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]

Core Viewpoint - As of August 12, the Shanghai Stock Exchange 50 Index futures main contract closed at 2509, with a change of +0.61%, and a trading volume of 36,500 contracts, indicating a net short position among the top 20 positions with a difference of 10,723 contracts [1][2]. Group 1: Trading Volume and Positions - The total trading volume for all contracts was 57,400 contracts, an increase of 8,277 contracts from the previous day [1]. - The top 20 positions showed a long position of 65,000 contracts, a decrease of 1,400 contracts from the previous day [1]. - The top 20 positions had a short position of 81,000 contracts, a decrease of 1,056 contracts from the previous day [1]. Group 2: Major Players - The top three long positions were held by Guotai Junan with a total holding of 12,328 contracts, CITIC Futures with 10,449 contracts, and Galaxy Futures with 4,033 contracts [1]. - The top three short positions were held by CITIC Futures with 18,378 contracts, Guotai Junan with 12,633 contracts, and GF Futures with 9,283 contracts [1]. - The top three long position increases were from Huawen Futures (+234 contracts), Yong'an Futures (+135 contracts), and Everbright Futures (+115 contracts) [1]. Group 3: Changes in Positions - The top three long position decreases were from Dongzheng Futures (-215 contracts), Huatai Futures (-207 contracts), and GF Futures (-144 contracts) [1]. - The top three short position increases were from Bank of China Futures (+302 contracts), Nanhua Futures (+168 contracts), and招商期货 (+160 contracts) [1]. - The top three short position decreases were from Huatai Futures (-309 contracts), Guotai Junan (-94 contracts), and Guoxin Futures (-147 contracts) [1].

Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2509 on July 28, with a slight increase of 0.36% and a trading volume of 28,900 contracts, indicating a net short position among the top 20 positions with a difference of 11,944 contracts [1][3]. Group 1: Trading Volume and Positions - The total trading volume for all contracts was 46,400 contracts, a decrease of 870 contracts from the previous day [1][4]. - Among the top 20 positions, long positions totaled 66,300 contracts, down by 861 contracts, while short positions totaled 82,900 contracts, down by 1,003 contracts [1][4]. Group 2: Major Players in Long and Short Positions - The top three long positions were held by CITIC Futures (11,226 contracts), Guotai Junan (11,062 contracts), and Haitong Futures (5,723 contracts) [1][4]. - The top three short positions were held by CITIC Futures (20,342 contracts), GF Futures (12,609 contracts), and Guotai Junan (11,504 contracts) [1][4]. Group 3: Changes in Long and Short Positions - The top three increases in long positions were from Guoxin Futures (1,840 contracts, +288), CITIC Futures (6,225 contracts, +210), and Everbright Futures (879 contracts, +104) [1][4]. - The top three decreases in long positions were from CITIC Jiantou (1,180 contracts, -181), Shenyin Wanguo (922 contracts, -115), and Haitong Futures (3,231 contracts, -115) [1][4]. - The top three increases in short positions were from CITIC Futures (14,216 contracts, +1,008), Guoxin Futures (1,787 contracts, +381), and Ping An Futures (505 contracts, +128) [1][4]. - The top three decreases in short positions were from GF Futures (11,152 contracts, -1,052), Guotai Junan (6,123 contracts, -318), and Haitong Futures (2,853 contracts, -271) [1][4].

Core Insights - The Shanghai Stock Exchange 50 Index futures closed at 2509 with a change of +0.48% as of July 23, 2025, with a trading volume of 42,400 contracts and a net short position of 11,860 contracts among the top 20 positions [1][3]. Group 1: Trading Volume and Positions - Total trading volume for all contracts reached 66,900 contracts, an increase of 7,078 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 70,900 contracts, a decrease of 2,069 contracts, while short positions totaled 87,100 contracts, a decrease of 1,676 contracts [1][4]. Group 2: Major Participants - The top three long positions were held by CITIC Futures (12,196 contracts), Guotai Junan (12,167 contracts), and Haitong Futures (7,229 contracts) [1][4]. - The top three short positions were held by CITIC Futures (21,225 contracts), GF Futures (14,317 contracts), and Guotai Junan (12,785 contracts) [1][4]. Group 3: Changes in Positions - The top three increases in long positions were from Guotai Futures (1,702 contracts, +158), CITIC Jiantou (1,365 contracts, +137), and Dongwu Futures (961 contracts, +110) [1]. - The top three decreases in long positions were from Guotai Junan (7,335 contracts, -632), Haitong Futures (3,416 contracts, -362), and CITIC Futures (7,024 contracts, -264) [1]. - The top three increases in short positions were from CITIC Futures (14,538 contracts, +501), Shenyin Wanguo (428 contracts, +264), and Everbright Futures (1,161 contracts, +122) [1]. - The top three decreases in short positions were from Guotai Junan (6,401 contracts, -825), GF Futures (12,914 contracts, -416), and Haitong Futures (3,019 contracts, -346) [1].

Summary of Key Points Core Viewpoint - The trading data for the Shanghai Stock Exchange 50 Index futures as of June 20 shows a slight increase in the main contract price, with a closing value of 2509, reflecting a change of +0.70%. The overall trading volume decreased compared to the previous day, indicating a shift in market sentiment towards net short positions among the top 20 participants [1][4]. Group 1: Trading Data - The total trading volume for all contracts was 54,500 contracts, a decrease of 2,399 contracts from the previous day [1]. - The top 20 long positions totaled 47,500 contracts, down by 3,671 contracts, while the top 20 short positions totaled 58,100 contracts, down by 3,268 contracts [1][4]. Group 2: Major Participants - The top three long positions were held by Guotai Junan with a total of 8,301 contracts, CITIC Futures with 6,996 contracts, and Zhongtai Futures with 3,162 contracts [1]. - The top three short positions were held by CITIC Futures with 9,964 contracts, Guotai Junan with 9,941 contracts, and GF Futures with 7,739 contracts [1]. Group 3: Position Changes - Among the top 20 long positions, the largest increases were seen in Dongzheng Futures (+648 contracts), CITIC Futures (+576 contracts), and Everbright Futures (+427 contracts) [1]. - The largest decreases in long positions were recorded by Guotai Junan (-230 contracts), GF Futures (-159 contracts), and Zheshang Futures (-81 contracts) [1]. - For short positions, the largest increases were in Guoxin Futures (+512 contracts), CITIC Futures (+491 contracts), and Haitong Futures (+394 contracts) [1].

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]

Core Insights - The main contract of the SSE 50 Index futures closed at 2506 with a slight increase of +0.10% as of June 17, 2025, with a trading volume of 28,300 contracts and a net short position among the top 20 positions of 2,819 contracts [1][3] Group 1: Trading Volume and Positions - Total trading volume for all contracts reached 50,700 contracts, an increase of 2,873 contracts from the previous day [1] - Among the top 20 positions, long positions totaled 55,700 contracts, a decrease of 14 contracts, while short positions totaled 67,800 contracts, an increase of 269 contracts [1][4] Group 2: Major Players - The top three long positions were held by Guotai Junan with 10,382 contracts, CITIC Futures with 8,336 contracts, and Haitong Futures with 3,360 contracts [1] - The top three short positions were also held by Guotai Junan with 12,161 contracts, CITIC Futures with 11,838 contracts, and GF Futures with 8,215 contracts [1][4] Group 3: Changes in Positions - The top three increases in long positions were from Everbright Futures with an increase of 85 contracts, Huatai Futures with an increase of 85 contracts, and Galaxy Futures with an increase of 81 contracts [1] - The top three decreases in long positions were from Zhongtai Futures with a decrease of 1,945 contracts, Guotai Junan with a decrease of 1,164 contracts, and Guotai Futures with a decrease of 727 contracts [1][4] Group 4: Overall Market Sentiment - The overall sentiment indicates a net short position among the top 20 players, suggesting a cautious outlook among traders in the SSE 50 Index futures market [1][3]

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].

Summary of Key Points Core Viewpoint - The trading data for the Shanghai Stock Exchange 50 Index futures as of June 4 indicates a slight increase in the main contract price, with a net short position among the top 20 positions, suggesting a bearish sentiment in the market [1][2]. Group 1: Trading Data - The main contract for the Shanghai Stock Exchange 50 Index futures closed at 2506, with a change of +0.16% and a total trading volume of 32,000 contracts, a decrease of 8,162 contracts from the previous day [1]. - The total open interest for all contracts was 49,084 contracts, down by 3,146 contracts compared to the previous day [4]. Group 2: Positioning Analysis - Among the top 20 positions, the long positions totaled 50,400 contracts, a decrease of 3,098 contracts, while the short positions totaled 62,300 contracts, a decrease of 2,549 contracts [1]. - The top three long positions were held by Guotai Junan (8,697 contracts), CITIC Futures (6,890 contracts), and Dongzheng Futures (4,030 contracts) [1]. - The top three short positions were held by Guotai Junan (10,147 contracts), GF Futures (9,355 contracts), and CITIC Futures (9,330 contracts) [1]. Group 3: Changes in Positions - The top three increases in long positions were from GF Futures (1,476 contracts, +278), Haitong Futures (2,186 contracts, +185), and Huawen Futures (635 contracts, +138) [1]. - The top three decreases in long positions were from Guotai Junan (6,719 contracts, -1,131), CITIC Futures (5,229 contracts, -1,040), and Guoxin Futures (1,451 contracts, -496) [1]. - The top three increases in short positions were from GF Futures (6,242 contracts, +659), Haitong Futures (3,178 contracts, +552), and Zhongjin Futures (2,224 contracts, +283) [1].

Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2506 with a slight increase of 0.05% as of June 3, 2025, with a total trading volume of 29,200 contracts, indicating a decrease in trading activity compared to the previous day [1][3]. Group 1: Market Positioning - The top 20 positions in the futures market show a net short position with a difference of 5,290 contracts [1]. - Total trading volume for all contracts was 40,100 contracts, which is a decrease of 9,296 contracts from the previous day [1][4]. - The long positions among the top 20 members increased to 53,600 contracts, up by 1,928 contracts, while short positions rose to 64,900 contracts, an increase of 2,637 contracts [1]. Group 2: Major Players - The top three long positions are held by Guotai Junan with a total of 10,085 contracts, CITIC Futures with 8,264 contracts, and Dongzheng Futures with 4,380 contracts [1][4]. - The top three short positions are also led by Guotai Junan with 11,768 contracts, followed by CITIC Futures with 10,437 contracts, and GF Futures with 8,252 contracts [1][4]. - Among the top 20 positions, Guotai Junan saw an increase in long positions by 1,048 contracts, while CITIC Futures increased by 411 contracts [1][3]. Group 3: Changes in Positions - The top three members with the largest increase in long positions are Guotai Junan (+1,048), CITIC Futures (+411), and Huatai Futures (+152) [1][3]. - The top three members with the largest decrease in long positions are Yong'an Futures (-386), GF Futures (-230), and Guoxin Futures (-182) [1][3]. - For short positions, the largest increases were seen in Guotai Junan (+956), CITIC Futures (+622), and Haitong Futures (+330) [1][3].