重点关注 股指期货全景日报 2025/8/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2509） | 4474.6 | +100.2↑ IF次主力合约（2512） | 4457.4 | +104.0↑ | | | IH主力合约（2509） | 2992.0 | +62.6↑ IH次主力合约（2512） | 2993.4 | +62.4↑ | | | IC主力合约（2509） | 6909.6 | +122.4↑ IC次主力合约（2512） | 6785.0 | +122.2↑ | | | IM主力合约（2509） | 7412.2 | +92.6↑ IM次主力合约（2512） | 7262.0 | +102.8↑ | | 期货盘面 | IF-IH当月合约价差 | 1482.6 | +30.6↑ IC-IF当月合约价差 | 2435.0 | +18.6↑ | | | IM-IC当月合约价差 | 502.6 | -35.6↓ IC-IH当月合约价差 | 3917.6 | + ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - A-share major indices collectively declined significantly, with the Shanghai Composite Index falling below 3,600 points. The trading volume in the Shanghai and Shenzhen stock markets increased notably. Most industry sectors dropped, with the steel, non-ferrous metals, and real estate sectors weakening substantially. [3] - In July, China's official manufacturing PMI declined from the previous month and has been in the contraction range for four consecutive months. Although the non-manufacturing PMI and composite PMI remained above the boom-bust line, they also decreased from the previous values. The decline in manufacturing sentiment negatively affected market sentiment. [3] - China and the US reached a 90-day tariff truce extension as scheduled. The Politburo meeting on July 30 did not announce more incremental policies, which was weaker than market expectations. [3] - The third trade negotiation provided more flexibility for the market, but the decline of China's three major PMI indices in July indicated that economic recovery still faced challenges. After the Politburo meeting, without unexpected policies, market bulls might take profit, and stock index futures were expected to enter a wide-range oscillation. It is recommended to wait and see. [3] 3. Summary by Relevant Catalogs Futures Contract Prices and Spreads - IF, IH, IC, and IM main and sub-main contracts all declined. For example, the IF main contract (2509) dropped to 4,057.0, down 73.2; the IH main contract (2509) fell to 2,777.0, down 40.6; the IC main contract (2509) decreased to 6,124.0, down 85.8; the IM main contract (2509) dropped to 6,538.0, down 58.2. [2] - There were changes in the spreads between different contracts. For instance, the IF - IH current month contract spread decreased to 1,293.0, down 32.6; the IC - IF current month contract spread dropped to 2,117.0, down 7.2. [2] Futures Position Holdings - The net positions of the top 20 in IF increased by 401.0 to -24,341.00, while those in IH decreased by 729.0 to -15,476.00, IC decreased by 1,765.0 to -12,414.00, and IM decreased by 56.0 to -37,444.00. [2] Spot Prices and Basis - The spot prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all declined. The basis of the IF main contract decreased to -18.6, down 3.8; the basis of the IH main contract increased to 1.0, up 0.4; the basis of the IC main contract decreased to -102.3, down 3.1; the basis of the IM main contract decreased to -123.2, down 8.9. [2] Market Sentiment - A-share trading volume reached 19,618.49 billion yuan, up 908.73 billion yuan. Margin trading balance increased by 21.07 billion yuan to 19,847.48 billion yuan. Northbound trading volume increased by 57.13 billion yuan to 2,391.44 billion yuan. [2] - The proportion of rising stocks decreased to 19.58%, down 12.04 percentage points. The Shibor increased to 1.392%, up 0.075 percentage points. [2] Industry News - The Politburo meeting decided to hold the Fourth Plenary Session of the 20th Central Committee, emphasizing the need to continue and strengthen macro - policies, release domestic demand potential, expand high - level opening - up, and resolve local government debt risks. [2] - China and the US held economic and trade talks in Stockholm, and agreed to extend the 24% reciprocal tariff suspension and China's counter - measures for 90 days. [2] - In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month; the non - manufacturing business activity index and composite PMI output index were 50.1% and 50.2% respectively, down 0.4 and 0.5 percentage points from the previous month, both remaining above the critical point. [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the second quarter of 2025, Central Huijin bought large - scale exchange - traded funds (ETFs), with the total purchase amount exceeding 200 billion yuan. The LPR remained unchanged in July. A - share major indices mostly declined, and the trading volume decreased slightly. The real estate market still drags down fixed - asset investment growth, and the support of trade - in programs for social retail sales has weakened. However, financial data shows that the loose monetary policy has achieved some results, which may be reflected in subsequent economic indicators. With the approaching of the Politburo meeting at the end of July, market bulls may make early arrangements. Central Huijin's ETF purchases also boost market confidence, and stock indices still have long - term upward potential. The strategy is to buy on dips with a light position [2] 3. Summary by Relevant Catalogs 3.1 Futures Prices and Spreads - IF main contract (2509) price is 4109.2, up 12.6; IH main contract (2509) price is 2802.8, up 13.4. IC main contract (2509) price is 6120.0, up 8.2; IM main contract (2509) price is 6500.0, up 4.2. Most spreads between different contracts decreased, while the differences between quarterly and current contracts of most varieties increased [2] 3.2 Futures Position - IF top 20 net positions are - 27,906.00, up 240.0; IH top 20 net positions are - 15,788.00, up 674.0; IC top 20 net positions are - 12,752.00, up 932.0; IM top 20 net positions are - 38,839.00, down 691.0 [2] 3.3 Spot Prices and Basis - The Shanghai - Shenzhen 300 index is 4119.77, up 0.8; the Shanghai 50 index is 2801.20, up 9.0; the CSI 500 index is 6196.76, down 16.7; the CSI 1000 index is 6607.22, down 29.9. The basis of most futures contracts has different changes [2] 3.4 Market Sentiment - A - share trading volume is 18,983.71 billion yuan, down 302.74 billion yuan; margin trading balance is 19,332.73 billion yuan, up 153.54 billion yuan. North - bound trading volume is 2414.97 billion yuan, up 328.02 billion yuan. The proportion of rising stocks is 23.44%, down 23.46 percentage points [2] 3.5 Wind Market Strength - Weakness Analysis - The overall A - share index is 3.40, down 2.30; the technical index is 2.30, down 2.30; the capital index is 4.50, down 2.30 [2] 3.6 Industry News - In the second quarter of 2025, Central Huijin bought large - scale ETFs. On July 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%, both unchanged from the previous month [2] 3.7 Key Events to Watch - July 24: France, Germany, Eurozone, UK July SPGI manufacturing PMI preliminary value; European Central Bank interest rate decision; US initial jobless claims for the week ending July 19 and July SPGI manufacturing PMI preliminary value. July 27: China's industrial enterprise profits above designated size in June [3]

Report Information - Report Title: Stock Index Futures Panoramic Daily Report 2025/7/22 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - Not provided Core Viewpoints - A total of 1,540 A-share listed companies disclosed their semi-annual performance forecasts for 2025 as of July 18, 2025, with 674 companies expecting good news, a pre - happy ratio of about 43.77% [2] - On July 21, the 1 - year and 5 - year - plus loan prime rates (LPR) remained unchanged from the previous month [2] - A - share major indices rose collectively, with the Shanghai Composite Index up 0.62%, the Shenzhen Component Index up 0.84%, and the ChiNext Index up 0.61%. The trading volume of the two markets increased for four consecutive trading days [2] - The real estate market still drags down fixed - asset investment growth, and the support of trade - in for social retail sales has weakened, but the loose monetary policy has shown results in financial data, which may be reflected in subsequent economic indicators [2] - As the Politburo meeting at the end of July approaches, market bulls may make early arrangements, and stock indices still have long - term upward potential. It is recommended to buy on dips with a light position [2] Summary by Relevant Catalogs Futures Contract Data - IF, IH, IC, and IM contracts' main and sub - main contracts all showed upward trends in price changes compared to the previous period [2] - The spreads between different contracts such as IC - IF, IF - IH, etc. also had corresponding changes, with some increasing and some decreasing [2] - The net positions of the top 20 in futures contracts mostly decreased, such as IH with a decrease of 1,666.0 and IF with a decrease of 518.0 [2] Basis and Market Sentiment Data - The basis of the main contracts of IF, IH, IC, and IM all increased compared to the previous period [2] - The margin trading balance increased by 1,338.16 billion yuan, and the A - share trading volume increased by 155.82 billion yuan [2] - The reverse repurchase operation volume increased by 140.75 billion yuan, and the north - bound trading volume increased by 2,148.0 [2] - The MLF net injection decreased by 465.57 billion yuan [2] Option and Volatility Data - The closing price of the IO at - the - money call option (2508) increased by 18.40, and its implied volatility increased by 0.26% [2] - The closing price of the IO at - the - money put option (2508) decreased by 19.20, and its implied volatility increased by 0.26% [2] - The 20 - day volatility of the CSI 300 index decreased by 0.42%, and the trading volume PCR increased by 1.67% [2] - The position PCR increased by 5.72% [2] Technical and Market Analysis Data - The Wind market strength of all A - shares decreased by 1.50, and the technical aspect decreased by 2.60 [2] - The capital aspect decreased by 0.30 [2] Key Events to Watch - On July 24, 15:15 - 16:30, the preliminary SPGI manufacturing PMI values for France, Germany, the Eurozone, and the UK in July will be released [3] - On July 24, 20:15, the European Central Bank will announce its interest rate decision [3] - On July 24, 20:30, the number of initial jobless claims in the US for the week ending July 19 will be released, and at 21:45, the preliminary SPGI manufacturing PMI value for the US in July will be released [3] - On July 27, 9:30, China's industrial enterprise profits above designated size for June will be released [3]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report - A-share major indexes rose collectively, with the Shanghai Composite Index up 0.72%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 0.87%. The trading volume in the Shanghai and Shenzhen stock markets rebounded significantly, and over 4,000 stocks rose. Industry sectors generally increased, with building materials, building decoration, and steel sectors strengthening significantly while bank stocks fell against the market [2]. - In the domestic economic fundamentals, the Q2 GDP grew 5.2% year-on-year, meeting market expectations. However, the growth rates of social retail sales and fixed - asset investment declined significantly, and the real estate market continued to decline. Exports improved due to the easing of Sino - US trade relations. In financial data, the year - on - year growth rates of M1 and M2 in June accelerated compared to May, with the M1 growth rate rising significantly and the M2 - M1 gap narrowing, indicating improved investment and consumption willingness of residents and enterprises [2]. - The LPR quotes in July remained unchanged. The Q2 GDP meeting expectations alleviated the urgency of LPR cuts. The profit performance of listed companies that have announced semi - annual performance forecasts is differentiated. Overall, the real estate market still drags down fixed - asset investment growth, and the support of the trade - in policy for social retail sales has weakened. However, the effectiveness of loose monetary policies has emerged, which may be reflected in subsequent economic indicators. As the Politburo meeting approaches at the end of July, market bulls may pre - arrange, and stock indexes still have long - term upward potential. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2509) was at 4064.8 (+29.6), IH (2509) at 2771.2 (+8.0), IC (2509) at 6055.6 (+62.4), and IM (2509) at 6463.2 (+59.4). The prices of secondary contracts also increased [2]. - **Contract Spreads**: The spreads between different contracts had various changes, such as the IF - IH spread up 17.8, the IC - IF spread up 32.0, etc. [2]. - **Quarter - to - Month Spreads**: The spreads between quarterly and monthly contracts of different varieties had different trends, with some rising and some falling [2]. 3.2 Futures Positions - The net positions of the top 20 in IF decreased by 130.0 to - 28,974.00, while those in IH increased by 1811.0 to - 15,786.00. The net positions of the top 20 in IC and IM also increased [2]. 3.3 Spot Prices - The spot prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all rose, and the basis of corresponding futures contracts changed, mostly decreasing [2]. 3.4 Market Sentiment - A - share trading volume was 17,271.35 billion yuan, up 1338.16 billion yuan. Margin trading balance decreased by 20.66 billion yuan to 19,023.36 billion yuan. Northbound trading volume increased by 99.31 billion yuan to 1946.21 billion yuan [2]. - The proportion of rising stocks was 73.92%, up 25.91 percentage points. Shibor was 1.366%, down 0.096 percentage points. The closing prices and implied volatilities of call and put options changed, and the 20 - day volatility of the CSI 300 index increased [2]. 3.5 Wind Market Strength and Weakness Analysis - All A - shares, technical, and capital indicators in the Wind analysis showed upward trends, with increases of 1.50, 2.60, and 0.50 respectively [2]. 3.6 Industry News - As of July 18, 1540 A - share listed companies announced 2025 semi - annual performance forecasts, with 674 pre - optimistic, a pre - optimistic ratio of about 43.77% [2]. - On July 21, the 1 - year and 5 - year - plus LPR remained unchanged at 3.0% and 3.5% respectively [2]. 3.7 Key Points of Attention - Key economic data and events to watch include the July SPGI manufacturing PMI preliminary values of France, Germany, the Eurozone, and the UK on July 24, the European Central Bank interest rate decision, US initial jobless claims, and the US July SPGI manufacturing PMI preliminary value, as well as China's June industrial enterprise profits on July 27 [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices showed mixed performance. The Shanghai Composite Index declined 0.42%, the Shenzhen Component Index rose 0.56%, and the ChiNext Index rose 1.73%. The trading volume of the Shanghai and Shenzhen stock markets rebounded. Most industry sectors fell, with the communication sector strengthening significantly and the coal, agriculture, forestry, animal husbandry, and fishery sectors leading the decline. [3] - Domestically, the Q2 GDP growth of 5.2% met market expectations, but the growth rates of social retail and fixed - asset investment declined significantly, the real estate market continued to decline, and imports and exports improved due to the easing of Sino - US trade relations. In terms of financial data, the year - on - year growth rates of M1 and M2 in June accelerated compared to May, and the M2 - M1 gap continued to narrow, indicating improved investment and consumption willingness. [3] - The profit situation of listed companies that have released semi - annual performance forecasts remains good. Overall, the real estate market still drags down fixed - asset investment growth, and the support of trade - in policies for social retail has weakened. However, loose monetary policies have shown effects, which may be reflected in subsequent economic indicators. [3] - With the release of mid - year performance forecasts and the approaching Politburo meeting at the end of July, the stock index has long - term upward potential, but the poor June economic data will put short - term pressure on the market, and the market may fluctuate around the 3500 mark. It is recommended to wait and see in the short term and buy on dips with a light position in the long term. [3] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF, IH, IC, and IM main and secondary contracts generally declined. For example, the IF main contract (2509) was at 3980.6, down 9.6; the IH main contract (2509) was at 2734.2, down 17.6. [2] - The spreads between different contracts showed various changes. For instance, the IF - IH current - month contract spread was 1269.4, up 12.2; the IM - IC current - month contract spread was 413.8, down 20.0. [2] - The differences between the current - quarter, next - quarter, and current - month contracts of each index futures also declined. For example, IF current - quarter - current - month was - 29.0, down 5.8. [2] 3.2 Futures Position - The net positions of the top 20 in IF, IH, and IM decreased, while that of IC increased. For example, the IF top 20 net position was - 27,757.00, down 1858.0; the IC top 20 net position was - 10,097.00, up 393.0. [2] 3.3 Spot Price - The spot prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 showed different trends. The CSI 300 rose 1.4 to 4019.06, while the SSE 50 fell 10.6 to 2747.23. [2] - The basis of each index futures contract decreased. For example, the IF main contract basis was - 38.5, down 6.6. [2] 3.4 Market Sentiment - A - share trading volume increased to 16,350.05 billion yuan, up 1540.82 billion yuan; the margin trading balance increased to 18,853.90 billion yuan, up 95.95 billion yuan. [2] - Northbound trading volume decreased to 1912.03 billion yuan, down 543.01 billion yuan; the reverse repurchase operation volume increased by 3425.0 billion yuan. [2] - The proportion of rising stocks decreased to 24.59%, down 34.10 percentage points; the Shibor increased to 1.535%, up 0.120 percentage points. [2] 3.5 Industry News - In June, China's exports (in RMB) increased 7.2% year - on - year, imports increased 2.3% year - on - year, and the trade surplus was 8259.7 billion yuan. In the first half of the year, exports increased 7.2% year - on - year, imports decreased 2.7% year - on - year, and the trade surplus was 42125.1 billion yuan. [2] - In the first half of 2025, the cumulative increase in social financing scale was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year. At the end of June, the stock of social financing scale was 430.22 trillion yuan, a year - on - year increase of 8.9%. [2] - In the first half of the year, GDP was 660536 billion yuan, a year - on - year increase of 5.3% at constant prices. Q1 GDP increased 5.4% year - on - year, Q2 increased 5.2% year - on - year, and Q2 increased 1.1% quarter - on - quarter. [2] - In June, social consumer goods retail sales were 42287 billion yuan, a year - on - year increase of 4.8%. From January to June, social consumer goods retail sales were 245458 billion yuan, a year - on - year increase of 5.0%. [2] - In June, the added value of industrial enterprises above the designated size increased 6.8% year - on - year and 0.50% month - on - month. From January to June, it increased 6.4% year - on - year. [2] - In the first half of 2025, national fixed - asset investment (excluding rural households) was 248654 billion yuan, a year - on - year increase of 2.8%. After deducting price factors, it increased 5.3% year - on - year, and in June, it decreased 0.12% month - on - month. [2] - From January to June, national real estate development investment was 46658 billion yuan, a year - on - year decrease of 11.2%. New commercial housing sales area was 45851 million square meters, a year - on - year decrease of 3.5%; new commercial housing sales were 44241 billion yuan, a decrease of 5.5%. [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Although the US has restarted the tariff war, the market has become somewhat desensitized after previous fluctuations in trade relations. With the release of listed companies' semi - annual performance forecasts, the market is optimistic about their H1 earnings. A series of pro - growth policies are taking effect, and the market has strong expectations for positive Q2 economic data. The fundamental recovery supports the stock market, and with the approaching July Politburo meeting, market bulls may pre - position, driving the stock market up. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs Futures Disk - **Contract Prices**: IF main contract (2509) at 3972.0, up 15.0; IH main contract (2509) at 2740.4, up 13.4; IC main contract (2509) at 5854.2, up 24.2; IM main contract (2509) at 6231.6, up 11.8. IF sub - main contract (2507) at 3997.2, up 15.4; IH sub - main contract (2507) at 2745.4, up 14.0; IC sub - main contract (2507) at 5958.8, up 21.6; IM sub - main contract (2507) at 6375.2, up 10.2 [2]. - **Contract Spreads**: IF - IH current - month contract spread at 1251.8, up 4.6; IC - IF current - month contract spread at 1961.6, up 8.6; IM - IC current - month contract spread at 416.4, down 12.4; IC - IH current - month contract spread at 3213.4, up 13.2; IM - IF current - month contract spread at 2378.0, down 3.8; IM - IH current - month contract spread at 3629.8, up 0.8 [2]. - **Quarter - to - Month Spreads**: IF current - quarter to current - month at - 25.2, down 1.0; IF next - quarter to current - month at - 55.6, up 1.4; IH current - quarter to current - month at - 5.0, up 0.8; IH next - quarter to current - month at - 4, up 0.6; IC current - quarter to current - month at - 104.6, up 2.0; IC next - quarter to current - month at - 227.6, up 2.4; IM current - quarter to current - month at - 143.6, up 1.2; IM next - quarter to current - month at - 328.8, up 2.4 [2]. Futures Positions - IF top 20 net positions at - 29,557.00, down 216.0; IH top 20 net positions at - 14,304.00, up 275.0; IC top 20 net positions at - 10,512.00, down 601.0; IM top 20 net positions at - 36,476.00, up 278.0 [2]. Spot Prices - CSI 300 at 4010.02, up 18.6; SSE 50 at 2756.93, up 17.0; CSI 500 at 5983.05, up 29.6; CSI 1000 at 6406.57, up 16.1. IF main contract basis at - 38.0, up 0.6; IH main contract basis at - 16.5, down 0.6; IC main contract basis at - 128.9, up 1.2; IM main contract basis at - 175.0, up 1.5 [2]. Market Sentiment - A - share trading volume at 15,150.68 billion yuan, down 123.53 billion yuan; margin trading balance at 18,687.97 billion yuan, up 38.65 billion yuan; north - bound trading volume at 1818.91 billion yuan, up 142.25 billion yuan; reverse repurchase (maturity, operation) at - 572.0 billion yuan, up 900.0 billion yuan; main funds at - 449.96 billion yuan (yesterday) and - 192.38 billion yuan (today) [2]. - Rising stock ratio at 54.37%, up 20.10%; Shibor at 1.316%, up 0.003%; IO at - the - money call option closing price (2507) at 29.00, up 5.00; IO at - the - money call option implied volatility at 11.69%, down 0.23%; IO at - the - money put option closing price (2507) at 29.60, down 12.40; IO at - the - money put option implied volatility at 11.69%, down 0.23%; CSI 300 index 20 - day volatility at 9.25%, up 0.05%; trading volume PCR at 51.64%, down 1.13%; open interest PCR at 73.00%, up 1.18% [2]. Wind Market Strength - Weakness Analysis - All A - shares at 6.00, up 2.00; technical aspect at 5.40, up 2.00; capital aspect at 6.50, up 1.90 [2]. Industry News - Trump announced on social media that tariffs would start on August 1, 2025, and he plans to impose tariffs on specific industries like pharmaceuticals, semiconductors, and metals, with a 50% tariff on copper and up to 200% on pharmaceuticals. He also mentioned a 10% tariff on each BRICS member country [2]. - US Commerce Secretary Howard Lutnick said the US delegation will meet with Chinese officials next month to discuss trade issues, with members including the Treasury Secretary and the US Trade Representative [2]. - China's June CPI rose 0.1% year - on - year (previous value down 0.1%), down 0.1% month - on - month (previous value down 0.2%); PPI fell 3.6% year - on - year (previous value down 3.3%), down 0.4% month - on - month (previous value down 0.4%) [2]. Key Events to Watch - St. Louis Fed President Sam Lem to speak on July 10 at 21:00; Fed Governor Waller to speak on July 11 at 1:15; China's June financial data release time is pending [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2509） | 3958.6 | +39.2↑ IF次主力合约（2507） | 3982.4 | +36.0↑ | | | IH主力合约（2509） | 2727.8 | +18.8↑ IH次主力合约（2507） | 2733.0 | +18.2↑ | | | IC主力合约（2509） | 5858.0 | +106.6↑ IC次主力合约（2507） | 5958.0 | +95.2↑ | | | IM主力合约（2509） | 6235.8 | +123.0↑ IM次主力合约（2507） | 6379.8 | +110.6↑ | | | IF-IH当月合约价差 | 1249.4 | +18.0↑ IC-IF当月合约价差 | 1975.6 | +61.4↑ | | 期货盘面 | IM-IC当月合约价差 | 421.8 | +13.8↑ IC-IH当月合约价差 | 3225.0 | +79.4↑ | | | IM-IF当月合约价差 | ...

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Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoint - The June PMI shows that the domestic prosperity level remains in an expansion state, which is beneficial to the stock market. The State Council Executive Meeting emphasizes strengthening the main position of enterprise technological innovation, which is expected to bring more benefits to growth - style technology stocks. The recent weakening of the US dollar index has also relieved the pressure on the RMB exchange rate. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs Futures Disk - **Contract Prices**: IF (2509) is 3894.2 (+4.8), IH (2509) is 2696.8 (+4.2), IC (2509) is 5756.6 (-14.0), IM (2509) is 6117.0 (-17.0). IF (2507) is 3921.0 (+6.0), IH (2507) is 2703.0 (+4.6), IC (2507) is 5856.6 (-15.4), IM (2507) is 6262.2 (-24.8) [2]. - **Contract Spreads**: IF - IH spread is 1218.0 (+2.4), IC - IF spread is 1935.6 (-20.8), etc. [2]. - **Season - to - Current Month Spreads**: IF when - season to current month is - 26.8 (-1.2), IH is - 6.2 (0.0), IC is - 100.0 (+3.4), IM is - 145.2 (+8.2) [2]. Futures Position - IF top 20 net position is - 30,725.00 (+104.0), IH is - 11,962.00 (-155.0), IC is - 10,395.00 (+7.0), IM is - 34,573.00 (-258.0) [2]. Spot Price - CSI 300 is 3943.68 (+0.9), SSE 50 is 2722.55 (+4.8), CSI 500 is 5892.95 (-41.7), CSI 1000 is 6309.48 (-64.3) [2]. Market Sentiment - A - share trading volume is 14,051.09 billion yuan (-914.22 billion), margin trading balance is 18,545.63 billion yuan. North - bound trading volume is 1318.02 billion yuan (-260.71 billion) [2]. - The proportion of rising stocks is 35.87% (-12.64%), Shibor is 1.365% (-0.002) [2]. Wind Market Strength - Weakness Analysis - All A - shares score is 4.00 (-1.60), technical aspect is 3.60 (-1.20), capital aspect is 4.40 (-1.90) [2]. Industry News - China's June official manufacturing PMI is 49.7, up 0.2 points from last month; non - manufacturing PMI is 50.5%, up 0.2 points; comprehensive PMI is 50.7%, up 0.3 points [2]. - A - share major indices generally declined. The Shanghai Composite Index fluctuated narrowly, while the Shenzhen Component Index and ChiNext Index weakened. The Shanghai Composite Index fell 0.09%, the Shenzhen Component Index fell 0.61%, and the ChiNext Index fell 1.13% [2]. Key Data to Focus On - On July 2, at 19:30, focus on US June Challenger job - cuts; at 20:15, focus on US June ADP employment [3]. - On July 3, at 20:30, focus on US June non - farm payrolls, unemployment rate, and labor participation rate [3].