Report Information - Report Title: Stock Index Futures Morning Report - July 30, 2025 [1] - Author: Dushufang from the Investment Consulting Department of Dayue Futures [1] Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - After the "constructive talks" between China, the US, and Sweden, the tariff truce is temporarily maintained. The two markets opened lower and closed higher yesterday, with late - session rallies. Innovation drug medical, steel and other sectors led the gains, and market hotspots rotated. Banks and insurance continued to adjust. The index is expected to maintain an oscillating upward trend, but market volatility may increase, and intraday chasing of highs is not recommended [2]. Summary by Directory 1. Futures Market - **IH Contracts**: IH2508 had a contract price of 2,812.60 with a 0.33% increase, and a volume of 11,112. It had a 4.01 - point premium. The IH main contract showed a reduction in long positions [2][3]. - **IF Contracts**: IF2508 had a contract price of 4,152.80, a 0.57% increase, and a volume of 24,227. It had a 0.78 - point premium. The IF main contract showed an increase in long positions [2][3]. - **IC Contracts**: IC2508 had a contract price of 6,317.80, a 0.68% increase, and a volume of 23,067. It had a 38.33 - point discount. The IC main contract showed a reduction in long positions [2][3]. - **IM Contracts**: IM2508 had a contract price of 6,731.00, a 0.84% increase, and a volume of 38,521. It had a 42.88 - point discount [3]. 2. Spot Market - **Important Indexes**: The Shanghai Composite Index, Shanghai 50, CSI 300, Wind All - A, CSI 500, Shenzhen Component Index, STAR 50, and ChiNext Index had different daily percentage changes, with the ChiNext Index having the highest increase of 1.86% [11]. - **Style Indexes**: Different style indexes such as the 300 Cycle, 300 Non - Cycle, Low - P/E Index, etc., also had varying daily percentage changes, with the 300 Growth index having a 2.59% increase [14][17]. 3. Market Structure - **AH - Share Premium**: The Hang Seng AH Premium Index showed fluctuations from November 2024 to July 2025 [20]. - **P/E Ratio**: The P/E ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index were presented over a long - term period [22]. - **P/B Ratio**: The P/B ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index were shown over a long - term period [24]. 4. Market Fundamentals - **Stock Market Inflows**: The net inflow of A - share funds and the CSI 300 index were presented over a long - term period [26]. - **Margin Trading Balance**: The margin trading balance and the CSI 300 index were presented over a long - term period [28]. - **Northbound Capital**: The net inflow of northbound capital was presented over a long - term period [30]. - **Fund Cost**: The SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates were presented from November 2024 to July 2025 [36]. 5. Market Sentiment - **Trading Activity**: The turnover rates of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index (based on free - floating market capitalization) were presented over a long - term period [39][42][43]. - **Public - Offering Hybrid Fund Positions**: Data on public - offering hybrid fund positions were presented, but no specific details were provided in the text [44]. 6. Other Data - **Dividend Yield and Bond Yield**: The dividend yields of stock index futures and the 10 - year Treasury bond yield were presented over a long - term period [48]. - **Exchange Rate**: The USD - CNY exchange rate was presented from May 2021 to July 2025 [49].