电子板块抗跌，股指冲高回落

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The A-share market's major indices showed a pattern of rising and then falling, with most sector indices declining. Only the electronics, communication, and social services sectors closed in the green. The Shanghai Composite Index dropped 1.15% to 3831.66 points, and the ChiNext Index fell 1.64%. The trading volume in the Shanghai and Shenzhen stock markets reached 3.1 trillion yuan. The U.S. stock market's three major indices all hit new closing highs, with the Nasdaq rising 0.94% to 22470.725 points. [1] - The market adjustment will continue, and it is maintained that the Shanghai Composite Index will be in a volatile adjustment in September. However, there are still structural opportunities in the market. During this market adjustment, the fundamentals and capital enthusiasm of the CSI 500 and CSI 1000 are more advantageous, showing greater resilience. The sentiment weakened yesterday, and the volatility of related options decreased significantly. Opportunities for bottom - up layout can be considered in the next few trading days. [2] Summary by Directory 1. Market Analysis - Domestic and Overseas Macroeconomic Situation: In the "14th Five - Year Plan" period, China's R & D investment increased continuously. In 2024, the total R & D investment exceeded 3.6 trillion yuan, a 48% increase from 2020, and the R & D investment intensity reached 2.68%, exceeding the average level of EU countries. The number of initial jobless claims in the U.S. last week dropped to 231,000, the largest decline in nearly four years. [1] - Stock Market Performance: In the spot market, A - share indices rose and then fell. Most sector indices declined, with only a few sectors closing in the green. The trading volume in the Shanghai and Shenzhen stock markets increased to 3.1 trillion yuan. In the U.S., the three major stock indices all hit new closing highs. In the futures market, the basis of stock index futures decreased on the delivery day of the current - month contract, and both trading volume and open interest increased. [1] 2. Strategy - The market adjustment will continue, and the Shanghai Composite Index will be in a volatile adjustment in September. There are structural opportunities, with the CSI 500 and CSI 1000 showing more resilience. Opportunities for bottom - up layout can be considered in the next few trading days. [2] 3. Charts 3.1 Macro - economic Charts - Include charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rates and A - share trends, and U.S. Treasury yields and A - share style trends. [5] 3.2 Spot Market Tracking Charts - Stock Index Performance: On September 18, 2025, the Shanghai Composite Index was 3831.66 (down 1.15% from the previous day), the Shenzhen Component Index was 13075.66 (down 1.06%), the ChiNext Index was 3095.85 (down 1.64%), the CSI 300 Index was 4498.11 (down 1.16%), the SSE 50 Index was 2912.83 (up 0.17%), the CSI 500 Index was 7199.88 (down 0.83%), and the CSI 1000 Index was 7476.40 (down 1.04%). [11] - Also include charts of trading volume in the Shanghai and Shenzhen stock markets and margin trading balances. [11] 3.3 Stock Index Futures Tracking Charts - Trading Volume and Open Interest: The trading volume and open interest of stock index futures increased. For example, the trading volume of IF was 220,019 (an increase of 57,520), and the open interest was 288,603 (an increase of 14,691). [15] - Basis: The basis of stock index futures decreased. For example, the basis of the IF current - month contract was - 10.91 (a decrease of 13.09). [36] - Inter - delivery Spread: The inter - delivery spread data of stock index futures are provided, such as the IF's next - month minus current - month spread was - 11.20 (a change of + 0.20). [42]