期指：持续关注局势变化

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On March 20, the four major index futures contracts of the current month showed mixed performance. IF rose by 0.24%, IH fell by 0.71%, IC fell by 0.4%, and IM fell by 0.39% [1] - On this trading day, the total trading volume of index futures declined, indicating a decrease in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 12,841 lots, IH decreased by 117 lots, IC decreased by 8,295 lots, and IM increased by 8,391 lots. In terms of positions, the total positions of IF decreased by 21,044 lots, IH decreased by 10,992 lots, IC decreased by 19,285 lots, and IM decreased by 8,321 lots [2] - The trend strength of IF and IH is 0, and that of IC and IM is also 0 [6] Summary by Relevant Catalogs 1. Index Futures Data Tracking - IF Contracts: The closing price of IF2603 was 4596.8, up 0.24% with a basis of 29.78, and the trading volume was 25,901 lots, a decrease of 23,890 lots; IF2604 had a closing price of 4540, down 0.45% with a basis of -27.02, and the trading volume was 34,902 lots, an increase of 6,086 lots; IF2606 had a closing price of 4486.4, down 0.28% with a basis of -80.62, and the trading volume was 64,425 lots, an increase of 5,370 lots; IF2609 had a closing price of 4406.6, down 0.08% with a basis of -160.4, and the trading volume was 15,301 lots, a decrease of 407 lots [1] - IH Contracts: The closing price of IH2603 was 2898.4, down 0.71% with a basis of 14.54, and the trading volume was 14,973 lots, a decrease of 8,797 lots; IH2604 had a closing price of 2881.4, down 1.01% with a basis of -2.46, and the trading volume was 15,993 lots, an increase of 4,676 lots; IH2606 had a closing price of 2865.8, down 0.95% with a basis of -18.06, and the trading volume was 30,791 lots, an increase of 2,984 lots; IH2609 had a closing price of 2832.6, down 0.83% with a basis of -51.26, and the trading volume was 7,007 lots, an increase of 1,020 lots [1] - IC Contracts: The closing price of IC2603 was 7844.4, down 0.40% with a basis of 84.36, and the trading volume was 25,380 lots, a decrease of 28,804 lots; IC2604 had a closing price of 7696.6, down 1.39% with a basis of -63.44, and the trading volume was 48,577 lots, an increase of 9,577 lots; IC2606 had a closing price of 7559.4, down 1.16% with a basis of -200.6, and the trading volume was 104,148 lots, an increase of 12,885 lots; IC2609 had a closing price of 7382.8, down 1.06% with a basis of -377.2, and the trading volume was 22,030 lots, a decrease of 1,953 lots [1] - IM Contracts: The closing price of IM2603 was 7876.2, down 0.39% with a basis of 92.77, and the trading volume was 39,279 lots, a decrease of 38,975 lots; IM2604 had a closing price of 7727.8, down 1.35% with a basis of -55.63, and the trading volume was 69,129 lots, an increase of 22,484 lots; IM2606 had a closing price of 7560, down 1.26% with a basis of -223.4, and the trading volume was 152,013 lots, an increase of 25,830 lots; IM2609 had a closing price of 7344, down 1.08% with a basis of -439.4, and the trading volume was 30,166 lots, a decrease of 948 lots [1] 2. Top 20 Member Positions in Index Futures - IF Contracts: For IF2603 and IF2604, the long positions decreased by 16,112 lots, and the short positions decreased by 16,933 lots; for IF2604, the net change in long positions was 7,623 lots, and the net change in short positions was 7,193 lots; for IF2606, the long positions increased by 12,138 lots, and the short positions increased by 11,782 lots; for IF2609, the long positions increased by 4,040 lots, and the short positions increased by 3,776 lots [5] - IH Contracts: For IH2603, the long positions decreased by 4,661 lots, and the short positions decreased by 6,554 lots; for IH2604, the net change in long positions was 6,237 lots, and the net change in short positions was 5,295 lots; for IH2606, the long positions increased by 5,781 lots, and the short positions increased by 6,528 lots; for IH2609, the long positions increased by 1,107 lots, and the short positions increased by 1,475 lots [5] - IC Contracts: For IC2603, the long positions decreased by 16,159 lots, and the short positions decreased by 17,895 lots; for IC2604, the net change in long positions was 10,519 lots, and the net change in short positions was 6,901 lots; for IC2606, the long positions increased by 13,275 lots, and the short positions increased by 10,568 lots; for IC2609, the long positions increased by 1,597 lots, and the short positions increased by 1,995 lots [5] - IM Contracts: For IM2603, the long positions decreased by 19,749 lots, and the short positions decreased by 23,822 lots; for IM2604, the net change in long positions was 5,296 lots, and the net change in short positions was -755 lots; for IM2606, the long positions increased by 13,106 lots, and the short positions increased by 11,428 lots; the data for IM2609 was not announced [5] 3. Important Drivers - The draft of the Financial Law of the People's Republic of China is open to public consultation. The draft further clarifies the functional positioning of the central bank, continuously improves the scientific and sound monetary policy system, actively promotes the construction of a macro - prudential management system, and maintains the stability of the RMB value and financial stability. It also implements full - cycle management of the access, operation, and exit of financial institutions, and severely cracks down on financial fraud and other behaviors, comprehensively strengthening financial supervision [7] - US President Trump said he could talk to Iran but did not want to stop the war for now. He also said he was confident that the Strait of Hormuz would "automatically" reopen at some point. Trump severely criticized NATO's performance in dealing with the Iranian issue. US Department of Defense officials have made detailed preparations for deploying US ground troops to Iran. The Iranian military threatened to launch a global devastating strike against "evil officials" of the US and Israel. The Houthi armed forces in Yemen said they might block the Bab - el - Mandeb Strait to support Iran. Switzerland announced a suspension of exports of war materials to the US [7] 4. Market Conditions - A - share Market: The large and small indices of A - shares showed significant differentiation. The Shanghai Composite Index closed down 1.24% at 3957.05 points, hitting a new low for the year; the Shenzhen Component Index fell 0.25%, the ChiNext Index rose 1.3%, and the Wind All - A Index fell 1.23%. The market turnover was 2.3 trillion yuan. Photovoltaic concept stocks soared, while the lithium - battery industry chain, optical modules, and CPO concept stocks rose against the trend; themes such as computing power leasing, cloud computing, AI applications, and robots led the decline [8] - Hong Kong Stock Market: The Hong Kong Hang Seng Index closed down 0.88% at 25277.32 points, the Hang Seng Technology Index fell 2.48%, and the Hang Seng China Enterprises Index fell 1.4%. Heavy - weight technology stocks generally fell, with Xiaomi Group falling more than 8% and Alibaba falling more than 6%. Lithium - battery stocks soared against the trend. Southbound funds sold a net of more than HK$21 billion, while Xiaomi Group and Alibaba received net purchases of HK$2.459 billion and HK$2.037 billion respectively [9] - US Stock Market: The three major US stock indices closed down across the board. The Dow Jones Industrial Average fell 0.96% to 45577.47 points, the S&P 500 Index fell 1.51% to 6506.48 points, and the Nasdaq Composite Index fell 2.01% to 21647.61 points. Honeywell International and NVIDIA fell more than 3%, leading the decline in the Dow. The Wind US Technology Seven Giants Index fell 2.03%, Tesla fell more than 3%, and Facebook fell more than 2%. The Nasdaq Golden Dragon China Index fell 2.92%, with Kingsoft Cloud falling more than 9% and XPeng Motors falling more than 8%. The market was pressured by multiple factors such as the escalation of the Middle East geopolitical conflict, the increased risk of navigation in the Strait of Hormuz, and the rising inflation expectations, and investors' risk - aversion sentiment was high [9] - European Stock Market: The three major European stock indices closed down across the board. The German DAX Index fell 2.01% to 22380.19 points, the French CAC40 Index fell 1.82% to 7665.62 points, and the UK FTSE 100 Index fell 1.44% to 9918.33 points. The geopolitical conflict led to a sharp rise in energy prices, reigniting inflation concerns, and coupled with the hawkish signals from the ECB, the market's risk - aversion sentiment increased. This week, the German DAX Index fell 4.55%, the French CAC40 Index fell 3.11%, and the UK FTSE 100 Index fell 3.34% [10]