放量上涨，中小盘股指再创年内新高

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Today, the stock indices closed higher collectively, with the small and medium - cap indices showing stronger performance. The CSI 500 and CSI 1000 indices reached new highs for the year. The trading volume of the two markets increased, exceeding 1.8 trillion yuan again. Affected by the post - market childcare subsidy policy yesterday, the childcare concept sector drove the stock indices to open higher, but then quickly declined, and the CRO concept took over as the leading sector today. From the perspective of the basis of stock index futures, the volume - weighted average basis of each variety increased, and the market sentiment was generally positive. It is expected that the stock indices will maintain a moderate upward trend in the short term. This week, focus on the China - US talks and the Politburo meeting. If unexpectedly positive information is released, it may further drive up the stock indices [6] 3. Summary by Related Catalogs Market Review - Today, the stock indices fluctuated strongly. Taking the CSI 300 index as an example, it closed up 0.39%. In terms of funds, the trading volume of the two markets rebounded by 60.863 billion yuan. Stock index futures all rose with shrinking volume [4] Important Information - The implementation plan of the national childcare subsidy system was officially announced. Starting from January 1, 2025, a childcare subsidy of 3,600 yuan per child per year will be provided until the child reaches the age of 3. Eligible infants under 3 years old, regardless of whether they are the first, second, or third child, can apply for the childcare subsidy. For infants born before January 1, 2025 and under 3 years old, the subsidy will be calculated and paid according to the number of eligible months [5] Strategy Recommendation - Hold long positions and wait and see [7] Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.54 | 0.39 | 0.66 | 0.86 | | Trading volume (10,000 lots) | 9.7663 | 4.6147 | 8.8093 | 18.8549 | | Trading volume change compared to the previous day (10,000 lots) | 0.467 | - 0.021 | - 0.0098 | 0.2292 | | Open interest (10,000 lots) | 25.952 | 9.4722 | 22.4781 | 32.9912 | | Open interest change compared to the previous day (10,000 lots) | - 0.4319 | - 0.0725 | - 0.3909 | - 0.8839 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.33 | | Shenzhen Component Index change (%) | 0.64 | | Ratio of rising to falling stocks | 0.75 | | Trading volume of the two markets (100 million yuan) | 18031.71 | | Trading volume change compared to the previous day (100 million yuan) | 608.63 | [8]