临近假期，震荡或延续

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The stock market's trading volume significantly narrowed today, with the turnover of the two markets dropping to around 2.3 trillion. The market trend basically conforms to the previous prediction of a rapid correction after the Fed's decision and then entering a volatile phase. With the shrinking volume, the amplitude also decreased accordingly. Bulls attempted to push up the market during the session but lacked strength. As the National Day and Mid - Autumn Festival holidays approach, some funds may leave the market to avoid holiday uncertainties, as evidenced by a relatively large decline in the positions of stock index futures today. In the short term, the stock market is expected to continue to fluctuate, and the amplitude will not be large without unexpected incremental information. Attention should be paid to changes in Sino - US trade relations, especially the possible release of information on Sino - US leader phone calls [4]. 3. Summary by Relevant Catalogs Market Review - The stock index significantly reduced trading volume today, with the index mainly fluctuating. Taking the CSI 300 index as an example, it closed up 0.08%. In terms of funds, the turnover of the two markets dropped to 23238.29 billion yuan, a decrease of 8113.28 billion yuan. In the futures market, IM decreased in volume, while other stock index futures increased in volume [2][7]. Important Information - Shanghai optimized and adjusted relevant policies for the pilot individual housing property tax. The Ministry of Commerce and eight other departments jointly issued a notice on promoting the expansion and upgrading of the 15 - minute convenient living circle in cities, proposing 20 specific measures in six aspects [3]. Strategy Recommendation - It is recommended to mainly adopt a wait - and - see approach [5]. Stock Index Futures Market Observation | Index | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.55 | 0.34 | 0.34 | - 0.21 | | Trading volume (10,000 lots) | 16.3076 | 6.7312 | 18.7556 | 31.8745 | | Trading volume change (10,000 lots) | - 5.6943 | - 3.3283 | - 4.8712 | - 11.0228 | | Open interest (10,000 lots) | 25.6953 | 9.579 | 24.6232 | 39.0272 | | Open interest change (10,000 lots) | - 3.165 | - 1.9052 | - 2.4895 | - 1.4882 | [6] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.30 | | Shenzhen Component Index change (%) | - 0.04 | | Ratio of rising to falling stocks | 0.57 | | Turnover of the two markets (billion yuan) | 23238.29 | | Turnover change (billion yuan) | - 8113.28 | [7]