期指：利多落地后，节前转震荡格局

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - After the bullish factors materialized, the stock index futures are expected to enter a sideways pattern before the holiday [1] 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - On May 29, all the current - month contracts of the four major index futures rose. IF rose 0.68%, IH rose 0.25%, IC rose 1.89%, and IM rose 2.35% [1] - On this trading day, the total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. Specifically, the total trading volume of IF increased by 36,676 lots, IH by 22,078 lots, IC by 44,108 lots, and IM by 81,572 lots. In terms of positions, the total positions of IF increased by 15,516 lots, IH by 10,464 lots, IC by 16,794 lots, and IM by 27,548 lots [1][2] 3.2. Index Futures Basis - The basis data of IF, IH, IC, and IM are presented in the form of charts, showing the basis changes from May 13 to May 29 for different contract months [4] 3.3. Top 20 Member Positions Changes - The data shows the changes in long and short positions of the top 20 members for different index futures contracts. For example, for IF contracts, the long - position increase in IF2506 and IF2507 is 7,698 lots, and the short - position increase is 7,038 lots [5] 3.4. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3.5. Important Drivers - The Ministry of Commerce spokesperson mentioned that since the Sino - US Geneva economic and trade talks, both sides have maintained communication on economic and trade concerns at multiple levels. China has repeatedly negotiated with the US regarding its abuse of export control measures in the semiconductor field [6] - Uncertainty in tariffs has suppressed the rebound of US stocks. The S&P 500 briefly turned down, while Nvidia rose more than 3%. After earnings reports, Best Buy fell more than 7%, C3.ai rose nearly 21%, and Dell rose more than 5% after - hours trading. The Chinese concept stock index rose more than 1% to end a seven - day losing streak [6] - On the previous trading day, the three major A - share indexes opened and closed higher with increased trading volume. The ChiNext Index rose more than 1% to regain the 2,000 - point mark, and the Shanghai Composite Index rose 0.7% to close at 3,363.45 points [6]