期指：避风港效应减弱，偏弱震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - On March 3, the current - month contracts of the four major index futures all declined. IF fell 1.29%, IH fell 0.83%, IC fell 4.24%, and IM fell 3.57% [2] - On this trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF increased by 37,821 lots, IH by 17,839 lots, IC by 82,526 lots, and IM by 67,713 lots. In terms of positions, the total positions of IF increased by 384 lots, IH by 1,678 lots, IC by 20,482 lots, and IM by 18,912 lots [3] - Tuesday's market shows that the Shanghai Composite Index fell 1.43% to 4,122.68 points, the Shenzhen Component Index fell 3.07%, the ChiNext Index fell 2.57%, and the Wind All - A Index fell 2.97%. The Hong Kong Hang Seng Index fell 1.12% to 25,768.08 points. U.S. stocks also declined, with the Dow Jones Industrial Average falling 0.83%, the S&P 500 Index falling 0.94%, and the NASDAQ Composite Index falling 1.02% [9][10] Group 3: Summary by Related Catalogs 1. Index Futures Data - CSI 300 and Related Futures: The closing price of CSI 300 was 4,655.9, down 1.54%. IF2603 closed at 4,651.4, down 1.29% with a basis of - 4.5, and so on for different contracts [2] - SSE 50 and Related Futures: The closing price of SSE 50 was 3,014.27, down 1.06%. IH2603 closed at 3,019, down 0.83% with a basis of 4.73 [2] - CSI 500 and Related Futures: The closing price of CSI 500 was 8,281.61, down 4.35%. IC2603 closed at 8,266.2, down 4.24% with a basis of - 15.41 [2] - CSI 1000 and Related Futures: The closing price of CSI 1000 was 8,142.45, down 3.95%. IM2603 closed at 8,129.4, down 3.57% with a basis of - 13.05 [2] 2. Top 20 Member Position Changes - For different contracts of IF, IH, IC, and IM, the changes in long and short positions of the top 20 member institutions are provided. For example, in IF2603, long positions decreased by 2,507 and short positions decreased by 4,717 [6] 3. Trend Strength - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The range of trend strength is an integer in the interval [- 2,2], with - 2 being the most bearish and 2 being the most bullish [7] 4. Important Drivers - The 2026 National Two Sessions are about to start. The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4 to 11, and the Fourth Session of the 14th National People's Congress will open on March 5 [8] - Kevin Warsh, the nominee for Federal Reserve Chairman, will slowly advance the Fed's balance - sheet reduction, aiming to restore the Fed's balance - sheet size to the pre - 2008 crisis level [8] - U.S. President Trump made tough statements during his meeting with German Chancellor Merz, covering issues such as the Iranian situation, relations with European allies, and oil price trends [8] 5. Market Performance - The A - share market showed a general decline on Tuesday. The market turnover reached 3.16 trillion yuan. The oil, gas, and shipping sectors rose due to the closure of the Strait of Hormuz, while the military, non - ferrous metals, semiconductor, and computing hardware sectors declined [9] - The Hong Kong stock market also declined. The energy sectors such as gas and oil rose, while technology, non - ferrous metals, semiconductor, military, and photovoltaic sectors were weak [9] - U.S. stocks fell across the board. Multiple negative factors such as cautious expectations of Fed policy, tense Middle East situation, and concerns about inflation rebound and economic growth prospects put pressure on the market [10]