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瑞达期货股指期货全景日报-20250918

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Fed cut interest rates by 25 basis points, and the A - share major indices closed generally lower. Although the economic data in August was under pressure, the financial data showed that residents were shifting from excess savings to increased consumption. The RMB was under short - term pressure due to Powell's hawkish remarks, but the dot - plot indicated two more rate cuts this year, which would reduce the RMB depreciation pressure and provide room for domestic policy easing. Therefore, stock indices still have long - term upward potential, and it is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Contract Prices: The prices of IF, IH, IC, and IM main and sub - main contracts all declined. For example, the IF main contract (2509) dropped from the previous level to 4487.2, a decrease of 61.2 [2]. - Futures Spreads: All spreads such as IF - IH, IC - IF, etc. showed a downward trend. For instance, the IF - IH monthly contract spread decreased by 20.6 to 1576.4 [2]. - Futures Seasonal - Monthly Spreads: Most of the seasonal - monthly spreads for IF, IH, IC, and IM decreased, except for the IH seasonal - monthly spread which increased slightly [2]. - Futures Position Holdings: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position decreased by 3206 to - 24,119 [2]. 3.2 Spot Market - Spot Index Prices: The prices of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 dropped by 52.9 to 4498.11 [2]. - Contract Basis: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - Trading Volume and Balance: A - share trading volume increased by 7637.19 billion yuan to 31,666.43 billion yuan, and the margin trading balance increased by 127.92 billion yuan to 24,054.44 billion yuan [2]. - North - bound Trading and Repurchase: North - bound trading volume increased slightly, and the reverse repurchase operation volume increased while the maturity volume decreased [2]. - Other Indicators: The proportion of rising stocks decreased, the Shibor increased, the closing price of the IO at - the - money call option decreased, the closing price of the IO at - the - money put option increased, and other indicators showed different trends [2]. 3.4 Market Strength - Weakness Analysis - The overall A - share market, technical, and capital aspects all showed a weakening trend in the Wind market strength - weakness analysis [2]. 3.5 Industry News - The Fed cut interest rates by 25 basis points for the first time this year and after a 9 - month pause. The A - share major indices closed generally lower, with small and medium - cap stocks outperforming large - cap blue - chip stocks. The domestic economic data in August was under pressure, and the M1 - M2 gap narrowed significantly [2].