Report Industry Investment Rating - Not provided Core View - Economic fundamentals continue a weak recovery trend, with weak demand and investment and structural issues remaining. After the data release, the index declined to varying degrees and rebounded in the afternoon. The index is expected to continue adjusting in the short term, but the overall upward trend remains unchanged without obvious negative signals [6] Summary by Relevant Catalogs Market Review - Today, all stock indexes except the CSI 300 Index closed down. The trading volume of the two markets decreased by 2533.8 billion yuan, and the futures contracts all declined with reduced volume [4] Important Information - The People's Bank of China will continue to implement a moderately loose monetary policy. The year-on-year decline in commodity housing sales prices in all tiers of cities continued to narrow in June. China's economy grew 5.3% year-on-year in H1 2025. In H1 2025, national fixed asset investment increased by 2.8%. In June, total retail sales of consumer goods reached 4228.7 billion yuan, a year-on-year increase of 4.8%. From January to June, national real estate development investment was 4665.8 billion yuan, a year-on-year decrease of 11.2%. In June, the added value of industrial enterprises above the designated size increased by 6.8% year-on-year. Consumption policies will continue to be strengthened in H2 [5][7] Strategy Recommendation - Hold positions and wait and see [7] Futures Market Observation - The intraday price changes of IF, IH, IC, and IM futures contracts were -0.24%, -0.64%, -0.12%, and -0.55% respectively. The trading volumes were 124,297 lots, 61,294 lots, 100,711 lots, and 210,590 lots respectively, with a decrease of 44,249 lots, 19,958 lots, 34,305 lots, and 77,808 lots respectively compared to the previous day. The open interest was 267,331 lots, 97,479 lots, 231,202 lots, and 344,784 lots respectively, with an increase of 3,863 lots, 1,424 lots, 3,901 lots, and 18,183 lots respectively compared to the previous day [8] Spot Market Observation - The price change of the Shanghai Composite Index was -0.42%, and that of the Shenzhen Component Index was 0.56%. The ratio of rising stocks to falling stocks was 0.33. The trading volume of the two markets was 1612.048 billion yuan, a decrease of 1533.09 billion yuan compared to the previous day [8]