期指：美联储如期降息，国内释放利多

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On December 10, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.15%, IH fell 0.35%, IC rose 0.39%, and IM rose 0.26% [1] - On the trading day, the total trading volume of stock index futures declined, and the trading enthusiasm of investors cooled down. The total trading volume of IF, IH, IC, and IM decreased by 99,497 lots, 39,137 lots, 95,795 lots, and 140,871 lots respectively. The total positions of IF, IH, IC, and IM remained unchanged [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The取值 range of trend strength is an integer in the interval [- 2,2] [6] - The Fed cut interest rates by 25 basis points as expected, but three voting members opposed it. The Fed still expects to cut interest rates once next year and will buy $40 billion in short - term bonds. The Fed's interest - rate decision faced the most significant internal disagreement in 37 years [7] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Data Tracking - IF Contracts: The closing prices of IF2512, IF2601, IF2603, and IF2606 were 4,574.2, 4,557.6, 4,534.2, and 4,487.8 respectively, with declines of 0.15%, 0.17%, 0.19%, and 0.21%. The trading volumes increased by 12,113 lots, 783 lots, 8,936 lots, and 1,355 lots respectively. The positions of IF2512 remained unchanged, and those of IF2601, IF2603, and IF2606 increased by 1,972 lots, 8,355 lots, and 1,403 lots respectively [1] - IH Contracts: The closing prices of IH2512, IH2601, IH2603, and IH2606 were 2,980.8, 2,974.6, 2,970.6, and 2,956 respectively, with declines of 0.35%, 0.35%, 0.37%, and 0.37%. The trading volumes increased by 7,588 lots, 312 lots, 3,397 lots, and 777 lots respectively. The positions of IH2512 remained unchanged, and those of IH2601, IH2603, and IH2606 increased by 407 lots, 2,817 lots, and 553 lots respectively [1] - IC Contracts: The closing prices of IC2512, IC2601, IC2603, and IC2606 were 7,122.2, 7,065.8, 6,944, and 6,733 respectively, with increases of 0.39%, 0.40%, 0.36%, and 0.31%. The trading volumes increased by 12,597 lots, 1,882 lots, 3,712 lots, and 2,548 lots respectively. The positions of IC2512 remained unchanged, and those of IC2601, IC2603, and IC2606 increased by 2,737 lots, 3,232 lots, and 1,194 lots respectively [1] - IM Contracts: The closing prices of IM2512, IM2601, IM2603, and IM2606 were 7,371.4, 7,290, 7,123, and 6,878 respectively, with increases of 0.26%, 0.22%, 0.12%, and 0.11%. The trading volumes increased by 21,103 lots, 2,332 lots, 10,681 lots, and 2,460 lots respectively. The position of IM2512 decreased by 1,039 lots, and those of IM2601, IM2603, and IM2606 increased by 10,982 lots, 4,193 lots, and 2,210 lots respectively [1] 3.2 Positions of the Top 20 Members in Stock Index Futures - IF Contracts: The long - position changes of IF2512, IF2601, IF2603, and IF2606 were - 4,975, 1,612, 1,264, and 658 respectively; the short - position changes were - 5,447, 1,509, 746, and 1,077 respectively [5] - IH Contracts: The long - position changes of IH2512, IH2601, IH2603 were - 2,344, not announced, - 68 respectively; the short - position changes were - 2,618, not announced, 196 respectively [5] - IC Contracts: The long - position changes of IC2512, IC2601, IC2603, and IC2606 were - 707, 1,228, 2,459, and 351 respectively; the short - position changes were - 695, 1,013, 1,664, and 310 respectively [5] - IM Contracts: The long - position changes of IM2512, IM2601, IM2603 were - 1,259, 980, 3,755 respectively; the short - position changes were - 3,476, 1,115, 4,329 respectively [5] 3.3 Important Driving Factors - China's CPI in November increased by 0.7% year - on - year (expected 0.7%, previous value 0.2%), and the PPI decreased by 2.2% year - on - year (expected - 2%, previous value - 2.1%). The year - on - year increase in CPI was mainly driven by the change of food prices from decline to increase, and the core CPI excluding food and energy prices increased by 1.2% year - on - year. The PPI increased by 0.1% month - on - month [6] - The IMF expects China's economy to grow by 5.0% and 4.5% in 2025 and 2026 respectively, which are 0.2 and 0.3 percentage points higher than the October forecast, mainly due to China's macro - economic stimulus measures and lower - than - expected US tariffs on China [6] 3.4 Market Reactions - After the Fed cut interest rates, the Dow Jones Industrial Average widened its gains, gold fluctuated widely, and crude oil had a V - shaped reversal. After the Fed's statement, the S&P 500 index rose 0.45%, the Dow rose 0.82%, and the Nasdaq fluctuated around the previous day's closing price [7] - In the A - share market, the Shanghai Composite Index fell 0.23% to 3,900.5 points, the Shenzhen Component Index rose 0.29%, the ChiNext Index fell 0.02%, the North Star 50 Index fell 0.85%, the Science and Technology Innovation 50 Index fell 0.03%, the Wind All - A Index rose 0.12%, the Wind A500 Index rose 0.03%, and the CSI A500 Index rose 0.05%. The total trading volume of A - shares was 1.79 trillion yuan, down from 1.92 trillion yuan the previous day. Real - estate stocks, education stocks, retail stocks, and Hainan Free Trade Zone concept stocks performed strongly, while the computing power hardware industry chain declined [7]