光大期货金融期货日报 光大期货金融期货日报（2025 年 09 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 市场全天低开高走，创业板指午后涨超 2%，科创 50 指数涨逾 3%。个股涨 | | | | 多跌少，沪深京三市超 4400 股飘红，今日成交逾 2.34 万亿。截止收盘沪指 | | | | 涨 0.83%，深成指涨 1.8%，创业板指涨 2.28%。美联储降息 25BP，但表态相 | | | | 对谨慎，其内部对于年内降息路径存在分化，权益市场涨跌不一，目前市场 | | | | 预计年内降息 3 次。国内方面，此前发布的 8 月经济数据中消费、投资等需 | | | | 求端指标环比均有小幅走低，体现经济筑底企稳仍在路上，本轮行情主要计 | | | 股指 | 价中长期政策预期，当期基本面因素影响有限。此前，中共中央办公厅、国 | 偏强 | | | 务院办公厅印发了《育儿补贴制度实施方案》，标志着育儿补贴制度正式在 | | | | 全国范围内落地。这是我国近年来第一次发布普惠型中央财政政策，尽管总 | | | | 量仍有提升空间，但对于提 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 09 月 23 日） 一、研究观点 | 品种 | 点评 市场全天探底回升，三大指数小幅上涨。个股跌多涨少，沪深京三市超 3100 | 观点 | | --- | --- | --- | | | 股飘绿，今日成交 2.14 万亿。截止收盘沪指涨 0.22%，深成指涨 0.67%，创 | | | | 业板指涨 0.55%。8 月经济数据发布，消费、投资等需求端指标环比均有小 | | | | 幅走低，体现经济筑底企稳仍在路上，本轮行情主要计价中长期政策预期， | | | | 当期基本面因素影响有限。长期来看，美联储 9 月大概率开启降息周期，市 | | | | 场预计年内降息 3 次，A 股的降息通道可能同时打开，利好权益资产的中长 | | | 股指 | 期股指。此前，中共中央办公厅、国务院办公厅印发了《育儿补贴制度实施 | 偏强 | | | 方案》，标志着育儿补贴制度正式在全国范围内落地。这是我国近年来第一 | | | | 次发布普惠型中央财政政策，尽管总量仍有提升空间，但对于提升居民端收 | | | | 益水平影响较为直接。预计未来通过央行购买国债为中央政 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 09 月 12 日） 一、研究观点 | 品种 | 点评 市场全天震荡走强，创业板指、科创 50 均涨超 5%。个股涨多跌少，沪深京 | 观点 | | --- | --- | --- | | | 三市超 4200 股飘红，今日成交 2.46 万亿。截止收盘沪指涨 1.65%，深成指 涨 3.36%，创业板指涨 5.15%。8 月以来，A 股行情呈现"缩圈"态势，个别 | | | | 题材交易拥挤度较高，考虑到前期获利盘了解等因素，短期回调属于正常现 | | | | 象。长期来看，美联储会议表态偏鸽，市场计价年内多次降息，A 股同样受 | | | | 益。此外，上海调整住房限购政策、公积金贷款政策和商业住房贷款利率定 | | | 股指 | 价机制，扩大潜在购房需求，地产银行板块上涨。此前，中共中央办公厅、 | 偏强 | | | 国务院办公厅印发了《育儿补贴制度实施方案》，标志着育儿补贴制度正式 | | | | 在全国范围内落地。这是我国近年来第一次发布普惠型中央财政政策，尽管 | | | | 总量仍有提升空间，但对于提升居民端收益水平影响较为直接。预计未来 ...

1. Report's Industry Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Range-bound [1] 2. Core Viewpoints of the Report - A-shares closed higher with the Wind All A index up 0.22% and a trading volume of 2 trillion yuan. The short-term correction is normal due to profit-taking, while long-term benefits from the Fed's dovish stance and potential rate cuts. Policy adjustments in Shanghai's housing market and the implementation of the childcare subsidy system are expected to boost the market. The liquidity-driven market will continue with obvious structural features and faster sector rotation [1]. - Treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year main contracts down 0.86%, 0.27%, 0.15%, and 0.04% respectively. The central bank conducted 3040 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 749 billion yuan. The short-term bonds are relatively stable, while the long-term bonds are more volatile [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - Stock Index Futures: IH rose 0.42% to 2,937.8, IF rose 0.14% to 4,432.4, IC fell 0.14% to 6,863.4, and IM fell 0.21% to 7,151.0 [3]. - Stock Indexes: Shanghai Composite 50 rose 0.37% to 2,939.6, CSI 300 rose 0.21% to 4,445.4, CSI 500 rose 0.05% to 6,932.1, and CSI 1000 rose 0.06% to 7,230.2 [3]. - Treasury Bond Futures: TS fell 0.03% to 102.35, TF fell 0.14% to 105.43, T fell 0.26% to 107.49, and TL fell 0.83% to 114.76 [3]. 3.2 Market News - In August, the month-on-month PPI ended eight consecutive months of decline, turning flat from a 0.2% drop in the previous month. The year-on-year PPI fell 2.9%, with the decline narrowing by 0.7 percentage points from the previous month, the first narrowing since March this year [4]. 3.3 Chart Analysis - Stock Index Futures: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts [6][7][8][9][10]. - Treasury Bond Futures: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures [12][15][16][17]. - Exchange Rates: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and various currency pairs [20][21][22][24][25][28]

1. Report Industry Investment Ratings - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Volatile [1] 2. Core Views of the Report - The short - term correction of the A - share market is normal due to factors such as the liquidation of previous profit - taking positions. In the long run, the dovish stance of the Fed meeting and the expected multiple interest rate cuts within the year will benefit the A - share market. Policy adjustments in the real estate sector and the implementation of the parenting subsidy system will also have a positive impact on the market. The liquidity market is expected to continue, showing obvious structural characteristics and accelerated sector rotation [1]. - After the continuous decline in August, the adjustment of the bond market is basically in place. However, the continuous strengthening of the equity market under the anti - involution expectation is negative for long - term bonds. Short - term bonds are relatively stable under the expectation of sufficient liquidity, with short - term bonds expected to remain stable and long - term bonds to have greater fluctuations [2]. 3. Summary by Relevant Catalogs 3.1 Research Views Stock Index Futures - On September 4, the A - share market continued to correct, with the Wind All - A index down 2.02% and a trading volume of 2.58 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices all declined. Since August, the A - share market has shown a "narrowing" trend, with high trading congestion in some themes. The Fed's dovish stance and expected interest rate cuts, real estate policy adjustments, and the implementation of the parenting subsidy system are all positive factors for the A - share market [1]. Treasury Bond Futures - On Thursday, the 30 - year, 10 - year, and 5 - year Treasury bond futures contracts rose, while the 2 - year contract fell. The central bank conducted 212.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 203.5 billion yuan. In August, the bond market sentiment was suppressed, and the yield curve steepened. Currently, the adjustment of the bond market is basically in place, but long - term bonds face pressure from the strong equity market [1][2]. 3.2 Daily Price Changes Stock Index Futures - On September 4, compared with September 3, IH fell 1.67%, IF fell 1.82%, IC fell 2.09%, and IM fell 1.95%. Among the stock indices, the SSE 50 fell 1.71%, the SSE 300 fell 2.12%, the CSI 500 fell 2.48%, and the CSI 1000 fell 2.30% [3]. Treasury Bond Futures - On September 4, compared with September 3, TS fell 0.02%, TF rose 0.03%, T rose 0.09%, and TL rose 0.15% [3]. 3.3 Market News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry from 2025 to 2026", aiming to promote "using domestic products", strengthen policy support for key enterprises in the industrial chain, and improve the resilience and security of the industrial chain [4]. 3.4 Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IC, and IM futures contracts, showing their price trends and basis changes from January 2024 to July 2025 [6][9][11]. Treasury Bond Futures - The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of Treasury bond futures contracts, covering data from 2023 to 2025 [14][16][18]. Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates from 2023 to 2025 [21][22][27].

Report Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Bearish [1] Core Views - A-shares experienced a significant pullback on September 2nd, with the Wind All A index down 1.48% and a trading volume of 2.91 trillion yuan. Since August, the A-share market has shown a "narrowing circle" trend, and the short-term correction is normal due to factors such as profit-taking. In the long run, the dovish stance of the Fed meeting and expectations of multiple interest rate cuts this year will benefit A-shares. Policy adjustments in Shanghai's housing market and the implementation of the national childcare subsidy system are expected to stimulate inflation and drive the market. The liquidity-driven market is expected to continue with obvious structural characteristics and accelerated sector rotation [1]. - On September 2nd, treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year contracts down 0.18%, 0.03%, 0.02%, and 0.02% respectively. The central bank conducted 255.7 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 150.1 billion yuan. In August, the bond market was suppressed by the strong performance of the equity market, and the yield curve steepened. After continuous declines in August, the adjustment of the bond market is basically in place. However, the strong performance of the equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. Summary by Directory 1. Research Views - **Stock Index Futures**: The A-share market had a significant pullback on September 2nd, with different indices showing varying degrees of decline. Since August, the market has shown a "narrowing circle" trend, and the short-term correction is normal. In the long run, factors such as the Fed's dovish stance, policy adjustments in the housing market, and the implementation of the childcare subsidy system are expected to benefit A-shares. The liquidity-driven market will continue with obvious structural characteristics [1]. - **Treasury Bond Futures**: On September 2nd, treasury bond futures closed lower. The central bank's reverse repurchase operations led to a net withdrawal of funds. In August, the bond market was affected by the strong performance of the equity market, and the yield curve steepened. After the adjustment, the bond market is basically in place, but the strong equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. 2. Daily Price Changes - **Stock Index Futures**: On September 2nd, compared with September 1st, IH rose 0.44%, IF fell 0.65%, IC fell 1.69%, and IM fell 1.75%. Among the stock indices, the Shanghai Composite 50 index rose 0.39%, the CSI 300 index fell 0.74%, the CSI 500 index fell 2.09%, and the CSI 1000 index fell 2.50% [3]. - **Treasury Bond Futures**: On September 2nd, compared with September 1st, TS fell 0.02%, TF fell 0.02%, T fell 0.04%, and TL fell 0.20%. Among the treasury bond yields, the 2-year yield rose 0.62, the 5-year yield fell 0.18, the 10-year yield rose 0.01, and the 30-year yield fell 0.8 [3]. 3. Market News - On September 2nd, the central bank announced the liquidity injection situation in August. The medium-term lending facility (MLF) had a net injection of 300 billion yuan, the pledged supplementary lending (PSL) had a net withdrawal of 160.8 billion yuan, and the outright reverse repurchase in the open market had a net injection of 300 billion yuan, with no open market treasury bond transactions [4]. 4. Chart Analysis - **Stock Index Futures**: The report provides the historical price trends and basis trends of IH, IF, IC, and IM futures contracts [6][7][9][10]. - **Treasury Bond Futures**: The report presents the historical price trends, yield trends, basis trends, inter - delivery spreads, and cross - variety spreads of treasury bond futures contracts, as well as the trends of funding rates [13][16][17][18]. - **Exchange Rates**: The report shows the historical trends of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as the trends of forward exchange rates and currency indices [21][22][23][25][26].

Group 1: Investment Ratings - The investment rating for stock index futures is "Bullish" [1] - The investment rating for treasury bond futures is "Sideways" [1] Group 2: Core Views - The A-share market benefited from the dovish stance of the Fed meeting and the expectation of multiple interest rate cuts within the year. Policy adjustments in Shanghai's housing market and the implementation of the parenting subsidy system also contributed to the market's rise. The liquidity-driven market is expected to continue, with funds concentrating on index components and technology stocks, and short-term volatility may increase [1] - The bond market rebounded due to the dovish remarks of the Fed Chair and the expectation of domestic monetary policy easing. However, the strong performance of the stock market will be a short-term negative factor for the bond market, and treasury bond futures are expected to trade in a high-range sideways pattern [2] Group 3: Daily Price Changes - For stock index futures on August 29, 2025, IH rose 1.36% (from 2,920.2 to 2,959.8), IF rose 1.74% (from 4,384.0 to 4,460.4), IC rose 1.89% (from 6,837.8 to 6,967.0), and IM rose 1.04% (from 7,287.2 to 7,363.2) [3] - For stock indices on August 29, 2025, the Shanghai Composite 50 rose 1.45% (from 2,918.4 to 2,960.7), the CSI 300 rose 1.77% (from 4,386.1 to 4,463.8), the CSI 500 rose 2.17% (from 6,862.6 to 7,011.2), and the CSI 1000 rose 1.51% (from 7,336.5 to 7,447.1) [3] - For treasury bond futures on August 29, 2025, TS fell 0.04% (from 102.41 to 102.37), TF fell 0.12% (from 105.59 to 105.46), T fell 0.21% (from 108.02 to 107.80), and TL fell 0.80% (from 117.40 to 116.46) [3] Group 4: Market News - Starting from August 29, 2025, the State Council Tariff Commission decided to continue imposing anti-dumping duties on imported phenol from the United States, the European Union, South Korea, Japan, and Thailand for a period of 5 years [4] Group 5: Chart Analysis 5.1 Stock Index Futures - The report includes charts showing the trends of IH, IF, IM, and IC futures contracts, as well as their respective basis trends [6][7][10] 5.2 Treasury Bond Futures - The report includes charts showing the trends of treasury bond futures contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and funding rates [14][16][18] 5.3 Exchange Rates - The report includes charts showing the exchange rates of the US dollar, euro, pound, and yen against the Chinese yuan, as well as the dollar index and euro - dollar exchange rate [21][25][28] Group 6: Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of the macro - financial research department at Everbright Futures Research Institute [29] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures and is responsible for macro - fundamental quantification, key industry research, index earnings analysis, and market funding tracking [29]

Report Highlights 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Stock Index Futures**: The market showed a mixed trend with the three major indices rising and falling. Over 2,800 stocks in the Shanghai, Shenzhen, and Beijing markets closed higher, and the trading volume on this day was 2.71 trillion yuan. The Fed's dovish stance led to market expectations of multiple interest rate cuts this year, benefiting the A - share market. Shanghai's adjustment of housing policies boosted the real estate and banking sectors. The implementation of the childcare subsidy system is expected to be an important way to drive inflation back up. The liquidity - driven market will continue, but funds are concentrating on index components and technology stocks, with short - term volatility increasing and long - term upward potential [1]. - **Treasury Bond Futures**: On Tuesday, Treasury bond futures closed with gains across the board. The central bank conducted 405.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 474.5 billion yuan. Although there were no significant changes in the short - term capital and fundamental aspects, market risk appetite rebounded. The dovish remarks of the Fed Chairman increased expectations of a September interest rate cut in the US and domestic monetary policy easing, leading to a rebound in the bond market. However, the strong performance of the stock market will be a short - term negative factor for the bond market, and short - term Treasury bond futures are expected to fluctuate at high levels [1][2]. 3. Summary by Section 3.1 Daily Price Changes - **Stock Index Futures**: The IH contract decreased by 0.71% to 2,970.8; the IF contract remained unchanged at 4,474.6; the IC contract increased by 0.10% to 6,916.4; the IM contract increased by 0.04% to 7,415.4 [3]. - **Stock Indices**: The Shanghai Composite 50 Index decreased by 0.67% to 2,969.8; the CSI 300 Index decreased by 0.37% to 4,452.6; the CSI 500 Index increased by 0.18% to 6,964.1; the CSI 1000 Index decreased by 0.02% to 7,476.5 [3]. - **Treasury Bond Futures**: The TS contract decreased by 0.02% to 102.39; the TF contract increased by 0.02% to 105.56; the T contract increased by 0.04% to 108.00; the TL contract increased by 0.43% to 117.30 [3]. 3.2 Market News - On August 26, the Chinese Foreign Ministry spokesperson responded to Trump's expected visit to China. China adheres to the principles of mutual respect, peaceful coexistence, and win - win cooperation in handling Sino - US relations, hopes that the US will work together, and emphasizes the strategic leading role of head - of - state diplomacy in Sino - US relations [5]. 3.3 Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as the historical trends of the corresponding basis of these contracts [7][9][11]. - **Treasury Bond Futures**: The report shows the historical trends of Treasury bond futures main contracts, the historical trends of Treasury bond spot yields, the historical trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, the historical trends of the inter - delivery spreads of these Treasury bond futures, and the historical trends of cross - variety spreads and capital interest rates [14][16][18]. - **Exchange Rates**: The report provides the historical trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and the exchange rates between major currencies such as the euro, pound, and yen against the US dollar [21][22][25][27]. 3.4 Member Introduction - The report introduces two members: Zhu Jintao, the director of macro - financial research at Everbright Futures Research Institute, and Wang Dongying, an index analyst mainly responsible for stock index futures research [28].

Report Industry Investment Ratings - Not mentioned in the provided content. Core Views of the Report - The stock market is expected to fluctuate. The recent rise in the stock market is mainly due to three logics: in the long - term, the market anticipates more fiscal policies to stimulate consumption and an increase in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; in the medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; in the short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - The bond market is expected to fluctuate. In the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, there is no clear directional driver for the bond market [3]. Summary According to Relevant Catalogs Research Views Stock Index - On August 21, the A - share market closed down with oscillations. The Wind All - A index fell 0.13% with a trading volume of 2.46 trillion yuan. The CSI 1000 index dropped 0.71%, the CSI 500 index declined 0.36%, while the SSE 50 index rose 0.53% and the SSE 300 index increased 0.39%. Policies such as personal consumer loan interest subsidies and the implementation of the parenting subsidy program are expected to boost consumption and inflation. It is predicted that the central bank will purchase national debt to raise funds for the central government and introduce more inclusive fiscal support programs to stabilize and increase inflation [1]. Treasury Bonds - Treasury bond futures closed higher on August 21. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.34%, 0.07%, 0.06%, and 0.02% respectively. The central bank conducted 253 billion yuan of reverse repurchase operations, with a net investment of 124.3 billion yuan. The weighted average rates of DR001 and DR007 decreased by 7bp and 5bp to 1.46% and 1.51% respectively. The LPR in August remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50% [3]. Daily Price Changes - For stock index futures on August 21, IH rose 0.50%, IF increased 0.29%, IC dropped 0.58%, and IM declined 1.01%. For stock indices, the SSE 50 rose 0.53%, the SSE 300 increased 0.39%, the CSI 500 fell 0.36%, and the CSI 1000 dropped 0.71%. For treasury bond futures, TS rose 0.03%, TF increased 0.08%, T rose 0.02%, and TL increased 0.05% [4]. Market News - At the HKEX's 2025 interim results meeting, some market participants suggested extending trading hours. The HKEX CEO's response was misinterpreted. The HKEX stated that it is committed to providing more convenience to investors and is open to relevant suggestions, but extending trading hours has a significant impact on the market and requires careful consideration and consultation with all market participants [5]. Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, including the closing prices of corresponding stock index futures and the basis trends over time [7][8][9][10]. Treasury Bond Futures - Charts show the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][16][17]. Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, and exchange rates of the euro, pound, and yen against the US dollar [20][21][22][24][25].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The recent rise in the stock market is mainly due to three logics: long - term, the market anticipates more fiscal policies to promote consumption and a recovery in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - For treasury bond futures, in the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, it should be treated with a volatile mindset in the long term [3]. Group 3: Summary by Directory Research Views - **Stock Index**: On August 20, 2025, the A - share market fluctuated and rose, with the Wind All - A index up 0.97% and a trading volume of 2.45 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices also increased. Personal consumption loan subsidy policies and the implementation of the parenting subsidy system are expected to drive inflation recovery through more inclusive fiscal support. The market is expected to show a volatile trend [1]. - **Treasury Bonds**: On August 20, 2025, treasury bond futures closed lower. The central bank conducted 616 billion yuan of reverse repurchase operations, with a net injection of 497.5 billion yuan. Short - term, the bond market is under pressure due to risk appetite recovery, and should be treated with a volatile mindset in the long term [3]. Daily Price Changes - **Stock Index Futures**: On August 20, 2025, compared with the previous day, IH, IF, IC, and IM all increased, with increases of 1.27%, 1.28%, 1.44%, and 1.37% respectively [4]. - **Stock Indices**: On August 20, 2025, compared with the previous day, the SSE 50, SSE 300, CSI 500, and CSI 1000 indices all increased, with increases of 1.23%, 1.14%, 1.09%, and 0.86% respectively [4]. - **Treasury Bond Futures**: On August 20, 2025, compared with the previous day, TS, TF, T, and TL all decreased, with decreases of - 0.01%, - 0.16%, - 0.19%, and - 0.42% respectively [4]. Market News - On August 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both remaining unchanged from the previous month [5]. Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM contracts, as well as the trends of the SSE 50, SSE 300, CSI 500, and CSI 1000 indices [7][8][9][10]. - **Treasury Bond Futures**: The report provides charts of the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures [13][15][16][17]. - **Exchange Rates**: The report provides charts of the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index and exchange rates between major currencies [20][21][22][24][25]. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [27]. - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures [27].