地缘局势反复，股指调整

Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The geopolitical situation is fluctuating repeatedly. Domestically, the Fourth Session of the 14th National People's Congress concluded, approving various reports and passing several laws. Overseas, the US will launch new trade investigations on the "excess industrial capacity" of 16 major trading partners including China, which may lead to new tariffs. Geopolitically, Iran's Supreme Leader stated that Iran will not give up revenge and will continue strategic measures such as blocking the Strait of Hormuz [1]. - A - share market indices adjusted, with the Shanghai Composite Index down 0.1% to 4129.1 points and the ChiNext Index down 0.96%. Most sector indices declined, with coal, public utilities, and agriculture, forestry, and fishery industries leading the gains, while national defense and military industry, machinery and equipment, communications, and media industries leading the losses. The trading volume on that day was 2.4 trillion yuan. Overseas, the three major US stock indices all closed down, with the Nasdaq down 1.78% to 22311.98 points [1]. - In the futures market, the basis of stock - index futures continued to widen, and both the trading volume and open interest of stock - index futures increased [1]. - The Middle East situation is in continuous flux. Affected by Iran's stance, international energy prices rebounded, the market seesaw effect continued, and global risk assets generally declined. Domestic indices are still operating within a range and are expected to maintain this trend in the short term. Attention should be paid to domestic policy trends [2]. 3. Summary by Relevant Catalogs 3.1 Macroeconomic Charts - The charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [5][7][9] 3.2 Spot Market Tracking Charts - The daily performance of major domestic stock indices on March 12, 2026: The Shanghai Composite Index was at 4129.10 (down 0.10% from the previous day), the Shenzhen Component Index was at 14374.87 (down 0.63%), the ChiNext Index was at 3317.52 (down 0.96%), the CSI 300 Index was at 4687.56 (down 0.36%), the SSE 50 Index was at 2971.56 (down 0.46%), the CSI 500 Index was at 8359.47 (down 0.52%), and the CSI 1000 Index was at 8335.91 (down 0.33%) [12] - Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][13] 3.3 Stock - Index Futures Tracking Charts - The trading volume and open interest of stock - index futures: For IF, the open interest was 98091 (an increase of 17279) and the trading volume was 269145 (an increase of 1940); for IH, the open interest was 42089 (an increase of 8868) and the trading volume was 107136 (an increase of 2854); for IC, the open interest was 141544 (an increase of 23976) and the trading volume was 284711 (an increase of 4294); for IM, the open interest was 187821 (an increase of 32097) and the trading volume was 375341 (an increase of 7577) [16] - Charts show the open interest, latest open - interest ratio, and foreign investors' net open interest of IH, IF, IC, and IM contracts [5][17][20] - The basis of stock - index futures: For IF, the basis of the current - month contract was - 29.16 (a decrease of 11.66), the next - month contract was - 45.56 (a decrease of 9.06), the current - quarter contract was - 96.56 (a decrease of 13.26), and the next - quarter contract was - 167.56 (a decrease of 9.66); for IH, the basis of the current - month contract was - 5.16 (a decrease of 3.62), the next - month contract was - 7.16 (a decrease of 5.22), the current - quarter contract was - 15.56 (a decrease of 7.22), and the next - quarter contract was - 52.96 (a decrease of 5.82); for IC, the basis of the current - month contract was - 58.47 (a decrease of 15.14), the next - month contract was - 103.07 (a decrease of 16.54), the current - quarter contract was - 232.27 (a decrease of 28.34), and the next - quarter contract was - 389.67 (a decrease of 24.74); for IM, the basis of the current - month contract was - 58.71 (a decrease of 8.18), the next - month contract was - 124.51 (a decrease of 5.98), the current - quarter contract was - 292.91 (a decrease of 18.58), and the next - quarter contract was - 496.71 (a decrease of 19.38) [35] - The inter - delivery spread of stock - index futures: The inter - delivery spread data of different contract combinations (such as next - month minus current - month, next - quarter minus current - month, etc.) of IF, IH, IC, and IM are provided [43][45]