光大期货金融期货日报-20250910

1. Report Industry Investment Rating - The investment rating for stock index futures is "Bullish", and for treasury bond futures is "Sideways" [1] 2. Core Viewpoints of the Report - The A-share market adjusted with fluctuations throughout the day, with the ChiNext Index falling more than 3% in the afternoon. Since August, the A-share market has shown a "narrowing" trend, and short - term corrections are normal. In the long run, the Fed's dovish stance and expected multiple interest rate cuts this year will benefit the A - share market. Shanghai's housing policy adjustments and the implementation of the national parenting subsidy system are expected to drive inflation and support the market. The liquidity market is expected to continue, with obvious structural characteristics and accelerated sector rotation [1] - Treasury bond futures closed lower. In September, the risk of significant fluctuations in the capital market is low, short - term bonds are relatively stable, and long - term bonds fluctuate more under the influence of stock market trends and government bond issuance [1][2] 3. Summary by Relevant Catalogs 3.1 Research Views - Stock Index Futures: The A - share market adjusted with fluctuations, with over 4000 stocks in the Shanghai, Shenzhen, and Beijing markets falling, and the trading volume reaching 2.15 trillion yuan. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 1.23%, and the ChiNext Index fell 2.23%. The market is expected to benefit from multiple factors in the long run, and the liquidity market will continue with structural characteristics [1] - Treasury Bond Futures: The 30 - year, 10 - year, 5 - year, and 2 - year main contracts of treasury bond futures fell. The central bank conducted 2470 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 87 billion yuan. Short - term bonds are stable, while long - term bonds fluctuate more [1][2] 3.2 Daily Price Changes - Stock Index Futures: On September 10, 2025, compared with the previous day, IH fell 0.38%, IF fell 0.60%, IC fell 0.69%, and IM fell 0.97% [3] - Stock Indexes: The Shanghai 50 Index fell 0.38%, the CSI 300 Index fell 0.70%, the CSI 500 Index fell 0.90%, and the CSI 1000 Index fell 1.16% [3] - Treasury Bond Futures: TS fell 0.02%, TF fell 0.01%, T fell 0.08%, and TL fell 0.29% [3] 3.3 Market News - The Ministry of Industry and Information Technology has achieved initial results in governing irrational competition in key industries such as new energy, automobiles, and photovoltaics. It will carry out special rectification actions against network chaos and regulate production behavior [4] 3.4 Chart Analysis - Stock Index Futures: The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, showing their price trends from 2024 - 01 to 2025 - 07 [6][7][10] - Treasury Bond Futures: Charts of the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures are presented, covering data from 2023 - 01 to 2025 - 07 [14][16][18] - Exchange Rates: Charts of the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates are provided, with data spanning from 2023 - 01 to 2025 - 07 [21][22][25]