期指：内因强于外因，仍有支撑

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - On February 27, all the current - month contracts of the four major index futures rose. IF rose 0.09%, IH rose 0.44%, IC rose 1.31%, and IM rose 1.06% [1] - On the trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 3,767 lots, IH decreased by 345 lots, IC increased by 14,803 lots, and IM increased by 10,243 lots. In terms of positions, the total positions of IF increased by 4,518 lots, IH increased by 2,716 lots, IC increased by 8,855 lots, and IM increased by 7,794 lots [2] 3. Summary by Relevant Catalogs 3.1 Index Futures Data - CSI 300 and Related Futures: The closing price of CSI 300 was 4,710.65, down 0.34%. Among its futures, IF2603 closed at 4,713.8, up 0.09%, with a basis of 3.15, trading volume of 77.07 billion, and the number of contracts traded was 54,648, an increase of 1,242. The open interest was 146,645, an increase of 1,168 [1] - SSE 50 and Related Futures: The closing price of SSE 50 was 3,039.43, up 0.14%. IH2603 closed at 3,045.4, up 0.44%, with a basis of 5.97, trading volume of 25.76 billion, and the number of contracts traded was 28,262, a decrease of 442. The open interest was 59,512, an increase of 697 [1] - CSI 500 and Related Futures: The closing price of CSI 500 was 8,658.45, up 1.18%. IC2603 closed at 8,645.4, up 1.31%, with a basis of - 13.05, trading volume of 134.94 billion, and the number of contracts traded was 78,564, an increase of 10,313. The open interest was 138,970, an increase of 2,284 [1] - CSI 1000 and Related Futures: The closing price of CSI 1000 was 8,560.84, up 0.83%. IM2603 closed at 8,531.4, up 1.06%, with a basis of - 29.44, trading volume of 171.3 billion, and the number of contracts traded was 100,970, an increase of 3,516. The open interest was 177,180, an increase of 1,084 [1] 3.2 Index Futures' Top 20 Member Position Changes - For IF2603, long - position increased by 1,190, and short - position increased by 1,229, with a short - position net change of 3,889 [6] - For IH2603, long - position decreased by 132, and short - position decreased by 153, with a long - position net change of 2,444 and a short - position net change of 2,581 [6] - For IC2603, long - position increased by 1,930, and short - position increased by 1,381, with a short - position net change of 5,543 [6] - For IM2603, long - position increased by 197, and short - position increased by 163, with a long - position net change of 3,813 and a short - position net change of 2,401 [6] 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1.68850. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] 3.4 Important Drivers - On February 28, local time, the US and Israel launched an air strike on Iran. US President Trump said the attack aimed to destroy Iran's missile industry, eliminate its navy, and prevent it from obtaining nuclear weapons. Israeli Prime Minister Netanyahu announced that the goal was to overthrow the Iranian regime, and Israeli officials said the strike might last at least a week. On March 1, it was reported that Iran's Supreme Leader Khamenei was killed [8] - The Political Bureau held a meeting to discuss the draft of the 15th Five - Year Plan and the government work report. It emphasized implementing more proactive and effective macro - policies, expanding domestic demand, optimizing supply, and promoting high - quality economic development [9] - The People's Bank of China decided to lower the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0 starting from March 2, 2026, aiming to promote the return of foreign exchange policies to neutrality [10] 3.5 Stock Market Performance - In the A - share market, the Shanghai Composite Index rose 0.39% to 4,162.88 points, the Shenzhen Component Index fell 0.06%, the ChiNext Index fell 1.04%, and the Wind All - A Index rose 0.41%. The trading volume was 2.51 trillion yuan, compared with 2.56 trillion yuan the previous day [10] - The Hong Kong Hang Seng Index rose 0.95% to 26,630.54 points, the Hang Seng Technology Index rose 0.56%, and the Hang Seng China Enterprises Index rose 0.51%. The market trading volume was HK$288.42 billion, and southbound funds had a net purchase of more than HK$14 billion [10] - The three major US stock indexes all closed down. The Dow Jones Industrial Average fell 1.05% to 48,977.92 points, the S&P 500 Index fell 0.43% to 6,878.88 points, and the Nasdaq Composite Index fell 0.92% to 22,668.21 points [10]