市场波动加剧，股指震荡调整

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The market's profit - making effect attracts various investors to accelerate their layout. Foreign institutional investors' recognition of the allocation value of Chinese assets has increased, leading to a sharp rise in trading volume in the two markets and intensified market volatility. Although short - term technical indicators show overbought signs, abundant liquidity provides support, and the overall upward trend remains unchanged. Industry sectors are in a healthy rotation, and the comparative advantage of Chinese assets in global risk assets is prominent. Recently, the AI, military, and small metals sectors are expected to strengthen again [3] Summary by Related Catalogs Market Analysis - Domestic Policy Updates: The five - department joint notice from the Ministry of Human Resources and Social Security and others has added three new withdrawal conditions for personal pensions starting from September 1st, including suffering from serious diseases, receiving unemployment insurance benefits, and receiving urban and rural minimum living security benefits. Specific operation methods have also been clarified, allowing participants to withdraw personal pensions monthly, in installments, or in a lump sum. In July, the unemployment rate of the 16 - 24 - year - old labor force in urban areas was 17.8%, 6.9% for the 25 - 29 - year - old labor force, and 3.9% for the 30 - 59 - year - old labor force (excluding students) [1] - Overseas Policy Updates: The US Department of Commerce has included 407 product categories in the steel and aluminum tariff list, with a 50% applicable tax rate. The new list covers a wide range of products, including wind turbines and their components, mobile cranes, railway vehicles, furniture, compressors, and pump equipment. The Trump administration has repeatedly emphasized expanding the scope of steel and aluminum tariffs to protect domestic manufacturing and curb import dependence [1] - Stock Market Performance: In the spot market, the three major A - share indices closed lower with fluctuations. The Shanghai Composite Index fell 0.02% to 3727.29 points, and the ChiNext Index fell 0.17%. In terms of industries, sector indices showed mixed performance, with the communication, food and beverage, and commercial retail sectors leading the gains, while the non - bank finance, national defense and military industry, and petroleum and petrochemical sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets on that day remained at 2.6 trillion yuan. Overseas, the three major US stock indices closed with mixed results. The Dow Jones Industrial Average hit a record high during the session, but the Nasdaq Composite Index fell 1.46% to 44922.27 points due to the drag of technology stocks [2] - Futures Market Performance: In the futures market, the basis of the near - month IC contract rebounded. In terms of trading volume and open interest, both the trading volume and open interest of stock index futures decreased simultaneously [2] Strategy - The market's profit - making effect attracts investors, and foreign institutions recognize the value of Chinese assets. Despite short - term overbought signs, liquidity support maintains the upward trend. Industry sectors rotate healthily, and sectors such as AI, military, and small metals are expected to strengthen [3] Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][12][13] Spot Market Tracking Charts - Stock Index Performance: The daily performance of major domestic stock indices on August 19, 2025, shows that the Shanghai Composite Index fell 0.02%, the Shenzhen Component Index fell 0.12%, the ChiNext Index fell 0.17%, the CSI 300 Index fell 0.38%, the SSE 50 Index rose 0.21%, the CSI 500 Index fell 0.19%, and the CSI 1000 Index rose 0.07% [15] - Other Indicators: Charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances are also provided [16] Futures Market Tracking Charts - Trading Volume and Open Interest: The trading volume and open interest of IF, IH, IC, and IM contracts all decreased. For example, the trading volume of the IF contract decreased by 40988 to 109269, and the open interest decreased by 15341 to 258257 [19] - Basis: The basis of each contract shows different changes. For example, the basis of the IF contract's near - month contract decreased by 5.56 to - 7.17, while the basis of the IC contract's near - month contract increased by 4.86 to - 55.31 [41] - Inter - delivery Spread: The inter - delivery spreads of different contracts also have corresponding changes. For example, the spread between the next - month and current - month IF contracts decreased by 2.40 to - 4.80 [47]