FICC日报：市场成交回落，通信板块逆势收红-20250904

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The market trading volume declined, and the communication sector closed in the red. The Shanghai Composite Index corrected, with the A-share market showing a mixed trend. The futures index basis also declined. It is expected that the stock index will show a volatile adjustment trend in September, and investors can use stock index futures for risk hedging [1][2][3] 3. Summary According to Relevant Catalogs Market Analysis - Domestic Situation: The joint working group of the Ministry of Finance and the central bank held a meeting to discuss issues related to the bond market. The A-share market had a mixed performance, with the Shanghai Composite Index down 1.16% to 3813.56 points, the ChiNext Index up 0.95%, and the trading volume of the two markets dropping to 2.4 trillion yuan. The Fed's decision to cut interest rates affected the US stock market, with the Nasdaq up 1.02% [1][2] - Overseas Situation: US job data was weak, with the number of job openings in July dropping to a 10 - month low. Fed Governor Waller suggested starting interest rate cuts this month, and the three major US stock indexes closed with mixed results [1][2] Strategy - Some popular sectors had a volume - adjusted decline and need time to recover. It is expected that the stock index will be volatile in September, and investors can use stock index futures for risk hedging [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][11][9] Spot Market Tracking Charts - Stock Index Performance: The Shanghai Composite Index, Shenzhen Component Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index all declined, while the ChiNext Index and Shanghai 50 Index rose [13] - Other Indicators: Charts show the trading volume of the two markets and the margin trading balance [14] Stock Index Futures Tracking Charts - Volume and Open Interest: The trading volumes of IF, IH, and IM increased, while the open interest of stock index futures decreased [15] - Basis: The basis of stock index futures declined, with relatively large declines in IF and IH [41] - Inter - delivery Spread: The inter - delivery spreads of stock index futures showed various changes [44]