股指期货周报：国内市场情绪降温，股指短期震荡调整-2025-03-31

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The domestic market sentiment has cooled down, and the stock index will experience short - term shock adjustments. The economic operation from January to February started smoothly and was better than expected, but due to the continuous escalation of US tariff policies, the RMB exchange rate has depreciated, and the domestic and foreign market sentiment has cooled down, leading to a decline in overall domestic risk appetite. The operation suggestion is to cautiously go long. [2][30][31] Group 3: Summary by Directory 1. Stock Market Review - The CSI 300 index closed at 3915.17 points, up 0.01% from the previous value; the SSE 50 index closed at 2679.74 points, up 0.16%; the CSI 500 index closed at 5916.03 points, down 0.94%; the CSI 1000 index closed at 6268.32 points, down 2.14%. The trading volume of the CSI 300 index decreased by 591 billion yuan compared with the previous value. The top - performing industries were medicine (1.04%), household appliances (0.68%), agriculture, forestry, animal husbandry and fishery (0.64%), food and beverage (0.34%), and banking (0.01%); the bottom - performing industries were construction (-2.82%), communication (-3.54%), machinery (-3.56%), national defense and military industry (-3.80%), and computer (-4.84%). The IF, IH, IC, and IM main contracts had different changes in closing prices. [1][4] 2. Capital Situation - The margin trading balance of the two markets was 1909.6 billion yuan, down 1.09 billion yuan from last week. The net capital purchases of the CSI 300, SSE 50, and CSI 500 indexes last week were -8 billion yuan, 1 billion yuan, and -21.1 billion yuan respectively. [6] 3. Futures Index Review - The IF main contract closed at 3884.0 points, up 0.03% from the previous value; the IH main contract closed at 2677.6 points, down 0.22%; the IC main contract closed at 5869.6 points, down 0.74%; the IM main contract closed at 6078.4 points, down 1.60%. The trading volumes of IF, IH, and IC decreased compared with the previous value, while that of IM increased. [12] 4. Position Capital Situation - The IF position amount was 79.07 billion yuan, down 2.29 billion yuan from last week; the IH position amount was 18.99 billion yuan, down 1.5 billion yuan; the IC position amount was 59.36 billion yuan, down 2 billion yuan; the IM position amount was 96.93 billion yuan, up 0.3 billion yuan. The position amounts of different contract periods of IF, IH, IC, and IM are also provided. [19] 5. Spread Situation - In terms of basis, the basis of the current - month contracts of IF, IH, IC, and IM were -6.37 points, 0.86 points, -46.43 points, and -55.72 points respectively. In terms of spreads, different contract spreads of IF, IH, IC, and IM are given. In terms of ratios, the ratios of IF and IH, IC and IH, IM and IH for different contract periods are provided. [24] 6. Summary and Outlook - The CSI 300 index closed at 3915.17 points, up 0.01% from the previous value, and the trading volume decreased. The margin trading balance of the two markets was 1909.6 billion yuan. The performance of different industries is similar to the previous summary. The economic situation from January to February was good, but due to external factors, the domestic risk appetite has cooled down. The operation suggestion is to cautiously go long. [30][31]