资金抢跑，沪指小幅调整

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Near the military parade node, market funds have shown signs of pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] Summary by Directory 1. Market Analysis - Domestically, the Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. The measures are effective from April 1, 2024, and eligible taxpayers who have already paid taxes before the notice can get a refund. This tax preference directly boosts the investment return rate of the social security fund by reducing the operating costs of the receiving entities. Overseas, the US ISM manufacturing index in August rose slightly from 48 in July to 48.7, lower than the market expectation of 49, and remained below the boom - bust line for six consecutive months. The new orders index rose to 51.4, expanding for the first time since the beginning of this year, but the output index dropped 3.6 points to 47.8, falling back into the contraction range [1] - In the spot market, the three major A - share indices fluctuated and adjusted. The Shanghai Composite Index fell 0.45% to close at 3858.13 points, and the ChiNext Index fell 2.85%. Most sector indices declined, with banking, public utilities, and household appliances sectors leading the gains, while communication, computer, electronics, and national defense and military industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets on the day was 2.87 trillion yuan. Overseas, the US Federal Circuit Court of Appeals ruled on August 29 that the law cited by Trump when imposing tariffs on multiple countries did not actually authorize him to levy these taxes. The three major US stock indices closed down across the board, with the Nasdaq falling 0.82% to 21279.63 points [2] - In the futures market, the basis of stock index futures rebounded, and the deep discount situation of IC and IM improved. Both the trading volume and open interest of stock index futures increased [2] 2. Strategy - Near the military parade node, market funds have shown pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] 3. Macro - economic Charts - The content mainly includes charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles, with data sources from Flush and Huatai Futures Research Institute [6][9][11] 4. Spot Market Tracking Charts - The daily performance of major domestic stock indices on September 1, 2025, shows that the Shanghai Composite Index rose 0.46%, the Shenzhen Component Index rose 1.05%, the ChiNext Index rose 2.29%, the CSI 300 Index rose 0.60%, the SSE 50 Index rose 0.00%, the CSI 500 Index rose 0.94%, and the CSI 1000 Index rose 0.84%. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance, with data sources from Flush and Huatai Futures Research Institute [13][14] 5. Stock Index Futures Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts show changes. For example, the trading volume of the IF contract was 144,297 with a change of - 55,399, and the open interest was 276,618 with a change of - 16,713 [15] - The basis data of stock index futures show the basis and its changes for different contracts (current month, next month, current quarter, and next quarter) of IF, IH, IC, and IM. For example, the current - month contract basis of the IF contract was - 13.11 with a change of - 22.55 [39] - The inter - delivery spread data of stock index futures show the spreads and their changes between different delivery months (next month - current month, next quarter - current month, etc.) for IF, IH, IC, and IM. For example, the next - month minus current - month spread of the IF contract was - 7.60 with a change of - 2.20 [42]