股指期货：多空博弈，震荡延续

Report Title - "Stock Index Futures Daily Report" released on September 22, 2025 [1] Report Industry Investment Rating - Not provided Core View - The stock market was oscillating strongly today. In terms of index style, small and medium - cap stock indices were dominant again. The trading volume of the two markets narrowed to around 2.1 trillion yuan. The phone call between the Chinese and US leaders sent a positive signal. The volume - weighted average basis of stock index futures declined today, affected by the decline of most futures contract basis and the listing of new contracts. Recently, the news was relatively calm and lacked unexpected information. The market was mainly a game between bulls and bears. With the approaching of the National Day and Mid - Autumn Festival holidays, some funds might leave the market to deal with uncertain risks, resulting in a decline in both spot and futures trading volume and a weakening of market trading enthusiasm. However, supported by the expectation of favorable policies, the downside space of the stock index was limited. It was expected that the stock index would continue to oscillate in the short term [4] Market Review - The stock index oscillated strongly today. Taking the CSI 300 index as an example, it closed up 0.46%. In terms of capital, the trading volume of the two markets decreased by 2023.47 billion yuan. Among stock index futures, IH rose with increasing volume, while the rest rose with decreasing volume [2] Important Information - The Chinese and US leaders had a phone call. According to the Global Times, Trump said the call was "very productive", and the two leaders would meet during the APEC meeting and he planned to visit China early next year. The 5 - year and 1 - year LPR quotes remained unchanged in September. The State Council Information Office held a press conference on the "High - quality Completion of the 14th Five - Year Plan" series of themes at 3 p.m. [3][6] Strategy Recommendation - It is recommended to mainly hold positions and wait and see [5] Futures Market Observation | Index | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday gain/loss (%) | 0.30 | 0.19 | 0.20 | 0.39 | | Trading volume (10,000 lots) | 11.0121 | 5.0813 | 11.4627 | 21.3295 | | Trading volume change compared with the previous period (10,000 lots) | - 5.2955 | - 1.6499 | - 7.2929 | - 10.545 | | Open interest (10,000 lots) | 25.6208 | 9.9659 | 23.8802 | 35.4212 | | Open interest change compared with the previous period (10,000 lots) | - 0.0745 | 0.3869 | - 0.743 | - 1.0197 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index gain/loss (%) | 0.22 | | Shenzhen Component Index gain/loss (%) | 0.67 | | Ratio of rising and falling stocks | 0.69 | | Trading volume of the two markets (billion yuan) | 21214.83 | | Trading volume change compared with the previous period (billion yuan) | - 2023.47 | [7]