放量上涨但持续性有待观察，关注明日国内经济数据公布情况

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The passage of the temporary appropriation bill and the end of the 43 - day shutdown of the US government boosted market sentiment, leading to a strong performance of stock indices with increased trading volume today. However, the report believes that the rally driven solely by sentiment may not be sustainable. The decline in the volume - weighted average basis of IF, IH, and IC contracts, along with the deepening basis discount of the current and next - quarter contracts and the decrease in open interest of IM, indicate that the overall willingness of long - position holders to exit the market has increased, suggesting that market sentiment has not fully improved. - Attention should be paid to the domestic economic data to be released tomorrow. If the data is positive, it will strengthen the economic recovery logic, boost profit expectations, and drive the stock indices to transition from "shaking the bottom" to "valuation repair." If there are no obvious highlights and the weak recovery trend continues, the stock indices are expected to maintain a volatile pattern [4]. 3. Summary by Directory Market Review - Today, stock indices closed higher across the board. Taking the CSI 300 Index as an example, it closed up 1.21%. The trading volume of the two markets rebounded by 969.28 billion yuan. Stock index futures rose with shrinking volume [2]. Important Information - China Securities Regulatory Commission Vice - Chairman Li Ming stated that efforts should be made to prevent sharp market fluctuations. - Donald Trump signed a temporary appropriation bill, ending the shutdown of the US government [3]. Strategy Recommendation - Futures Market Observation - The intraday price changes of the main contracts of IF, IH, IC, and IM were 1.06%, 0.81%, 1.71%, and 1.67% respectively. - The trading volumes were 111,869, 52,891, 132,224, and 214,803 lots respectively, with a decrease of 8,821, 1,184, 13,405, and 29,092 lots respectively compared to the previous day. - The open interests were 259,502, 96,315, 243,710, and 356,165 lots respectively, with a decrease of 13,919, 1,167, 19,353, and 20,677 lots respectively compared to the previous day [5]. - Spot Market Observation - The Shanghai Composite Index rose 0.73%, and the Shenzhen Component Index rose 1.78%. - The ratio of rising stocks to falling stocks was 2.95. - The trading volume of the two markets was 20,419.62 billion yuan, with a rebound of 969.28 billion yuan compared to the previous day [6].