期指：重点关注政府工作报告

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On March 4, all the current-month contracts of the four major index futures declined. IF dropped by 1.16%, IH by 1.33%, IC by 0.61%, and IM by 0.9% [1] - On this trading day, the total trading volume of index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 26,703 lots, IH by 7,883 lots, IC by 58,264 lots, and IM by 48,216 lots. In terms of positions, the total positions of IF increased by 825 lots, IH by 562 lots, while IC decreased by 22,275 lots and IM by 7,240 lots [2] - A-shares adjusted with reduced volume. The Shanghai Composite Index closed down 0.98% at 4,082.47 points, the Shenzhen Component Index fell 0.75%, the ChiNext Index dropped 1.41%, and the Wind All A Index declined 0.69%. The market's total trading volume was 2.39 trillion yuan, compared with 3.16 trillion yuan the previous day. The Hong Kong Hang Seng Index closed down 2.01% at 25,249.48 points, falling for three consecutive days [9] - Strong data reignited risk appetite. Technology stocks led the rebound of US stocks, with the Nasdaq rising 1.3%. US Treasury bonds fell for three consecutive days, and cryptocurrencies soared. The US dollar index dropped 0.26%, Bitcoin rose 7.8% and broke through the $73,000 mark, and Ethereum once skyrocketed 11.7%. Precious metals rebounded slightly, with spot gold rising 1.0% and spot silver rising 1.78% after a spike and fall. WTI crude oil rose 1.6%, and Brent crude oil rose 0.7% [10] 3. Summary by Relevant Catalogs 3.1 Index Futures Data - IF: The closing price of IF2603 was 4,591, down 1.16% with a basis of -11.62, trading volume of 88,154 lots (down 18,914 lots), and positions of 140,207 lots (down 5,696 lots). The total trading volume decreased by 26,703 lots, and the total positions increased by 825 lots [1][2] - IH: The closing price of IH2603 was 2,972.2, down 1.33% with a basis of -2.01, trading volume of 44,988 lots (down 7,269 lots), and positions of 60,625 lots (down 1,496 lots). The total trading volume decreased by 7,883 lots, and the total positions increased by 562 lots [1][2] - IC: The closing price of IC2603 was 8,219.4, down 0.61% with a basis of -29.55, trading volume of 121,611 lots (down 28,621 lots), and positions of 134,589 lots (down 13,868 lots). The total trading volume decreased by 58,264 lots, and the total positions decreased by 22,275 lots [1][2] - IM: The closing price of IM2603 was 8,064.2, down 0.90% with a basis of -30.32, trading volume of 155,033 lots (down 24,945 lots), and positions of 179,738 lots (down 6,114 lots). The total trading volume decreased by 48,216 lots, and the total positions decreased by 7,240 lots [1][2] 3.2 Index Futures Basis - The basis data of IF, IH, IC, and IM at different time points (monthly, quarterly) from January 29, 2026, to March 4, 2026, are presented in graphical form [4] 3.3 Top 20 Member Positions in Index Futures - The changes in long and short positions of the top 20 members in different contracts of IF, IH, IC, and IM are provided, including the increase or decrease in long and short positions and the net changes [5] 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6] 3.5 Important Drivers - The Fourth Session of the 14th National People's Congress will be held from March 5th to March 12th, with an 8 - day session and 3 plenary meetings. The agenda includes reviewing the government work report, the 15th Five - Year Plan draft, etc. There will be 3 press conferences and 3 "Representative Channels" and 3 "Minister Channels" [7] - The first press conference of the Fourth Session of the 14th National People's Congress was held. The spokesperson Lou Qinjian stated that the 15th Five - Year Plan draft will be reviewed and approved, and this year will adhere to the strategic base point of expanding domestic demand, boost consumption, and formulate laws such as the Nursery Service Law. The basic policies of the Party and the state to promote the development of the private economy will not change, and the central government will introduce more policies to benefit Hong Kong [7] - The State Council Information Office will hold a briefing at 11:30 am on March 5th to interpret the "Government Work Report" [8] - Affected by factors such as the Spring Festival holiday, China's official manufacturing PMI in February was 49.0%, a 0.3 - percentage - point decrease from the previous month; the non - manufacturing PMI was 49.5%, a 0.1 - percentage - point increase; the composite PMI output index was 49.5%, a 0.3 - percentage - point decrease. China's S&P manufacturing PMI in February was 52.1, higher than the expected 50.2 and the previous value of 50.3; the service PMI was 56.7, higher than the expected 52.3 and the previous value of 52.3; the composite PMI was 55.4, higher than the previous value of 51.6 [8]