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股指期货日报:涨跌不一,市场情绪有所降温-20250725
Nan Hua Qi Huo· 2025-07-25 15:03
Report Overview - Date: July 25, 2025 [3] - Authors: Wang Mengying (Z0015429), Liao Chenyue (F03120676) [3] - Investment Advisory Business Qualification: CSRC License [2011] No. 1290 [3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - Today's stock index showed mixed performance, with large - cap indices falling and small - and medium - cap indices rising slightly. The trading volume of the two markets shrank slightly. Some previously leading sectors adjusted significantly. From futures indicators, the basis of each contract declined, and trading volume and open interest decreased, indicating a cooling market sentiment. The index may undergo a phased adjustment, but the positive trend logic remains unchanged. If there are unexpected policies released after the Politburo meeting next week, it will drive the index up [6] 3. Summary by Relevant Catalogs Market Review - Today, stock indices showed mixed performance, with large - cap indices closing down and small - and medium - cap indices closing up. The trading volume of the two markets decreased by 57.369 billion yuan. In the futures market, IM rose on shrinking volume, while other varieties fell on shrinking volume [4] Important Information - The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the draft amendment to the Price Law. The draft improves the criteria for identifying predatory pricing, regulates market price order, and addresses "involution - style" competition, as well as the criteria for identifying unfair price behaviors such as price collusion, price gouging, and price discrimination [5] Strategy Recommendation - Hold long positions and wait and see [7] Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.50 | - 0.60 | - 0.03 | 0.03 | | Trading volume (10,000 lots) | 9.2446 | 4.7227 | 7.6933 | 15.9413 | | Trading volume MoM (10,000 lots) | - 2.1687 | - 0.6615 | - 1.8535 | - 4.5693 | | Open interest (10,000 lots) | 26.0176 | 9.744 | 22.5556 | 32.7023 | | Open interest MoM (10,000 lots) | - 1.1192 | - 0.3451 | - 0.4233 | - 1.129 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.33 | | Shenzhen Component Index change (%) | - 0.22 | | Ratio of rising to falling stocks | 0.93 | | Trading volume of the two markets (billion yuan) | 17873.37 | | Trading volume MoM (billion yuan) | - 573.69 | [8]
股指日报:股指涨跌不一,连涨后或迎来盘整-20250723
Nan Hua Qi Huo· 2025-07-23 11:42
Report Summary 1. Report Industry Investment Rating No information provided 2. Core View The stock index reached a new high during intraday trading today, but pulled back in the afternoon. The overall upward trend of the stock index remains unchanged. The afternoon pullback is a way to prevent overheating of market sentiment. After consecutive sharp rises, the index may experience a short - term consolidation. It is recommended to hold long positions [6]. 3. Summary by Relevant Catalogs Market Review - The stock index showed mixed performance today, with large - cap indices rising and small and medium - cap indices falling. The trading volume of the two markets decreased by 284.39 billion yuan. Among stock index futures, IH rose with shrinking volume, while the rest rose with increasing volume [4]. Important Information - At the end of the second quarter, the balance of RMB real estate loans was 53.33 trillion yuan, a year - on - year increase of 0.4%, 0.6 percentage points higher than at the end of last year, with an increase of 416.6 billion yuan in the first half of the year [5]. - Trump's stance on "firing Powell" has softened, and he and Bessent are pressuring the Fed to cut interest rates [5]. Strategy Recommendation - Hold long positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.31 | 0.48 | 0.13 | 0.06 | | Trading volume (10,000 lots) | 13.1109 | 6.6876 | 10.5221 | 21.174 | | Trading volume change (10,000 lots) | 1.3706 | 0.7078 | 1.2645 | 1.9443 | | Open interest (10,000 lots) | 26.9057 | 10.0756 | 22.8236 | 33.8278 | | Open interest change (10,000 lots) | 0.151 | - 0.1022 | 0.291 | 0.9947 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.01 | | Shenzhen Component Index change (%) | - 0.37 | | Ratio of rising to falling stocks | 0.32 | | Trading volume of the two markets (billion yuan) | 18646.00 | | Trading volume change (billion yuan) | - 284.39 | [8]