1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - This week, both the US and Chinese stock markets performed well, with the US three major stock indices rising over 1% and the Shanghai Composite Index rising 1.9%. The growth is due to the resonance of the global technology sector and year - end pre - positioning [4]. - Market risk preference is on the rise. Since mid - December, the S&P 500 volatility has generally declined, and the basis discount of stock index futures has narrowed since December [4]. - Leverage funds' activity significantly increased this week, becoming a major driving factor for the market. The proportion of margin trading turnover in A - share turnover rebounded, and leverage funds flowed into major broad - based indices [5]. - In 2026, the incremental funds flowing into the stock market are estimated to be 3.1 trillion yuan, and the scale of "fixed income +" products will double. If the market adjusts in December, incremental funds may pre - position. Next year, technology will still be the most promising direction for the spring rally [7]. 3. Summary by Relevant Catalogs 3.1 Asset Price Performance 3.1.1 Global Asset Performance - Global stocks: Most global stock indices rose, with the Korean Composite Index rising 2.7% and the Nikkei 225 rising 2.5%. The French CAC40 and the British FTSE 100 declined [12]. - Global bonds: US Treasury yields declined, while Japanese and Chinese government bond yields rose [12]. - Global commodities: Precious metals performed well, with COMEX silver rising 18.2% and lithium carbonate rising 16.5%. The US dollar index declined [12]. 3.1.2 A - share Market Performance - Broad - based indices: A - shares generally rose, with the ChiNext and STAR 50 indices rising 3.9% and 2.8% respectively. The CSI 500 and CSI 1000 also had significant gains [21][23]. - Trading volume: Except for the dividend index, the average daily trading volume of broad - based indices increased, returning to the level around mid - August [25]. - Industry performance: The top five rising industries were non - ferrous metals (8.47%), national defense and military industry (7.51%), power equipment (6.27%), machinery and equipment (5.74%), and basic chemicals (5.70%). Most cyclical sectors performed well, except for banks and coal [31]. - Technology sector: Since December, optical modules and optical communications have led the way, and on Monday, most technology sub - sectors rose and many had increased trading volume [35][39]. 3.2 Capital Behavior Tracking 3.2.1 Leverage Funds - Margin trading turnover ratio: The proportion of margin trading turnover in A - share turnover rose from 10.24% to 11.20%. The margin trading balance increased to about 2.53 trillion yuan, and the ratio of margin trading balance to A - share free - float market capitalization slightly decreased [49]. - Inflow into broad - based indices: From Monday to Thursday, leverage funds flowed into major broad - based indices, with the Shanghai Composite Index, CSI 1000, and CSI 300 having daily net inflows of over 2.5 billion yuan. Most broad - based ETFs had net outflows on Monday - Thursday, and on Friday, most broad - based indices had inflows except for the Shanghai Composite Index ETF and ChiNext Index ETF [54]. - Market - cap gradient: Stocks of all market - cap gradients increased leverage, with large - cap stocks above 50 billion yuan having a larger increase. Stocks like Zhongji Innolight, Industrial Fulin, Cambricon, and Zijin Mining had large net margin purchases [58]. - Industry perspective: Industries with large margin net purchases as a proportion of turnover included communications, real estate, machinery and equipment, etc. The national defense and military industry increased leverage for six consecutive weeks, and agriculture, forestry, animal husbandry, and fishery increased leverage for nine consecutive weeks [62]. - Hot stocks: Some hot stocks in the national defense and military industry and electronics added leverage. Stocks like Zhaoyi Innovation, Zhongji Innolight, and others had a margin net purchase as a proportion of turnover exceeding 10% [70]. 3.2.2 Quantitative Funds - Excess return: Since December, the median excess returns of CSI 500 and CSI 1000 quantitative index - enhanced strategies have been - 1.15% and 0.61% respectively [72]. - Futures basis: This week, the near - month stock index futures basis changed from premium to discount, and the far - month contract basis discount narrowed. Excluding the futures delivery week, the basis discount has been narrowing since December [78]. 3.2.3 Main Force Funds - Sector net flows: The main force funds in the CSI 300 and ChiNext continued to have net outflows, but the outflows slowed down. The main force funds in the STAR Market had net outflows for five consecutive trading days, accelerating compared to last week [80]. - Industry flows: Main force funds flowed into the power equipment industry and out of industries such as national defense and military industry, computers, electronics, and non - bank finance [88]. 3.2.4 Northbound Funds - Trading volume and proportion: The total trading volume of northbound funds decreased, with the average daily trading volume dropping from 203 billion yuan to 176.6 billion yuan, and the proportion in A - share trading volume dropping from 11.52% to 9.29% [92]. - Performance of heavy - holding stocks: The heavy - holding stocks of the Northbound Connect changed from rising to falling, and the Northbound Connect 50 index underperformed the CSI 300 [94]. 3.2.5 Southbound Funds - Trading volume and net purchases: The average daily trading volume of southbound funds decreased from 144.2 billion yuan to 110.2 billion yuan, and the proportion increased from 52.3% to 58.9%. The average daily net purchase amount decreased from 2.9 billion yuan to 0.8 billion yuan [99]. - Industry allocation: Southbound funds still had a balanced allocation, flowing into industries such as media, electronics, and non - bank finance, and flowing out of industries such as communications, petroleum and petrochemicals, and non - ferrous metals [102].

Core Viewpoint - The trading volume on the Shanghai and Shenzhen Stock Connects shows significant activity, with notable stocks and sectors experiencing varying levels of capital inflow and outflow, indicating potential investment opportunities and market trends. Group 1: Trading Volume - The total trading amount for the Shanghai Stock Connect was 83.656 billion, while the Shenzhen Stock Connect reached 103.653 billion [1]. - The top traded stocks on the Shanghai Stock Connect included Industrial Fulian (19.44 billion), Kweichow Moutai (10.55 billion), and Luoyang Molybdenum (10.48 billion) [2]. - On the Shenzhen Stock Connect, the leading stocks were Xinyi Semiconductor (35.33 billion), Zhongji Xuchuang (34.01 billion), and Panghong Technology (21.77 billion) [3]. Group 2: Sector Performance - Sectors with the highest capital inflow included cultivated diamonds, coal, and wind power equipment, while sectors such as AI applications and lithium mining saw the largest declines [4]. - The optical and optoelectronic sector led in net capital inflow with 14.32 billion, followed by small household appliances (5.97 billion) and industrial metals (4.63 billion) [5]. - The computer sector experienced the highest net capital outflow at -112.12 billion, followed by electronics at -91.84 billion and the new energy sector at -70.77 billion [6]. Group 3: Individual Stock Capital Flow - The top stocks with net capital inflow included N China Platinum (36.82 billion), Tianxue Communication (13.56 billion), and Jingyue Wan A (10.81 billion) [7]. - Conversely, the stocks with the highest net capital outflow were ZTE Corporation (-21.42 billion), Pingtan Development (-17.98 billion), and Zhongji Xuchuang (-14.79 billion) [8]. Group 4: ETF Trading - The top ten ETFs by trading amount included A500 ETF Fund (6.2678 billion), Hong Kong Securities ETF (5.3725 billion), and A500 ETF Huatai Baichuan (4.6938 billion) [9]. - The ETFs with the highest growth in trading amount compared to the previous trading day were Nasdaq ETF (9.2893 billion, +288.81%) and Growth Enterprise Board ETF (2.5507 billion, +127.05%) [10]. Group 5: Futures Positioning - In the four major futures contracts (IH, IF, IC, IM), both long and short positions increased, with the IM contract seeing a significant increase in long positions [11]. Group 6: Institutional Activity - Institutional activity was notable, with Sifangda seeing a 15.37% increase and receiving 56.74 million from institutions, while Pingtan Development faced a sell-off of 105 million [12][13]. - The trading activity of retail investors was also high, with significant purchases in Tongyu Communication and Aerospace Development [15].

Group 1 - The core viewpoint of the article highlights a significant outflow of main funds from the market, totaling 289.23 billion yuan over the past two weeks, with no industry experiencing net inflows [5][6][8] - The top three industries with the largest net outflows of main funds are electronics, computers, and communications, indicating a bearish sentiment in these sectors [5][8] - The financing and securities lending balance in the market is currently at 2.498849 trillion yuan, reflecting a 1.95% increase compared to the previous period, with the financing balance at 2.480549 trillion yuan and the securities lending balance at 183 million yuan [5][9] Group 2 - In terms of market performance, the number of stocks that rose exceeded those that fell in the past two weeks, with the top three performing industries being power equipment, steel, and basic chemicals, while the worst performers were beauty care, communications, and electronics [5][21] - The overall strength analysis score for all A-shares is 5.41, indicating a neutral market condition, with the Shanghai and Shenzhen 300 index scoring 5.15, the ChiNext scoring 5.26, and the Sci-Tech Innovation Board scoring 4.58 [5][26][27] - The market is currently in a "normal" state, suggesting that investors should observe carefully and choose their direction wisely, with a potential focus on technology and Hong Kong stocks for rebound opportunities [6][7]

Core Viewpoint - The trading activity on November 7 shows significant movements in both the Shanghai and Shenzhen stock markets, with notable inflows and outflows in various sectors and individual stocks. Trading Volume - The total trading volume for the Shanghai Stock Connect reached 111.77 billion, while the Shenzhen Stock Connect totaled 124.08 billion [1]. Top Stocks by Trading Volume Shanghai Stock Connect - The top traded stocks included: - Industrial Fulian (601138) with a trading volume of 1.82 billion - TBEA (600089) at 1.73 billion - Longi Green Energy (601012) at 1.18 billion [2]. Shenzhen Stock Connect - The leading stocks were: - Sungrow Power (300274) with 2.87 billion - Zhongji Xuchuang (300308) at 2.42 billion - Weichai Power (000338) at 2.27 billion [3]. Sector Performance - Sectors with notable gains included: - Organic silicon - Fluorine chemical - Phosphate chemical - Battery [4]. Net Inflows and Outflows Net Inflows - The top sectors with net inflows were: - Basic chemicals with 5.16 billion - New energy with 3.39 billion - Energy metals with 1.65 billion [5]. Net Outflows - The sectors experiencing the most significant outflows included: - Computer sector with -11.75 billion - Electronics with -11.52 billion - Transportation equipment with -5.00 billion [6]. Individual Stock Fund Flow Net Inflows - The stocks with the highest net inflows were: - Tianxue Communication with 2.24 billion - Tianqi Lithium with 1.03 billion - Duofluoride with 0.87 billion [7]. Net Outflows - The stocks with the largest net outflows included: - Industrial Fulian with -2.14 billion - Sanhua Intelligent Control with -1.57 billion - Celis with -0.88 billion [8]. ETF Trading Top ETFs by Trading Volume - The top ETFs by trading volume included: - Hong Kong Securities ETF with 6.95 billion - A500 ETF with 5.03 billion - Hong Kong Innovative Drug ETF with 4.85 billion [9]. ETFs with Highest Growth in Trading Volume - The ETFs with the highest growth in trading volume compared to the previous trading day were: - New Energy Vehicle ETF with 88.56% increase - Chemical ETF with 83.95% increase [10]. Futures Market - In the futures market, the main contracts (IH, IF, IC) saw a reduction in positions from both bulls and bears, with the IC contract experiencing a more significant reduction in long positions [11]. Institutional Activity Buying Activity - Institutions showed high activity in buying, particularly in the lithium battery sector, with Duofluoride seeing a 10.01% increase and receiving 438 million from three institutions [12]. Selling Activity - On the selling side, Jingquan Hua experienced a sell-off of 136 million from four institutions [13]. Retail and Quantitative Trading - Retail investors were active, with Duofluoride receiving significant purchases from major retail firms totaling 199 million [16]. - Quantitative trading showed moderate activity, with Tianji shares receiving 69.65 million from a specific trading desk [17].

Group 1 - The main point of the article highlights that in the past two weeks, there has been a net outflow of 339.86 billion yuan in major funds, with no industry experiencing a net inflow [5][11] - The top three industries with the largest net outflows are electronics, electric equipment, and machinery [5][11] - The current market margin trading balance is 24,455.47 billion yuan, which has increased by 1.79% compared to the previous period [5][14] Group 2 - In terms of market performance, the number of declining stocks has exceeded that of rising stocks in the past two weeks, with the top three performing industries being non-ferrous metals, steel, and electric equipment [5][23] - The overall strength analysis score for all A-shares is 4.90, indicating a neutral market condition [5][30] - The financing net purchases in the past two weeks were highest in the electronics, electric equipment, and communication sectors, while the highest net sales were in media, coal, and construction decoration [5][19]

Group 1 - The main point of the article highlights the recent trends in major capital flows, financing and securities lending data, market performance, and strength analysis, indicating a mixed market sentiment with some sectors showing resilience [5][6][9]. Group 2 - Major capital flows: In the past two weeks, there was a net outflow of 2170.43 billion yuan, with only two sectors, banking and comprehensive, experiencing net inflows. The sectors with the highest net outflows were machinery equipment, pharmaceutical biology, and national defense industry [5][13][14]. - Financing and securities lending data: The current market financing and securities lending balance is 21467.95 billion yuan, an increase of 10.24% from the previous period. The financing balance is 21319.52 billion yuan, while the securities lending balance is 148.43 billion yuan. The average daily trading volume for the period was 2432.61 billion yuan, up 33.96% [5][17][22]. - Market performance: In the last two weeks, the number of stocks that rose exceeded those that fell. The top three sectors with the highest gains were communication, electronics, and computers, while the sectors with the largest declines were banking and steel [5][30][32]. - Strength analysis: The overall A-share strength analysis score was 6.55, with the CSI 300 at 6.57, the ChiNext at 6.62, and the Sci-Tech Innovation Board at 6.76, indicating a neutral to strong market sentiment [5][38].

Group 1 - The core point of the article indicates that the net inflow of main funds in the Shanghai and Shenzhen stock markets today is 5.644 billion, accounting for 0.31% [1] - Large single fund outflow amounts to 9.474 billion, representing 0.51% [1] - Small single fund inflow reaches 13.396 billion, which is 0.73% [1]

Report Information - Report Title: Stock Index Futures Panoramic Daily Report 2025/7/22 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - Not provided Core Viewpoints - A total of 1,540 A-share listed companies disclosed their semi-annual performance forecasts for 2025 as of July 18, 2025, with 674 companies expecting good news, a pre - happy ratio of about 43.77% [2] - On July 21, the 1 - year and 5 - year - plus loan prime rates (LPR) remained unchanged from the previous month [2] - A - share major indices rose collectively, with the Shanghai Composite Index up 0.62%, the Shenzhen Component Index up 0.84%, and the ChiNext Index up 0.61%. The trading volume of the two markets increased for four consecutive trading days [2] - The real estate market still drags down fixed - asset investment growth, and the support of trade - in for social retail sales has weakened, but the loose monetary policy has shown results in financial data, which may be reflected in subsequent economic indicators [2] - As the Politburo meeting at the end of July approaches, market bulls may make early arrangements, and stock indices still have long - term upward potential. It is recommended to buy on dips with a light position [2] Summary by Relevant Catalogs Futures Contract Data - IF, IH, IC, and IM contracts' main and sub - main contracts all showed upward trends in price changes compared to the previous period [2] - The spreads between different contracts such as IC - IF, IF - IH, etc. also had corresponding changes, with some increasing and some decreasing [2] - The net positions of the top 20 in futures contracts mostly decreased, such as IH with a decrease of 1,666.0 and IF with a decrease of 518.0 [2] Basis and Market Sentiment Data - The basis of the main contracts of IF, IH, IC, and IM all increased compared to the previous period [2] - The margin trading balance increased by 1,338.16 billion yuan, and the A - share trading volume increased by 155.82 billion yuan [2] - The reverse repurchase operation volume increased by 140.75 billion yuan, and the north - bound trading volume increased by 2,148.0 [2] - The MLF net injection decreased by 465.57 billion yuan [2] Option and Volatility Data - The closing price of the IO at - the - money call option (2508) increased by 18.40, and its implied volatility increased by 0.26% [2] - The closing price of the IO at - the - money put option (2508) decreased by 19.20, and its implied volatility increased by 0.26% [2] - The 20 - day volatility of the CSI 300 index decreased by 0.42%, and the trading volume PCR increased by 1.67% [2] - The position PCR increased by 5.72% [2] Technical and Market Analysis Data - The Wind market strength of all A - shares decreased by 1.50, and the technical aspect decreased by 2.60 [2] - The capital aspect decreased by 0.30 [2] Key Events to Watch - On July 24, 15:15 - 16:30, the preliminary SPGI manufacturing PMI values for France, Germany, the Eurozone, and the UK in July will be released [3] - On July 24, 20:15, the European Central Bank will announce its interest rate decision [3] - On July 24, 20:30, the number of initial jobless claims in the US for the week ending July 19 will be released, and at 21:45, the preliminary SPGI manufacturing PMI value for the US in July will be released [3] - On July 27, 9:30, China's industrial enterprise profits above designated size for June will be released [3]

Group 1 - The net inflow of main funds in the Shanghai and Shenzhen stock markets today is 6.74 billion, accounting for 0.44% [1] - The net outflow of large single funds is 7.85 billion, accounting for 0.51% [1] - The net inflow of small single funds is 6.05 billion, accounting for 0.39% [1]

Group 1 - Main capital outflow in the last two weeks totaled 157.69 billion, with no industry experiencing net inflow [2] - The financing and securities lending balance is currently 1,873.71 billion, up 1.92% from the previous period, with a financing balance of 1,860.50 billion and a securities lending balance of 13.21 billion [2] - The average daily trading volume for margin financing in the last two weeks was 133.81 billion, an increase of 12.86% from the previous period [2] Group 2 - The number of rising stocks exceeded the number of falling stocks in the last two weeks, with the top three industries in terms of growth being steel, building materials, and comprehensive [2] - The overall A-share strength analysis score was 6.19, indicating a neutral position [2] - The Shanghai Composite Index reached 3,500 points, with trading volume hitting a four-month high on July 11, indicating positive market sentiment [3]