Report Summary 1. Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - In the short - term, after a strong breakthrough, stock indices are likely to oscillate strongly driven by sentiment and liquidity. Attention should be paid to macro incremental information for direction guidance. In the long - term, the July Politburo meeting will set the policy tone for the second half of the year. Given the possible further deterioration of real estate sales and investment and the overall weakness of consumption, stable domestic demand requires more policy support. Overseas, with the Fed's possible interest - rate cuts and geopolitical changes, there will be trading opportunities for stock indices [6]. 3. Content Summaries Money Market - DR001 closed at 1.51 with a 14.09bp increase, DR007 at 1.91 with a 20.92bp increase, GC001 at 1.46 with a 68.00bp decrease, and GC007 at 1.58 with an 11.00bp decrease. SHBOR 3M was at 1.63 with a 0.20bp decrease, LPR 5 - year remained at 3.50. The 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.34, 1.49, and 1.65 respectively, with changes of - 0.50bp, 0.50bp, and 0.10bp. The 10 - year US treasury bond was at 4.24 with a 5.00bp decrease [3]. - The central bank conducted 1310 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 4065 billion yuan of reverse repurchases maturing, there was a net withdrawal of 2755 billion yuan. This week, 20275 billion yuan of reverse repurchases are due, and the central bank will conduct 3000 billion yuan of 1 - year MLF operations on the 25th, resulting in a net injection of 1180 billion yuan after the 1820 - billion - yuan maturity, and a net injection of 3180 billion yuan in medium - term liquidity considering repurchase operations. In the future, the central bank may continue to supplement liquidity through MLF over - renewal or combined with reverse repurchases [3][4]. Stock Index Futures - On the previous trading day, the CSI 300 rose 0.17% to 3942.8, the SSE 50 rose 0.21% to 2717.7, the CSI 500 rose 0.33% to 5934.7, and the CSI 1000 rose 0.28% to 6373.8. The trading volume of the two stock markets was 14660 billion yuan, a decrease of 208 billion yuan. Most industry sectors rose, with glass fiber, chemical pharmaceuticals, and others leading the gains, while diversified finance, software development, etc. led the losses [6]. - The closing prices and changes of stock index futures contracts are as follows: IF当月 closed at 3912 with a 0.1% increase, IH当月 at 2696 with a 0.1% increase, IC当月 at 2868 with a 0.1% increase, and IM当月 at 6287 with a 0.1% increase. The trading volumes of IF, IH, IC decreased by 11.4%, 21.1%, 3.7% respectively, while IM increased by 5.7%. The open interests of IF, IH, IC decreased by 2.4%, 3.1%, 0.2% respectively, while IM increased by 3.3% [5]. - The premium/discount rates of stock index futures contracts are as follows: IF升贴水 for the current - month, next - month, current - quarter, and next - quarter contracts are 16.97%, 9.83%, 6.57%, 5.01% respectively; IH升贴水 are 17.15%, 7.97%, 4.69%, 2.21% respectively; IC升贴水 are 24.12%, 16.00%, 13.07%, 10.61% respectively; IM升贴水 are 29.30%, 20.79%, 17.21%, 14.14% respectively [7].