Report Summary Core View - The expectation of a September interest rate cut in the US is stable, and index futures are likely to fluctuate strongly [1] - On July 15, all four index futures contracts for the current month declined. IF dropped 0.12%, IH dropped 0.58%, IC dropped 0.12%, and IM dropped 0.44% [1] - On this trading day, the total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. Specifically, the total trading volume of IF increased by 44,249 lots, IH by 19,958 lots, IC by 34,305 lots, and IM by 77,808 lots. In terms of positions, the total positions of IF increased by 3,863 lots, IH by 1,424 lots, IC by 3,901 lots, and IM by 18,183 lots [1][2] Data Tracking Index Futures Data | Index | Closing Price | Change (%) | Basis | Turnover (Billion) | Volume | Change | Open Interest | Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4,019.06 | ↑0.03 | | 353.52 | | | | | | IF2507 | 4,009.6 | ↓0.12 | -9.46 | 47.2 | 39,238 | ↑10,856 | 45,718 | ↓4,132 | | IF2508 | 3,993.2 | ↓0.18 | -25.86 | 13.81 | 11,529 | ↑4,578 | 19,935 | ↑4,198 | | IF2509 | 3,980.6 | ↓0.24 | -38.46 | 74.76 | 62,583 | ↑24,994 | 152,828 | ↑2,640 | | IF2512 | 3,948.6 | ↓0.25 | -70.46 | 12.97 | 10,947 | ↑3,821 | 48,850 | ↑1,157 | | SSE 50 | 2,747.23 | ↓0.38 | | 79.81 | | | | | | IH2507 | 2,740.2 | ↓0.58 | -7.03 | 15.73 | 19,124 | ↑4,764 | 22,777 | ↓1,830 | | IH2508 | 2,735 | ↓0.66 | -12.23 | 3.14 | 3,820 | ↑1,118 | 5,522 | ↑1,353 | | IH2509 | 2,734.2 | ↓0.64 | -13.03 | 28.14 | 34,281 | ↑12,504 | 58,202 | ↑1,546 | | IH2512 | 2,735.2 | ↓0.66 | -12.03 | 3.34 | 4,069 | ↑1,572 | 10,978 | ↑355 | | CSI 500 | 6,018.76 | ↓0.03 | | 246.08 | | | | | | IC2507 | 6,008.2 | ↓0.12 | -10.56 | 47.05 | 39,182 | ↑11,059 | 47,615 | ↓5,099 | | IC2508 | 5,949 | ↓0.21 | -69.76 | 14.63 | 12,301 | ↑2,863 | 27,145 | ↑4,805 | | IC2509 | 5,893.4 | ↓0.26 | -125.36 | 45.59 | 38,675 | ↑16,208 | 99,289 | ↑4,885 | | IC2512 | 5,770.4 | ↓0.22 | -248.36 | 12.18 | 10,553 | ↑4,175 | 57,153 | ↓690 | | CSI 1000 | 6,442.83 | ↓0.30 | | 347.38 | | | | | | IM2507 | 6,422 | ↓0.44 | -20.83 | 62.98 | 49,078 | ↑11,709 | 54,685 | ↓4,311 | | IM2508 | 6,352.8 | ↓0.46 | -90.03 | 22.9 | 18,041 | ↑7,303 | 31,298 | ↑8,958 | | IM2509 | 6,277.4 | ↓0.55 | -165.43 | 151.01 | 120,268 | ↑49,084 | 181,672 | ↑13,659 | | IM2512 | 6,099 | ↓0.52 | -343.83 | 28.3 | 23,203 | ↑9,712 | 77,129 | ↑2,067 | [1] Positions of the Top 20 Members in Futures | Contract | Long Position Change | Net Long Position Change | Short Position Change | Net Short Position Change | | --- | --- | --- | --- | --- | | IF2507 | -2,144 | | -3,380 | | | IF2508 | 3,343 | 4,266 | 3,708 | 2,495 | | IF2509 | 2,224 | | 1,362 | | | IF2512 | 843 | | 805 | | | IH2507 | -333 | 1,106 | -1,613 | | | IH2508 | Not announced | | Not announced | | | IH2509 | 1,282 | | 1,614 | 487 | | IH2512 | 157 | | 486 | | | IC2507 | -3,506 | | -3,980 | 1,971 | | IC2508 | 3,762 | 3,173 | 4,065 | | | IC2509 | 3,354 | | 2,862 | | | IC2512 | -437 | | -976 | | | IM2507 | -1,683 | | -2,516 | | | IM2508 | 5,802 | | 5,461 | | | IM2509 | 11,704 | 15,823 | 10,596 | 13,541 | | IM2512 | Not announced | | Not announced | | [5] Important Drivers - The 14th issue of Qiushi Journal published on July 16 will feature an important article by General Secretary Xi Jinping, emphasizing that China's policy of utilizing foreign investment remains unchanged [6] - The US June unadjusted CPI rose 2.7% year-on-year, the highest since February, in line with expectations. After seasonal adjustment, the CPI rose 0.3% month-on-month, also in line with expectations. The unadjusted core CPI rose 2.9% year-on-year, slightly lower than the expected 3.0%. After seasonal adjustment, the core CPI rose 0.2% month-on-month, lower than the expected 0.3% [6] - After the release of the US CPI report, traders continued to bet that the Fed may start cutting interest rates in September. The market pricing indicates that the probability of a September interest rate cut by the Fed remains around 60%. Traders still believe the probability of a rate cut this month is only 5% [6] - The Shanghai Composite Index closed down 0.42%, the Shenzhen Component Index rose 0.56%, and the ChiNext Index rose 1.73%. The trading volume of A-shares reached 1.64 trillion yuan, up from 1.48 trillion yuan the previous day. More than 4,000 stocks declined. CPO concept stocks strengthened collectively, with New Fiber Optic Communication Technology Co., Ltd. hitting the 20% daily limit and reaching a new all-time high. AI intelligent agent concept stocks showed late-day activity, and some real estate stocks rebounded. However, the photovoltaic industry chain, pharmaceutical stocks, and power stocks declined [6] Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6]

Core Viewpoint - The meeting between Liu Kun, Chairman of the Social Security Fund, and representatives from six foreign investment management institutions focused on global macroeconomic conditions and the progress of China's high-quality development and high-level opening-up [1] Group 1: Meeting Overview - Liu Kun introduced the advancements in China's high-quality development and encouraged foreign institutions to expand their business in China [1] - Representatives from the participating institutions shared their experiences and perspectives on operating in China, as well as insights on global macroeconomic trends and asset allocation [1] - Liu Kun expressed gratitude for the insights shared by the representatives and emphasized the importance of continued communication and exchange [1]

Core Insights - China's high-level opening up provides opportunities for global enterprises, with increasing interest from Argentine export companies in the Chinese market [1][2] - The demand for high-quality products from Argentina, such as wine, mate tea, and beef, is growing among Chinese consumers [2] Group 1: Market Opportunities - Argentine company Royma has seen its export business to China account for over 90% of its revenue, expanding its product range to include mate tea and beef [1] - The Chinese market is characterized by the largest middle-income group globally, which has a strong demand for high-quality products from around the world [2] - The continuous growth of the Chinese economy offers a stable market outlook for international enterprises [2] Group 2: Product Demand - There is a rising interest in Argentine products, particularly mate tea, among Chinese consumers [2] - Argentine beef, especially high-quality Angus beef, is expected to gain recognition in the Chinese market [2] - The demand for various products, including cocoa, fish meal, and milk powder, is also increasing in China, creating opportunities for global companies [2] Group 3: Bilateral Relations - Recent visa-free policies for ordinary passport holders from Argentina have been positively received, indicating China's openness and welcoming attitude [2] - There is an expectation for closer bilateral exchanges, with more Argentine products entering China and vice versa, enhancing the quality of life for both nations [2]

免签"朋友圈"再扩容！据报道，6月9日起，中方对沙特、阿曼、科威特、巴林持普通护照人员试行免签 政策。至此，适用单方面免签政策来华国家已扩展至47个。（6月9日新华社） 再比如，中国幅员辽阔，不少初次来华的外国游客对不同地方的风土人情和旅游场景认知有限，可能会 出现一些文化适应的问题。对此，各个城市不妨因地制宜推出更多本地民俗色彩的旅游产品和线路，让 他们从历史文化、风土人情中了解中国文化的博大与深邃。总而言之，开放不只看全景，更要看细节。 不仅仅是支付、出行，从住宿到吃喝的各个环节，相关部门都要进行全流程梳理优化、在细节上精益求 精，哪个环节不顺畅就打通哪个环节，有什么问题就解决什么问题，让服务全方位、全链条"不见外"。 海纳百川，有容乃大。当签证政策变得越来越宽松、"打卡"中国变得越来越方便，中国必将成为世界游 客近悦远来的"最佳目的地"，一个可信、可爱、可敬的中国形象也必将走进更多人的心中。 （文章来源：广州日报） 来到中国，看见中国，感受中国。近年来，从扩大"免签朋友圈"，不断拓展72/144小时过境免签政策适 用国家范围，到提升外籍游客酒店入住便利度，协调网络运营平台开设酒店英语等课程……不断优化的 ...