Group 1: Market Data and Central Bank Operations - DROO1 closed at 1.47 with a 2.26 bp increase, DR007 at 1.55 with a 3.08 bp increase, GC001 at 1.70 with a 46.50 bp increase, and GC007 at 1.60 with a 10.50 bp increase. SHBOR 3M was at 1.55 with a 0.10 bp increase, LPR 5 - year at 3.50 with no change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.39 (0.44 bp increase), 1.63 (-0.56 bp decrease), and 1.77 (-1.82 bp decrease) respectively, while 10 - year US treasury bonds were at 4.34 with a 1.00 bp increase [4] - The central bank conducted 580.3 billion yuan of 7 - day reverse repurchase operations, with 114.6 billion yuan of reverse repurchases maturing, resulting in a net injection of 465.7 billion yuan [4] - The central bank released its Q2 2025 monetary policy report. Overseas, US tariff policies increase global economic recovery uncertainty and some economies have sticky inflation. Domestically, with measures to regulate low - price competition and boost consumption, the central bank believes there are more positive factors for a moderate recovery in price levels and expects an improvement. Monetary policy continues the tone of the Politburo meeting at the end of July, emphasizing the implementation of a moderately loose monetary policy [4] Group 2: Stock Index Performance - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 4223 (-0.38%), 2812 (-0.93%), 6655.3 (-0.19%), and 7242.8 (0.07%) respectively. The trading volume of the Shanghai and Shenzhen stock markets was 2.5884 trillion yuan, a decrease of 175.8 billion yuan from the previous day. Industry sectors showed more gains than losses, with sectors like automobile services, brewing, real - estate services leading the gains, and insurance, electronic chemicals, shipbuilding, and securities leading the losses [5] - Yesterday, stock indices rose first and then fell. Currently, the valuation still provides support. Taking the CSI 300 as an example, although the current P/E ratio has risen to 15.9 (at the 83% historical percentile), the equity risk premium (ERP) remains at a relatively high historical level (about the 68% percentile). This means that from the perspective of the relative cost - effectiveness of stock - bond investment, stocks can still provide higher potential return compensation compared to risk - free assets. With the liquidity support from Huijin, valuation factors are expected to continue to play a supporting role. At the macro level, attention should be paid to the Fed's September interest - rate cut expectation and its potential impact on domestic interest - rate cut space [6] Group 3: Futures Contract Data - For IF, the current - month, next - month, current - quarter, and next - quarter contracts had an annualized premium rate of 2.00%, 1.75%, 1.75%, and 1.84% respectively; for IH, -1.25%, -0.70%, -0.66%, and -0.52% respectively; for IC, 9.79%, 9.18%, 8.65%, and 8.12% respectively; for IM, 10.64%, 9.93%, 9.39%, and 9.26% respectively [7] - The trading volume and open interest of IF, IH, IC, and IM contracts all decreased. IF trading volume decreased by 27.3 to 109,269, and open interest decreased by 5.6 to 258,257; IH trading volume decreased by 15.8 to 62,436, and open interest decreased by 3.3 to 103,724; IC trading volume decreased by 22.3 to 102,352, and open interest decreased by 2.3 to 220,750; IM trading volume decreased by 19.4 to 236,188, and open interest decreased by 4.0 to 376,950 [5]

新浪期货 根据交易所数据，截至7月28日收盘主力合约上证50指数期货2509,涨跌+0.36%,成交量2.89万手，持仓数据显示前20席位 呈现净空，差额头寸为11944手。 文章来源:新浪期货 | | | | | 2025年7月28日上证50指数期货主力合约2509持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | | 会员 持买单 | 增减 | 会员 | 持卖单 | 增减 | | ਹ | 中信期货 | 9,400 | 49 | 国泰君安 | 6,918 | -60 | 中信期货 | 14,216 | 1,008 | | 2 | 国泰君安 | 8,996 | -650 | 中信期货 | 6,225 | 210 | 广发期货 | 11,152 | -1.052 | | 3 | 海通期货 | 3,814 | 20 | 海通期货 | 3,231 | -115 | 国泰君安 | 6,123 | -318 | | ব | 国信期货 | 2,923 | 57 ...

新浪期货 根据交易所数据，截至6月20日收盘主力合约上证50指数期货2509,涨跌+0.70%,成交量2.17万手，持仓数据显示前20席位 呈现净空，差额头寸为8388手。 上证50指数期货期货全合约总计成交5.45万手，比上一日减少2399手。全合约前20席位多头持仓4.75万手，比上一日减少3671手。 全合约前20席位空头持仓5.81万手，比上一日减少3268手。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：小浪快报 文章来源:新浪期货 | | | | | 2025年6月20日上证50指数期货主力合约2509持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | | 会员 持买单 | 增减 | 会员 | 持卖单 | 增减 | | J | 中信期货 | 6,443 | 941 | 国泰君安 | 4.475 | -230 | 中信期货 | 6,656 | 491 | | 2 | 国泰君安 | 5,587 | -109 | 中信期货 | 3,57 ...

Report Summary 1. Report Information - Report Title: "大类资产早报" - Release Date: June 17, 2025 - Author: Research Center Macro Team [2] 2. Global Asset Market Performance 2.1 Major Economies' 10 - Year Treasury Yields - On June 16, 2025, yields varied across countries, e.g., the US was 4.448%, the UK was 4.532%, and China was 1.644%. - Changes in yields differed in the latest, one - week, one - month, and one - year periods. For example, the US had a latest change of 0.047%, a one - week change of - 0.028%, a one - month change of - 0.032%, and a one - year change of 0.172%. [3] 2.2 Major Economies' 2 - Year Treasury Yields - As of June 16, 2025, the US was 3.900%, the UK was 3.901%, and Germany was 1.838%. - Yield changes also varied over different time frames. For instance, the US had a latest change of - 0.040%, a one - week change of - 0.020%, a one - month change of - 0.060%, and a one - year change of - 0.920%. [3] 2.3 Dollar Exchange Rates against Major Emerging Economies' Currencies - On June 16, 2025, exchange rates and their changes were presented. For example, the dollar - to - Brazilian real rate was 5.493 with a latest change of - 0.92%. - Changes over one - week, one - month, and one - year periods were also provided. The dollar - to - Brazilian real had a one - week change of - 1.19%, a one - month change of - 3.05%, and a one - year change of 3.66%. [3] 2.4 Stock Indexes and Credit Bond Indexes - Stock indexes of major economies and emerging economies showed different performances. For example, the S&P 500 had a one - week change of 0.04%, a one - month change of - 3.29%, and a one - year change not given. - Credit bond indexes also had their respective changes. For example, the US investment - grade credit bond index had a latest change of - 0.15%, a one - week change of 0.31%, a one - month change of 0.86%, and a one - year change of 4.61%. [3] 3. Stock Index Futures Trading Data 3.1 Index Performance - A - shares closed at 3388.73 with a 0.35% increase, the CSI 300 closed at 3873.80 with a 0.25% increase, etc. [4] 3.2 Valuation - PE (TTM) values were provided for different indexes, such as 12.78 for the CSI 300, 10.91 for the SSE 50, etc., along with their环比 changes. [4] 3.3 Risk Premium - Risk premium data and their环比 changes were presented for some indexes, e.g., the S&P 500 had a risk premium of - 0.55 with a环比 change of - 0.09. [4] 3.4 Fund Flows - Latest values and 5 - day average values of fund flows were given for different markets, such as 122.23 for A - shares and - 595.70 for the 5 - day average. [4] 3.5 Trading Volume - Latest trading volumes and their环比 changes were provided for different markets, e.g., 12150.76 for the Shanghai and Shenzhen stock markets with a环比 change of - 2521.21. [4] 3.6 Basis and Spread - Basis and spread data were given for stock index futures, such as - 4.00 for the IF basis with a - 0.10% spread. [4] 4. Treasury Bond Futures Trading Data - Closing prices and price changes of treasury bond futures (T00, TF00, T01, TF01) were presented, all with 0.00% changes on the given day. - Money market fund rates (R001, R007, SHIBOR - 3M) and their daily changes were also provided, e.g., R001 was 1.4450% with a - 13.00 BP change. [5]

主力合约前20席位中，多头增仓前三名分别是：光大期货、持仓1622、增仓85，华泰期货、持仓1104、增仓85，银河期货、持仓 1020、增仓81；多头减仓前三名分别是：中泰期货、持仓710、减仓-1945，国泰君安、持仓5025、减仓-1164，国投期货、持仓 543、减仓-727； 新浪期货 根据交易所数据，截至6月17日收盘主力合约上证50指数期货2506,涨跌+0.10%,成交量2.83万手，持仓数据显示前20席位 呈现净空，差额头寸为2819手。 上证50指数期货期货全合约总计成交5.07万手，比上一日新增2873手。全合约前20席位多头持仓5.57万手，比上一日减少14手。全 合约前20席位空头持仓6.78万手，比上一日增加269手。 根据合并数据显示，多头前三席位为国泰君安，总持仓10382、中信期货，总持仓8336、海通期货，总持仓3360；空头前三席位为 国泰君安，总持仓12161、中信期货，总持仓11838、广发期货，总持仓8215； 主力合约前20席位中，空头增仓前一名分别是：申银万国、持仓295、增仓116；空头减仓前三名分别是：中金期货、持仓1679、 减仓-989，海通期货、持仓1 ...

Summary of Key Points Core Viewpoint - The Shanghai Stock Exchange 50 Index futures contract closed at 2506 on June 6, 2025, with a slight decrease of 0.09%. The trading volume was 24,000 contracts, and the top 20 positions showed a net short position with a difference of 5,381 contracts [1]. Trading Volume and Positions - Total trading volume for all contracts was 34,900 contracts, a decrease of 3,198 contracts from the previous day [1]. - The top 20 positions had a total long position of 49,400 contracts, down by 2,681 contracts, and a total short position of 61,100 contracts, down by 2,835 contracts [1]. Major Players in Long and Short Positions - The top three long positions were held by Guotai Junan with 8,066 contracts, CITIC Futures with 7,040 contracts, and Dongzheng Futures with 3,716 contracts [1]. - The top three short positions were held by Guotai Junan with 9,729 contracts, CITIC Futures with 9,393 contracts, and GF Futures with 8,182 contracts [1]. Changes in Long Positions - The top three increases in long positions were from Everbright Futures with 1,163 contracts (up by 251), Guotai Junan with 5,911 contracts (down by 1,357), and GF Futures with 1,544 contracts (up by 115) [1][3]. - The top three decreases in long positions were from Guotai Junan, CITIC Futures, and Guoxin Futures [1]. Changes in Short Positions - The top three increases in short positions were from Haitong Futures with 3,435 contracts (up by 295), Huawen Futures with 467 contracts (up by 204), and Guotai Junan with 7,322 contracts (down by 1,309) [1][3]. - The top three decreases in short positions were from Guotai Junan, GF Futures, and Guoxin Futures [1].

新浪期货 根据交易所数据，截至6月04日收盘主力合约上证50指数期货2506,涨跌+0.16%,成交量2.23万手，持仓数据显示前20席位 呈现净空，差额头寸为5728手。 上证50指数期货期货全合约总计成交3.19万手，比上一日减少8162手。全合约前20席位多头持仓5.04万手，比上一日减少3098手。 全合约前20席位空头持仓6.23万手，比上一日减少2549手。 (*文中全合约指交易所公布持仓成交数据的所有合约) 来源：新浪期货 主力合约前20席位中，空头增仓前三名分别是：广发期货、持仓6242、增仓659，海通期货、持仓3178、增仓552，中金期货、持 仓2224、增仓283；空头减仓前三名分别是：国泰君安、持仓7861、减仓-1391，中信期货、持仓5365、减仓-792，国信期货、持 仓944、减仓-476。 文章来源:新浪期货 2025年6月4日上证50指数期货主力合约2506持仓数据 | | 名次 会员名称 成交量(双边) | | 増減 | | 会员 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | ...

Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2506, with a slight decrease of 0.33% as of May 30, 2025, and a total trading volume of 49,400 contracts, which is a decrease of 2,353 contracts from the previous day [1][3]. Group 1: Market Position - The top 20 positions show a net short position with a difference of 4,688 contracts [1]. - The total long positions in the top 20 decreased to 51,900 contracts, down by 5,406 contracts from the previous day [1][4]. - The total short positions in the top 20 also decreased to 62,500 contracts, down by 6,570 contracts [1][4]. Group 2: Major Players - The top three long positions are held by Guotai Junan with 8,643 contracts, CITIC Futures with 7,684 contracts, and Dongzheng Futures with 4,306 contracts [1][3]. - The top three short positions are held by Guotai Junan with 10,526 contracts, CITIC Futures with 9,638 contracts, and GF Futures with 8,335 contracts [1][3]. Group 3: Position Changes - The top three long position increases are from Guoxin Futures with an increase of 147 contracts, Zheshang Futures with an increase of 132 contracts, and Galaxy Futures with an increase of 121 contracts [1]. - The top three long position decreases are from Guotai Junan with a decrease of 1,781 contracts, CITIC Futures with a decrease of 1,679 contracts, and Huatai Futures with a decrease of 421 contracts [1]. - The top three short position increases are from GF Futures with an increase of 314 contracts, Huawen Futures with an increase of 200 contracts, and Guotou Futures with an increase of 196 contracts [1].

新浪期货 根据交易所数据，截至5月27日收盘主力合约上证50指数期货2506,涨跌-0.51%,成交量2.82万手，持仓数据显示前20席位 呈现净空，差额头寸为4772手。 主力合约前20席位中，多头增仓前三名分别是：国泰君安、持仓7612、增仓817，中信期货、持仓6754、增仓292，国投期货、持 仓1462、增仓89；多头减仓前三名分别是：华泰期货、持仓1244、减仓-222，东证期货、持仓2843、减仓-185，中金财富、持仓 927、减仓-123； 主力合约前20席位中，空头增仓前三名分别是：中信期货、持仓6332、增仓805，国泰君安、持仓9836、增仓350，中银期货、持 仓1746、增仓135；空头减仓前三名分别是：光大期货、持仓771、减仓-361，东证期货、持仓2210、减仓-308，广发期货、持仓 4753、减仓-135。 文章来源:新浪期货 | | | | | 2025年5月27日上证50指数期货主力合约2506持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员 ...

Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2506 on May 23, with a decrease of 0.82% and a trading volume of 39,500 contracts [1][2] - The total trading volume for all contracts reached 51,800 contracts, an increase of 14,400 contracts compared to the previous day [1][3] - The top 20 positions showed a net short position with a difference of 4,625 contracts [1] Long Position Summary - The top three long positions were held by Guotai Junan with a total holding of 10,093 contracts, CITIC Futures with 9,554 contracts, and Dongzheng Futures with 4,225 contracts [1][3] - The long positions increased by 5,856 contracts from the previous day [1] - The top long position increases were from Guotai Junan (1,731 contracts), CITIC Futures (739 contracts), and Haitong Futures (586 contracts) [1][3] Short Position Summary - The top three short positions were held by Guotai Junan with 12,752 contracts, CITIC Futures with 10,132 contracts, and GF Futures with 6,771 contracts [1][3] - The short positions increased by 5,713 contracts from the previous day [1] - The top short position increases were from Guotai Junan (983 contracts), CITIC Futures (866 contracts), and Haitong Futures (777 contracts) [1][3] Overall Position Data - The total long positions for the top 20 members amounted to 57,400 contracts, while the total short positions reached 67,200 contracts [1][4] - The overall trading volume for all contracts was 72,100 contracts, with a net change of 20,100 contracts [1][4]