国泰君安期货：期指：长假临近，震荡格局依旧

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As the long holiday approaches, the futures index maintains a volatile pattern. The total trading volume of futures indices declined on April 28, indicating a decrease in investors' trading enthusiasm. The A - share market closed lower overall, with a decline in trading volume compared to the previous day [1][2][6] 3. Summary by Relevant Content 3.1 Futures Index Data - Price and Change: On April 28, the closing prices of the four major futures indices' current - month contracts showed mixed trends. IF fell 0.21%, IH rose 0.08%, IC fell 0.53%, and IM fell 0.95%. The underlying indices such as CSI 300, SSE 50, CSI 500, and CSI 1000 also had different changes, with CSI 300 down 0.14%, SSE 50 up 0.09%, CSI 500 down 0.51%, and CSI 1000 down 1.05% [1] - Trading Volume and Open Interest: The total trading volume of IF decreased by 13,541 lots, IH by 7,492 lots, IC by 12,934 lots, and IM by 38,222 lots. The total open interest of IF decreased by 1,592 lots, IH by 3,111 lots, IC by 5,259 lots, and IM by 7,247 lots [2] - Basis: The basis of each futures index contract is different. For example, the basis of IF2505 is - 19.42, and that of IH2505 is - 5.83 [1] - Long and Short Orders: The changes in long and short orders of each contract vary. For instance, the long orders of IF2505 increased by 618, and the short orders increased by 990 [5] 3.2 Market Driving Factors - External Market: The S&P had a narrow five - day gain, NVIDIA fell more than 2%, NXP tumbled after - hours, Chinese concept stocks rebounded, and NIO rose more than 7%. US Treasury yields hit a nearly two - week low, the US dollar index declined, and the yen rebounded more than 1%. Bitcoin and crude oil prices also had significant fluctuations [6] - Domestic Policy: China will introduce measures to stabilize employment and the economy and promote high - quality development, covering aspects such as employment support, foreign trade stability, consumption promotion, investment expansion, and a stable development environment [6] 3.3 A - Share Market Performance - Index Closing: The Shanghai Composite Index closed down 0.2% at 3,288.41 points, the Shenzhen Component Index fell 0.62%, the ChiNext Index fell 0.65%, and other indices also showed declines. The trading volume of A - shares was 1.08 trillion yuan, down from 1.14 trillion yuan the previous day [6] - Sector Performance: Bank stocks strengthened again, with stocks like China Construction Bank and Industrial and Commercial Bank of China hitting record highs. PEEK material concept stocks and online game concept stocks were active, while real estate and consumer sectors performed poorly. More than 4,100 stocks in the market fell [7] - Fund Flow: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 31.852 billion yuan. Before the holiday, investors showed strong waiting - and - seeing sentiment [7]