FICC日报：盘面轮动，股指震荡-20250926

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The market will maintain a pattern of sector rotation with a shrinking trading volume in the remaining three trading days before the holiday, showing characteristics of a partial market [3] Summary by Directory Market Analysis - In the domestic market, the Ministry of Commerce included three US entities such as Flat Earth Management Company in the export control list and three US entities involved in arms sales to Taiwan, like Alcon Inc., in the unreliable entity list. Overseas, the US Q2 GDP final annualized quarterly growth rate was revised up to 3.8%, and the initial jobless claims last week dropped to 218,000 [1] - In the A-share spot market, the three major indexes showed divergent trends. The Shanghai Composite Index fell 0.01% to 3,853.63 points, while the ChiNext Index rose 1.58%. Most sector indexes declined, with media, communication, non-ferrous metals, and power equipment industries leading the gains, and textile and apparel, agriculture, forestry, animal husbandry, and household appliances industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was about 2.4 trillion yuan. The scale of China's public funds exceeded 36 trillion yuan for the first time, with stock funds increasing by 63 billion yuan and hybrid funds increasing by over 33 billion yuan. Overseas, the three major US stock indexes closed slightly lower, with the Nasdaq falling 0.50% to 22,384.70 points [2] - In the futures market, the basis of stock index futures fluctuated on the day. The trading volume of stock index futures decreased, and the IF position increased [2] Strategy - With only three trading days left before the holiday, according to seasonal patterns, the market trading volume may continue to shrink, and the market will maintain a sector rotation pattern with partial market characteristics [3] Macroeconomic Charts - The report includes charts showing the relationship between the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [6][8][10] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on September 25, 2025, shows that the Shanghai Composite Index fell 0.01%, the Shenzhen Component Index rose 0.67%, the ChiNext Index rose 1.58%, the CSI 300 Index rose 0.60%, the SSE 50 Index rose 0.69%, the CSI 500 Index rose 0.24%, and the CSI 1000 Index fell 0.37% [13] - Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [16] Futures Market Tracking Charts - The trading volume and position data of stock index futures show that the trading volume of IF, IH, IC, and IM all decreased, while the IF position increased, and the positions of IH, IC, and IM decreased [17] - The basis data of stock index futures show the basis and its changes for different contracts of IF, IH, IC, and IM [39][42] - The inter - period spread data of stock index futures show the spread and its changes between different contracts [47]