Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market ended its decline and stabilized yesterday due to the ruling of the US International Trade Court and the unfreezing of funds on the Beijing Stock Exchange, with the technology sector leading the gains [2]. - The index has stopped falling and stabilized. A significant intraday rise at the current level is an opportunity to reduce positions, while a sharp decline is a chance to increase positions. The market lacks a clear short - term mainline [5]. 3. Summaries According to Related Catalogs 3.1 Futures Market - **IH Contracts**: IH2506 had a price of 2,673.60 with a 0.25% increase, a trading volume of 37,631, and a discount of 17.29 points. IH2507, IH2509, and IH2512 also showed price increases and varying degrees of discounts [6]. - **IF Contracts**: IF2506 had a price of 3,832.80 with a 0.68% increase, a trading volume of 70,602, and a discount of 25.90 points. Other IF contracts also had price increases and different discount levels [6]. - **IC Contracts**: IC2506 had a price of 5,668.60 with a 1.89% increase, a trading volume of 68,773, and a discount of 51.31 points. Other IC contracts followed a similar pattern [6]. - **IM Contracts**: IM2506 had a price of 6,031.00 with a 2.35% increase, a trading volume of 166,397, and a discount of 58.58 points. Other IM contracts also showed price increases and discounts [6]. 3.2 Spot Market - **Important Indexes**: The Shanghai Composite Index, Shanghai 50, CSI 300, and other important indexes had different daily percentage changes, with the CSI 500 rising 1.47% and the ChiNext Index rising 1.24% [15]. - **Style Indexes**: Different style indexes such as the 300 Cycle, 300 Non - Cycle, and others had varying daily percentage changes, with the Small - Cap Index (Shenwan) rising 1.82% and the 300 Growth rising 2.29% [18]. 3.3 Market Structure - **AH - Share Premium**: The Hang Seng AH Premium Index showed fluctuations over time [24]. - **PE and PB**: The PE (TTM) and PB of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index had long - term trends [27][29]. 3.4 Market Fundamentals - **Stock Market Inflows**: The net inflow of A - share funds and the CSI 300 index showed historical trends [31]. - **Margin Trading Balance**: The margin trading balance and the CSI 300 index had historical trends [33]. - **Northbound Inflows**: The net inflow of northbound funds showed historical fluctuations [35]. - **Funding Costs**: SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates showed historical trends [41]. 3.5 Market Sentiment - **Turnover Activity**: The turnover rates of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index (based on free - floating market capitalization) showed historical trends [44][47]. - **Public - Fund Mixed - Fund Positions**: The positions of public - fund mixed - funds showed historical trends [49]. 3.6 Other Indicators - **Dividend Yield and Bond Yield**: The dividend yields of index futures and the ten - year government bond yield showed historical trends [53]. - **Exchange Rate**: The US dollar - to - RMB exchange rate showed historical trends [55]. - **New Account Openings and Index Tracking**: The number of new account openings and the Shanghai Composite Index showed a tracking relationship [56]. - **Newly Established Fund Sizes**: The sizes of newly established stock - type, mixed - type, and bond - type funds showed historical changes [58][60][62].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On Friday, the A - share market saw an intraday decline. Financial technology and gaming concept stocks had significant pull - backs, while the automotive, gold, and medical sectors led the gains. The overall index is expected to oscillate. With the LPR and deposit rates cut and three - quarters of A - share listed companies achieving profitability in the 2024 annual reports, the market lacks a short - term main line and will mainly move in an oscillatory manner [2]. 3. Summary by Related Catalogs 3.1 Futures Market 3.1.1 Index Futures Quotes - IH2506 had a contract price of 2,693.00, a decline of 0.82%, and a volume of 39,517. It was at a discount of 18.85 points to the index. - IF2506 had a contract price of 3,846.20, a decline of 0.88%, and a volume of 78,281. It was at a discount of 36.07 points. - IC2506 had a contract price of 5,561.80, a decline of 0.95%, and a volume of 67,871. It was at a discount of 91.24 points. - IM2506 had a contract price of 5,872.00, a decline of 1.30%, and a volume of 167,101. It was at a discount of 117.68 points [3]. 3.1.2 Basis and Spread - The document shows the historical basis and spread data of the Shanghai - Shenzhen 50 and CSI 500 index futures from 2021 to 2025, which can be used to analyze the price relationship between different contracts and the underlying index [5][8]. 3.2 Spot Market 3.2.1 Important Index Daily Returns - Most important indices such as the Shanghai Composite Index, Shanghai 50, and CSI 300 showed declines on the day, with the CSI 1000 having a relatively large decline of 1.30% [11]. 3.2.2 Style Index Daily Returns - Different style indices, including the 300 Cycle, 300 Non - Cycle, and low - P/E ratio indices, also showed varying degrees of decline [14]. 3.2.3 Industry Index Daily Returns - Industries such as agriculture, forestry, animal husbandry, and fishery, and the automotive industry had positive returns, while most industries like media and communication had negative returns [17][18]. 3.3 Market Structure 3.3.1 AH - Share Premium - The document shows the historical data of the Hang Seng AH Premium Index from August 2024 to May 2025, reflecting the price difference between A - shares and H - shares [21]. 3.3.2 Price - to - Earnings Ratio (PE) and Price - to - Book Ratio (PB) - It presents the historical PE and PB data of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices, which helps in analyzing the valuation levels of different indices [24][26]. 3.4 Market Fundamentals 3.4.1 Stock Market Fund Inflows - The document shows the historical data of A - share fund net inflows and the CSI 300 index from May 2021 to May 2025, which can be used to analyze the relationship between market funds and the index [28]. 3.4.2 Margin Trading Balance - It shows the historical data of margin trading balance and the CSI 300 index from May 2021 to April 2025, reflecting the impact of margin trading on the market [30]. 3.4.3 Northbound Capital Flows - It presents the historical data of northbound capital net inflows from May 2021 to August 2024, which can be used to analyze the impact of foreign capital on the A - share market [32]. 3.4.4 Share Unlockings No detailed data analysis is provided, only the topic is mentioned [43]. 3.4.5 Funding Costs - It shows the historical data of SHIBOR overnight, one - week, and two - week rates from August 2024 to May 2025, reflecting the short - term funding costs in the market [47]. 3.5 Market Sentiment 3.5.1 Trading Activity - It presents the historical turnover rate data of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices, which can be used to analyze market trading activity [50][53]. 3.5.2 Public - Offering Hybrid Fund Positions No detailed data analysis is provided, only the topic is mentioned [55]. 3.6 Other Indicators 3.6.1 Dividend Yield and Treasury Yield - It shows the historical data of the dividend yields of the CSI 300, Shanghai 50, CSI 500, and CSI 1000 indices and the 10 - year Treasury yield from January 2015 to January 2025 [59]. 3.6.2 RMB Exchange Rate - It presents the historical data of the US dollar - RMB exchange rate from May 2021 to May 2025, which can be used to analyze the impact of exchange rate fluctuations on the market [61]. 3.6.3 New Account Openings and Index Tracking No detailed data analysis is provided, only the topic is mentioned [62]. 3.6.4 Newly Established Fund Sizes - It mentions the changes in the newly established sizes of stock - type, hybrid, and bond - type funds, but no detailed data analysis is provided [64][66][68].