财达期货｜股指期货周报 行情回顾: 上周四个股指期货品种继续呈现高位整理格局，其中沪深 300 与中证 500 调整幅度相对较大。四个股指期货品种基差大部分仍 为期货贴水模式。期指主力合约期货-现货基差，IH 收于 0.27，IF 收于-25.33，IC 收于-109.20，IM 收于-127.67。 投资咨询号： 上周 A 股市场以高位调整为主基调，伴随着量能的收缩以及高 位的获利兑现压力，下周继续下跌的可能性较大。上周板块已经出 现了高低切换，金融行业淡出了涨幅榜，相对低位的医药和教育行 业补涨，中药板块近 3 日涨幅 3.94%，教育板块近 3 日涨幅 2.33%。 整体看，指数运行正在向下运行，下行过程中抵抗性板块可能有潜 力。 综合分析： 姓名：李津文 从业资格号： F0244287 高位调整，板块切换 研究员 财达期货｜股指期货周报 2025-8-4 Z0012495 展望下周，政策面上政治局会议释放多项重磅信号。会议对外 部形势的判断有所缓和。宏观政策方面，会议强调落实落细更加积 极的财政政策和适度宽松的货币政策。结构政策方面，扩内需政策 更加强调支持"服务消费"和推动"两重"建设，而"反内卷" ...

Group 1: Economic Indicators - The U.S. non-farm payrolls increased by 73,000 in July, falling short of the expected 104,000 and marking a nine-month low [1] - The combined job additions for May and June were revised down by 258,000, indicating a significant slowdown in employment growth [1] Group 2: Oil Production - Major oil-producing countries, including Saudi Arabia, Russia, Iraq, and the UAE, plan to approve a significant production increase of 548,000 barrels per day in September [2] - These countries had previously announced voluntary production cuts of 2.2 million barrels per day, which have been extended until March 2025 [2] Group 3: Monetary Policy - The People's Bank of China is committed to implementing a moderately loose monetary policy, including lowering reserve requirements and interest rates to support economic growth [4] - The central bank aims to maintain ample liquidity and improve the financing costs for the economy [4] Group 4: Taxation Changes - Starting from August 8, 2025, the Ministry of Finance and the State Taxation Administration will reinstate VAT on interest income from newly issued government bonds and other financial instruments [5] Group 5: Digital Transformation in Manufacturing - Eight departments in China have issued a plan for the digital transformation of the machinery industry, aiming to establish at least 200 exemplary smart factories by 2027 [6][7] - The plan emphasizes the widespread application of digital technologies in various manufacturing processes and aims for 50% of enterprises to achieve a maturity level of at least two in smart manufacturing capabilities [6][7] Group 6: Corporate Actions - China Shenhua announced plans to issue shares and pay cash to acquire assets from its controlling shareholder, leading to a temporary suspension of its stock [8] Group 7: Market Analysis and Strategies - Major brokerages are focusing on sectors such as AI, innovative pharmaceuticals, and resources, indicating a trend towards high-consensus stocks rather than low-positioned stocks [9] - The market is expected to experience fluctuations, with a potential return to an upward trend in late August, driven by earnings reports and geopolitical events [12][13] - Analysts suggest that the current market environment remains conducive to a slow bull market, supported by ample liquidity and positive investor sentiment [18][20]