Workflow
期指：震荡偏强，不过度追多
Guo Tai Jun An Qi Huo·2025-09-12 02:44

Report Investment Rating - The report does not provide an investment rating for the industry. Core View - The stock index futures are expected to fluctuate with a slight upward trend, and investors are advised not to chase the market excessively [1]. Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - On September 11, all the current-month contracts of the four major stock index futures rose. IF rose 2.64%, IH rose 1.56%, IC rose 3.44%, and IM rose 2.94% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 38,933 lots, IH by 17,746 lots, IC by 61,198 lots, and IM by 43,013 lots. In terms of positions, the total positions of IF increased by 6,664 lots, IH by 8,511 lots, IC by 18,948 lots, and IM by 4,629 lots [2]. 2. Basis and Position Changes of Futures Contracts - The report provides the basis data of IF, IH, IC, and IM futures contracts, as well as the position changes of the top 20 member futures companies [1][5]. 3. Trend Intensity and Key Drivers - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The range of trend intensity is an integer within the [-2, 2] interval, with -2 indicating the most bearish and 2 indicating the most bullish [6]. - The State Council has approved a two - year comprehensive reform pilot of factor market allocation in 10 regions, including the Beijing Sub - center and the Guangdong - Hong Kong - Macao Greater Bay Area. The National Development and Reform Commission stated that this is a key step in building a unified national market, and the pilot is expected to be completed by 2027 [6][7]. 4. Market Performance - The three major US stock indexes reached new highs due to the moderate US CPI and a surge in jobless claims. Chinese concept stocks rebounded strongly. In the A - share market, the Shanghai Composite Index rose 1.65% to 3,875.31 points, the Shenzhen Component Index rose 3.36%, and the ChiNext Index rose 5.15%. The trading volume of A - shares reached 2.46 trillion yuan, up from 2 trillion yuan the previous day [7].