期指：仍有支撑，静待走稳

Report Summary 1. Report's Investment Rating for the Industry - Not mentioned in the provided content 2. Core View of the Report - On December 16, 2025, the four major stock index futures contracts of the current month all declined. The overall trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The market was affected by multiple factors, including the decline of A - share three major stock indexes, the sudden increase in the decline of the Hang Seng Technology Index, and various domestic and international economic news [1][2][6] 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - Index Futures Closing Prices and Changes: On December 16, the closing prices of the four major stock indexes (CSI 300, SSE 50, CSI 500, and CSI 1000) and their corresponding futures contracts all declined. For example, the CSI 300 index closed at 4497.55, down 1.20%, and IF2512 closed at 4499.4, down 1.16% [1] - Trading Volume and Open Interest: The total trading volume of index futures increased. Specifically, the total trading volume of IF increased by 29570 hands, IH by 10967 hands, IC by 30892 hands, and IM by 61780 hands. In terms of open interest, IF increased by 15801 hands, IH decreased by 266 hands, IC increased by 14266 hands, and IM increased by 36380 hands [1][2] - Basis: The basis of different contracts varied. For example, the basis of IF2512 was 1.85, while that of IF2603 was - 46.15 [1] 3.2. Top 20 Member's Open Interest Changes in Index Futures - The open - interest changes of long and short positions in the top 20 members of different contracts were different. For example, in the IF2512 contract, the long positions decreased by 737, and the short positions decreased by 2678 [5] 3.3. Trend Strength - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [6] 3.4. Important Drivers - A - share Market: The three major A - share stock indexes declined unilaterally, with the ChiNext Index falling more than 2%. Nearly 4300 stocks fell. The Shanghai Composite Index closed down 1.11% at 3824.81 points, the Shenzhen Component Index fell 1.51%, and the ChiNext Index fell 2.1%. The A - share trading volume was 1.75 trillion yuan [6] - Hong Kong Stock Market: In the afternoon of the 16th, the decline of the Hang Seng Technology Index suddenly increased, and the decline of the Hong Kong Hang Seng Index widened to 2%. The decline of some large - cap stocks such as Alibaba and Tencent increased, and the corresponding call warrants tumbled [6] - Domestic Policy News: The Central Financial and Economic Affairs Office pointed out that expanding domestic demand is the top priority next year, and efforts should be made to boost consumption from both supply and demand sides. Hainan will officially launch the full - island customs closure on December 18, 2025, and the preferential tariff policies will be optimized [7] - US Economic Data: The US non - farm payrolls in November increased by 64,000, higher than expected, but the unemployment rate unexpectedly rose to 4.6%, a new high since September 2021. The US three major stock indexes closed with mixed results [7][8]