期指：或转为震荡格局

Group 1: Investment Rating - There is no information provided about the industry investment rating in the report. Group 2: Core View - The stock index futures may shift to a volatile pattern [3] Group 3: Summary of Key Information 1. Index Futures Data - On July 23, the monthly contracts of the four major index futures showed mixed trends. IF rose 0.27%, IH rose 0.46%, IC rose 0.07%, and IM rose 0.01% [1] - In terms of trading volume, the total trading volume of index futures rebounded. IF increased by 13,706 lots, IH by 7,078 lots, IC by 12,645 lots, and IM by 19,443 lots. In terms of positions, IF's total position increased by 1,510 lots, IH decreased by 1,022 lots, IC increased by 2,910 lots, and IM increased by 9,947 lots [1][2] 2. Basis of Index Futures - The report presents the basis trends of IF, IH, IC, and IM from June 27 to July 23 through charts [4] 3. Positions of the Top 20 Futures Members - In the IF series, IF2508's long - position decreased by 56 lots, and short - position decreased by 892 lots; IF2509's long - position decreased by 1,337 lots, and short - position decreased by 515 lots; IF2512's long - position increased by 515 lots, and short - position increased by 553 lots [5] - In the IH series, IH2508's long - position decreased by 569 lots, and short - position decreased by 476 lots; IH2509's long - position decreased by 1,610 lots, and short - position decreased by 1,337 lots; IH2512's long - position increased by 110 lots, and short - position increased by 137 lots [5] - In the IC series, IC2508's long - position decreased by 2,175 lots, and short - position decreased by 1,925 lots; IC2509's long - position increased by 997 lots, and short - position increased by 870 lots; IC2512's long - position increased by 1,088 lots, and short - position increased by 1,539 lots [5] - In the IM series, IM2508's long - position increased by 2,420 lots, and short - position increased by 2,410 lots; IM2509's long - position increased by 4,084 lots, and short - position increased by 2,791 lots; IM2512's long - position increased by 1,568 lots, and short - position increased by 2,056 lots [5] 4. Trend Intensity and Important Drivers - 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] - Important drivers include: He Lifeng will go to Sweden to hold economic and trade talks with the US from July 27 to 30; the spot price of industrial silicon rose significantly this week, with the main contract's closing price rising from 8,745 yuan/ton to 9,525 yuan/ton, an increase of 8.92%. The Shanghai Composite Index rose 0.01%, the Shenzhen Component Index fell 0.37%, and the ChiNext Index fell 0.01%. A - share trading volume was 1.9 trillion yuan [6]