股指窄幅震荡，红利指数领涨

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Today's news was relatively quiet, with stock indices fluctuating within a narrow range and the dividend index leading the gains. Market sentiment was cautious. The domestic economic fundamentals were in a weak recovery state, while there were still uncertainties overseas and the external situation was volatile. Under the influence of both domestic and international factors, the stock indices lacked strong drivers, resulting in a strong wait - and - see sentiment and low trading activity in the market. The upcoming Lujiazui Forum tomorrow morning will release several financial policies. If there are policies exceeding expectations, it is expected to drive the stock indices to enter a phase - up trend [4]. 3. Summaries by Relevant Catalogs Market Review - Today, the stock indices fluctuated weakly. Taking the CSI 300 index as an example, it closed down 0.09%. In terms of capital flow, the trading volume of the two markets decreased by 7.863 billion yuan. In the futures index market, IF and IC declined on heavy volume, IH rose on light volume, and IM rose on heavy volume [2]. Important Information - The two - day 2025 Lujiazui Forum will open tomorrow morning with the theme of "Financial Opening - up, Cooperation and High - quality Development in the Changing Global Economic Landscape". - The Bank of Japan kept the policy benchmark interest rate unchanged at 0.50%, in line with market expectations, and remained on hold for the third consecutive meeting [3]. Strategy Recommendation - Hold positions and wait and see [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.01 | 0.10 | -0.20 | 0.02 | | Trading volume (10,000 lots) | 9.563 | 5.0679 | 8.6313 | 17.9958 | | Trading volume MoM (10,000 lots) | -0.6555 | 0.2873 | -0.011 | 0.713 | | Open interest (10,000 lots) | 23.7778 | 8.2576 | 21.8236 | 32.9756 | | Open interest MoM (10,000 lots) | 0.1165 | -0.0433 | 0.0333 | 0.5515 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.04 | | Shenzhen Component Index change (%) | -0.12 | | Ratio of rising to falling stocks | 0.77 | | Trading volume of the two markets (billion yuan) | 1207.213 | | Trading volume MoM (billion yuan) | -78.63 | [6]