Core Viewpoint - China's high-level opening up provides development opportunities for ASEAN countries, emphasizing cooperation and shared growth in international trade [1][2] Group 1: China's Role in Trade and Economic Cooperation - China has actively explored cooperation opportunities with global trade partners, including ASEAN, showcasing a commitment to a win-win cooperation philosophy [1] - Major exhibitions and forums hosted by China, such as the China-ASEAN Expo and the China International Import Expo, play a significant role in promoting global cooperation and attracting international participation [1] - These events offer ASEAN countries opportunities to access the Chinese market and understand the latest industrial trends in China, particularly in sectors like semiconductor manufacturing and digital services [1] Group 2: Impact on ASEAN Countries - The exhibition matrix established by China helps ASEAN officials, businesses, and scholars gain insights into China's development in relevant fields, facilitating cultural exchange and cooperation in education and tourism [2] - China's open stance in building communication platforms strengthens economic ties with ASEAN, aiding in the region's industrial upgrading and economic integration [2] - The bilateral relationship between ASEAN and China is expanding across broader scopes, higher levels, and deeper dimensions [2]

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]

Group 1 - The core viewpoint of the news is the expansion of China's visa-free policy, which now includes Saudi Arabia, Oman, Kuwait, and Bahrain, bringing the total number of countries benefiting from this policy to 47 [1] - The optimization of visa policies and the enhancement of the travel experience for foreign tourists are expected to significantly boost the inbound tourism market in China, with projections of nearly 27 million foreign visitors in 2024 and a 40.2% year-on-year increase in the first quarter of 2025 [1][2] - The continuous improvement of visa facilitation is seen as a reflection of China's commitment to high-level opening-up and cross-cultural exchange, enhancing mutual understanding and trust among different cultures [2][3] Group 2 - As China's openness increases, foreign tourists' demands are expected to become more nuanced, highlighting the need for improved payment systems and cultural adaptation for visitors [3] - There is a call for local tourism products that reflect regional customs and culture to help foreign tourists better understand China's rich heritage [3] - The overall service system related to tourism must be optimized to ensure a seamless experience for visitors, addressing any issues in various aspects of travel, from payment to accommodation [3]