期指：地缘迷雾萦绕，等待靴子落地

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report provides a comprehensive analysis of the futures index market on June 20, 2025, including data tracking, trading volume, open interest, and basis. It also highlights important geopolitical events and upcoming economic events that may impact the market, along with the performance of the A - share market [1][6]. 3. Summary by Relevant Catalogs 3.1 Futures Index Data Tracking - On June 20, the closing prices and price changes of the four major futures index contracts varied. IF rose 0.31%, IH rose 0.62%, IC fell 0.38%, and IM fell 0.52%. The trading volume, open interest, and basis of different contracts also showed different trends [1]. - The total trading volume of futures indices declined, indicating a decrease in investors' trading enthusiasm. The total trading volume of IF decreased by 24,231 lots, IH by 2,399 lots, IC by 10,030 lots, and IM by 16,453 lots. The total open interest of IF decreased by 29,611 lots, IH by 11,156 lots, IC by 19,814 lots, and IM by 28,914 lots [2]. 3.2 Futures Index Member Position Changes - The long and short positions of the top 20 members in different futures index contracts changed. For example, in the IF2506 contract, the long - position decreased by 19,273 lots and the net long - position decreased by 13,025 lots; the short - position decreased by 14,620 lots and the net short - position decreased by 8,319 lots [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the trend intensity ranging from - 2 to 2, where - 2 represents the most bearish and 2 represents the most bullish [6]. 3.4 Important Drivers - Geopolitical events: Iran's parliament approved the closure of the Strait of Hormuz, and the US claimed to have destroyed Iran's nuclear program [6]. - Upcoming economic events: The 2025 Summer Davos will open in Tianjin, Powell will give semi - annual monetary policy testimony, and many countries will release June PMI data. Additionally, China will announce the profit growth rate of industrial enterprises above a designated size in May [6]. - A - share market performance: The A - share market declined in the afternoon, with the ChiNext Index leading the decline. The market volume shrank to a one - month low, and most stocks closed lower [6].