - The CSI 500 Index rose 0.18% with a trading volume of 155.147 billion yuan, opening at 5741.69, closing at 5757.92, with a daily high of 5763.08 and a low of 5733.83 [1]. - The SSE 50 Index rose 0.43% with a trading volume of 59.788 billion yuan, opening at 2716.84, closing at 2728.43, with a daily high of 2740.77 and a low of 2716.84 [1]. Impact of Sector Movements on Indexes - The CSI 1000 fell 13.84 points from the previous close. Sectors such as pharmaceuticals and utilities pulled the index up, while media, computer, and electronics sectors pulled it down [3]. - The CSI 500 rose 10.55 points from the previous close. Sectors such as automobiles, pharmaceuticals, and non - ferrous metals pulled the index up, while communication, machinery, and electronics sectors pulled it down [3]. - The SSE 300 rose 18.21 points from the previous close. Sectors such as power equipment, non - ferrous metals, and banks pulled the index up, while the electronics sector pulled it down [3]. - The SSE 50 rose 11.8 points from the previous close. Sectors such as non - ferrous metals, pharmaceuticals, and coal pulled the index up, while the electronics sector pulled it down [3]. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 133.48, IM01 of - 223.85, IM02 of - 375.94, and IM03 of - 545.18 [13]. - For IC contracts, IC00 had an average daily basis of - 100.87, IC01 of - 177.63, IC02 of - 299.38, and IC03 of - 432.85 [13]. - For IF contracts, IF00 had an average daily basis of - 35.53, IF01 of - 76.46, IF02 of - 108.45, and IF03 of - 151.56 [13]. - For IH contracts, IH00 had an average daily basis of - 17.38, IH01 of - 48.12, IH02 of - 54.74, and IH03 of - 58.39 [13]. Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different times 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 times are provided, such as at 09:45, IC00 - 01 was - 26.1467, IC00 - 02 was - 90.0318, etc. [23]. - For IF contracts, data on roll - over point differences and their annualized costs at different times are provided, such as at 09:45, IF00 - 01 was - 5.99267, IF00 - 02 was - 13.4098, etc. [23]. - For IH contracts, data on roll - over point differences and their annualized costs at different times are provided, such as at 09:45, IH00 - 01 was - 1.29644, IH00 - 02 was 1.559889, etc. [25].

沪深300股指期货（IF）主力合约跌0.05%，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0.70%，中证1000股指期货（IM）主力合约跌0.83%。 股指期货午盘收盘 ...

沪深300股指期货（IF）主力合约涨0.15%，上证50股指期货（IH）主力合约涨0.19%，中证500股指期 货（IC）主力合约跌0.44%，中证1000股指期货（IM）主力合约跌0.56%。 股指期货早盘收盘 ...

沪深300股指期货（IF）主力合约跌0.14%，上证50股指期货（IH）主力合约涨0.03%，中证500股指期 货（IC）主力合约跌0.33%，中证1000股指期货（IM）主力合约跌0.46%。 股指期货早盘开盘 ...

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 5 月 22 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 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 震荡 | 震荡偏强 | 区间震荡 | 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。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各股指均窄幅震荡整理。股市全市场成交额 12143 亿元，较上日放量 31 亿元，近期 市场情绪较为平稳，股指维持震荡整理走势。目前股市上行动能 ...

金十期货5月21日讯，沪深300股指期货（IF）主力合约涨0.43%，上证50股指期货（IH）主力合约涨 0.46%，中证500股指期货（IC）主力合约涨0.13%，中证1000股指期货（IM）主力合约跌0.18%。 股指期货午盘收盘 ...