Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [8]. Core Insights - The third batch of national subsidies has been allocated, with a focus on the effectiveness of policy continuity. The consumption upgrade policy has driven rapid growth in retail sales of home appliances and other categories, with over 280 million people applying for the subsidy, resulting in sales exceeding 1.6 trillion yuan [3][12][20]. - The retail sales of major home appliance categories have shown significant year-on-year growth, with air conditioning and audio-visual equipment increasing by 30.7% and 25.4%, respectively, contributing to a 5% growth in total retail sales [3][12][20]. Summary by Sections Investment Suggestions - The report suggests focusing on the following areas due to expected recovery in domestic demand supported by policy: 1. Major appliances benefiting from the old-for-new policy, recommending companies like Midea Group, Haier Smart Home, Gree Electric, and TCL Electronics [5][21]. 2. The pet industry, which is expected to remain resilient against economic cycles, with recommendations for companies like Guibao Pet and Zhongchong Co [5][21]. 3. Small appliances and branded apparel, which may see demand recovery from a low base, recommending companies like Bear Electric and Anta Sports [5][21]. 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [5][21]. Market Data - The home appliance sector experienced a slight increase of 0.3% this week, with specific segments showing varied performance: white goods down 0.1%, black goods up 0.8%, small appliances up 1.1%, and kitchen appliances up 2.5% [4][25]. - Raw material prices have seen a decrease, with LME copper and aluminum down by 1.46% and 1.04%, respectively [4][25]. Industry Trends - The report highlights the long-term theme of international expansion, recommending attention to leading companies in clean appliances and major appliances that are gaining global market share [6][22]. - The restructuring of global manufacturing continues to favor Chinese manufacturing, with recommendations for companies like Midea Group and Haier Smart Home, which are leading in global market share for major appliances and tools [6][22]. Company Performance Tracking - The report includes detailed sales data tracking for key companies in various segments, indicating performance trends and market positioning [36][37][41][42].

Group 1 - The article discusses the performance of fixed-income public funds in Q2 2025, highlighting a recovery in net asset values for pure bond funds after a turbulent period in April and May, with REITs and convertible bond funds leading the performance [8][12]. - As of the end of Q2 2025, passive index bond funds experienced significant inflows, indicating a strong growth trend in fund sizes [12]. - The overall leverage of funds showed an upward trend by the end of June 2025 compared to March 2025, suggesting increased risk-taking among fund managers [15]. Group 2 - The article notes that the duration of pure bond funds has generally increased, indicating a shift towards longer-term investments [20]. - The allocation of convertible bonds remained stable compared to the previous quarter, while stock allocations across various fund types showed a declining trend [26]. - The report identifies the top sectors for active increases in holdings, including non-bank financials, banks, telecommunications, electronics, and pharmaceuticals, while sectors like food and beverage, automotive, coal, and household appliances saw reductions [38]. Group 3 - The top ten holdings by market value in Q2 2025 included companies such as Changqing Mining, Tencent Holdings, and Longjiang Power, with significant investments in sectors like non-ferrous metals and public utilities [42]. - The report highlights the changes in holdings, with notable increases in positions for stocks like Xinyi Semiconductor and Zhongji Xuchuang, while reductions were observed in stocks like Wuliangye and Midea Group [51][52]. - The article emphasizes the cautious outlook of fund managers for the bond market, with expectations of continued volatility and a focus on maintaining liquidity and flexibility in asset allocation strategies [58][62].

Group 1 - The core index of the Consumer Durables and Apparel sector, represented by the CSI Consumer Durables and Apparel Index, has shown a monthly increase of 6.07%, a three-month increase of 7.11%, and a year-to-date increase of 4.61% [1] - The CSI Consumer Durables and Apparel Index is composed of listed companies that correspond to the durable consumer goods and apparel theme, reflecting the overall performance of these companies [1] - The index's top ten weighted companies include Gree Electric Appliances (10.27%), Midea Group (9.84%), Haier Smart Home (8.59%), and others, indicating a concentration in major players within the sector [1] Group 2 - The market capitalization distribution of the CSI Consumer Durables and Apparel Index shows that 59.16% of the holdings are from the Shenzhen Stock Exchange, while 40.84% are from the Shanghai Stock Exchange [1] - In terms of industry composition, home appliances account for 66.38%, textiles and apparel for 15.26%, and home furnishings for 8.54%, highlighting the dominance of home appliances in the index [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]

Group 1 - The core viewpoint of the article highlights the rapid growth of the global home ice maker market, with the market size expanding from 4.92 billion in 2019 to 7.49 billion in 2024, representing a compound annual growth rate (CAGR) of 8.8% [1] - North America and Europe continue to contribute significantly to the market's core growth, while the domestic market in China is projected to grow from 0.5 billion in 2019 to 0.81 billion in 2024, accounting for 10.8% of the global market [1] - Factors such as the penetration of coffee culture, changes in the lifestyle of younger consumers, and new scenarios like outdoor camping are expected to drive the demand for ice makers, transitioning them from an introductory phase to a potential "explosive" product [1] Group 2 - The domestic small appliance brands are actively entering the market, leading to a fragmented market structure, where leading companies are likely to continue achieving growth through product implementation and brand recognition [1] - The high-temperature weather is expected to catalyze short-term demand for ice makers, while the normalization of high summer temperatures will likely enhance consumer preference for ice makers, indicating sustained industry demand growth [1] - The home appliance ETF (159996) tracks the home appliance index (930697), which includes publicly listed companies involved in the manufacturing and sales of appliances like air conditioners, refrigerators, and washing machines, reflecting the overall performance of the home appliance industry [2]

Core Insights - The exploration and achievements of major economic provinces in scale support, structural improvement, and momentum accumulation are crucial for observing the high-quality development of China's economy [1] Group 1: Economic Performance - In the first half of 2025, six major provinces contributed over 29.4 trillion yuan to the national economy, accounting for 44.6% of the total, with five provinces outpacing the national average growth rate [1][2] - Guangdong and Jiangsu remain in the "6 trillion yuan club," with GDPs of 68,725.4 billion yuan and 66,967.8 billion yuan respectively, showing growth rates of 4.2% and 5.7% [2] - Shandong and Zhejiang surpassed 50 billion yuan and 45 billion yuan in GDP, with growth rates of 5.6% and 5.8% respectively, while Sichuan and Henan are in a competitive race for the fifth position with GDPs of 31,918.2 billion yuan and 31,683.8 billion yuan, growing by 5.6% and 5.7% [2] Group 2: Innovation and Structural Transformation - Major economic provinces are leading in the integration of technological and industrial innovation, accelerating the transformation of old and new growth drivers, and fostering new productive forces [3] - The service sector is also experiencing a clear transformation, with modern services increasingly contributing to economic growth and a strong shift towards mid-to-high-end industrial structures [3] - In Zhejiang, high-tech manufacturing and digital economy sectors saw double-digit growth, while Jiangsu's equipment manufacturing sector has maintained a growth rate above the overall industrial average for 20 consecutive months [3] Group 3: Resilience and External Engagement - The vast domestic market serves as a strong safeguard against various risks, with major provinces actively boosting consumption and investment to stabilize employment and market expectations [4] - In the first half of the year, Sichuan's retail sales of household appliances grew by 20.2%, while Guangdong, as the largest foreign trade province, achieved a foreign trade volume of 4.55 trillion yuan, marking a 4% year-on-year increase [4] - Shandong's goods trade imports and exports grew by 6.8%, leading among the top six foreign trade provinces, with products exported to 242 countries and regions [4] Group 4: Future Outlook - Major economic provinces are expected to play a more significant role in driving national development, focusing on achieving annual targets and ensuring the successful completion of the 14th Five-Year Plan [5]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q2, the A-share market showed a volatile upward trend with significant structural differentiation and style rotation. The median return of active equity funds was 1.90%, outperforming major indices such as the CSI 300 and CSI 500. Nearly 70% of stocks in the whole market recorded positive returns [3]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a decrease of 0.04 trillion yuan from the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds [6]. - Different - style and theme fund managers had diverse investment strategies and outlooks. For example, value - style fund managers focused on undervalued traditional assets and looked for opportunities in some consumer and cyclical sectors; growth - style fund managers concentrated on long - term growth companies and adopted a "boom - mining + balanced allocation" strategy [21][23]. 3. Summary According to the Table of Contents 3.1 Active Equity - Type Fund 2025 Second - Quarter Report Data Review 3.1.1 Performance Review - In Q2 2025, the A - share market was volatile. After a brief decline in early April due to US tariff policies, it stabilized from mid - April to mid - May and saw theme rotations since June. The Guozheng 2000 and ChiNext 50 recorded relatively high positive returns of 4.41% and 3.19% respectively. The median return of active equity funds was 1.90%, and the median stock price change was 5.39% [3]. 3.1.2 Scale and Fund Flow - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, down from 3.33 trillion yuan in the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds. Funds with a fund - flow change ratio < - 1% accounted for 74.34%, while those with a net inflow ≥ 1% accounted for only 16.51% [6]. 3.1.3 Position Change - As of Q2 2025, the average stock position of active equity funds was 87.23%, with an average position change of 1.15%. The average active position change was 1.18%, and the average natural position change was - 0.04%. 39.57% of funds adjusted their active positions by 0 - 5%, and 33.76% adjusted by - 5% - 0 [9]. 3.1.4 Industry Allocation - The top five industries for increased holdings were communication, medicine, non - bank finance, banking, and national defense and military industry. The top five industries for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. Five industries had over - allocation reductions, and nine industries had under - allocation increases [12]. 3.1.5 Individual Stock Heavy - Holdings - The top ten heavy - holding stocks by market value included Tencent Holdings, CATL, Kweichow Moutai, etc. The top ten heavy - holding stocks by the number of holding funds included CATL, Tencent Holdings, Zijin Mining, etc. The stocks with the largest increase in market value of heavy - holdings included Zhongji Innolight, New H3C Semiconductor Technology, etc., while those with the largest decrease included BYD, Alibaba - W, etc. [15][16][18] 3.2 Second - Quarter Report Fund Manager Views Summary 3.2.1 Value Style - Since 2022, value - style funds have attracted more attention. In 2025, they faced headwinds. Many value - style fund managers believed that undervalued stocks were still worth buying. In terms of position structure, most did not significantly adjust their allocations and focused on traditional undervalued assets, while also looking for opportunities in some consumer and cyclical sectors [21]. 3.2.2 Growth Style - Affected by overseas uncertainties and domestic policies, the market was volatile. Growth - style fund managers adhered to selecting long - term growth companies and adopted a "boom - mining + balanced allocation" strategy. They focused on AI, innovation drugs, and some emerging consumption sectors [23]. 3.2.3 Balanced Style - Balanced - style fund managers selected stocks from multiple dimensions and controlled portfolio risks through diversification. In the context of increased market risk appetite, many reduced holdings in traditional industries and high - dividend consumer stocks and increased holdings in growth stocks and booming industries [25]. 3.2.4 Consumption Theme - Traditional consumption showed differentiation and repair. New consumption had structural opportunities, but the sustainability and space of consumption trends needed to be judged. Some fund managers made structural adjustments in traditional consumption and increased investment in new consumption [27]. 3.2.5 Medicine Theme - Innovation drugs became a consensus. Some fund managers also looked for investment targets with low growth this year, such as innovative medical devices, CXO, and pharmacies [29]. 3.2.6 TMT Theme - The AI industry chain developed rapidly. TMT - theme fund managers continued to focus on AI - related companies and also paid attention to other technology sectors such as robotics and semiconductors [31]. 3.2.7 High - End Manufacturing - The attention to the military industry increased. High - end manufacturing showed competitive advantages, and some fund managers expected the recovery of some electro - new energy sectors [33]. 3.2.8 Cycle Theme - Resource sectors had long - term investment logic. Dividend - type cycle assets had allocation significance, and banks were still the core of the dividend sector [35]. 3.2.9 Hong Kong Stock Theme - Most fund managers were relatively optimistic about Hong Kong stocks. Some adjusted their positions from crowded sectors to the technology sector with lower valuations and expected performance growth [37].

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The convertible bond market had more than half of the industries declining, and the valuation was compressed on July 23, 2025. The trading sentiment in the convertible bond market heated up, with the turnover increasing by 6.46% compared to the previous day. The 10 - year Treasury yield rose by 1.34bp to 1.70%. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of the 100 - yuan par - value fitting decreasing by 0.36pct compared to the previous day [2][3][6]. 3. Summary According to Relevant Catalogs Market Main Index Performance - **Overall Index**: The CSI Convertible Bond Index decreased by 0.04% compared to the previous day, the Shanghai Composite Index increased by 0.01%, the Shenzhen Component Index decreased by 0.37%, the ChiNext Index decreased by 0.01%, the SSE 50 Index increased by 0.32%, and the CSI 1000 Index decreased by 0.45% [2]. - **Style Index**: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.04%, the large - cap value index increased by 0.24%, the mid - cap growth index decreased by 0.19%, the mid - cap value index decreased by 0.48%, the small - cap growth index decreased by 0.26%, and the small - cap value index decreased by 0.33% [2]. - **Detailed Index Data**: The closing prices, daily changes, weekly changes, monthly changes, and year - to - date changes of multiple convertible bond and stock indexes are presented in the report, such as the CSI Convertible Bond Index closing at 459.42 with a daily decrease of 0.04% [10]. Market Fund Performance - **Turnover**: The turnover of the convertible bond market was 85.925 billion yuan, a 6.46% increase compared to the previous day. The total turnover of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease compared to the previous day [2]. - **Net Inflow of Main Funds**: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan [2]. - **10 - year Treasury Yield**: The 10 - year Treasury yield rose by 1.34bp to 1.70% [2]. Convertible Bond Valuation - **Overall Valuation**: The conversion premium rate of the 100 - yuan par - value fitting was 27.32%, a decrease of 0.36pct compared to the previous day. The overall weighted par value was 96.85 yuan, an increase of 0.51% compared to the previous day [6]. - **Different Types of Convertible Bonds**: The premium rate of equity - biased convertible bonds was 7.25%, a decrease of 0.16pct; the premium rate of debt - biased convertible bonds was 86.64%, a decrease of 4.93pct; the premium rate of balanced convertible bonds was 20.35%, an increase of 0.45pct [6]. Industry Performance - **Stock Market**: Among A - share markets, the top three industries with the largest declines were building materials (- 2.27%), national defense and military industry (- 1.60%), and machinery and equipment (- 1.29%); the top three industries with the largest increases were non - bank finance (+ 1.29%), beauty care (+ 0.59%), and household appliances (+ 0.58%) [6]. - **Convertible Bond Market**: Among the convertible bond markets, 16 industries declined. The top three industries with the largest declines were national defense and military industry (- 1.66%), non - ferrous metals (- 1.02%), and steel (- 1.02%); the top three industries with the largest increases were building materials (+ 4.54%), communication (+ 1.27%), and beauty care (+ 0.66%) [7]. - **Industry Indicators**: In terms of closing prices, the large - cycle industry increased by 0.08%, the manufacturing industry decreased by 0.41%, the technology industry decreased by 0.07%, the large - consumption industry increased by 0.09%, and the large - finance industry increased by 0.12%. In terms of conversion premium rates, the large - cycle industry increased by 0.89pct, the manufacturing industry decreased by 0.53pct, the technology industry increased by 1.1pct, the large - consumption industry decreased by 1.6pct, and the large - finance industry increased by 1.0pct. In terms of conversion values, the large - cycle industry decreased by 0.43%, the manufacturing industry decreased by 0.56%, the technology industry decreased by 1.03%, the large - consumption industry increased by 0.24%, and the large - finance industry decreased by 0.07%. In terms of pure - bond premium rates, the large - cycle industry increased by 0.11pct, the manufacturing industry decreased by 0.56pct, the technology industry decreased by 0.13pct, the large - consumption industry increased by 0.081pct, and the large - finance industry increased by 0.27pct [7]. Industry Rotation - Non - bank finance, beauty care, and household appliances led the rise. The report also presented the daily, weekly, monthly, and year - to - date changes in stock prices and convertible bond prices of various industries, as well as the P/E and P/B ratios and their percentile rankings in the past 3 - year and 10 - year periods [57].

Group 1 - The core viewpoint of the article emphasizes the performance and strategies of active equity funds in Q2 2025, highlighting the market's recovery and the shifting focus of fund managers towards various sectors such as consumption, pharmaceuticals, TMT (Technology, Media, and Telecommunications), and high-end manufacturing [10][23][41]. Group 2 - In Q2 2025, the A-share market experienced a fluctuating upward trend, with significant sector rotation and style switching. The National Index 2000 and ChiNext 50 recorded positive returns of 4.41% and 3.19%, respectively, while the median return of active equity funds was 1.90%, outperforming major indices like CSI 300 and CSI 500 [10][12][14]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a slight decrease from 3.33 trillion yuan in the previous quarter. The net outflow of funds in Q1 2025 was 113.407 billion yuan, with 74.34% of funds experiencing a decline of more than 1% [15][19]. - The average stock position of active equity funds was 87.23%, with 39.57% of funds adjusting their positions by 0 to 5% [19][21]. Group 3 - The top five industries with increased allocations were telecommunications, pharmaceuticals, non-bank financials, banking, and defense industry, while the top five industries with reduced allocations included food and beverage, automotive, retail, electric equipment and new energy, and machinery [23][24]. - The report indicates a significant shift in fund managers' focus towards sectors with growth potential, particularly in AI, innovative pharmaceuticals, and high-end manufacturing, while also noting the challenges faced by traditional sectors [41][62]. Group 4 - Fund managers expressed optimism about the resilience of the Chinese economy and the potential for recovery, with a focus on undervalued assets in traditional sectors and growth opportunities in emerging industries [41][49][62]. - The report highlights the increasing interest in innovative pharmaceuticals, with a notable rise in the number of clinical trials and international collaborations, reflecting a trend towards globalization in the pharmaceutical industry [62][63].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On July 23, 2025, more than half of the convertible bond industries declined, and the valuation decreased compared to the previous day. The CSI Convertible Bond Index dropped by 0.04%, while the Shanghai Composite Index rose by 0.01%. The trading sentiment in the convertible bond market increased, with the trading volume reaching 85.925 billion yuan, a 6.46% increase from the previous day. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The overall weighted average closing price of convertible bonds was 126.48 yuan, a 0.04% decrease from the previous day [3]. - In the stock market, 23 industries declined, with the top three declining industries being Building Materials (-2.27%), National Defense and Military Industry (-1.60%), and Machinery and Equipment (-1.29%); the top three rising industries were Non - Banking Finance (+1.29%), Beauty and Personal Care (+0.59%), and Household Appliances (+0.58%). In the convertible bond market, 16 industries declined, with the top three declining industries being National Defense and Military Industry (-1.66%), Non - Ferrous Metals (-1.02%), and Steel (-1.02%); the top three rising industries were Building Materials (+4.54%), Communication (+1.27%), and Beauty and Personal Care (+0.66%) [5]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index closed at 459.42, down 0.04% for the day, up 2.71% in the past week, 6.08% in the past month, and 10.82% since the beginning of 2025. The Shanghai Composite Index closed at 3582.30, up 0.01% for the day, 2.21% in the past week, 6.62% in the past month, and 6.88% since the beginning of 2025. Different convertible bond and stock market indices showed various trends in daily, weekly, monthly, and year - to - date performance [9]. Market Fund Performance - The trading volume of the convertible bond market was 85.925 billion yuan, a 6.46% increase from the previous day, while the total trading volume of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease from the previous day. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan, and the yield of the 10 - year Treasury bond increased by 1.34bp to 1.70% [3]. Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 126.48 yuan, down 0.04% from the previous day. The proportion of high - price bonds (above 130 yuan) decreased by 1.71 percentage points to 41.97%, and the proportion of bonds in the 110 - 120 yuan range increased by 1.5 percentage points to 20.99%. The median price was 127.89 yuan, down 0.59% from the previous day [4]. - The 100 - yuan par - value fitted conversion premium rate was 27.32%, down 0.36 percentage points from the previous day. The overall weighted par value was 96.85 yuan, up 0.51% from the previous day. The premium rates of different types of convertible bonds (equity - biased, debt - biased, and balanced) showed different trends [4]. Industry Performance - In the stock market, 23 industries declined, and in the convertible bond market, 16 industries declined. In terms of different sectors, the closing price of the large - cycle sector increased by 0.08%, the manufacturing sector decreased by 0.41%, the technology sector decreased by 0.07%, the large - consumption sector increased by 0.09%, and the large - finance sector increased by 0.12%. The conversion premium rates, conversion values, and pure - debt premium rates of different sectors also showed different trends [5]. Industry Rotation - Non - Banking Finance, Beauty and Personal Care, and Household Appliances led the rise. Different industries had different daily, weekly, monthly, and year - to - date price changes, as well as different valuation quantiles such as PE (TTM), PB (LF), and their 3 - year and 10 - year quantiles [54].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Overseas, the trade agreement between the US and Japan and the positive negotiations with the EU boosted investor confidence, leading to a collective rise in the three major US stock indices. Domestically, the strong upward movement of the financial sector provided strong support for the index, but overall market sentiment tended to be cautious, with signs of profit - taking in previously strongly rebounding sectors. It is expected that the cautious market sentiment will continue today. Although the view of strategically bullish on stock indices in the medium - to - long term is maintained, short - term operations need to be cautious [1][2][3] 3) Summary by Relevant Catalogs Market Analysis - **International Trade**: The US and Japan reached a trade agreement. The "reciprocal tariff" rate imposed by the US on Japan will be reduced from 25% to 15%. Japan will increase the import of US rice under the "minimum access system" and commit to investing $550 billion in the US. Japan will purchase $8 billion worth of US goods. The EU and the US are moving towards an agreement that will set a 15% tariff rate for most products. China and the US will hold economic and trade talks in Sweden from July 27th to 30th [1] - **Stock Market**: In the domestic spot market, the three major A - share indices rose and then fell. The Shanghai Composite Index rose 0.01% to close at 3582.30 points, and the ChiNext Index fell 0.01%. Sector indices mostly declined, with non - bank finance, beauty care, and household appliances leading the gains, while building materials, national defense and military industry, machinery, and power equipment sectors leading the losses. The trading volume in the Shanghai and Shenzhen stock markets remained at 1.9 trillion yuan. In the overseas market, the three major US stock indices all closed higher, with the Dow Jones Industrial Average rising 1.14% to close at 45010.29 points [2] - **Futures Market**: In the futures market, the basis of stock index futures showed differentiation, with only the IM discount continuing to repair. In terms of trading volume and open interest, both the trading volume and open interest of stock index futures increased [2] Strategy - Overseas events boosted investor confidence, while domestic market sentiment was cautious. Although the medium - to - long - term view is bullish on stock indices, short - term operations should be cautious [3] Chart Summary - **Macroeconomic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [7][8][10] - **Spot Market Tracking Charts**: The table shows the daily performance of major domestic stock indices on July 23, 2025, and July 22, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. There are also charts of the trading volume in the Shanghai and Shenzhen stock markets and margin trading balances [13][14] - **Stock Index Futures Tracking Charts**: Tables show the trading volume and open interest of stock index futures (IF, IH, IC, IM), the basis of stock index futures (including different contract periods), and the inter - period spreads of stock index futures. There are also corresponding charts for each item [18][40][50]