Core Viewpoint - The rapid development of China's options market has significantly enhanced its ability to serve the real economy, becoming a crucial pillar for capital market reform and risk management in a volatile global financial landscape [1][2]. Market Growth - The market scale has continuously expanded, with record high open interest of 13.48 million contracts on August 6, 2025, and a daily average open interest increase of 207% compared to 2022 [2]. - The number of listed options has accelerated, with 62 options currently available, covering major sectors such as energy, agriculture, and metals [7]. - Corporate participation has increased, with notable growth in open interest and trading activity among corporate clients in various sectors, indicating a rising acceptance of options as flexible risk management tools [2][6]. Historical Development - The options market in China has evolved from its inception in 2015, with significant milestones including the launch of the first financial ETF options and commodity options, paving the way for a comprehensive derivatives market [4][5]. - The period from 2015 to 2018 was characterized by the expansion of pilot programs and regulatory frameworks, establishing a solid foundation for market growth [4]. - Since 2019, the market has entered a phase of accelerated growth, with the introduction of various commodity options and the expansion of index options [5]. Performance Metrics - In the first half of 2025, the average daily trading volume of financial futures options reached 284.78 billion yuan, reflecting a sustained increase in market activity [3]. - The average daily trading volume for the soybean meal options was 148,100 contracts, with a year-on-year increase of 29.72%, while gold options saw a staggering 173.54% increase in average daily trading volume [3]. Future Outlook - The options market is expected to continue expanding, with projections indicating that the total trading volume could exceed 1 trillion yuan in 2025, supported by economic recovery and foreign capital inflow [9]. - Product innovation is anticipated to accelerate, with exchanges expected to introduce more options products to achieve full industry chain coverage [9]. - The integration of options with insurance products is expected to empower more small and medium-sized enterprises, enhancing their risk management capabilities [9].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Fed cut interest rates by 25 basis points, and the A - share major indices closed generally lower. Although the economic data in August was under pressure, the financial data showed that residents were shifting from excess savings to increased consumption. The RMB was under short - term pressure due to Powell's hawkish remarks, but the dot - plot indicated two more rate cuts this year, which would reduce the RMB depreciation pressure and provide room for domestic policy easing. Therefore, stock indices still have long - term upward potential, and it is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The prices of IF, IH, IC, and IM main and sub - main contracts all declined. For example, the IF main contract (2509) dropped from the previous level to 4487.2, a decrease of 61.2 [2]. - **Futures Spreads**: All spreads such as IF - IH, IC - IF, etc. showed a downward trend. For instance, the IF - IH monthly contract spread decreased by 20.6 to 1576.4 [2]. - **Futures Seasonal - Monthly Spreads**: Most of the seasonal - monthly spreads for IF, IH, IC, and IM decreased, except for the IH seasonal - monthly spread which increased slightly [2]. - **Futures Position Holdings**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position decreased by 3206 to - 24,119 [2]. 3.2 Spot Market - **Spot Index Prices**: The prices of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 dropped by 52.9 to 4498.11 [2]. - **Contract Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume increased by 7637.19 billion yuan to 31,666.43 billion yuan, and the margin trading balance increased by 127.92 billion yuan to 24,054.44 billion yuan [2]. - **North - bound Trading and Repurchase**: North - bound trading volume increased slightly, and the reverse repurchase operation volume increased while the maturity volume decreased [2]. - **Other Indicators**: The proportion of rising stocks decreased, the Shibor increased, the closing price of the IO at - the - money call option decreased, the closing price of the IO at - the - money put option increased, and other indicators showed different trends [2]. 3.4 Market Strength - Weakness Analysis - The overall A - share market, technical, and capital aspects all showed a weakening trend in the Wind market strength - weakness analysis [2]. 3.5 Industry News - The Fed cut interest rates by 25 basis points for the first time this year and after a 9 - month pause. The A - share major indices closed generally lower, with small and medium - cap stocks outperforming large - cap blue - chip stocks. The domestic economic data in August was under pressure, and the M1 - M2 gap narrowed significantly [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - A-shares' major indices mostly closed higher, with the market entering the macro data verification phase during the performance and policy vacuum period. August economic data remained under pressure, with real estate significantly dragging down fixed - asset investment and the marginal weakening of the trade - in policy pressuring social retail. However, previous financial data indicated a shift from excess savings to increased consumption, and the Fed's potential rate cut would provide room for domestic policy easing. Therefore, stock indices still have long - term upward potential, but poor economic data short - term pressures the market. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Futures Contracts Prices**: IF main contract (2509) was at 4527.8 (+2.0↑), IC main contract (2509) at 7114.2 (-38.2↓), IH main contract (2509) at 2962.4 (-7.4↓), IM main contract (2509) at 7368.6 (-32.2↓) [2] - **Futures Spreads**: IF - IH current - month contract spread was 1565.4 (+10.8↑), IC - IF current - month contract spread was 2586.4 (-30.4↓) [2] - **Futures Seasonal Spreads**: IF current - season minus current - month was -30.8 (-4.6↓), IH current - season minus current - month was 0.2 (-0.6↓), IC current - season minus current - month was -174.8 (-23.6↓), IM current - season minus current - month was -225.4 (-6.2↓) [2] - **Futures Net Positions**: IF top 20 net positions were -28,938.00 (-1367.0↓), IH top 20 net positions were -18,383.00 (+136.0↑), IC top 20 net positions were -25,779.00 (+937.0↑), IM top 20 net positions were -47,196.00 (+58.0↑) [2] 3.2 Spot Market Data - **Underlying Index Prices**: CSI 300 was at 4533.06 (+11.1↑), SSE 50 was at 2962.6 (-5.9↓), CSI 500 was at 7137.4 (-10.4↓), CSI 1000 was at 7415.6 (-7.3↓) [2] - **Basis**: IF main contract basis was -5.3 (-6.5↓), IH main contract basis was -0.2 (-0.3↓), IC main contract basis was -23.2 (-15.4↓), IM main contract basis was -47.0 (-16.9↓) [2] 3.3 Market Sentiment Data - **Trading Volume and Balance**: A - share trading volume (daily) was 23,031.80 billion yuan (-2451.32↓), margin trading balance (previous trading day) was 23,515.70 billion yuan (+111.45↑), north - bound trading volume (previous trading day) was 3112.83 billion yuan (-39.84↓) [2] - **Other Indicators**: The proportion of rising stocks (daily) was 35.28% (-0.22↓), Shibor (daily) was 1.408% (+0.041↑), IO at - the - money call option closing price (2509) was 29.00 (-3.00↓), IO at - the - money put option closing price (2509) was 51.20 (-5.40↓) [2] 3.4 Industry News - **Economic Data**: In August, the year - on - year actual growth of above - scale industrial added value was 5.2% (expected 5.7%, previous 5.7%); social consumer goods retail sales were 39668 billion yuan, a year - on - year increase of 3.4% (expected 3.8%, previous 3.7%); from January to August, national fixed - asset investment (excluding rural households) was 326111 billion yuan, a year - on - year increase of 0.5%, with private fixed - asset investment down 2.3% year - on - year; from January to August, real estate development investment was 60309 billion yuan, down 12.9% year - on - year; in August, the national urban survey unemployment rate was 5.3%, up 0.1 percentage points from the previous month [2] - **Market Performance**: A - share major indices closed with mixed results. The Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.63%, and the ChiNext Index rose 1.51%. The trading volume of the Shanghai and Shenzhen stock markets significantly declined, and over 3300 stocks fell. Overseas, the US August PPI unexpectedly turned negative month - on - month, which supported the Fed's September rate cut [2] 3.5 Key Data to Watch - September 16, 20:30: US August import and export price indices, retail sales, and core retail sales - September 18, 2:00: Fed interest rate decision - September 18, 19:00: Bank of England interest rate decision - September 19, 10:47: Bank of Japan interest rate decision [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - A股主要指数收盘集体大幅上涨，三大指数早盘高开高走，午后短暂回落随后再度拉升，大盘蓝筹股强于中小盘股。本周国内处于宏观数据真空期，迎来上市公司板报密集披露潮，市场关注半年报披露状况。低利率环境下居民存款搬家为市场注入流动性，政策助推中长期资金入市优化投资结构，美股估值偏高使A股吸引外资流入，市场对政策加码仍有预期，策略上建议轻仓逢低买入 [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - 各期货主力和次主力合约价格多数上涨，如IF主力合约（2509）涨至4474.6，涨幅+100.2；各期货合约价差有不同变化，如IF - IH当月合约价差涨至1482.6，涨幅+30.6；各期货当季 - 当月、下季 - 当月价差有不同变化，如IF当季 - 当月为 - 17.2，涨幅+2.0；各期货前20名净持仓多数增加，如IF前20名净持仓为 - 38,591.00，增加3517.0 [2] 3.2 Spot Market - 沪深300、上证50、中证500、中证1000等现货价格上涨，如沪深300涨至4469.22，涨幅+91.2；各主力合约基差多数下降，如IF主力合约基差降至5.4，降幅 - 10.6 [2] 3.3 Market Sentiment - A股成交额、两融余额、北向成交合计等增加，如A股成交额达31,769.48亿元，增加5981.06亿元；主力资金昨日流入138.67亿元，今日流出562.82亿元；上涨股票比例增加，Shibor下降；IO平值看涨期权收盘价、隐含波动率上涨，IO平值看跌期权收盘价下降、隐含波动率上涨；沪深300指数20日波动率增加，成交量PCR下降，持仓量PCR增加 [2] 3.4 Wind Market Strength - Weakness Analysis - 全部A股、技术面、资金面评分均上涨，全部A股为6.90，涨幅+0.50；技术面为6.20，涨幅+1.10；资金面为7.70，涨幅+0.10 [2] 3.5 Industry News - 今年以来权益类ETF规模新增近8000亿元，总规模达4.11万亿元，增幅24%；养老基金二季度新进入29家个股前十大流通股东名单，11只个股新增持股市值超1亿元；截至8月24日18时，1688家上市公司披露2025年半年报，978家公司净利润同比增长，288家公司拟分红1646.98亿元；美联储主席鲍威尔称就业下行风险上升，或调整政策立场 [2] 3.6 Key Data to Focus On - 8月27日9:30关注中国7月规上工业企业利润；8月29日20:30关注美国7月个人收入/支出、PCE、核心PCE；8月31日9:30关注中国8月官方制造业、非制造业、综合PMI [3]

Market Overview - On August 19, the A-share market experienced a slight decline, with a total transaction volume of 2.64 trillion yuan across the Shanghai and Shenzhen stock exchanges. Over 2900 stocks rose, indicating rapid rotation of market hotspots [1] - Leading sectors included liquor, small metals, home appliances, and traditional Chinese medicine, while previously strong sectors such as insurance, military, securities, gaming, and pharmaceuticals saw the largest declines [1] Options Market Activity - The options market showed a decrease in transaction volume but an increase in open interest. The total options transaction volume for the day was 11.01 million contracts, down 23.60% from the previous trading day, while total open interest rose by 12.52% to 11.35 million contracts [1] - The trading volume for the SSE 50 ETF options decreased by 13.14%, but open interest increased by 13.67%, with a total of 1.76 million contracts traded and 1.94 million contracts in open interest [1] Specific Options Insights - The SSE 300 options also reflected a similar trend, with a significant decrease in transaction volume: down 25.40% for the SSE 300 ETF options and down 36.69% for the CFFEX SSE 300 index options. However, open interest increased by 11.35% for the SSE 300 ETF options [2] - The STAR 50 ETF options saw a decrease in transaction volume by 119.86 million contracts, while open interest increased by 22.74 million contracts, indicating a mixed sentiment in the market [2] Volatility Analysis - The implied volatility of options opened high but declined throughout the day, with the SSE 50 ETF's at-the-money implied volatility at 15%. Historical volatility remained low, with the 30-day historical volatility at 8.87% for the SSE 50 ETF and 9.41% for the SSE 300 index [3] - Overall, the options market showed a comprehensive increase in call options, indicating a potential increase in market pressure in the short term, while put options showed little change [3]

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]