【重磅新闻】 MSCI中国指数调整 8月26日收盘后生效 近期，全球知名指数公司MSCI公布了其所有指数的2025年8月指数审议结果，并将对其旗舰指数体系进行大规模调整。根据公 告，本次调整将于8月26日收盘后实施。 在MSCI的系列指数中，涉及A股的包括MSCI中国指数、MSCI中国A股在岸指数等。其中，最值得关注的是MSCI中国指数，由于 该指数被嵌套进入MSCI新兴市场指数，因此股票进入MSCI中国指数，便意味着进入了MSCI全球标准指数系列，从而获得大量被 动资金跟踪。 具体来看，MSCI中国指数本次新增14只标的，包括9家港股公司：三生制药、中信金融资产、万国数据、地平线机器人、老铺黄 金、美图公司、网易云音乐、科伦博泰生物、药明合联。还有5家A股公司入选MSCI中国指数，为指南针、中信银行、巨人网络、 艾力斯、景旺电子。 与此同时，MSCI中国指数剔除了17只中国股票。其中，14只是A股，包括迎驾贡酒、东方雨虹、晨光股份、驰宏锌锗、苏泊尔、 吉祥航空等；1只B股为宝信B；另有2只港股为中升控股和海信家电。 成品油再迎调价窗口 8月26日24时，国内油价将迎来又一个调价时间窗口。据金联创测算，截至8 ...

股指日报 股指期货日报 2025年8月13日 王映(Z0016367) 投资咨询业务资格:证监许可【2011】1290号 情绪亢奋，股指创新高 市场回顾 今日股指继续放量上涨，小盘走势偏强。从资金面来看，两市成交额大幅回升2694.17亿元。期指方面，各品 种放量上涨，情绪偏乐观。 重要资讯 1、财政部：个人消费贷贴息政策为中央层面首次实施，可称为该领域的又一次"国补"。 2、财政部："双贴息"政策期限一年，到期后将视情况研究是否延长。 source： wind,南华研究 股指日报现货市场观察 | 名称 | 数值 | | --- | --- | | 上证涨跌幅（%） | 0.48 | | 深证涨跌幅（%） | 1.76 | | 个股涨跌数比 | 1.15 | | 两市成交额（亿元） | 21509.37 | | 成交额环比（亿元） | 2694.17 | source： wind,南华研究 两市融资买入额/两市成交额 source： 同花顺,南华研究 % 两融交易额占A股交易额比重 24/04 24/08 24/12 25/04 6 8 10 12 核心观点 受贴息政策、部分披露中报偏积极以及外部降息预期升温 ...

Report Industry Investment Rating No relevant content provided. Core Views Index Futures - Trump threatens to significantly increase tariffs on India over oil purchases from Russia; Switzerland plans to offer a more attractive trade proposal to the US to reduce tariffs; the President of the San Francisco Fed predicts more than two interest rate cuts this year; the former third - in - command of the Fed believes internal differences are exaggerated. A - share new account openings in July increased by 71%. With high margin trading in China, a decline in fund holding ratios, and the Politburo meeting not exceeding expectations, there may be minor fluctuations during the intensive semi - annual report disclosure period in late August, and index futures may oscillate [1]. Treasury Bond Futures - After the announcement of the resumption of VAT on interest income from government bonds, local government bonds, and financial bonds on Friday, there was a wave of "scrambling for old bonds" in the bond market. On Monday, the yield of active bonds dropped by 1 - 1.5BP compared to Friday's last trading. Without major positive or negative factors, the market may return to low - volatility, and the 10 - year Treasury bond may oscillate within a narrow range around 1.70 [2]. Market Review Index Futures - The main contract futures of CSI 300 rose 0.52%, SSE 50 rose 0.54%, CSI 500 rose 0.97%, and CSI 1000 rose 1.42% [4]. Treasury Bond Futures - The 10 - year main contract rose 0.02%, the 5 - year main contract fell 0.01%, the 30 - year main contract rose 0.08%, and the 2 - year main contract remained unchanged [5]. Technical Analysis Index Futures - The KDJ indicator shows a rebound trend for the broader market [4]. Treasury Bond Futures - The MACD indicator shows that the T main contract may rebound [6]. Strategy Suggestions Index Futures - Oscillate [1]. Treasury Bond Futures - Oscillate [2]. Futures Data (2025 - 08 - 04) | Futures Variety | Closing Price (Yuan/Contract) | Change (%) | Trading Volume (Lots) | Open Interest (Lots) | | --- | --- | --- | --- | --- | | CSI 300 Main Continuous | 4,052.80 | 0.52 | 44,736 | 146,808 | | SSE 50 Main Continuous | 2,770.40 | 0.54 | 24,294 | 56,661 | | CSI 500 Main Continuous | 6,169.00 | 0.97 | 42,885 | 102,178 | | CSI 1000 Main Continuous | 6,642.60 | 1.42 | 119,420 | 177,500 | | 10 - year Treasury Bond Main Continuous | 108.47 | 0.02 | 77,910 | 175,703 | | 5 - year Treasury Bond Main Continuous | 105.72 | - 0.01 | 62,616 | 128,789 | | 30 - year Treasury Bond Main Continuous | 119.19 | 0.08 | 122,755 | 105,770 | | 2 - year Treasury Bond Main Continuous | 102.35 | 0.00 | 36,387 | 90,529 | [7]

Core Insights - On July 30, the A-share market experienced fluctuations with the three major indices showing mixed results, while stock ETFs saw a net inflow of 7.5 billion yuan [1][2][3] Group 1: Stock ETF Inflows - On July 30, stock ETFs had a net inflow of 7.5 billion yuan, with significant inflows into the ChiNext index and Hong Kong-related ETFs covering sectors such as technology, finance, pharmaceuticals, and the internet [1][3] - The top three stock ETFs by net inflow were the E Fund ChiNext ETF (1.542 billion yuan), E Fund Hong Kong Securities ETF (976 million yuan), and the Fortune Hong Kong Internet ETF (811 million yuan) [3][4] - In July, net inflows into Hong Kong securities, internet, pharmaceuticals, and technology sectors reached 30 billion yuan [2][4] Group 2: Stock ETF Outflows - On the same day, 20 stock ETFs experienced net outflows exceeding 1 billion yuan, with the CSI 300, CSI 500, and CSI A500 ETFs among the hardest hit [6][7] - The top three stock ETFs by net outflow were the CSI 300 ETF (1.345 billion yuan), pharmaceutical ETFs (629 million yuan), and CSI 500 ETF (415 million yuan) [6][7] - The total net outflow from the top 20 stock ETFs included four CSI 300 ETFs with a combined outflow of over 2.1 billion yuan and four pharmaceutical-related ETFs with a total outflow exceeding 1 billion yuan [6][7]

Group 1 - The A-share market showed an overall upward trend during the week of July 7-11, 2025, with an average daily trading volume of nearly 1.50 trillion yuan, an increase of approximately 550 billion yuan compared to the previous week [2][14] - Major broad-based indices rose, with the All A Index increasing by 1.71%, and small-cap stocks outperforming, as evidenced by the 2.36% gains in both the CSI 1000 and the ChiNext Index [14] - The real estate, steel, and non-bank financial sectors led the gains, with increases of 6.12%, 4.41%, and 3.96% respectively, while coal, banking, and automotive sectors experienced declines [14] Group 2 - The "anti-involution" theme has gained traction since the Central Economic Committee meeting at the end of April, with a focus on "stabilizing employment" and other livelihood issues, which may constrain the implementation of capacity reduction policies [3][14] - The domestic GPU market is witnessing a surge with two major domestic GPU manufacturers receiving IPO approvals, filling the gap in the A-share market for fully functional GPUs [15] - The upcoming earnings disclosure period is expected to provide significant incremental information for the market, with sectors showing strong mid-year performance likely to attract investor attention [16] Group 3 - On July 11, the Shenzhen Stock Exchange announced revisions to the compilation scheme of the ChiNext Composite Index, including the introduction of a monthly removal mechanism for risk warning stocks and an ESG negative removal mechanism [17] - Seven fund companies have applied for ETFs related to the ChiNext Composite Index, indicating growing interest in this segment [17] Group 4 - The Active Equity Fund Selection Index rose by 0.90% last week, with a cumulative excess return of 12.029% since inception [4] - The Value Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of -5.62% since inception [5] - The Balanced Equity Fund Selection Index rose by 0.61%, with a cumulative excess return of 4.41% since inception [6] - The Growth Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of 16.24% since inception [7] - The Pharmaceutical Equity Fund Selection Index rose by 0.06%, with a cumulative excess return of 21.16% since inception [8] - The Consumer Equity Fund Selection Index decreased by 0.27%, with a cumulative excess return of 14.92% since inception [9] - The Technology Equity Fund Selection Index rose by 1.24%, with a cumulative excess return of 14.84% since inception [10] - The High-end Manufacturing Equity Fund Selection Index increased by 0.94%, with a cumulative excess return of -3.36% since inception [11] - The Cyclical Equity Fund Selection Index rose by 0.72%, with a cumulative excess return of 3.12% since inception [12]

Core Viewpoint - The market is experiencing a positive trend with the 中证500质量成长指数 and its constituent stocks showing significant gains, indicating potential investment opportunities in quality growth stocks [1][2][3]. Group 1: Market Performance - As of July 11, 2025, the 中证500质量成长指数 increased by 0.48%, with notable gains in constituent stocks such as 欣旺达 (up 7.27%) and 国联民生 (up 5.71%) [1]. - The 500质量成长ETF also saw an increase of 0.40%, with the latest price reported at 1 yuan [1]. Group 2: Fund Growth and Market Dynamics - The 500质量成长ETF experienced a significant scale growth of 181.16 million yuan over the past two weeks, ranking it in the top third among comparable funds [2]. - 东吴证券 highlighted the importance of the 3500-point mark for the A-share market, suggesting that a breakthrough could attract new capital and open up further market opportunities [2]. Group 3: Valuation and Investment Focus - 英大证券 noted that the upcoming disclosure of mid-year reports will shift market focus towards companies with substantial net profit growth, emphasizing the attractiveness of the 中证500质量成长指数, which is currently at a historical low valuation with a PB ratio of 1.89 [3]. - The 中证500质量成长指数 comprises 100 high-profitability companies selected from the 中证500 index, providing diverse investment options for investors [3]. - As of June 30, 2025, the top ten weighted stocks in the 中证500质量成长指数 accounted for 20.42% of the index, with companies like 东吴证券 and 恺英网络 among the leaders [3].