Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-18 08:57Group 1: Report Investment Rating - No information provided Group 2: Core Views - Today, the stock market oscillated and declined with a significant increase in trading volume in both the stock and futures markets. After the Fed's interest rate cut was confirmed, the demand for profit - taking at high levels and short - hedging is expected to rise. The electronics, communication, and social service industries related to holidays showed relative resilience. The market has already priced in a 25BP interest rate cut in September and two cuts within the year, so today's stock market correction was expected. Given the large trading volume, there is a need to be vigilant about an enlarged correction. Attention should be paid to the trading volume and the support of the 20 - day moving average of the stock index. If the closing price falls below the 20 - day moving average, the downside space may open further. Additionally, the further development of Sino - US trade relations is a major short - term uncertainty [4] Group 3: Market Review Summary - Today, the stock index had a large - scale increase in volume, and the scale index weakened overall. For example, the CSI 300 index closed down 1.16%. The trading volume of the two markets rebounded to 7584.20 billion yuan. All stock index futures declined with increased volume [2] Group 4: Important Information Summary - The Ministry of Commerce responded to the TikTok issue, stating that it will never seek any agreement at the expense of principles, corporate interests, and international fairness and justice [3] Group 5: Strategy Recommendation - Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -1.35 | -1.45 | -1.00 | -1.19 | | Trading volume (10,000 lots) | 22.0019 | 10.0595 | 23.6268 | 42.8973 | | Trading volume MoM (10,000 lots) | 5.752 | 3.5836 | 7.2444 | 14.307 | | Open interest (10,000 lots) | 28.8603 | 11.4842 | 27.1127 | 40.5154 | | Open interest MoM (10,000 lots) | 1.4691 | 1.0071 | 1.9056 | 2.5806 | [5] Group 6: Strategy Recommendation - Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -1.15 | | Shenzhen Component Index change (%) | -1.06 | | Ratio of rising to falling stocks | 0.22 | | Trading volume of the two markets (billion yuan) | 31351.58 | | Trading volume MoM (billion yuan) | 7584.20 | [6] Group 7: Other Data Summaries - Data on the ratio of margin trading volume to A - share trading volume, cross - variety strength, and index premium/discount rates are presented in graphical forms, showing trends over different time periods from 2023 - 2025 [7][8][9][10][11][12][13][14][15][16][17][18]