财达期货｜股指期货周报 财达期货｜股指期货周报 2025-12-8 姓名：李津文 从业资格号： F0244287 Z0012495 震荡整理，韧性显现 研究员 行情回顾: 上周四个股指期货品种走势以窄幅震荡向上为主，其中沪深 300 和中证 500 的涨幅相对较大。四个股指期货品种基差收敛，全 部主力合约合约仍保持期货贴水模式。期指主力合约期货-现货基 差，IH 收于-10.14，IF 收于-4.61，IC 收于-14.64，IM 收于-22.69。 投资咨询号： 上周 A 股市场整体呈现窄幅震荡走势，但热点题材较相对表现 突出。有色金属期货价格和股价同创新高，这种大盘行业和个股的 表现值得重视。周五国产芯片公司上市首日涨幅较大，带动了通信 算力板块一度大涨。但上市新股的高估值，后续可能会对算力板块 产生一定负面影响。而从较长一段时间来算力板块的走势看，其表 现总体稳定，对整体大盘指数可能并不会有过多影响。另外，周五 的盘面热点多线并举，如通信算力、商业航天、有色金属、保险券 商以及新能源，在市场整体量能增加有限情况下，资金在多个板块 表现出积极进攻态度，并且其他板块并未因此出现明显的弱势，这 是难能可贵之处 ...

Group 1 - The article discusses the importance of promoting the healthy and high-quality development of the private economy in China, as highlighted in a key article published in "Qiushi" magazine [1] - The Chinese government is exploring policies to encourage state-owned enterprises and social capital to participate in the development of the marine economy [1] - The People's Bank of China plans to focus on supply-side financial policies to create effective demand [1] Group 2 - In July, China's total retail sales of consumer goods reached 38,780 billion yuan, showing a year-on-year growth of 3.7% [1] - The average selling price of newly built commercial residential properties in first-tier cities decreased by 0.2% month-on-month in July, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - The sales volume of automobile cranes in July was 1,358 units, representing a year-on-year increase of 9.6% [1] Group 3 - The A-share market has shown strong performance, with the Shanghai Composite Index touching 3,700 points, indicating a significant increase in market activity [2] - The margin trading balance has exceeded 2 trillion yuan for the first time in ten years, reflecting increased investor enthusiasm [2] - Various funds, including equity funds, insurance funds, and social security funds, are continuously flowing into the market, providing strong support for market growth [2] Group 4 - Key factors to monitor for the market's ability to break through the 3,700-point level include the sustainability of trading volume and the dynamic changes in fiscal and monetary policies [3] - Continuous high trading volume is necessary to absorb the pressure from the dense transaction area above 3,700 points [3] - The article emphasizes the need to pay attention to ongoing support policies for the capital market and key industries, as these will directly impact market confidence and capital flow [3] Group 5 - Investment strategies should focus on sectors closely related to bull markets, such as brokerage, insurance, and military industries [4] - Growth sectors with potential for catch-up, including consumer electronics, AI applications, robotics, innovative pharmaceuticals, and communication computing power, are highlighted [4] - Sectors related to reducing competition, such as photovoltaics, chemicals, and certain electrical equipment, are also recommended for investment [4]