期指：节前震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View On September 25, 2025, the four major stock index futures contracts showed mixed trends, with IF up 0.83%, IH up 0.5%, IC up 0.45%, and IM down 0.14%. On this trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of IF increased, while those of IH, IC, and IM decreased [1][2]. 3. Summary by Related Catalogs 3.1. Index Futures Data - CSI 300 and Related Futures: The CSI 300 closed at 4593.49, up 0.60%. Among its futures contracts, IF2510 closed at 4585, up 0.83%, with a basis of -8.49; IF2511 closed at 4571.2, up 0.94%, with a basis of -22.29; IF2512 closed at 4562.2, up 0.88%, with a basis of -31.29; IF2603 closed at 4532, up 0.85%, with a basis of -61.49 [1]. - SSE 50 and Related Futures: The SSE 50 closed at 2952.74, up 0.45%. Among its futures contracts, IH2510 closed at 2953.8, up 0.50%, with a basis of 1.06; IH2511 closed at 2951.6, up 0.51%, with a basis of -1.14; IH2512 closed at 2953.6, up 0.52%, with a basis of 0.86; IH2603 closed at 2950.2, up 0.38%, with a basis of -2.54 [1]. - CSI 500 and Related Futures: The CSI 500 closed at 7341.32, up 0.24%. Among its futures contracts, IC2510 closed at 7293.2, up 0.45%, with a basis of -48.12; IC2511 closed at 7218.4, up 0.39%, with a basis of -122.92; IC2512 closed at 7166.6, up 0.43%, with a basis of -174.72; IC2603 closed at 6990.6, up 0.44%, with a basis of -350.72 [1]. - CSI 1000 and Related Futures: The CSI 1000 closed at 7506.51, down 0.37%. Among its futures contracts, IM2510 closed at 7444.6, down 0.14%, with a basis of -61.91; IM2511 closed at 7360, down 0.15%, with a basis of -146.51; IM2512 closed at 7281.8, down 0.09%, with a basis of -224.71; IM2603 closed at 7066.2, down 0.11%, with a basis of -440.31 [1]. 3.2. Trading Volume and Position Changes - Trading Volume: The total trading volume of IF decreased by 13263 lots, IH decreased by 10311 lots, IC decreased by 47515 lots, and IM decreased by 80784 lots [2]. - Positions: The total positions of IF increased by 2673 lots, IH decreased by 3358 lots, IC decreased by 7113 lots, and IM decreased by 12164 lots [2]. 3.3. Top 20 Member Position Changes - IF: For IF2510, long positions increased by 559 lots, and short positions increased by 371 lots; for IF2512, long positions increased by 2440 lots, and short positions increased by 3878 lots; for IF2603, long positions increased by 1013 lots, and short positions increased by 166 lots [5]. - IH: For IH2510, long positions decreased by 783 lots, and short positions decreased by 385 lots; for IH2512, long positions decreased by 2400 lots, and short positions decreased by 2110 lots; for IH2603, long positions increased by 238 lots, and short positions increased by 329 lots [5]. - IC: For IC2510, long positions decreased by 858 lots, and short positions decreased by 382 lots; for IC2512, long positions decreased by 956 lots, and short positions decreased by 2648 lots; for IC2603, long positions decreased by 731 lots, and short positions decreased by 1333 lots [5]. - IM: For IM2510, long positions decreased by 1484 lots, and short positions decreased by 1479 lots; for IM2512, long positions decreased by 6080 lots, and short positions decreased by 6646 lots [5]. 3.4. Trend Strength and Important Drivers - Trend Strength: The trend strength of IF and IH is 1, and that of IC and IM is also 1 [6]. - Important Drivers: Strong US data dampened expectations of interest rate cuts, leading to three consecutive days of decline in US stocks. The China concept stock index rebounded, while cryptocurrencies tumbled. The annualized quarterly GDP growth rate in the US in the second quarter was revised up to 3.8%, the highest in nearly two years, but inflation pressure was more stubborn than previously estimated. The Shanghai Composite Index fell 0.01% to 3853.3 points, the Shenzhen Component Index rose 0.67%, and the ChiNext Index rose 1.58%. The total trading volume of A-shares was 2.39 trillion yuan, up from 2.35 trillion yuan the previous day [6].