瑞达期货股指期货全景日报-20250903

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - After continuous significant rallies, the upward momentum has slowed, and the market may experience short - term consolidation. The A - share semi - annual reports have been fully disclosed, and the market will enter a performance and policy vacuum period. In the current low - interest - rate environment, the transfer of household deposits will inject liquidity into the market. Previous policies on the entry of medium - and long - term funds will help optimize the A - share investment structure. With the high valuation of the US stocks, A - shares with reasonable valuations continue to attract foreign capital inflows. Due to the poor economic data, there are still expectations for policy intensification. It is recommended to lightly position and buy on dips [2]. 3) Summary by Related Catalogs Futures Disk - All main and sub - main contracts of IF, IH, IC, and IM showed price declines. For example, the IF main contract (2509) dropped from the previous value by 42.8 to 4430.0, and the IF sub - main contract (2512) dropped by 50.4 to 4401.8. Various spreads also decreased, such as the IF - IH current - month contract spread which dropped by 7.4 to 1481.0. The differences between quarterly and current - month contracts mostly declined, e.g., IF current - quarter minus current - month decreased by 8.2 to - 28.2 [2]. Futures Position - The net positions of the top 20 traders in IF, IH, and IM decreased, with the IF top 20 net position dropping by 2380.0 to - 30,656.00, while the IC top 20 net position increased by 204.0 to - 17,402.00 [2]. Spot Price - The spot prices of the Shanghai and Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all declined. For instance, the Shanghai and Shenzhen 300 dropped by 30.6 to 4459.83. The basis of the corresponding futures contracts also mostly decreased, like the IF main contract basis dropping by 20.6 to - 29.8 [2]. Market Sentiment - A - share trading volume decreased by 5167.41 billion yuan to 23,956.82 billion yuan. The margin trading balance decreased by 85.39 billion yuan to 22,884.52 billion yuan. However, the north - bound trading volume increased by 247.72 billion yuan to 3670.85 billion yuan. The proportion of rising stocks decreased by 8.02 percentage points to 15.15% [2]. Industry News - In August, China's official manufacturing PMI, non - manufacturing PMI, and comprehensive PMI were 49.4%, 50.3%, and 50.5% respectively, with month - on - month increases of 0.1, 0.2, and 0.3 percentage points. As of August 31, 2025, nearly 60% of A - share listed companies had year - on - year revenue growth, and over 75% were profitable. A - share major indexes generally closed lower, with large - cap stocks more resilient than small - and medium - cap stocks. The trading volume in the Shanghai and Shenzhen stock markets dropped significantly, and most industry sectors declined [2]. Key Data to Follow - On September 3 at 22:00, pay attention to the US JOLTs job openings in July. From 19:30 - 20:30 on September 4, focus on the US Challenger job cuts, ADP employment, and trade balance in July. At 20:30 on September 5, watch the US non - farm payrolls, unemployment rate, and labor participation rate in August [3].