期指：节后开门红效应转弱，震荡走势

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The post - holiday opening effect of index futures has weakened, showing a volatile trend [2] - The overall trading volume of index futures declined on the trading day, indicating a cooling of investors' trading enthusiasm [4] - The annual trend of the RMB exchange rate is expected to maintain a pattern of volatile stability and slight appreciation [9] 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - On February 26, the closing prices of the four major index futures' current - month contracts showed mixed trends: IF fell 0.4%, IH fell 0.77%, IC rose 0.23%, and IM rose 0.5% [2] - The total trading volume of IF decreased by 20,496 lots, IH by 10,014 lots, IC by 12,127 lots, and IM by 20,962 lots. The total open interest of IF decreased by 13,463 lots, IH by 3,558 lots, IC by 7,838 lots, and IM by 14,890 lots [4] 3.2 Index Futures' Top 20 Member Position Changes - For different contracts of IF, IH, IC, and IM, there were various changes in long and short positions. For example, in IF2603, long positions decreased by 9,634 and short positions decreased by 11,023 [7] 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The range of trend intensity is an integer in the [-2, 2] interval [8] 3.4 Important Drivers - The Ministry of Commerce held a regular press conference on February 26. Regarding the upcoming sixth - round China - US economic and trade consultations, the spokesperson said that China is willing to work with the US to implement and maintain the consensus of the leaders' meetings and calls, and manage differences through equal consultations [8] - The RMB exchange rate against the US dollar appreciated rapidly after the Spring Festival holiday. From February 25 to 26, the on - shore and off - shore RMB broke through the 6.87 and 6.84 levels respectively, and the off - shore RMB reached a high of 6.82665 on the 26th, the highest since April 2023 [9] - The third - round indirect negotiation between Iran and the US ended. The Iranian Foreign Minister said that the two sides were close to reaching a consensus in some areas, and technical negotiations would be held in Vienna next Monday [9] - On February 26, German Chancellor Merz visited Hangzhou. The German delegation had exchanges with many Chinese enterprises, and the Zhejiang provincial Party secretary said that efforts would be made to strengthen the China - Germany cooperation platform [9] 3.5 Stock Market Performance - The A - share market showed a narrow - range consolidation. The Shanghai Composite Index fell 0.01% to 4,146.63 points, the Shenzhen Component Index rose 0.19%, the ChiNext Index fell 0.29%, and the Wind All - A Index rose 0.21%. The A - share trading volume was 2.56 trillion yuan [10] - The Hong Kong Hang Seng Index fell 1.44% to 26,381.02 points, the Hang Seng Tech Index fell 2.87%, and the Hang Seng China Enterprises Index fell 2.44%. The market trading volume was HK$259.277 billion, and southbound funds had a net selling of HK$7.366 billion [10] - The three major US stock indexes closed with mixed results. The Dow Jones Industrial Average rose 0.03% to 49,499.2 points, the S&P 500 Index fell 0.54% to 6,908.86 points, and the Nasdaq Composite Index fell 1.18% to 22,878.38 points [10]