期指：震荡后仍有反弹支撑

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After a period of oscillation, index futures still have support for a rebound [3] 3. Summary by Related Catalogs 3.1 Index Futures Data Tracking - Price and Change: On August 14, the closing prices of major indexes were as follows: CSI 300 at 4173.31 (down 0.08%), SSE 50 at 2829.47 (up 0.59%), CSI 500 at 6429.85 (down 1.20%), and CSI 1000 at 6976.49 (down 1.24%). The corresponding futures contracts showed mixed trends, with IF down 0.07%, IH up 0.46%, IC down 1.11%, and IM down 1.02% [1] - Trading Volume and Open Interest: On the trading day, the total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. Specifically, the total trading volume of IF increased by 26,975 lots, IH by 20,405 lots, IC by 5,277 lots, and IM by 36,064 lots. In terms of open interest, IF increased by 5,578 lots, IH by 3,248 lots, IC decreased by 9,652 lots, and IM decreased by 6,229 lots [2] 3.2 Index Futures Base Spread - The base spreads of IF, IH, IC, and IM showed different trends over a certain period, as shown in the corresponding base spread charts [4] 3.3 Top 20 Member Positions in Index Futures - For different index futures contracts (IF, IH, IC, IM), the top 20 members' long and short positions had various changes, including increases and decreases in different contracts [5] 3.4 Trend Intensity and Important Drivers - Trend Intensity: The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the range of trend intensity being integers in the [-2, 2] interval [6] - Important Drivers: The central bank plans to conduct a 500 - billion - yuan 6 - month (182 - day) outright reverse repurchase operation on August 15, and the total outright reverse repurchase in August has exceeded the roll - over amount by 30 billion yuan. The market expects the central bank to increase the roll - over amount after the 300 - billion - yuan MLF matures this month. The Fed's September rate - cut expectation was frustrated as the US July PPI soared year - on - year and环比, and some Fed officials opposed a large - scale rate cut [6] - Stock Market Performance: The Shanghai Composite Index closed down 0.46% at 3666.44 after breaking through 3700 points. The Shenzhen Component Index fell 0.87%, and the ChiNext Index fell 1.08%. A - share trading volume reached 2.31 trillion yuan, up from 2.18 trillion yuan the previous day. Most stocks fell, and certain sectors showed different performance trends [6]