Report Information - Report Date: June 12, 2025 [1] - Report Title: Futures Index: After the Uncertainty is Resolved, It May Shift to a Sideways Consolidation Trend [1] Industry Investment Rating - Not provided Core View - After the uncertainty is resolved, the futures index may shift to a sideways consolidation trend [1] Summary by Relevant Catalogs 1. Futures Index and Spot Data Tracking - On June 11, all the current-month contracts of the four major futures indices rose. IF rose 0.89%, IH rose 0.79%, IC rose 0.75%, and IM rose 0.63% [2] - On this trading day, the total trading volume of futures indices declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 13,150 lots, IH decreased by 2,866 lots, IC decreased by 5,584 lots, and IM decreased by 28,076 lots. In terms of positions, the total positions of IF increased by 12,268 lots, IH decreased by 462 lots, IC decreased by 28 lots, and IM decreased by 13,541 lots [2][3] 2. Futures Index Basis - The basis data of IF, IH, IC, and IM from May 15 to June 11 are presented graphically [5] 3. Changes in the Positions of the Top 20 Futures Index Members - The changes in long and short positions of the top 20 members in different contracts of IF, IH, IC, and IM are provided. For example, in the IF2506 contract, long positions increased by 2,725 lots and short positions increased by 3,286 lots [6] 4. Trend Intensity and Important Drivers - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The取值 range of trend intensity is an integer in the [-2, 2] interval [7] - Important drivers include the Middle East tension overwhelming the weak CPI in the US, the retreat of the US stock market's upward trend, the sharp rise of crude oil by over 5%, the decline of the US dollar and US Treasury yields, and the performance of various sectors such as quantum computing, rare earths, etc. In the A-share market, the three major indices rose collectively, with the rare earth permanent magnet concept booming, and sectors such as the automobile industry chain and short drama game concept stocks being active [7]

Group 1: A-Share Market Overview - The A-share market experienced overall low-level fluctuations in the morning, with the automotive industry chain sector leading the gains, becoming one of the important highlights of the market [1][4] - The Shanghai Composite Index fell by 0.52%, while the Shenzhen Component Index slightly increased by 0.08%, and the ChiNext Index rose by 0.16% [4] - A significant number of stocks in the automotive industry chain hit the daily limit, including companies like Haoen Electric and Tianqimo [4][5] Group 2: Automotive Industry Standards - A new mandatory national standard for light vehicle automatic emergency braking systems (AEBS) has been drafted and is now in the public consultation phase, set to replace the current standard GB/T 39901-2021 [5][6] - This new standard expands the scope to include N1 class light commercial vehicles, requiring all passenger cars (M1 class) and light commercial vehicles (N1 class) to be equipped with AEBS [6][8] - The implementation of this mandatory standard indicates a countdown for large-scale pre-installation of AEBS in the Chinese automotive market [8] Group 3: Robotics Sector - The robotics concept saw a rise, with stocks like Greebo and Haoen Electric hitting the daily limit, and several others increasing by over 10% [12] - China Unicom announced the launch of a home robot product in collaboration with Huawei, indicating a growing interest in the robotics sector [13] - The domestic robotics industry is expected to enter a mass production phase by 2025, driven by data accumulation and hardware cost reductions [13] Group 4: New Stock Listings - Two new stocks were listed in the A-share market, both experiencing significant price increases, with Hanbang Technology rising over 140% [18] - Hanbang Technology focuses on chromatography technology and provides solutions for the pharmaceutical and life sciences sectors [18][19] - Another new stock, Zerun New Energy, saw a price increase of over 120%, specializing in photovoltaic component junction box solutions [20] Group 5: Hong Kong Market Overview - The Hong Kong market also experienced low-level fluctuations, with NetEase-S seeing a significant increase, reaching a peak of over 16% [21][23] - NetEase reported a net income of RMB 28.8 billion for Q1 2025, a year-on-year increase of 7.4%, with its gaming and related services net income rising by 12.1% [25][26]

全球股市走强。 今日，亚太主要股指全线上涨，日经225指数收盘涨1.89%报34868.63点，韩国综合指数涨1.57%报2525.56点，澳洲标普200指数涨1.33%报7920.5点。新西 兰标普50指数涨1.01%报11956.47点。 欧洲主要股指开盘大幅走高，截至发稿，德国DAX指数大涨3%，法国CAC40指数涨逾2%，欧洲斯托克50指数涨约2.4%。美股三大期指盘前集体上扬，截 至发稿，纳斯达克100期货小型涨2.4%，道琼斯期货小型涨1.5%，标普500期货小型涨约2%。 金价大幅下探，现货黄金盘中跌破3300美元/盎司，较昨日创造的历史峰值回落了200美元；COMEX黄金跌逾3%。 A股今日走势分化，沪指小幅下探，创业板指涨超1%；港股走势强劲，恒生指数涨超2%突破22000点，恒生科技指数大涨超3%。 具体来看，沪指盘中围绕3300点窄幅震荡，深证成指、创业板指强势上扬。截至收盘，沪指跌0.1%报3296.36点，深证成指涨0.67%报9935.8点，创业板指 涨1.08%报1949.16点，北证50指数涨0.48%，沪深北三市合计成交 12626亿元，较昨日增加逾1400亿元。 场内近32 ...