Nan Hua Qi Huo·2025-08-21 13:17Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Short - term market divergence is large. Today's stock market trend changed several times. Although the trading volume did not change significantly, the optimistic momentum of the stock market has clearly declined, and funds have shifted from small - cap stocks to large - cap stocks. The dividend index showed an overall oscillating and strengthening trend. In the context of significantly weakened optimism compared to the previous period, the market is expected to continue to oscillate and requires incremental information for stimulation. Without the drive of trading volume, the attractiveness of the structural market will also decline. Attention should be paid to the information released at the Jackson Hole meeting on Friday [6]. 3. Summary by Related Catalogs Market Review - Today, the stock index showed an oscillating trend, with large - cap and small - cap stocks performing differently. The large - cap index rose, while the small - and medium - cap index declined. The trading volume of the two markets increased by 15.823 billion yuan. In the futures index market, IF and IH rose with shrinking volume, IC fell with increasing volume, and IM fell with shrinking volume [4]. Important Information - Alibaba announced on August 21 that it plans to spin off Zebra Network Technology Co., Ltd. and list it independently on the main board of the Hong Kong Stock Exchange [5]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [7]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.66 | 0.84 | - 0.06 | - 0.43 | | Trading volume (10,000 lots) | 12.1134 | 5.9612 | 12.1463 | 29.1091 | | Trading volume change compared to the previous period (10,000 lots) | - 0.9534 | - 0.3502 | 0.2219 | - 0.7631 | | Open interest (10,000 lots) | 25.8227 | 10.336 | 22.9052 | 39.0348 | | Open interest change compared to the previous period (10,000 lots) | - 0.8791 | - 0.3273 | 0.0694 | - 1.0277 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.13 | | Shenzhen Component Index change (%) | - 0.06 | | Ratio of rising to falling stocks | 0.72 | | Trading volume of the two markets (billion yuan) | 242.4057 | | Trading volume change compared to the previous period (billion yuan) | 15.823 | [8]