期指：转为震荡格局

Report Summary 1) Report Industry Investment Rating No investment rating for the industry is provided in the report. 2) Core Viewpoint The stock index futures have shifted to a volatile pattern. On May 14, the current - month contracts of the four major stock index futures showed mixed performance, with trading enthusiasm cooling down, and the positions of the top 20 member institutions showing certain changes [1][2]. 3) Summary by Relevant Catalogs a) Stock Index Futures Data Tracking - Closing Prices and Fluctuations: On May 14, the closing prices of the four major stock index futures' current - month contracts showed mixed performance. IF rose 0.24%, IH rose 0.24%, IC fell 0.11%, and IM fell 0.17%. For example, the closing price of IF2505 was 3892, up 0.24%; the closing price of IC2505 was 5767.2, down 0.11% [1]. - Trading Volume and Turnover: The total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume and positions of IF, IH, IC, and IM remained unchanged [1][2]. - Basis: The basis data of different contracts of IF, IH, IC, and IM are presented, such as the basis of IF2505 being - 4.26, and the basis of IH2505 being 0.54 [1]. b) Positions of the Top 20 Member Institutions - IF Contracts: For IF contracts, the long - position changes of different contracts were - 6889 (IF2505), - 6489 (IF2506), - 1162 (IF2509), and 41 (IF2512); the short - position changes were - 7333 (IF2505), - 7708 (IF2506), - 1263 (IF2509), and 36 (IF2512) [5]. - IH Contracts: For IH contracts, the long - position changes of different contracts were - 2969 (IH2505), - 1740 (IH2506), - 775 (IH2509), and not announced (IH2512); the short - position changes were - 3667 (IH2505), - 2438 (IH2506), - 801 (IH2509), and not announced (IH2512) [5]. - IC Contracts: For IC contracts, the long - position changes of different contracts were - 5384 (IC2505), 1153 (IC2506), 467 (IC2509), and 727 (IC2512); the short - position changes were - 4815 (IC2505), - 1151 (IC2506), 706 (IC2509), and 904 (IC2512) [5]. - IM Contracts: For IM contracts, the long - position changes of different contracts were - 2375 (IM2505), 843 (IM2506), 29 (IM2509), and not announced (IM2512); the short - position changes were - 2756 (IM2505), - 1989 (IM2506), 295 (IM2509), and not announced (IM2512) [5]. c) Other Information - Trend Intensity: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. - Important Drivers: The issue of the US imposing special tariffs on China due to fentanyl was mentioned, and the Chinese Ministry of Foreign Affairs responded that the responsibility lies with the US itself [6]. - A - share Market: The Shanghai Composite Index rose 0.17% to close at 3374.87 points, the Shenzhen Component Index fell 0.13%, the ChiNext Index fell 0.12%, etc. A - share trading volume was 1.33 trillion yuan, slightly lower than the previous day's 1.34 trillion yuan. The market showed a pattern of high - opening and low - going, with military stocks adjusting and photovoltaic concept stocks rising [7][8].