期指：震荡走势

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On July 24, 2025, all the current - month contracts of the four major stock index futures rose, with IF up 0.71%, IH up 0.49%, IC up 1.61%, and IM up 1.6% [1] - On the trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 16,976 lots, IH by 13,034 lots, IC by 9,753 lots, and IM by 6,634 lots. In terms of positions, the total positions of IF increased by 2,311 lots, IH by 135 lots, IC by 1,553 lots, and IM by 35 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had a good performance, with the Shanghai Composite Index up 0.65%, the Shenzhen Component Index up 1.21%, the ChiNext Index up 1.5%, and the North 50 up 1.1%. The A - share market turnover was 1.87 trillion yuan, slightly lower than the previous day's 1.9 trillion yuan [6] Summary by Related Catalogs Stock Index Futures Data - IF Contracts: IF2508 closed at 4,147 with a 0.71% increase, a basis of - 2.04, a turnover of 37.62 billion yuan, a trading volume of 30,340 lots (down 1,946 lots), and a position of 47,426 lots (up 357 lots); IF2509 closed at 4,141.2 with a 0.76% increase, a basis of - 7.84, a turnover of 80.85 billion yuan, a trading volume of 65,298 lots (down 10,716 lots), and a position of 163,125 lots (up 1,443 lots); IF2512 closed at 4,111.8 with a 0.78% increase, a basis of - 37.24, a turnover of 17.36 billion yuan, a trading volume of 14,115 lots (down 3,732 lots), and a position of 53,553 lots (down 269 lots); IF2603 closed at 4,083.4 with a 0.78% increase, a basis of - 65.64, a turnover of 5.35 billion yuan, a trading volume of 4,380 lots (down 582 lots), and a position of 7,264 lots (up 780 lots) [1] - IH Contracts: IH2508 closed at 2,815.4 with a 0.49% increase, a basis of 2.96, a turnover of 1.077 billion yuan, a trading volume of 12,773 lots (down 3,448 lots), and a position of 20,633 lots (down 224 lots); IH2509 closed at 2,816.6 with a 0.50% increase, a basis of 4.16, a turnover of 2.894 billion yuan, a trading volume of 34,309 lots (down 8,089 lots), and a position of 63,790 lots (up 95 lots); IH2512 closed at 2,818 with a 0.49% increase, a basis of 5.56, a turnover of 442 million yuan, a trading volume of 5,242 lots (down 1,496 lots), and a position of 14,530 lots (up 95 lots); IH2603 closed at 2,818 with a 0.43% increase, a basis of 5.56, a turnover of 128 million yuan, a trading volume of 1,518 lots (down 1 lot), and a position of 1,938 lots (up 169 lots) [1] - IC Contracts: IC2508 closed at 6,269.6 with a 1.61% increase, a basis of - 24, a turnover of 3.22 billion yuan, a trading volume of 25,848 lots (down 1,438 lots), and a position of 53,361 lots (up 1,361 lots); IC2509 closed at 6,226 with a 1.72% increase, a basis of - 67.6, a turnover of 6.096 billion yuan, a trading volume of 49,292 lots (down 5,044 lots), and a position of 109,680 lots (up 284 lots); IC2512 closed at 6,104.6 with a 1.79% increase, a basis of - 189, a turnover of 1.802 billion yuan, a trading volume of 14,865 lots (down 2,494 lots), and a position of 57,871 lots (down 610 lots); IC2603 closed at 5,997.8 with a 1.95% increase, a basis of - 295.8, a turnover of 650 million yuan, a trading volume of 5,463 lots (down 777 lots), and a position of 8,877 lots (up 518 lots) [1] - IM Contracts: IM2508 closed at 6,675.8 with a 1.60% increase, a basis of - 25.32, a turnover of 5.751 billion yuan, a trading volume of 43,342 lots (up 960 lots), and a position of 64,427 lots (down 557 lots); IM2509 closed at 6,618.6 with a 1.84% increase, a basis of - 82.52, a turnover of 16.3 billion yuan, a trading volume of 124,051 lots (down 7,313 lots), and a position of 181,457 lots (up 72,061 lots); IM2512 closed at 6,435.4 with a 1.88% increase, a basis of - 265.72, a turnover of 3.716 billion yuan, a trading volume of 29,081 lots (down 610 lots), and a position of 79,069 lots (up 96 lots); IM2603 closed at 6,273.2 with a 1.86% increase, a basis of - 427.92, a turnover of 1.076 billion yuan, a trading volume of 8,632 lots (up 329 lots), and a position of 13,360 lots (up 1,094 lots) [1] Positions of the Top 20 Futures Members - IF Contracts: For IF2508, long positions increased by 197 lots, and short positions increased by 808 lots with a net short - position change of 2,370 lots; for IF2509, long positions decreased by 108 lots with a net long - position change of - 645 lots, and short positions increased by 1,821 lots; for IF2512, long positions decreased by 734 lots, and short positions decreased by 259 lots [5] - IH Contracts: For IH2508 and IH2509, long positions decreased by 164 lots with a net long - position change of - 62 lots, and short positions increased by 171 lots; for IH2509, long positions increased by 77 lots, and short positions increased by 345 lots; for IH2512, long positions increased by 25 lots, and short positions increased by 231 lots with a net short - position change of 747 lots [5] - IC Contracts: For IC2508, long positions increased by 778 lots, and short positions increased by 1,333 lots; for IC2509, long positions decreased by 1,091 lots with a net long - position change of - 434 lots, and short positions increased by 3 lots with a net short - position change of 996 lots; for IC2512, long positions decreased by 121 lots, and short positions decreased by 340 lots [5] - IM Contracts: For IM2508, long positions decreased by 533 lots with a net long - position change of - 1,886 lots, and short positions increased by 414 lots; for IM2509, long positions decreased by 560 lots, and short positions decreased by 904 lots with a net short - position change of - 715 lots; for IM2512, long positions decreased by 793 lots, and short positions decreased by 225 lots [5] Important Drivers - The Chinese President met with the President of the European Council and the President of the European Commission, emphasizing the importance of China - EU cooperation [6] - The National Development and Reform Commission and the State Administration for Market Regulation issued a public consultation on the draft amendment to the Price Law of the People's Republic of China, aiming to clarify the standards for identifying improper price behaviors [6] - The A - share market had a good performance, with the Shanghai Composite Index closing above 3,600 points for the first time since January 2022, and the ChiNext Index leading the gains. Nearly 4,400 stocks rose, and the short - term sentiment and the index both showed signs of recovery [6]