期指：不宜追多

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On July 8, 2025, all four major stock index futures contracts for the current month rose. The trading volume of stock index futures increased, indicating rising investor enthusiasm. However, the report suggests not chasing the upward trend [1][2][3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - Index Futures Performance: On July 8, IF rose 0.91%, IH rose 0.67%, IC rose 1.62%, and IM rose 1.76%. The closing prices, price changes, basis, trading volumes, and open interests of various contracts were presented [1] - Trading Volume and Open Interest Changes: The total trading volume of IF, IH, IC, and IM increased by 27,418, 13,708, 37,800, and 81,468 lots respectively. The total open interest of IF, IH, IC, and IM increased by 13,588, 2,249, 13,286, and 26,607 lots respectively [2] 3.2 Futures Basis - The basis data of IF, IH, IC, and IM from June 12 to July 8 were provided, but no specific analysis was given [4] 3.3 Positions of Top 20 Futures Members - For IF contracts, the long - positions of IF2507, IF2509, and IF2512 increased by 3,784, 4,284, and 548 respectively, while the short - positions increased by 3,679, 5,791, and 1,097 respectively. For IH contracts, the long - position of IH2507 decreased by 309, and the short - position increased by 19. For IC contracts, the long - positions of IC2507, IC2509, and IC2512 increased by 2,673, 3,815, and 1,396 respectively, and the short - positions increased by 3,963, 4,519, and 1,721 respectively. For IM contracts, the long - positions of IM2507, IM2508, and IM2509 increased by 5,277, 2,535, and 10,845 respectively, and the short - positions increased by 5,870, 2,584, and 12,022 respectively [5] 3.4 Trend Intensity and Important Drivers - Trend Intensity: The trend intensities of IF and IH are 1, and those of IC and IM are also 1, indicating a neutral to slightly positive view [6] - Important Drivers: National leaders' remarks on regional development, the Chinese premier's statements on economic policies, tariff issues in the US, and the performance of global financial markets such as the US stock market, bond market, and commodity market were mentioned. In addition, the A - share market showed a strong performance, with the Shanghai Composite Index rising 0.7%, the Shenzhen Component Index rising 1.47%, and the ChiNext Index rising 2.39%, and the trading volume reaching 1.47 trillion yuan [6][7]