股指期货：科技结构性带动，缩量反弹持续性有待观望

Report Information - Report Title: Stock Index Futures Daily Report [1] - Date: September 24, 2025 [2] - Analyst: Wang Ying (Investment Consultation License No.: Z0016367) [2] - Investment Consultation Business Qualification: Securities Regulatory Permission [2011] No. 1290 [2] Investment Rating - Not provided in the report Core Views - The stock market oscillated upward today, with small and medium - cap stocks rising significantly, mainly driven by Alibaba's positive news which led to the overall upward movement of the science and technology sector. The main contracts of IC and IM index futures corresponding to small and medium - cap indexes both rose by more than 3%. The basis increased significantly, and there was a phenomenon of short - sellers leaving the market considering the open interest. The overall stock index was still running below the previous high. [5] - Today, the total trading volume of the two markets narrowed to about 2.3 trillion yuan. In a market with shrinking volume driven by structural factors, the sustainability of the stock index rebound remains to be seen. It is not advisable to enter the market aggressively to chase the high before the holiday. Considering the previous day's market, there is still optimistic sentiment supporting the short - term market. It is expected that the stock index will continue to oscillate around the previous high central point. The recommended strategy is to mainly wait and see. [5] Market Review Summary - Today, the stock index trended upward. Taking the CSI 300 index as an example, it closed up 1.02%. The trading volume of the two markets decreased by 16.7598 billion yuan. In the futures market, all varieties rose with shrinking volume. [3] Important Information Summary - On September 24, at the 2025 Hangzhou Yunqi Conference, Alibaba Cloud and NVIDIA reached a cooperation in the Physical AI field. Alibaba Cloud's artificial intelligence platform PAI will integrate NVIDIA's Physical AI software stack, providing enterprise users with full - link platform services such as data pre - processing, simulation data generation, model training and evaluation, robot reinforcement learning, and simulation testing, further shortening the development cycle of applications such as embodied intelligence and assisted driving. [4] - Alibaba Cloud announced the launch of Qwen3 - Max, the largest and most powerful model developed by the Tongyi Qianwen team to date. [4] Index Futures Market Observation | Futures Type | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main Contract Intraday Percentage Change (%) | 1.69 | 0.94 | 3.90 | 3.21 | | Trading Volume (10,000 lots) | 14.6745 | 6.2124 | 17.718 | 29.362 | | Trading Volume MoM (10,000 lots) | - 2.4218 | - 0.9047 | - 0.4626 | - 3.5404 | | Open Interest (10,000 lots) | 26.37 | 9.8305 | 25.5972 | 36.5491 | | Open Interest MoM (10,000 lots) | - 1.314 | - 0.3523 | - 0.589 | - 2.7949 | [6] Spot Market Observation | Index | Value | | --- | --- | | Shanghai Composite Index Percentage Change (%) | 0.83 | | Shenzhen Component Index Percentage Change (%) | 1.80 | | Ratio of Rising to Falling Stocks | 5.18 | | Total Trading Volume of the Two Markets (100 million yuan) | 23267.84 | | Trading Volume MoM (100 million yuan) | - 1675.98 | [7]