期指：消息面反复，延续震荡

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - On March 28, 2026, all the current - month contracts of the four major stock index futures rose. IF increased by 0.64%, IH by 0.43%, IC by 1.6%, and IM by 1.79%. On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. In terms of positions, the total positions of IF, IH, IC, and IM also changed to varying degrees [1][2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data Tracking - IF Contracts: The closing prices of IF2604, IF2605, IF2606, and IF2609 all rose, with increases of 0.64%, 0.76%, 0.72%, and 0.79% respectively. The trading volumes of these contracts increased by 1079, 79, 2848, and 478 respectively, and the positions increased by 213, 578, 3668, and 452 respectively [1]. - IH Contracts: The closing prices of IH2604, IH2605, IH2606, and IH2609 all rose, with increases of 0.43%, 0.47%, 0.39%, and 0.38% respectively. The trading volume of IH2604 decreased by 388, and that of IH2605 decreased by 1294, while the trading volume of IH2606 increased by 3053, and that of IH2609 increased by 608. The positions of IH2604 and IH2606 increased by 602 and 674 respectively, while the positions of IH2605 decreased by 167, and that of IH2609 decreased by 303 [1]. - IC Contracts: The closing prices of IC2604, IC2605, IC2606, and IC2609 all rose, with increases of 1.60%, 1.69%, 1.80%, and 1.86% respectively. The trading volumes of these contracts increased by 4695, - 962, 12065, and 3260 respectively, and the positions increased by 1035, 193, 4141, and 2424 respectively [1]. - IM Contracts: The closing prices of IM2604, IM2605, IM2606, and IM2609 all rose, with increases of 1.79%, 1.85%, 1.87%, and 1.95% respectively. The trading volumes of these contracts increased by 6204, 244, 20378, and 2122 respectively, and the positions of IM2604 decreased by 847, while those of IM2605, IM2606, and IM2609 increased by 773, 1324, and 1072 respectively [3]. 3.2 Changes in Positions of the Top 20 Members of Stock Index Futures - For IF contracts, the long - order changes of IF2604, IF2605, IF2606, and IF2609 were 162, not announced, 2239, and 588 respectively; the short - order changes were 343, not announced, 2320, and 181 respectively [5]. - For IH contracts, the long - order changes of IH2604, IH2606, and IH2609 were 764, 1224, and - 274 respectively; the short - order changes were 538, 842, and - 165 respectively [5]. - For IC contracts, the long - order changes of IC2604, IC2606, and IC2609 were 726, 3746, and 2010 respectively; the short - order changes were 883, 4700, and 1941 respectively [5]. - For IM contracts, the long - order changes of IM2604, IM2605, and IM2606 were - 549, not announced, and 281 respectively; the short - order changes were - 674, not announced, and 1330 respectively [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The trend intensity value ranges from - 2 to 2, with - 2 indicating the most bearish and 2 indicating the most bullish [6]. 3.4 Important Drivers - On March 27, local time, the military strike by the US and Israel against Iran entered the 28th day. The US and Israel launched air strikes on multiple industrial and nuclear - related facilities in Iran. Iran retaliated with drones and missiles and warned to retaliate against industrial enterprises associated with the US and Israel. The Iranian Islamic Revolutionary Guard Corps stated that the Strait of Hormuz has been closed. The US is considering sending up to 10,000 ground troops to the Middle East, and Israel will further escalate its strikes against Iran. The US is expected to hold talks with Iran this week, and there are differences between the US and Israel in the negotiation process [7]. 3.5 Market Conditions - A - share Market: The A - share market fluctuated and climbed. The Shanghai Composite Index rose 0.63% to 3913.72 points, the Shenzhen Component Index rose 1.13%, the ChiNext Index rose 0.71%, and the Wind All - A Index rose 1.05%. The market turnover was 1.86 trillion yuan, hitting a new low for the year. Innovative drugs and lithium - battery themes exploded, and sectors such as non - ferrous metals, semiconductors, and chemicals led the gains [8]. - Hong Kong Stock Market: The Hong Kong stock market fluctuated higher. The Hang Seng Index rose 0.38% to 24951.88 points, the Hang Seng Tech Index rose slightly by 0.35%, and the Hang Seng China Enterprises Index rose 0.76%. Pharmaceutical stocks led the gains, while sectors such as chips, optical communication, storage concepts, and power declined. Southbound funds had a net selling of nearly HK$2.9 billion [9]. - US Stock Market: The three major US stock indexes closed down across the board. The Dow Jones Industrial Average fell 1.73% to 45166.64 points, the S&P 500 Index fell 1.67% to 6368.85 points, and the Nasdaq Composite Index fell 2.15% to 20948.36 points. The escalation of the Middle East geopolitical conflict pushed up international oil prices, increasing market concerns about energy supply disruptions and inflation rebounds, and suppressing the risk appetite of the US stock market [9].