Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - Due to the impact of the tax period, inter - bank liquidity has tightened. The overnight weighted average rate rose 2.82bp to 1.44%, and the 7 - day weighted average rate rose 1.45bp to 1.5%. Exchange - traded Treasury bond repurchase rates increased significantly. The results of the China - US economic and trade talks in Madrid were generally positive, which boosted the stock index during the session. The market volume has been above 2 trillion. The strategy is to mainly go long on stock index adjustments [3][4][6] 3. Summary by Relevant Catalogs 3.1 Interest Rate and Bond Market - **Interest Rate Changes**: DRO01 closed at 1.44%, up 2.82bp; DR007 closed at 1.50%, up 1.46bp; GC001 closed at 1.71%, up 35.00bp; GC007 closed at 1.59%, up 10.00bp; SHBOR 3M was 1.55%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year Treasury bond yield was 1.40%, unchanged; 5 - year Treasury bond yield was 1.59%, down 2.50bp; 10 - year Treasury bond yield was 1.78%, down 1.75bp; 10 - year US Treasury bond yield was 4.05%, down 1.00bp [3] - **Central Bank Operations**: The central bank conducted 2870 billion yuan of 7 - day reverse repurchase operations yesterday, with 2470 billion yuan of reverse repurchases maturing, resulting in a net injection of 400 billion yuan. This week, 12645 billion yuan of reverse repurchases will mature in the central bank's open market, and 1200 billion yuan of treasury cash fixed - deposits will mature on Monday [3][4] 3.2 Stock Index Market - **Stock Index Performance**: At yesterday's close, the CSI 300 fell 0.21% to 4523.3; the SSE 50 fell 0.5% to 2947.8; the CSI 500 rose 0.75% to 7191; the CSI 1000 rose 0.92% to 7483.6. The trading volume of the Shanghai and Shenzhen stock markets reached 23414 billion yuan, an increase of 640 billion yuan from the previous day. Most industry sectors closed higher, with motor, auto parts, real - estate services, logistics, computer equipment, diversified finance, consumer electronics, and textile and apparel sectors leading the gains, while insurance and small - metal sectors leading the losses [6] - **Futures Contract Data**: For futures contracts, IF volume was 153511, up 11.4%; IF open interest was 276592, up 3.4%; IH volume was 59526, up 7.5%; IH open interest was 100750, up 2.3%; IC volume was 161577, up 17.6%; IC open interest was 262891, up 5.3%; IM volume was 261972, up 34.8% [5] - **Premium and Discount Situation**: IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 17.58%, 4.15%, 2.93%, and 2.50% respectively; IH were - 11.46%, - 1.43%, - 0.50%, and - 0.48% respectively; IC were 43.64%, 13.69%, 10.49%, and 9.85% respectively; IM were 35.16%, 14.42%, 12.52%, and 11.85% respectively [7]

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]