期指：消息面依旧平淡，略偏弱震荡

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The news on the futures index remains dull, with a slightly weak and volatile trend. On May 16, the current - month contracts of the four major futures indices showed mixed performance. The total trading volume of futures indices declined on the trading day, indicating a decrease in investors' trading enthusiasm, and the total open interest also decreased [1][2]. 3. Summary by Relevant Catalogs 3.1. Futures Index Data Tracking - Stock Index Futures Performance: On May 16, IF fell 0.55%, IH fell 0.96%, IC rose 0.07%, and IM rose 0.36%. For example, IF2505 had a closing price of 3886.6, down 0.55%, with a basis of - 2.49 and a trading volume of 144.3 billion yuan [1]. - Trading Volume and Open Interest Changes: The total trading volume of IF, IH, IC, and IM decreased by 13474, 1887, 19098, and 37459 lots respectively; the total open interest of IF, IH, IC, and IM decreased by 13654, 7939, 12115, and 16939 lots respectively [2]. 3.2. Futures Index Basis - The basis data of IF, IH, IC, and IM from April 17 to May 16 are presented in the form of line charts, but no specific numerical analysis is provided in the text [4]. 3.3. Position Changes of the Top 20 Member Futures Index Holders - For different contracts of IF, IH, IC, and IM, the long - and short - position changes of the top 20 member futures index holders are different. For example, in IF2505, long positions decreased by 10173 lots and short positions decreased by 10027 lots [5]. 3.4. Trend Intensity and Important Drivers - Trend Intensity: The trend intensity of IF and IH is 1, and that of IC and IM is also 1, indicating a neutral trend [6]. - Important Drivers: The mortgage interest rate in Guangzhou has been raised by 10BP; Moody's has downgraded the US credit rating to Aa1, causing the US stock, bond, and foreign exchange markets to fall after trading; the container booking volume from China to the US by shipping giant Hapag - Lloyd has increased by 50% [6][7]. 3.5. A - Share Market Review - The Shanghai Composite Index fell 0.4% to 3367.46 points, the Shenzhen Component Index fell 0.07%, the ChiNext Index fell 0.19%, etc. The A - share market turnover was 1.12 trillion yuan, down from 1.19 trillion yuan the previous day. The market opened lower and showed a differentiated trend throughout the day, with large - cap stocks being weak and restricting the upward space of the index [7][8].