Market Overview - The A-share market showed a mostly positive trend today, with the Shanghai Composite Index rising by 0.62% to close at 3581.86 points, and the Shenzhen Component Index increasing by 0.84% to 11099.83 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1893 billion yuan, an increase of 193.058 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, coal, building materials, construction decoration, steel, non-ferrous metals, and oil and petrochemicals led the gains, while banking, computer, communication, electronics, textiles and apparel, and media sectors experienced declines [1] Sector Highlights - The top-performing concept sectors included coal mining, cement manufacturing, water conservancy and hydropower construction, excavators, major infrastructure projects, central state-owned coal enterprises, and lithium mining [1]

Market Overview - As of July 22, the Shanghai Composite Index closed at 3581.86 points, up by 22.07 points, a rise of 0.62% [1] - The Shenzhen Component Index closed at 11099.83 points, increasing by 92.34 points, a rise of 0.84% [1] - The ChiNext Index closed at 2310.86 points, up by 13.97 points, a rise of 0.61% [1] High Turnover Stocks - A total of 105 A-shares had a turnover rate exceeding 20% on July 22 [1] - Notable stocks with high turnover rates include: - Fangzheng Valve (证券代码: 920082) with a turnover rate of 58.38% and a closing price of 27.44 yuan, up by 29.99% [1] - Beifang Changlong (证券代码: 301357) with a turnover rate of 54.29% and a closing price of 90.08 yuan, up by 8.50% [1] - Zhongshe Consulting (证券代码: 833873) with a turnover rate of 50.05% and a closing price of 11.52 yuan, up by 19.50% [1] Additional High Turnover Stocks - Other stocks with significant turnover rates include: - Tietuo Machinery (证券代码: 873706) with a turnover rate of 49.66% and a closing price of 31.21 yuan, up by 29.99% [1] - Feilu Co., Ltd. (证券代码: 300665) with a turnover rate of 49.62% and a closing price of 11.44 yuan, up by 10.21% [1] - Huadian New Energy (证券代码: 600930) with a turnover rate of 47.04% and a closing price of 7.73 yuan, up by 2.25% [1]

Market Overview - The three major indices in the A-share market continued to rise, with total trading volume exceeding 1.9 trillion yuan, marking a new high since March 6 [1] - Recent U.S. economic data showed improvement, with both the Michigan Consumer Sentiment Index and retail sales exceeding expectations, while the core CPI for June fell short of expectations, creating uncertainty around the Fed's interest rate cut expectations in September [1] - The domestic economy performed well in the first half of the year, although issues of insufficient demand and low prices remain, prompting a policy shift towards cross-cycle adjustments to address challenges [1] Housing Rental Regulation - The State Council has announced the Housing Rental Regulations, effective from September 15, 2025, which includes 50 articles across six main areas [2] - The regulations aim to standardize rental activities, protect the rights of parties involved, stabilize rental relationships, and promote high-quality development of the housing rental market [2] Cross-Border Asset Management - The implementation of cross-border asset management pilot business in Hainan Free Trade Port is a significant step in financial opening, allowing foreign investors to invest in financial products issued by local institutions [3] - The initial pilot scale for cross-border asset management is capped at 10 billion yuan, which is expected to enhance liquidity in the A-share market and promote the internationalization of the yuan [3] Market Performance - On July 22, the A-share indices rose, with the Shanghai Composite Index closing at 3581.86 points, up 0.62%, and the Shenzhen Component Index at 11099.83 points, up 0.84% [4] - The coal, building materials, and construction decoration sectors saw significant gains, while banking, computer, and communication sectors experienced declines [4] Fund Tracking - The market turnover reached 19,289.58 billion yuan, an increase from the previous trading day, with the margin trading balance reported at 19,179.18 billion yuan, also up from the previous day [5]

Core Viewpoint - The A-share market showed a positive trend today, with the Shanghai Composite Index rising by 0.33% and trading volume increasing by 12.76% compared to the previous trading day [1][2]. Industry Performance - The coal industry led the gains with a rise of 5.13%, followed by building materials at 3.42% and building decoration at 3.10% [1]. - The banking sector experienced the largest decline, down by 1.38%, followed by the computer and communication sectors, which fell by 0.76% and 0.70% respectively [2]. Trading Volume and Changes - Total trading volume reached 1,221.18 million shares, with a total transaction value of 15,541.60 billion yuan [1]. - The coal industry had a trading volume of 231.18 billion yuan, marking an increase of 128.36% from the previous day [1]. - The building materials sector recorded a trading volume of 302.17 billion yuan, up by 29.36% [1]. Leading Stocks - The top-performing stock in the coal sector was Shanmei International, which increased by 10.04% [1]. - In the building materials sector, Zhongtie Zhuangpei rose by 10.77% [1]. - The leading stock in the building decoration industry was Zhubo Design, which surged by 20.02% [1]. Declining Stocks - The banking sector's leading stock, Xiamen Bank, fell by 3.80% [2]. - In the computer sector, Yookede dropped by 6.18% [2]. - The communication sector's top stock, Youfang Technology, decreased by 5.38% [2].

Market Overview - The A-share market continued its upward trend, with the Shanghai Composite Index reaching a new high for the year, closing up 0.72% at 3559.79 points, while the Shenzhen Component Index rose 0.86% and the ChiNext Index increased by 0.87% [2][7] - The total trading volume in the Shanghai and Shenzhen markets was 1.70 trillion yuan, with sectors such as building materials, construction decoration, and steel leading the gains, while banking, computers, and home appliances lagged [2][7] - In the Hong Kong market, the Hang Seng Index closed up 0.68% at 24994.14 points, marking the highest level since February 2022 [2][7] Important News - The President of the European Council, Costa, and the President of the European Commission, von der Leyen, are scheduled to visit China on July 24, 2025, where they will meet with President Xi Jinping and Premier Li Qiang for the 25th China-EU Leaders' Meeting [3][7] - The "Housing Rental Regulations" have been announced and will take effect on September 15, 2025, aimed at standardizing housing rental activities and promoting high-quality development in the rental market [8]

FICC日报 | 2025-07-22 业绩亮眼板块表现占优 市场分析 关注中欧关系。国内方面，商务部回应欧盟对俄制裁列单中国企业和金融机构表示，中方敦促欧方立即停止列单 中国企业和金融机构的错误做法。中方将采取必要措施，坚决维护中国企业和金融机构的正当合法权益。海外方 面，美国财政部长贝森特批评美联储对关税的\"恐慌宣传\"，指出关税迄今几乎没有产生通胀效应，强调需要审查 美联储是否成功履行职责，同时明确表示特朗普政府更注重贸易协议质量而非时间节点。 沪指上行。现货市场，A股三大指数延续震荡上行态势，上证指数涨0.72%收于3559.79点，创业板指涨0.87%。行 业方面，板块指数涨多跌少，建筑材料、建筑装饰、钢铁、有色金属行业领涨，仅银行、计算机、家用电器行业 收跌。当日沪深两市成交金额增加至1.7万亿元。海外市场，随着特朗普设定的8月1日关税最后期限临近，美国三 大股指涨跌不一，道指跌0.04%，标普500指数、纳指均创历史新高。 IM增仓。期货市场，基差方面，股指期货均贴水，IM贴水程度较深。成交持仓方面，期指成交量下降，IC、IM持 仓量增加。 策略 政策持续落地为市场带来"转机"，资金面呈现量价 ...

Market Overview - The Shanghai Composite Index increased by 0.25% as of the morning close, with a trading volume of 899.49 million shares and a transaction amount of 1,158.93 billion yuan, representing a 5.34% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Building Materials: Up by 2.96% with a transaction amount of 239.23 billion yuan, an increase of 34.74% from the previous day, led by Hanjian Heshan, which rose by 10.08% [1] - Building Decoration: Up by 2.55% with a transaction amount of 298.91 billion yuan, an increase of 12.71%, led by Zhongshe Consulting, which surged by 21.16% [1] - Steel: Up by 2.00% with a transaction amount of 123.36 billion yuan, a decrease of 16.70%, led by Xining Special Steel, which increased by 10.04% [1] - The sectors with the largest declines included: - Banks: Down by 1.28% with a transaction amount of 243.57 billion yuan, an increase of 37.11%, led by Xiamen Bank, which fell by 3.93% [2] - Non-bank Financials: Down by 0.49% with a transaction amount of 425.28 billion yuan, a decrease of 17.82%, led by Hualin Securities, which dropped by 4.22% [2] - Computers: Down by 0.45% with a transaction amount of 863.50 billion yuan, a decrease of 8.84%, led by Hehe Information, which fell by 5.52% [2]

Report Summary 1. Market Performance - **Stock Index**: On July 21, the four major A-share stock indexes were all strong. The Shanghai Composite Index rose 0.72% to close at 3,559.79 points, the Shenzhen Component Index rose 0.86% to close at 11,007.49 points, the ChiNext Index rose 0.87% to close at 2,296.88 points, and the STAR 50 Index rose 0.04% to close at 1,007.89 points. Market turnover was 1.7271 trillion yuan, an increase of 133.8 billion yuan from the previous day. In terms of industry sectors, building materials (+6.06%), building decoration (+3.79%), and steel (+3.44%) led the gains; banks (-0.77%), composites (-0.34%), and computers (-0.31%) led the losses. From the perspective of market strength, IC>IM>IF>IH, and the number of rising/flat/falling stocks was 4,002/121/1,291 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of -9, -127, -46, and 18.2 billion yuan respectively, with changes of +12.6, -0.6, -8.2, and -3.8 billion yuan respectively [1]. - **Stock Index Futures Basis**: The basis of the next - month contracts of IM, IC, IF, and IH were 149.06, 105.71, 20.81, and 1.04 points respectively, and the annualized basis yields were -12.52%, -9.53%, -2.83%, and -0.21% respectively, with three - year historical quantiles of 23%, 16%, 32%, and 45% respectively [1]. - **Treasury Bond Futures**: On July 21, the yields of treasury bond futures rose across the board. Among the active contracts, the implied interest rate of the two - year bond was 1.363, up 1.19 bps from the previous day; the implied interest rate of the five - year bond was 1.513, up 1.69 bps; the implied interest rate of the ten - year bond was 1.613, up 1.21 bps; and the implied interest rate of the thirty - year bond was 1.958, up 2.78 bps [2]. - **Cash Bonds**: The current active contract is the 2509 contract. For the 2 - year treasury bond futures, the CTD bond is 250006.IB, with a yield change of +1.5 bps, a corresponding net basis of -0.023, and an IRR of 1.63%; for the 5 - year treasury bond futures, the CTD bond is 240020.IB, with a yield change of +1.25 bps, a corresponding net basis of -0.031, and an IRR of 1.68%; for the 10 - year treasury bond futures, the CTD bond is 250007.IB, with a yield change of +1.8 bps, a corresponding net basis of -0.041, and an IRR of 1.75%; for the 30 - year treasury bond futures, the CTD bond is 210005.IB, with a yield change of +2.25 bps, a corresponding net basis of 0.033, and an IRR of 1.33% [2]. - **Funding Situation**: In terms of open - market operations, the central bank injected 170.7 billion yuan and withdrew 226.2 billion yuan, resulting in a net withdrawal of 55.5 billion yuan [2]. 2. Trading Strategies - **Stock Index Futures**: In the medium - to - long term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - position substitute has certain excess returns. It is recommended to allocate long - term contracts of each variety on dips [1]. - **Treasury Bond Futures**: It is recommended to hedge T and TL contracts on rallies for medium - and long - term investors [2]. 3. Economic Data - High - frequency data shows that the real - estate market has recently contracted in terms of prosperity, while the manufacturing industry has seen a recovery in prosperity as the industrial added value in June exceeded the same period [11]. 4. Tables and Figures - **Table 1**: Shows the performance of stock index futures and spot markets, including details such as code, name, price change percentage, current price, price change, trading volume, trading value, open interest, daily position change, settlement price, basis, and annualized basis yield [6]. - **Table 2**: Displays the performance of treasury bond futures and spot markets, including information on code, name, price change percentage, current price, trading volume, trading value, open interest, daily position change, settlement price, net basis, and CTD bond implied interest rate [7]. - **Table 3**: Presents the changes in the short - end funding rate market, including SHIBOR overnight, DR001, SHIBOR one - week, and DR007 rates compared with yesterday, one week ago, and one month ago [11]. - **Figure 1**: Illustrates the term structure of treasury bond spot prices [8][9]. - **Figure 2**: Tracks domestic medium - level economic data, based on the comparison of medium - level data in each module with the same period in the past five years (year - on - year month - on - month), scored according to the degree of change [12][13].

Market Overview - The Shanghai Composite Index decreased by 0.32% as of 10:28 AM, with a trading volume of 657.44 million shares and a transaction value of 851.29 billion yuan, an increase of 1.41% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Building Materials: Increased by 2.00% with a transaction value of 197.98 billion yuan, led by Hanjian Heshan, which rose by 10.08% [1]. - Beauty Care: Increased by 0.85% with a transaction value of 39.64 billion yuan, led by Yiyi Co., which rose by 9.99% [1]. - Building Decoration: Increased by 0.64% with a transaction value of 222.97 billion yuan, led by Zhubo Design, which rose by 20.02% [1]. - The sectors with the largest declines included: - Banks: Decreased by 1.38% with a transaction value of 180.32 billion yuan, led by Xiamen Bank, which fell by 3.53% [2]. - Non-Bank Financials: Decreased by 1.20% with a transaction value of 324.12 billion yuan, led by Hualin Securities, which fell by 5.42% [2]. - Computers: Decreased by 1.05% with a transaction value of 642.92 billion yuan, led by Zhongyuan Haike, which fell by 5.29% [2]. Summary of Trading Data - A total of 1,488 stocks rose, with 71 hitting the daily limit up, while 3,779 stocks fell, with 6 hitting the daily limit down [1]. - The overall market sentiment showed a mixed performance across various sectors, with significant activity in building materials and beauty care, while banking and non-bank financial sectors faced declines [1][2].

Group 1 - The construction and infrastructure sectors are expected to improve in terms of market sentiment, with a notable increase in orders from state-owned construction enterprises in the second quarter [1] - The issuance of new local government special bonds reached 54.29% of the total planned for 2025, representing a year-on-year increase of 13.94 percentage points, with a month-on-month increase of 490.45% in July [1] - The Ministry of Industry and Information Technology is set to release a work plan to stabilize growth in the building materials sector, which is anticipated to alleviate supply-demand conflicts in the cement industry under the anti-involution policy [1] Group 2 - The current price-to-earnings ratio for the construction sector is at a historical low of 8.53 times, while the infrastructure sub-sector has a valuation of 7.58 times, indicating potential for recovery [1] - The China Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which includes listed companies involved in construction, building materials, and engineering machinery, reflecting the overall performance of the infrastructure sector [1] - Investors without stock accounts can consider the Guotai CSI Infrastructure ETF Initiated Link C (016837) and Guotai CSI Infrastructure ETF Initiated Link A (016836) [1]