期指：驱动因素变化，转大区间震荡模式

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report On July 31, all the current - month contracts of the four major stock index futures declined. The trading enthusiasm of investors has increased, with the total trading volume of each index futures rising. In terms of positions, the total positions of IF, IH, and IC decreased, while that of IM increased. The trend intensities of IF, IH, IC, and IM are all 1 [1][2][6]. 3) Summary by Relevant Catalogs a. Stock Index Futures Data Tracking - On July 31, all current - month contracts of the four major stock index futures declined: IF fell 1.68%, IH fell 1.42%, IC fell 1.26%, and IM fell 0.8% [1]. - In terms of trading volume, the total trading volume of IF increased by 18,165 lots, IH by 4,976 lots, IC by 14,305 lots, and IM by 36,495 lots. In terms of positions, the total positions of IF decreased by 3,716 lots, IH by 3,315 lots, IC by 2,760 lots, and IM increased by 1,767 lots [1][2]. b. Positions of the Top 20 Member Institutions - For IF: In IF2508, long - positions decreased by 686 and short - positions by 1950; in IF2509, long - positions decreased by 4,695 and short - positions by 3,905; in IF2512, long - positions increased by 2,332 and short - positions by 2,681; in IF2603, long - positions increased by 268 and short - positions by 519 [5]. - For IH: In IH2508, long - positions decreased by 161 and short - positions by 600; in IH2509, long - positions decreased by 873 and short - positions by 1,372; in IH2512, long - positions decreased by 274 and short - positions by 165; IH2603 data was not released [5]. - For IC: In IC2508, long - positions decreased by 2,004 and short - positions by 1,928; in IC2509, long - positions increased by 912 and short - positions decreased by 1,078; in IC2512, long - positions increased by 696 and short - positions by 399; in IC2603, long - positions increased by 598 and short - positions by 713 [5]. - For IM: In IM2508, long - positions decreased by 2,083 and short - positions by 2,302; in IM2509, long - positions decreased by 564 and short - positions by 928; in IM2512, long - positions increased by 3,094 and short - positions by 2,320; IM2603 data was not released [5]. c. Trend Intensity The trend intensities of IF and IH are 1, and those of IC and IM are also 1. The trend intensity ranges from - 2 to 2, with - 2 representing the most bearish view [6]. d. A - share Market Review The A - share market declined in the afternoon. The Shanghai Composite Index closed below the 10 - day moving average for the first time since regaining 3,400 points on June 24. The Shanghai Composite Index fell 1.18% to 3,573.21 points, the Shenzhen Component Index fell 1.73%, the ChiNext Index fell 1.66%, the North Securities 50 fell 1.16%, the Science and Technology Innovation 50 fell 1.01%, the Wind All - A fell 1.36%, the Wind A500 fell 1.89%, and the CSI A500 fell 1.75%. The total trading volume of A - shares was 1.96 trillion yuan, compared with 1.87 trillion yuan the previous day. In July, the Shanghai Composite Index rose 3.74%, the Shenzhen Component Index rose 5.2%, and the ChiNext Index rose 8.14% [6].