Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short - term, the upward speed of the stock index may slow down after the phased realization of macro - positive factors, and market fluctuations and adjustments should be watched out for. In the long run, the futures index market this year is mainly driven by valuation expansion, and the valuation factor is expected to continue to play a role. It is advisable to go long on the stock index opportunistically this week [7] 3. Summary According to Relevant Catalogs Interest Rate and Bond Market - The closing prices and changes of various interest rate varieties are as follows: DRO01 closed at 1.31, down 8.18bp; DR007 at 1.42, down 13.00bp; GC001 at 1.29, up 26.00bp; GC007 at 1.46, up 3.00bp; SHBOR 3M at 1.56, down 0.30bp; LPR 5 - year at 3.50, unchanged; 1 - year treasury bond at 1.37, down 0.73bp; 5 - year treasury bond at 1.57, down 0.23bp; 10 - year treasury bond at 1.71, up 0.60bp; 10 - year US treasury bond at 4.23, down 14.00bp [4] - Last week, the central bank conducted 1.6632 trillion yuan of reverse repurchase operations in the open market, with 1.6563 trillion yuan of reverse repurchases due, resulting in a net investment of 6.9 billion yuan. This week, 1.6632 trillion yuan of reverse repurchases will expire, with 495.8 billion, 449.2 billion, 309 billion, 283.2 billion, and 126 billion yuan expiring from Monday to Friday respectively [4][5] Stock Index Market - Stock index closing prices and changes compared to the previous day: CSI 300 closed at 4055, down 0.51%; SSE 50 at 2754, down 0.79%; CSI 500 at 6213, down 0.21%; CSI 1000 at 6670, up 0.14%. For index futures, IF当月 closed at 4043, down 0.7%; IH当月 at 2754, down 0.8%; IC当月 at 6166, down 0.4%; IM当月 at 6617, up 0.1% [6] - Last week, CSI 300 fell 1.75% to 4054.9; SSE 50 fell 1.48% to 2754.1; CSI 500 fell 1.37% to 6213.2; CSI 1000 fell 0.54% to 6670.5. In the Shenwan primary industry index, last week, the pharmaceutical and biological (2.9%), communication (2.5%), media (1.1%), electronics (0.3%), and social services (0.1%) sectors led the gains, while most sectors declined, with non - ferrous metals (-4.6%), real estate (-3.4%), transportation (-3.2%), agriculture, forestry, animal husbandry and fishery (-3%), and power equipment (-2.6%) leading the losses [6] - The IF, IH, IC, and IM index futures have different levels of premium and discount for different contracts. For example, IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 9.10%, 0.00%, 0.01%, and 3.41% respectively [8]

Report Summary 1. Core View - The central bank increased reverse repurchase operations to stabilize inter - bank market funds as the funds tightened recently, and there will be 1656.3 billion yuan of reverse repurchases maturing in the central bank's open market this week [3][4]. - After consecutive strong rallies, with the phased realization of macro - level positive factors, the upward speed of stock index futures may slow down, and market fluctuations and adjustments should be watched out for [6]. 2. Summary by Relevant Catalogs 2.1 Macro - financial Data - **Interest Rates**: DR001 closed at 1.32%, down 4.80bp; DR007 at 1.52%, down 4.67bp; GC001 at 1.78%, up 12.00bp; GC007 at 1.63%, down 5.00bp; SHBOR 3M at 1.56%, up 0.40bp; LPR 5 - year at 3.50%, unchanged; 1 - year treasury at 1.38%, down 2.00bp; 5 - year treasury at 1.58%, down 2.50bp; 10 - year treasury at 1.72%, down 3.05bp; 10 - year US treasury at 4.34%, down 8.00bp [3]. - **Reverse Repurchase**: The central bank conducted 309 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday, with 150.5 billion yuan of reverse repurchases maturing, resulting in a net injection of 158.5 billion yuan [3]. 2.2 Stock Index Futures - **Closing Prices and Changes**: The CSI 300 closed at 4151, down 0.02%; the SSE 50 at 2819, up 0.38%; the CSI 500 at 6315, down 0.65%; the CSI 1000 at 6718, down 0.82%. IF当月 closed at 4147, down 0.1%; IH当月 at 2821, up 0.3%; IC当月 at 6271, down 0.7%; IM当月 at 6676, down 0.8% [5][6]. - **Volume and Open Interest Changes**: IF volume increased by 41.3% to 138031, and open interest increased by 5.9% to 274703; IH volume increased by 53.7% to 70949, and open interest increased by 9.0% to 103281; IC volume increased by 19.5% to 105254, and open interest increased by 2.3% to 229923; IM volume increased by 22.7% to 231279, and open interest increased by 5.0% to 346497 [5]. 2.3 Stock Index Futures Premium/Discount - **IF**: The premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 2.33%, 0.00%, 0.01%, and 2.90% respectively [7]. - **IH**: The premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are - 1.66%, - 0.16%, - 0.08%, and - 0.12% respectively [7]. - **IC**: The premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 15.71%, 11.25%, 9.59%, and 8.92% respectively [7]. - **IM**: The premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 14.56%, 12.17%, 11.60%, and 10.93% respectively [7]. 3. Market Review - The trading volume of the Shanghai and Shenzhen stock markets was 1.8443 trillion yuan, an increase of 41.1 billion yuan compared to the previous day. Industry sectors had more decliners than gainers, with the mining, shipbuilding, tourism and hotel, food and beverage, and commercial department store sectors leading the gains, while the battery, diversified finance, small metals, engineering machinery, and power supply equipment sectors leading the losses [6]. 4. Market Hot News - This week, 1.6563 trillion yuan of reverse repurchases in the central bank's open market will mature, with 170.7 billion, 214.8 billion, 150.5 billion, 331 billion, and 789.3 billion yuan maturing from Monday to Friday respectively [4]. - After the Sino - US economic and trade negotiations, China's Ministry of Commerce stated that both sides will continue to promote the extension of the 24% part of the suspended reciprocal tariffs by the US and China's counter - measures as scheduled. The Politburo meeting released little incremental information, emphasizing policy continuity, stability, flexibility, and predictability, and promoting the governance of non - competitive behavior in enterprises and over - capacity in key industries [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank increased reverse - repurchase operations to stabilize the inter - bank market funds as the funds have tightened recently. The market may slow down its short - term upward speed after continuous strong growth, and it needs new themes and positive sentiment. Macro - level events such as the July Politburo meeting communique and the third round of Sino - US trade consultations should be focused on, and the strategy should be adjusted to mainly go long [4][6] 3. Summary by Related Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.36 with a - 9.85bp change, DR007 at 1.56 with a - 1.64bp change, GC001 at 1.66 with a 31.50bp change, GC007 at 1.68 with a 7.00bp change, SHBOR 3M at 1.56 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.41 with no change, 5 - year treasury at 1.60 with a 3.25bp change, 10 - year treasury at 1.75 with a 3.00bp change, and 10 - year US treasury at 4.42 with a 2.00bp change [3] - **Reverse - Repurchase Operations**: The central bank conducted 4492 billion yuan of 7 - day reverse - repurchase operations with an operating rate of 1.40% yesterday. With 2148 billion yuan of reverse - repurchases maturing, the net daily investment was 2344 billion yuan. This week, 16563 billion yuan of reverse - repurchases will mature, with 1707 billion, 2148 billion, 1505 billion, 3310 billion, and 7893 billion maturing from Monday to Friday respectively [3][4] 3.2 Stock Index Futures - **Stock Index Performance**: The CSI 300 rose 0.39% to 4152, the SSE 50 rose 0.21% to 2808.6, the CSI 500 rose 0.52% to 6356.1, and the CSI 1000 rose 0.65% to 6773.9. The trading volume of the two stock markets was 18032 billion yuan, an increase of 609 billion yuan from the previous day. Medical services, steel, chemical pharmaceuticals, biological products, shipbuilding, and semiconductors led the gains, while insurance, banking, agriculture, and the petroleum industry led the losses [6] - **Futures Contracts**: For IF, the current - month contract rose 0.5%, with a trading volume increase of 5.0% and a position decrease of 1.6%. For IH, the current - month contract rose 0.2%, with a trading volume decrease of - 0.5% and a position decrease of - 0.8%. For IC, the current - month contract rose 0.7%, with a trading volume decrease of - 0.1% and a position decrease of - 1.7%. For IM, the current - month contract rose 0.8%, with a trading volume increase of 1.2% and a position decrease of - 2.6% [5] - **Premium and Discount**: IF's current - month contract had a premium/discount of - 0.40%, IH's was - 3.06%, IC's was 12.95%, and IM's was 13.59% [7] 3.3 Market News - **Policy News**: The national parenting subsidy system implementation plan was announced on July 28. From January 1, 2025, subsidies will be provided for children under 3 years old born in line with laws and regulations until they reach 3 years old, with a current national basic standard of 3600 yuan per child per year [6] - **Trade Negotiations**: The third round of Sino - US economic and trade negotiations is underway, with no obvious progress yet but still worthy of expectation [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - With the tax - period impact mostly over, the inter - bank market funds are in an abundant state. The A - share market has strong liquidity and market sentiment, and the stock index is expected to run strongly. It is recommended to adjust and go long as the main strategy [4][6] 3. Summary by Related Catalogs Market Data of Macro - Finance - DR001 closed at 1.31 with a change of - 4.66bp; DR007 at 1.47 with - 1.61bp; GC001 at 1.36 with 4.00bp; GC007 at 1.47 with - 1.00bp; SHBOR 3M at 1.55 with - 0.20bp; LPR 5 - year at 3.50 with 0.00bp; 1 - year treasury at 1.35 with 0.25bp; 5 - year treasury at 1.53 with 1.25bp; 10 - year treasury at 1.69 with 1.20bp; 10 - year US treasury at 4.44 with - 3.00bp [3] - The central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. There were 342.5 billion yuan of reverse repurchases and 120 billion yuan of treasury cash fixed - deposits due on the same day [3] - This week, there will be 1.7268 trillion yuan of reverse repurchases due in the central bank's open market. From Monday to Friday, 226.2 billion yuan, 342.5 billion yuan, 520.1 billion yuan, 450.5 billion yuan, and 187.5 billion yuan will mature respectively. Additionally, 200 billion yuan of MLF will mature on July 25, and 120 billion yuan of treasury cash fixed - deposits matured on July 22 [4] Stock Index Futures and Stock Market Conditions - The CSI 300 rose 0.82% to 4119; the SSE 50 rose 0.72% to 2792; the CSI 500 rose 0.85% to 6213; the CSI 1000 rose 0.38% to 6637. The trading volume of the Shanghai and Shenzhen stock markets reached 1.893 trillion yuan, an increase of 193.1 billion yuan from the previous day [5] - Industry sectors mostly rose. The engineering machinery, coal, cement building materials, steel, engineering consulting services, engineering construction, energy metals, and precious metals sectors led the gains, while the packaging materials, gaming, and banking sectors led the losses [5] - The trading volume and open interest of IF, IH, IC, and IM contracts changed. For example, IF trading volume increased by 31.4% to 117,403, and its open interest increased by 6.5% to 267,547 [5] Stock Index Futures Basis Conditions - IF basis for the current - month contract is 0.06%, next - month 0.00%, current - quarter 0.01%, and next - quarter 2.62%; IH basis is - 1.43%, - 1.02%, - 0.56%, - 0.36% respectively; IC basis is 7.39%, 8.36%, 8.31%, 7.93% respectively; IM basis is 10.79%, 11.34%, 11.22%, 10.59% respectively [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, the stock index may present a volatile pattern due to gradually shrinking trading volume and lack of significant domestic and foreign positive factors. It will depend on macro - incremental information for direction. In the medium - to - long - term, the Politburo meeting in late July will set the policy tone for the second half of the year. With potential deterioration in real estate sales and investment and weak overall consumption, policies are expected to further support domestic demand. Meanwhile, the uncertain US tariff policy, approaching Fed rate - cut time, and changes in overseas liquidity and geopolitical situation will bring trading opportunities for the stock index [4] 3. Summary by Relevant Content Interest Rates and Bond Market - DR001 closed at 1.51 with a 14.09bp increase, DR007 at 1.91 with a 20.92bp increase; GC001 at 1.35 with an 11.00bp decrease, GC007 at 1.50 with an 8.00bp decrease; SHBOR 3M at 1.62 with a 0.85bp decrease, LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.34 with a 0.50bp decrease, 5 - year treasury at 1.49 with a 0.50bp increase, 10 - year treasury at 1.65 with a 0.10bp increase, 10 - year US treasury at 4.26 with a 2.00bp increase [3] - The central bank conducted 3315 billion yuan of 7 - day reverse repurchase operations yesterday, with 2205 billion yuan of reverse repurchases maturing, resulting in a net injection of 1110 billion yuan. This week, 20275 billion yuan of reverse repurchases will mature in the central bank's open market, with 5093 billion and 5259 billion maturing on Thursday and Friday respectively. At the beginning of the month, the capital market is loose, with the overnight pledged - repo rate of deposit - taking institutions slightly down to 1.36%, and the 7 - day pledged - repo rate down 4bp to 1.51% [3] Stock Index and Futures Market - The CSI 300 closed at 3944 with a 0.02% increase, the SSE 50 at 2723 with a 0.18% increase, the CSI 500 at 5893 with a 0.7% decrease, and the CSI 1000 at 6309.5 with a 1.01% decrease. The trading volume of the two stock exchanges was 13770 billion yuan, a reduction of 891 billion yuan from the previous day [3][4] - The steel, photovoltaic equipment, cement building materials, and coal industries led the gains, while the communication equipment, aerospace, semiconductor, and other sectors led the losses [4] - The trading volume of IC was 218885 with a 4.7% decrease, and the position was down 0.9%; the trading volume of IM was 165735 with an 8.9% decrease, and the position was down 2.7%; the trading volume of IF was 37246 with a 1.1% increase, and the position was up 0.3%; the trading volume of IH was 70804 with a 16.0% increase, and the position was down 0.8% [4][6] - The IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 13.12%, 8.52%, 5.80%, and 4.76% respectively; the IH premium/discount rates were 16.38%, 7.60%, 4.37%, and 2.17% respectively; the IC premium/discount rates were 14.07%, 12.21%, 10.69%, and 9.54% respectively; the IM premium/discount rates were 14.10%, 17.10%, 12.67% [4]

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].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank's open - market operations last week had a net injection of 126.72 billion yuan, and this week, 202.75 billion yuan of reverse repos will mature. The central bank will conduct a 30 - billion - yuan 1 - year MLF operation on the 25th, with a net injection of 31.8 billion yuan in medium - term liquidity. It is expected that the central bank may continue to supplement liquidity through operations in the second half of the year [4][5] - In the first half of the year, the stock index showed a volatile pattern. Due to insufficient domestic demand support, significant policy support, and frequent overseas disturbances, the upward and downward movement of the stock index was restricted. In the second half of the year, the Politburo meeting in late July will set the policy tone. Policy support for domestic demand is expected to increase, and overseas factors will bring trading opportunities [7] 3. Summary by Relevant Catalogs 3.1 Interest Rate Market - **Interest Rate Data**: DRO01 closed at 1.37 with a - 0.17bp change, DR007 at 1.70 with a 1.18bp change, GC001 at 3.89 with a 216.50bp change, etc. [4] - **Central Bank Operations**: Last week, the central bank conducted 202.75 billion yuan of reverse repo operations and 30 billion yuan of MLF operations, with a net injection of 126.72 billion yuan. This week, 202.75 billion yuan of reverse repos will mature, and a 30 - billion - yuan 1 - year MLF operation will be carried out on the 25th, with a net injection of 31.8 billion yuan in medium - term liquidity [4][5] 3.2 Stock Index Market - **Stock Index Quotes**: On the last trading day of the week, the CSI 300 fell 0.61% to 3921.8, the SSE 50 fell 1.13% to 2707.6, the CSI 500 rose 0.44% to 5863.7, and the CSI 1000 rose 0.47% to 6276.9. The trading volume of the two markets was 1.5411 trillion yuan, a decrease of 42.1 billion yuan. The industry sectors showed more gains than losses [6] - **Stock Index Analysis**: In the first half of the year, the stock index showed a volatile pattern. In the second half of the year, policy support for domestic demand is expected to increase, and overseas factors will bring trading opportunities [7] - **Stock Index Futures**: The IF, IH, IC, and IM contracts all have different levels of premium or discount rates [8]

Report Overview - The report is a macro-financial data daily report released by the Guomao Futures Research Institute's Macro-Financial Research Center on June 11, 2025 [2][3] Market Interest Rates - DRO01 closed at 1.36 with a -1.41bp change, DR007 at 1.51 with a -0.63bp change, GC001 at 1.51 with an 8.50bp change, and GC007 at 1.56 with a 1.00bp change [3] - SHBOR 3M closed at 1.65 with a -0.40bp change, LPR 5 - year at 3.50 with a -10.00bp change [3] - 1 - year treasury closed at 1.41 with a -0.25bp change, 5 - year treasury at 1.50 with a 0.54bp change, 10 - year treasury at 1.59 with a 0.25bp change, and 10 - year US treasury at 4.49 with a -2.00bp change [3] Central Bank Operations - The central bank conducted 1986 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% the previous day. With 4545 billion yuan of reverse repurchases maturing, the net withdrawal was 2559 billion yuan [3] - This week, 9309 billion yuan of reverse repurchases will mature in the central bank's open market, with 2149 billion, 1265 billion, and 1350 billion yuan maturing from Wednesday to Friday respectively [4] Stock Index Futures - The CSI 300 closed at 3865 with a -0.51% change, IF current - month contract at 3841 with a -0.7% change; the SSE 50 closed at 2676 with a -0.39% change, IH current - month contract at 2660 with a -0.6% change; the CSI 500 closed at 5758 with a -0.82% change, IC current - month contract at 5718 with a -0.8% change; the CSI 1000 closed at 6162 with a -0.92% change, IM current - month contract at 6114 with a -0.9% change [5] - IF trading volume was 98975 with a 12.2% change, IF open interest was 238881 with a -1.6% change; IH trading volume was 26839 with a 28.1% change, IH open interest was 84465 with a 0.1% change; IC trading volume was 86124 with a 12.8% change, IC open interest was 219085 with a -0.7% change; IM trading volume was 212759 with a 23.5% change, IM open interest was 338127 with a 4.2% change [5] Market Analysis and Suggestions - The domestic factors have weak driving force for the stock index. The fundamentals are weak, with prices remaining low and export growth slowing. The policy is in a relatively quiet period [6] - Overseas factors dominate the short - term fluctuations of the stock index. Attention should be paid to the latest progress of Sino - US economic and trade negotiations. Without obvious positive news, the possibility of the stock index breaking through upwards is low. It is recommended to wait and see [6] Index Futures Premium and Discount - IF premium/discount: current - month contract 23.10%, next - month contract 15.22%, current - quarter contract 0.02%, next - quarter contract 5.91% [7] - IH premium/discount: current - month contract 22.37%, next - month contract 17.01%, current - quarter contract 7.18%, next - quarter contract 3.71% [7] - IC premium/discount: current - month contract 25.22%, next - month contract 18.22%, current - quarter contract 13.97%, next - quarter contract 11.48% [7] - IM premium/discount: current - month contract 28.37%, next - month contract 22.09%, current - quarter contract 17.95%, next - quarter contract 14.85% [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term fluctuations of stock indices are dominated by overseas variables, but Trump's administration has a changeable style, and tariff policies still face significant uncertainties. Domestic factors have limited driving force for stock indices, and the policy level is in a relative vacuum. It is recommended to adopt a wait - and - see approach for futures index operations and be cautious about chasing rising prices [6] 3. Summary by Relevant Catalogs 3.1 Money Market - DRO01 closed at 1.41 with a - 0.03bp change; DR007 at 1.55 with a 0.53bp change; GC001 at 1.49 with a - 1.00bp change; GC007 at 1.59 with a - 0.50bp change; SHBOR 3M at 1.65 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds decreased by 1.28bp, 1.80bp, and 0.81bp respectively, while the 10 - year US treasury bond remained unchanged at 4.46 [4] - The central bank conducted 2149 billion yuan of 7 - day reverse repurchase operations yesterday, with 2155 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 6 billion yuan. This week, 16026 billion yuan of reverse repurchases will mature in the central bank's open market. After the monthly bank assessment, the money market has become looser, and the central bank uses various tools to maintain reasonable liquidity [4][5] 3.2 Stock Index Market - Yesterday, the Shanghai - Shenzhen 300 rose 0.43% to 3868.7, the Shanghai 50 rose 0.13% to 2690.8, the CSI 500 rose 0.78% to 5739, and the CSI 1000 rose 0.88% to 6123.2. The trading volume of the two markets was 1.15 trillion yuan, a slight increase of 116 billion yuan. Most industry sectors rose, while aviation, logistics, and aerospace sectors declined [5] - Rumors of Sino - US trade negotiations have affected the market. Stock indices have rebounded for two days but have not broken through key resistance levels, and trading volume has not significantly increased. Domestic factors have limited driving force for stock indices, and the policy level is in a vacuum. It is recommended to wait and see for futures index operations [6] 3.3 Futures Contract Market - For IF, the trading volume was 69824 with a - 7.1% change, and the open interest was 229448 with a - 2.9% change. For IH, the trading volume was 31907 with a - 20.4% change, and the open interest was 78806 with a - 3.8% change. For IC, the trading volume was 58090 with a - 16.3% change, and the open interest was 206376 with a - 3.4% change. For IM, the trading volume was 151505 with a - 7.9% change, and the open interest was 315489 with a - 1.8% change [5] - The IF basis for the current - month, next - month, current - quarter, and next - quarter contracts was 15.53%, 14.05%, 0.02%, and 6.60% respectively. The IH basis was 14.60%, 14.62%, 6.77%, and 3.65% respectively. The IC basis was 19.96%, 17.35%, 14.18%, and 11.80% respectively. The IM basis was 25.77%, 21.73%, 18.19%, and 15.27% respectively [7]

Group 1: Interest Rates and Central Bank Operations - DRO01 closed at 1.45 with a -6.33bp change, DR007 at 1.62 with a -3.59bp change, GC001 at 1.77 with a 15.00bp change, and GC007 at 1.76 with a 4.00bp change [4] - SHBOR 3M closed at 1.64 with a 0.10bp change, LPR 5 - year at 3.60 with a 0.00bp change [4] - 1 - year, 5 - year, and 10 - year Chinese treasury bonds closed at 1.46, 1.54, and 1.72 respectively, with changes of 0.76bp, 1.12bp, and 0.51bp; 10 - year US treasury bonds closed at 4.51 with a -3.00bp change [4] - The central bank conducted 4480 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%, and a net investment of 910 billion yuan after 3570 billion yuan of reverse repurchases matured [4] - There will be 9460 billion yuan of reverse repurchases maturing in the central bank's open market this week, with 1570 billion, 1545 billion, and 1425 billion yuan maturing from Wednesday to Friday [5] - On May 20, the 1 - year LPR was 3.0% (down from 3.1%), and the 5 - year LPR was 3.5% (down from 3.6%); state - owned and some joint - stock banks cut deposit rates [5] Group 2: Stock Indexes and Market Conditions - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 3839, 2685, 5652, and 6008 respectively, with changes of -0.54%, -0.52%, -0.31%, and -0.34% [6] - IF, IH, IC, and IM of the current - month contracts closed at 3809, 2669, 5578, and an unspecified value respectively, with changes of -0.6%, -0.6%, -0.3%, and -0.2% [6] - IF, IH, IC, and IM trading volumes were 75774, 39115, 74989, and 195063 respectively, with changes of -12.6%, -15.2%, -10.3%, and 5.2%; their positions were 240995, 81979, 209867, and 329034 respectively, with changes of 2.3%, 2.0%, 0.4%, and 3.2% [6] - The trading volume of the Shanghai and Shenzhen stock markets was 9989 billion yuan, a decrease of 110 billion yuan; the pesticide and veterinary medicine sector rose significantly, while consumer sectors led the gains, and precious metals, semiconductors and other sectors led the losses [6] - The market volume shrank again, and the stock indexes oscillated weakly; the US postponed the implementation of a 50% tariff on EU imports to July 9 [7] - Stock indexes may continue to oscillate weakly; the probability of incremental policies and strong capital intervention in the short - term is low, and the market may enter a policy vacuum period [7] - Macro - level core indicators showed a decline in April, indicating that the effectiveness of previous growth - stabilizing policies was not obvious; it is advisable to observe stock indexes cautiously and pay attention to macro - incremental signals [7] Group 3: Futures Premium and Discount - The premium and discount rates of IF for the current - month, next - month, current - quarter, and next - quarter contracts were 11.96%, 12.43%, 0.02%, and 6.10% respectively [8] - The premium and discount rates of IH for the current - month, next - month, current - quarter, and next - quarter contracts were 9.45%, 12.20%, 6.30%, and 3.70% respectively [8] - The premium and discount rates of IC for the current - month, next - month, current - quarter, and next - quarter contracts were 19.95%, 18.47%, 14.81%, and 12.26% respectively [8] - The premium and discount rates of IM for the current - month, next - month, current - quarter, and next - quarter contracts were 23.66%, 21.62%, 18.05%, and 15.38% respectively [8]