Report Overall Information - Report Title: Macro Financial Data Daily Report [3] - Report Date: September 5, 2025 [4] - Researcher: Zheng Yuting from the Macro Financial Research Center of Guomao Futures Research Institute [4] - Futures Practicing License Number: F3074875; Investment Consulting License Number: Z0017779 [4] Market Conditions Money Market - DR001 closed at 1.31% with a -0.01bp change; DR007 at 1.44% with a 0.40bp change [4] - GC001 closed at 1.01% with a 1.50bp change; GC007 at 1.44% with a -2.50bp change [4] - SHBOR 3M closed at 1.55% with a 0.10bp change; LPR 5-year remained at 3.50% [4] - 1-year treasury bond closed at 1.37% with a 0.23bp change; 5-year at 1.60% with a -2.52bp change [4] - 10-year treasury bond closed at 1.81% with a -1.69bp change; 10-year US treasury bond at 4.28% with a 5.00bp change [4] - The central bank conducted 212.6 billion yuan of 7-day reverse repurchase operations yesterday, with 416.1 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 203.5 billion yuan [4] - This week, there are 2.2731 trillion yuan of reverse repurchases maturing in the central bank's open market, and 1 trillion yuan of 91-day outright reverse repurchases will mature on Friday [5] Stock Market - The CSI 300 closed at 4365, down 2.12%; the SSE 50 at 2910, down 1.71%; the CSI 500 at 6698.4, down 2.48%; the CSI 1000 at 7206.9, down 1.46% [6] - The trading volume of the two stock markets reached 2.5443 trillion yuan, an increase of 180.2 billion yuan from the previous day [6] - Industry sectors mostly declined, with consumer sectors such as department stores, beauty care, food and beverages, and tourism hotels leading the gains, while semiconductor, communication equipment, electronic chemicals, small metals, aerospace, and electronic components sectors leading the losses [6] - The trading volume and open interest of stock index futures increased across the board, with IF volume up 9.4%, IH volume up 17.8%, IC volume up 16.8%, and IM volume up 13.3% [6] Core Views - Recently, the risk aversion sentiment of funds has risen, and some funds have chosen to take profits, leading to the adjustment of stock indexes [6] - Domestically, the marginal changes are limited recently, and the incremental policies are in a relative vacuum state. The latest August China Manufacturing PMI rebounded slightly to 49.4%, indicating that the economy still has certain resilience [6] - Overseas, the market's expectation of the Fed's interest rate cut in September has increased [6] - Strategically, the short-term adjustment of stock indexes may bring opportunities for long positions [6] Futures Basis Information - The basis rates of IF, IH, IC, and IM contracts for different delivery months are provided, with specific values and annualized rates noted [6]