股指期货周报：波动增大，结构调整-20250908

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Last week, the four stock index futures varieties started high - level adjustments, with relatively large adjustment amplitudes in CSI 1000 and CSI 500. All were in the futures discount mode, with IH at - 1.42, IF at - 3.72, IC at - 15.35, and IM at - 19.67 [3] - The A - share market had large fluctuations last week. Although the index declined, the structural market was prominent. The AI - related technology sector showed adjustment and differentiation, while the new energy track became the new leading sector, and the sector rotation was successful. After the sharp adjustment, the selling pressure decreased significantly, and the market had abundant liquidity [3] - The US August non - farm payroll data was weak again, with the unemployment rate rising to 4.3%. The US employment market continued to cool and the economy continued to weaken [4] - A series of data this week support the Fed to cut interest rates, which provides a new basis for domestic monetary easing. With the strengthening of the RMB and the weakening of the US dollar, more overseas funds may flow into the A - share market. Next week, the A - share market may continue to fluctuate and adjust through large trading volumes, sector rotations, and the index moving sideways or slightly falling [5] Group 3: Summary by Relevant Catalogs Market Review - The four stock index futures varieties adjusted at high levels last week, and the basis of the four varieties showed differentiation but all were in the futures discount mode [3] - The A - share market had large fluctuations, with a successful sector rotation from the AI - related technology sector to the new energy track. After the adjustment, the selling pressure decreased, and the market had sufficient liquidity [3] Comprehensive Analysis - The US August non - farm payroll data was weak, with the unemployment rate rising to 4.3% and the employment market continuing to cool [4] - Data this week support the Fed to cut interest rates, which provides a basis for domestic monetary easing. With the RMB strengthening and the US dollar weakening, more overseas funds may flow into the A - share market. Next week, the A - share market may continue to fluctuate and adjust [5]