期指：靴子终落地，波动放大

Report Summary 1) Report Industry Investment Rating No information provided in the given content. 2) Core View of the Report On May 12, 2025, all four major stock index futures contracts for the current month rose. IF increased by 1.19%, IH by 0.75%, IC by 1.42%, and IM by 1.55%. The total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. In terms of positions, the total positions of IF, IH, IC, and IM all increased [1][2]. 3) Summary by Relevant Catalogs a) Stock Index Futures Data Tracking - IF Contracts: The closing prices of IF2505, IF2506, IF2509, and IF2512 all rose, with increases of 1.19%, 1.23%, 1.20%, and 1.20% respectively. The trading volume and positions of each contract also increased to varying degrees. For example, the trading volume of IF2506 increased by 21,903 lots, and the positions increased by 14,106 lots [1]. - IH Contracts: The closing prices of IH2505, IH2506, IH2509, and IH2512 all rose, with increases of 0.75%, 0.77%, 0.81%, and 0.85% respectively. The trading volume and positions of each contract also increased, such as the trading volume of IH2506 increasing by 13,852 lots and the positions increasing by 7,500 lots [1]. - IC Contracts: The closing prices of IC2505, IC2506, IC2509, and IC2512 all rose, with increases of 1.42%, 1.48%, 1.28%, and 1.27% respectively. The trading volume of each contract increased, while the positions of IC2505 decreased by 2,319 lots, and the positions of other contracts increased [1]. - IM Contracts: The closing prices of IM2505, IM2506, IM2509, and IM2512 all rose, with increases of 1.55%, 1.56%, 1.47%, and 1.46% respectively. The trading volume of each contract increased, while the positions of IM2505 decreased by 6,527 lots, and the positions of other contracts increased [1]. b) Trading Volume and Position Changes - Trading Volume: The total trading volume of IF increased by 36,524 lots, IH by 21,749 lots, IC by 12,689 lots, and IM by 15,946 lots [2]. - Positions: The total positions of IF increased by 20,649 lots, IH by 10,474 lots, IC by 3,597 lots, and IM by 1,603 lots [2]. c) Trend Intensity and Important Drivers - Trend Intensity: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1 [6]. - Important Drivers: The US stock market welcomed the progress of the China - US talks. The Nasdaq rose more than 4% and returned to a bull market. Goldman Sachs significantly postponed the expected time for the Fed to cut interest rates from July to December. A - share markets closed higher, with the Shanghai Composite Index rising 0.82%, the Shenzhen Component Index rising 1.72%, and the ChiNext Index rising 2.63% [6]. d) A - share Market Review - Index Performance: The three major A - share indexes opened higher and closed higher. The ChiNext Index was strong, with more than 4,100 stocks rising. Military - related stocks were repeatedly active, with more than 20 stocks such as Qifeng Seiko and AVIC Chengfei hitting the daily limit. Apple - related stocks rebounded, and robot - concept stocks were active, while innovative drug - concept stocks weakened [7]. - Fund Flow: The net inflow of main funds in the Shanghai and Shenzhen stock markets was 1.3556 billion yuan. The market sentiment was high, but the trading volume did not increase proportionally. Military - related stocks gradually formed a thematic main line, and stocks with high export ratios and large - financial stocks attracted large - scale funds in the afternoon [7]. e) Futures Member Position Changes - IF Contracts: The long - position increase of IF2505 and IF2506 was 10,298 lots, and the short - position increase was 11,456 lots. The long - position increase of IF2509 was 2,667 lots, and the short - position increase was 2,831 lots. The long - position increase of IF2512 was 1,145 lots, and the short - position increase was 1,380 lots [5]. - IH Contracts: The long - position increase of IH2505 was 893 lots, and the short - position increase was 1,174 lots. The long - position increase of IH2506 was 6,249 lots, and the short - position increase was 7,004 lots [5]. - IC Contracts: The long - position increase of IC2505 was - 1,762 lots, and the short - position increase was - 1,206 lots. The long - position increase of IC2506 was 1,127 lots, and the short - position increase was 2,570 lots [5]. - IM Contracts: The long - position increase of IM2505 was - 5,891 lots, and the short - position increase was - 4,752 lots. The long - position increase of IM2506 was 1,291 lots, and the short - position increase was 4,667 lots [5].