股指期货日报：震荡横盘-20250425

Group 1: Report Summary - The report is a stock index daily report dated April 25, 2025, written by Wang Mengying and Liao Chenyue [3] - The market showed a pattern of mixed index performance, with the Shanghai Composite Index slightly down and the Shenzhen Component Index up, and increased trading volume [4][9] - The key information includes the release of the 2025 version of the Market Access Negative List and the Politburo meeting on April 25 [5] Group 2: Core View - The Politburo meeting's tone met market expectations but lacked substantial incremental policy stimulus, leading to a weakening of the stock index after the release of the meeting content [6] - The core of the domestic market trading is policy expectations and external tariff disturbances. A-shares are less sensitive to tariff policies, and domestic policies are likely to act according to tariff negotiations and economic data. The market is expected to be range-bound in the short term [6] Group 3: Strategy Recommendation - Hold positions and wait and see [7] Group 4: Futures Market Observation - The main contracts of IF, IC, and IM rose, while IH fell. IF had reduced trading volume, IH had increased trading volume, and IC and IM also had increased trading volume [4][8] - The trading volume of IF was 82,261 lots, IH was 44,094 lots, IC was 80,942 lots, and IM was 226,082 lots [8] - The positions of IF decreased by 1,275 lots, IH increased by 1,992 lots, IC increased by 1,475 lots, and IM increased by 6,288 lots [8] Group 5: Spot Market Observation - The Shanghai Composite Index fell 0.07%, the Shenzhen Component Index rose 0.39%, and the ratio of rising to falling stocks was 1.20 [9] - The total trading volume of the two markets was 111.3567 billion yuan, with an increase of 454.8 million yuan compared to the previous day [9]