Group 1: Investment Ratings - The investment rating for stock index futures is "Relatively Strong", and for treasury bond futures is "Oscillating" [1] Group 2: Core Views - The equity market shows mixed performance. The current market expects 3 interest rate cuts within the year. The domestic economic data in August shows a slight decline in demand - side indicators, indicating that the economy is still in the process of bottom - stabilization. The current market mainly prices in long - term policy expectations, and the impact of current fundamentals is limited. The implementation of the parenting subsidy system is expected to boost the inflation environment through more inclusive fiscal support. With the approaching of the important meeting in October, the long - short game intensifies, and it is advisable to reduce long positions appropriately [1] - Treasury bond futures closed lower. The central bank carried out reverse repurchase operations, with a net withdrawal of funds. The short - term central bank signals to support the capital market. The current bond market shows no obvious inflection point signal and will continue the oscillating trend due to the mixed fundamentals [1][2] Group 3: Daily Price Changes Stock Index Futures - IH rose from 2,925.0 to 2,939.8, an increase of 14.8 or 0.51% [3] - IF rose from 4,483.8 to 4,530.0, an increase of 46.2 or 1.03% [3] - IC rose from 6,940.6 to 7,157.0, an increase of 216.4 or 3.12% [3] - IM rose from 7,127.0 to 7,303.2, an increase of 176.2 or 2.47% [3] Stock Indexes - Shanghai Composite 50 rose from 2,919.5 to 2,939.5, an increase of 20.0 or 0.68% [3] - CSI 300 rose from 4,519.8 to 4,566.1, an increase of 46.3 or 1.02% [3] - CSI 500 rose from 7,180.7 to 7,323.7, an increase of 143.0 or 1.99% [3] - CSI 1000 rose from 7,408.1 to 7,534.2, an increase of 126.2 or 1.70% [3] Treasury Bond Futures - TS fell from 102.35 to 102.32, a decrease of 0.024 or 0.02% [3] - TF fell from 105.63 to 105.57, a decrease of 0.06 or 0.06% [3] - T fell from 107.72 to 107.65, a decrease of 0.065 or 0.06% [3] - TL fell from 114.32 to 114.07, a decrease of 0.25 or 0.22% [3] Group 4: Market News - The A - share market opened low and closed high. The ChiNext Index rose more than 2% in the afternoon, and the STAR 50 Index rose more than 3%. Over 4,400 stocks in the Shanghai, Shenzhen, and Beijing stock markets rose, with a trading volume of over 2.34 trillion yuan. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, and the ChiNext Index rose 2.28% [1][4] - Robot concept stocks continued to strengthen, and stocks in the new energy sectors such as photovoltaic and solid - state batteries rose. The semiconductor sector exploded again [4][5] Group 5: Chart Analysis Stock Index Futures - The report presents the historical price trends of IH, IF, IM, and IC futures contracts, as well as their respective basis trends [7][8][9][10][11] Treasury Bond Futures - The report shows the trends of treasury bond futures contracts, spot bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][17][18][19] Exchange Rates - The report displays the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [23][24][25][27][29]

1. Report Industry Investment Rating - Stock index: Bullish [1] - Treasury bond: Sideways [1][2] 2. Core Viewpoints of the Report - The market rebounded after hitting bottom, with the three major indexes rising slightly. The current market is mainly pricing in long - term policy expectations, and the impact of current fundamental factors is limited. In the long run, the Fed is likely to start a rate - cut cycle in September, and the A - share rate - cut channel may also open, which is beneficial to long - term stock index futures. The implementation of the child - rearing subsidy system is expected to boost inflation through fiscal support. The liquidity market is expected to continue, showing obvious structural characteristics and accelerating sector rotation [1]. - On Monday, treasury bond futures closed up. The central bank conducted reverse - repurchase operations, with a net investment of 260.5 billion yuan. The short - term signal of the central bank's care for the capital market is obvious. With the current fundamentals being a mix of bullish and bearish factors, the bond market shows no obvious turning - point signal and will continue its sideways trend [1][2]. 3. Summary by Directory Research Views - **Stock Index Futures**: The market had a bottom - up rebound, with more stocks falling than rising, and the trading volume was 2.14 trillion yuan. The August economic data showed that demand - side indicators such as consumption and investment declined slightly month - on - month. The implementation of the child - rearing subsidy system is a significant policy, and it is expected that the central bank will purchase national bonds to support fiscal policies, promoting inflation recovery. The market liquidity is expected to continue, with accelerated sector rotation [1]. - **Treasury Bond Futures**: On Monday, treasury bond futures closed higher, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.22%, 0.20%, 0.13%, and 0.04% respectively. The central bank conducted 240.5 billion yuan of 7 - day and 300 billion yuan of 14 - day reverse - repurchase operations, with a net investment of 260.5 billion yuan. The short - term signal of the central bank's care for the capital market is obvious. The current fundamentals are a mix of bullish and bearish factors, and the bond market will continue its sideways trend [1][2]. Daily Price Changes - **Stock Index Futures**: On September 22, 2025, compared with September 19, 2025, IH rose by 9.6 points (0.33%), IF by 19.6 points (0.44%), IC by 29.2 points (0.42%), and IM by 39.4 points (0.55%). Among stock indexes, the Shanghai Composite 50 rose by 12.4 points (0.43%), and the CSI 300 rose by 20.7 points (0.46%), the CSI 500 by 54.8 points (0.76%), and the CSI 1000 by 51.3 points (0.69%) [3]. - **Treasury Bond Futures**: On September 22, 2025, compared with September 19, 2025, TS rose by 0.034 points (0.03%), TF by 0.095 points (0.09%), T by 0.14 points (0.13%), and TL by 0.33 points (0.29%) [3]. Market News - At the press conference, the central bank governor stated that the conference was about the development of the financial industry during the 14th Five - Year Plan period and did not involve short - term policy adjustments [4]. Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as their monthly basis trends [5][6][7]. - **Treasury Bond Futures**: It shows the historical trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [12][13][18]. - **Exchange Rates**: The report includes historical data on the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [21][22][26]. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [30]. - Wang Dongying, an index analyst with a master's degree from Columbia University, focuses on stock index futures, including macro - fundamental quantification, key industry research, index financial report analysis, and market capital - flow tracking [30].

1. Report Industry Investment Ratings - The investment rating for stock index futures is "bullish" [1] - The investment rating for treasury bond futures is "volatile" [1] 2. Core Viewpoints of the Report - The A - share market showed a "narrowing" trend since August, with high trading congestion in some themes. Short - term corrections are normal due to factors like profit - taking. In the long run, the dovish stance of the Fed and expected multiple interest rate cuts this year benefit the A - share market. Policy adjustments in Shanghai's housing market and the implementation of the parenting subsidy system are expected to boost the economy. The liquidity - driven market is likely to continue with obvious structural features and faster sector rotation [1] - For treasury bonds, in September, the risk of significant fluctuations in the capital market is low, and short - term bonds are relatively stable. With the improvement of the competitive environment and the stronger stock market, long - term bonds will see greater fluctuations [2] 3. Summary by Relevant Catalogs 3.1 Research Views 3.1.1 Stock Index Futures - The market rose strongly throughout the day, with the ChiNext Index and the STAR 50 Index both rising over 5%. More than 4,200 stocks in the Shanghai, Shenzhen, and Beijing stock markets were up, and the trading volume was 2.46 trillion yuan. As of the close, the Shanghai Composite Index rose 1.65%, the Shenzhen Component Index rose 3.36%, and the ChiNext Index rose 5.15% [1] 3.1.2 Treasury Bond Futures - The 30 - year main contract of treasury bond futures fell 0.11%, the 10 - year main contract rose 0.07%, the 5 - year main contract rose 0.14%, and the 2 - year main contract rose 0.06%. The central bank conducted 292 billion yuan of 7 - day reverse repurchase operations, with a stable interest rate of 1.4%. The net investment was 7.94 billion yuan. The weighted average interest rate of DR001 increased by 6bp to 1.37%, and that of DR007 increased by 0.5bp to 1.48% [1][2] 3.2 Daily Price Changes 3.2.1 Stock Index Futures - On September 11, 2025, compared with September 10, 2025, IH rose 52.4 points (1.78%), IF rose 129.6 points (2.92%), IC rose 261.2 points (3.81%), and IM rose 236.8 points (3.31%) [3] 3.2.2 Stock Indexes - On September 11, 2025, compared with September 10, 2025, the Shanghai 50 Index rose 43.5 points (1.48%), the CSI 300 Index rose 102.7 points (2.31%), the CSI 500 Index rose 190.6 points (2.75%), and the CSI 1000 Index rose 169.7 points (2.35%) [3] 3.2.3 Treasury Bond Futures - On September 11, 2025, compared with September 10, 2025, TS rose 0.06 points (0.06%), TF rose 0.165 points (0.16%), T rose 0.09 points (0.08%), and TL fell 0.02 points (- 0.02%) [3] 3.3 Market News - The State Council has approved the implementation of 10 pilot projects for comprehensive reform of factor market allocation in Beijing Sub - center, key cities in southern Jiangsu, Hangzhou, Ningbo, Wenzhou, Hefei Metropolitan Area, Fuzhou, Xiamen, Quanzhou, Zhengzhou, Changsha, Zhuzhou, Xiangtan, nine mainland cities in the Guangdong - Hong Kong - Macao Greater Bay Area, Chongqing, and Chengdu for a period of two years starting from the date of approval [5] 3.4 Chart Analysis 3.4.1 Stock Index Futures - The report provides charts of the trends of IH, IF, IM, IC main contracts, the trends of their monthly basis, etc [7][8][10] 3.4.2 Treasury Bond Futures - The report includes charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][17][19] 3.4.3 Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies such as the euro, pound, and yen against the US dollar [23][24][27]

1. Report's Industry Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Range-bound [1] 2. Core Viewpoints of the Report - A-shares closed higher with the Wind All A index up 0.22% and a trading volume of 2 trillion yuan. The short-term correction is normal due to profit-taking, while long-term benefits from the Fed's dovish stance and potential rate cuts. Policy adjustments in Shanghai's housing market and the implementation of the childcare subsidy system are expected to boost the market. The liquidity-driven market will continue with obvious structural features and faster sector rotation [1]. - Treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year main contracts down 0.86%, 0.27%, 0.15%, and 0.04% respectively. The central bank conducted 3040 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 749 billion yuan. The short-term bonds are relatively stable, while the long-term bonds are more volatile [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - Stock Index Futures: IH rose 0.42% to 2,937.8, IF rose 0.14% to 4,432.4, IC fell 0.14% to 6,863.4, and IM fell 0.21% to 7,151.0 [3]. - Stock Indexes: Shanghai Composite 50 rose 0.37% to 2,939.6, CSI 300 rose 0.21% to 4,445.4, CSI 500 rose 0.05% to 6,932.1, and CSI 1000 rose 0.06% to 7,230.2 [3]. - Treasury Bond Futures: TS fell 0.03% to 102.35, TF fell 0.14% to 105.43, T fell 0.26% to 107.49, and TL fell 0.83% to 114.76 [3]. 3.2 Market News - In August, the month-on-month PPI ended eight consecutive months of decline, turning flat from a 0.2% drop in the previous month. The year-on-year PPI fell 2.9%, with the decline narrowing by 0.7 percentage points from the previous month, the first narrowing since March this year [4]. 3.3 Chart Analysis - Stock Index Futures: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts [6][7][8][9][10]. - Treasury Bond Futures: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures [12][15][16][17]. - Exchange Rates: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and various currency pairs [20][21][22][24][25][28]

1. Report Industry Investment Ratings - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Volatile [1] 2. Core Views of the Report - The short - term correction of the A - share market is normal due to factors such as the liquidation of previous profit - taking positions. In the long run, the dovish stance of the Fed meeting and the expected multiple interest rate cuts within the year will benefit the A - share market. Policy adjustments in the real estate sector and the implementation of the parenting subsidy system will also have a positive impact on the market. The liquidity market is expected to continue, showing obvious structural characteristics and accelerated sector rotation [1]. - After the continuous decline in August, the adjustment of the bond market is basically in place. However, the continuous strengthening of the equity market under the anti - involution expectation is negative for long - term bonds. Short - term bonds are relatively stable under the expectation of sufficient liquidity, with short - term bonds expected to remain stable and long - term bonds to have greater fluctuations [2]. 3. Summary by Relevant Catalogs 3.1 Research Views Stock Index Futures - On September 4, the A - share market continued to correct, with the Wind All - A index down 2.02% and a trading volume of 2.58 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices all declined. Since August, the A - share market has shown a "narrowing" trend, with high trading congestion in some themes. The Fed's dovish stance and expected interest rate cuts, real estate policy adjustments, and the implementation of the parenting subsidy system are all positive factors for the A - share market [1]. Treasury Bond Futures - On Thursday, the 30 - year, 10 - year, and 5 - year Treasury bond futures contracts rose, while the 2 - year contract fell. The central bank conducted 212.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 203.5 billion yuan. In August, the bond market sentiment was suppressed, and the yield curve steepened. Currently, the adjustment of the bond market is basically in place, but long - term bonds face pressure from the strong equity market [1][2]. 3.2 Daily Price Changes Stock Index Futures - On September 4, compared with September 3, IH fell 1.67%, IF fell 1.82%, IC fell 2.09%, and IM fell 1.95%. Among the stock indices, the SSE 50 fell 1.71%, the SSE 300 fell 2.12%, the CSI 500 fell 2.48%, and the CSI 1000 fell 2.30% [3]. Treasury Bond Futures - On September 4, compared with September 3, TS fell 0.02%, TF rose 0.03%, T rose 0.09%, and TL rose 0.15% [3]. 3.3 Market News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry from 2025 to 2026", aiming to promote "using domestic products", strengthen policy support for key enterprises in the industrial chain, and improve the resilience and security of the industrial chain [4]. 3.4 Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IC, and IM futures contracts, showing their price trends and basis changes from January 2024 to July 2025 [6][9][11]. Treasury Bond Futures - The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of Treasury bond futures contracts, covering data from 2023 to 2025 [14][16][18]. Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates from 2023 to 2025 [21][22][27].

Report Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Bearish [1] Core Views - A-shares experienced a significant pullback on September 2nd, with the Wind All A index down 1.48% and a trading volume of 2.91 trillion yuan. Since August, the A-share market has shown a "narrowing circle" trend, and the short-term correction is normal due to factors such as profit-taking. In the long run, the dovish stance of the Fed meeting and expectations of multiple interest rate cuts this year will benefit A-shares. Policy adjustments in Shanghai's housing market and the implementation of the national childcare subsidy system are expected to stimulate inflation and drive the market. The liquidity-driven market is expected to continue with obvious structural characteristics and accelerated sector rotation [1]. - On September 2nd, treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year contracts down 0.18%, 0.03%, 0.02%, and 0.02% respectively. The central bank conducted 255.7 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 150.1 billion yuan. In August, the bond market was suppressed by the strong performance of the equity market, and the yield curve steepened. After continuous declines in August, the adjustment of the bond market is basically in place. However, the strong performance of the equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. Summary by Directory 1. Research Views - **Stock Index Futures**: The A-share market had a significant pullback on September 2nd, with different indices showing varying degrees of decline. Since August, the market has shown a "narrowing circle" trend, and the short-term correction is normal. In the long run, factors such as the Fed's dovish stance, policy adjustments in the housing market, and the implementation of the childcare subsidy system are expected to benefit A-shares. The liquidity-driven market will continue with obvious structural characteristics [1]. - **Treasury Bond Futures**: On September 2nd, treasury bond futures closed lower. The central bank's reverse repurchase operations led to a net withdrawal of funds. In August, the bond market was affected by the strong performance of the equity market, and the yield curve steepened. After the adjustment, the bond market is basically in place, but the strong equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. 2. Daily Price Changes - **Stock Index Futures**: On September 2nd, compared with September 1st, IH rose 0.44%, IF fell 0.65%, IC fell 1.69%, and IM fell 1.75%. Among the stock indices, the Shanghai Composite 50 index rose 0.39%, the CSI 300 index fell 0.74%, the CSI 500 index fell 2.09%, and the CSI 1000 index fell 2.50% [3]. - **Treasury Bond Futures**: On September 2nd, compared with September 1st, TS fell 0.02%, TF fell 0.02%, T fell 0.04%, and TL fell 0.20%. Among the treasury bond yields, the 2-year yield rose 0.62, the 5-year yield fell 0.18, the 10-year yield rose 0.01, and the 30-year yield fell 0.8 [3]. 3. Market News - On September 2nd, the central bank announced the liquidity injection situation in August. The medium-term lending facility (MLF) had a net injection of 300 billion yuan, the pledged supplementary lending (PSL) had a net withdrawal of 160.8 billion yuan, and the outright reverse repurchase in the open market had a net injection of 300 billion yuan, with no open market treasury bond transactions [4]. 4. Chart Analysis - **Stock Index Futures**: The report provides the historical price trends and basis trends of IH, IF, IC, and IM futures contracts [6][7][9][10]. - **Treasury Bond Futures**: The report presents the historical price trends, yield trends, basis trends, inter - delivery spreads, and cross - variety spreads of treasury bond futures contracts, as well as the trends of funding rates [13][16][17][18]. - **Exchange Rates**: The report shows the historical trends of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as the trends of forward exchange rates and currency indices [21][22][23][25][26].

Group 1: Investment Ratings - The investment rating for stock index futures is "Bullish" [1] - The investment rating for treasury bond futures is "Sideways" [1] Group 2: Core Views - The A-share market benefited from the dovish stance of the Fed meeting and the expectation of multiple interest rate cuts within the year. Policy adjustments in Shanghai's housing market and the implementation of the parenting subsidy system also contributed to the market's rise. The liquidity-driven market is expected to continue, with funds concentrating on index components and technology stocks, and short-term volatility may increase [1] - The bond market rebounded due to the dovish remarks of the Fed Chair and the expectation of domestic monetary policy easing. However, the strong performance of the stock market will be a short-term negative factor for the bond market, and treasury bond futures are expected to trade in a high-range sideways pattern [2] Group 3: Daily Price Changes - For stock index futures on August 29, 2025, IH rose 1.36% (from 2,920.2 to 2,959.8), IF rose 1.74% (from 4,384.0 to 4,460.4), IC rose 1.89% (from 6,837.8 to 6,967.0), and IM rose 1.04% (from 7,287.2 to 7,363.2) [3] - For stock indices on August 29, 2025, the Shanghai Composite 50 rose 1.45% (from 2,918.4 to 2,960.7), the CSI 300 rose 1.77% (from 4,386.1 to 4,463.8), the CSI 500 rose 2.17% (from 6,862.6 to 7,011.2), and the CSI 1000 rose 1.51% (from 7,336.5 to 7,447.1) [3] - For treasury bond futures on August 29, 2025, TS fell 0.04% (from 102.41 to 102.37), TF fell 0.12% (from 105.59 to 105.46), T fell 0.21% (from 108.02 to 107.80), and TL fell 0.80% (from 117.40 to 116.46) [3] Group 4: Market News - Starting from August 29, 2025, the State Council Tariff Commission decided to continue imposing anti-dumping duties on imported phenol from the United States, the European Union, South Korea, Japan, and Thailand for a period of 5 years [4] Group 5: Chart Analysis 5.1 Stock Index Futures - The report includes charts showing the trends of IH, IF, IM, and IC futures contracts, as well as their respective basis trends [6][7][10] 5.2 Treasury Bond Futures - The report includes charts showing the trends of treasury bond futures contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and funding rates [14][16][18] 5.3 Exchange Rates - The report includes charts showing the exchange rates of the US dollar, euro, pound, and yen against the Chinese yuan, as well as the dollar index and euro - dollar exchange rate [21][25][28] Group 6: Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of the macro - financial research department at Everbright Futures Research Institute [29] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures and is responsible for macro - fundamental quantification, key industry research, index earnings analysis, and market funding tracking [29]

Report Highlights 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Stock Index Futures**: The market showed a mixed trend with the three major indices rising and falling. Over 2,800 stocks in the Shanghai, Shenzhen, and Beijing markets closed higher, and the trading volume on this day was 2.71 trillion yuan. The Fed's dovish stance led to market expectations of multiple interest rate cuts this year, benefiting the A - share market. Shanghai's adjustment of housing policies boosted the real estate and banking sectors. The implementation of the childcare subsidy system is expected to be an important way to drive inflation back up. The liquidity - driven market will continue, but funds are concentrating on index components and technology stocks, with short - term volatility increasing and long - term upward potential [1]. - **Treasury Bond Futures**: On Tuesday, Treasury bond futures closed with gains across the board. The central bank conducted 405.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 474.5 billion yuan. Although there were no significant changes in the short - term capital and fundamental aspects, market risk appetite rebounded. The dovish remarks of the Fed Chairman increased expectations of a September interest rate cut in the US and domestic monetary policy easing, leading to a rebound in the bond market. However, the strong performance of the stock market will be a short - term negative factor for the bond market, and short - term Treasury bond futures are expected to fluctuate at high levels [1][2]. 3. Summary by Section 3.1 Daily Price Changes - **Stock Index Futures**: The IH contract decreased by 0.71% to 2,970.8; the IF contract remained unchanged at 4,474.6; the IC contract increased by 0.10% to 6,916.4; the IM contract increased by 0.04% to 7,415.4 [3]. - **Stock Indices**: The Shanghai Composite 50 Index decreased by 0.67% to 2,969.8; the CSI 300 Index decreased by 0.37% to 4,452.6; the CSI 500 Index increased by 0.18% to 6,964.1; the CSI 1000 Index decreased by 0.02% to 7,476.5 [3]. - **Treasury Bond Futures**: The TS contract decreased by 0.02% to 102.39; the TF contract increased by 0.02% to 105.56; the T contract increased by 0.04% to 108.00; the TL contract increased by 0.43% to 117.30 [3]. 3.2 Market News - On August 26, the Chinese Foreign Ministry spokesperson responded to Trump's expected visit to China. China adheres to the principles of mutual respect, peaceful coexistence, and win - win cooperation in handling Sino - US relations, hopes that the US will work together, and emphasizes the strategic leading role of head - of - state diplomacy in Sino - US relations [5]. 3.3 Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as the historical trends of the corresponding basis of these contracts [7][9][11]. - **Treasury Bond Futures**: The report shows the historical trends of Treasury bond futures main contracts, the historical trends of Treasury bond spot yields, the historical trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, the historical trends of the inter - delivery spreads of these Treasury bond futures, and the historical trends of cross - variety spreads and capital interest rates [14][16][18]. - **Exchange Rates**: The report provides the historical trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and the exchange rates between major currencies such as the euro, pound, and yen against the US dollar [21][22][25][27]. 3.4 Member Introduction - The report introduces two members: Zhu Jintao, the director of macro - financial research at Everbright Futures Research Institute, and Wang Dongying, an index analyst mainly responsible for stock index futures research [28].

Report Industry Investment Ratings - Not mentioned in the provided content. Core Views of the Report - The stock market is expected to fluctuate. The recent rise in the stock market is mainly due to three logics: in the long - term, the market anticipates more fiscal policies to stimulate consumption and an increase in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; in the medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; in the short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - The bond market is expected to fluctuate. In the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, there is no clear directional driver for the bond market [3]. Summary According to Relevant Catalogs Research Views Stock Index - On August 21, the A - share market closed down with oscillations. The Wind All - A index fell 0.13% with a trading volume of 2.46 trillion yuan. The CSI 1000 index dropped 0.71%, the CSI 500 index declined 0.36%, while the SSE 50 index rose 0.53% and the SSE 300 index increased 0.39%. Policies such as personal consumer loan interest subsidies and the implementation of the parenting subsidy program are expected to boost consumption and inflation. It is predicted that the central bank will purchase national debt to raise funds for the central government and introduce more inclusive fiscal support programs to stabilize and increase inflation [1]. Treasury Bonds - Treasury bond futures closed higher on August 21. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.34%, 0.07%, 0.06%, and 0.02% respectively. The central bank conducted 253 billion yuan of reverse repurchase operations, with a net investment of 124.3 billion yuan. The weighted average rates of DR001 and DR007 decreased by 7bp and 5bp to 1.46% and 1.51% respectively. The LPR in August remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50% [3]. Daily Price Changes - For stock index futures on August 21, IH rose 0.50%, IF increased 0.29%, IC dropped 0.58%, and IM declined 1.01%. For stock indices, the SSE 50 rose 0.53%, the SSE 300 increased 0.39%, the CSI 500 fell 0.36%, and the CSI 1000 dropped 0.71%. For treasury bond futures, TS rose 0.03%, TF increased 0.08%, T rose 0.02%, and TL increased 0.05% [4]. Market News - At the HKEX's 2025 interim results meeting, some market participants suggested extending trading hours. The HKEX CEO's response was misinterpreted. The HKEX stated that it is committed to providing more convenience to investors and is open to relevant suggestions, but extending trading hours has a significant impact on the market and requires careful consideration and consultation with all market participants [5]. Chart Analysis Stock Index Futures - The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, including the closing prices of corresponding stock index futures and the basis trends over time [7][8][9][10]. Treasury Bond Futures - Charts show the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][16][17]. Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, and exchange rates of the euro, pound, and yen against the US dollar [20][21][22][24][25].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The recent rise in the stock market is mainly due to three logics: long - term, the market anticipates more fiscal policies to promote consumption and a recovery in domestic inflation after the easing of Sino - US relations, with foreign capital flowing in and usually buying large - cap growth stocks; medium - term, the anti - involution trend and infrastructure investment on the demand side benefit upstream cyclical sectors; short - term, the capital market has relatively abundant liquidity due to RMB appreciation under a weak US dollar and improved corporate deposit and loan data [1]. - For treasury bond futures, in the short term, the bond market is under pressure due to the recovery of risk appetite, but with no significant changes in the capital and fundamental aspects, it should be treated with a volatile mindset in the long term [3]. Group 3: Summary by Directory Research Views - **Stock Index**: On August 20, 2025, the A - share market fluctuated and rose, with the Wind All - A index up 0.97% and a trading volume of 2.45 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices also increased. Personal consumption loan subsidy policies and the implementation of the parenting subsidy system are expected to drive inflation recovery through more inclusive fiscal support. The market is expected to show a volatile trend [1]. - **Treasury Bonds**: On August 20, 2025, treasury bond futures closed lower. The central bank conducted 616 billion yuan of reverse repurchase operations, with a net injection of 497.5 billion yuan. Short - term, the bond market is under pressure due to risk appetite recovery, and should be treated with a volatile mindset in the long term [3]. Daily Price Changes - **Stock Index Futures**: On August 20, 2025, compared with the previous day, IH, IF, IC, and IM all increased, with increases of 1.27%, 1.28%, 1.44%, and 1.37% respectively [4]. - **Stock Indices**: On August 20, 2025, compared with the previous day, the SSE 50, SSE 300, CSI 500, and CSI 1000 indices all increased, with increases of 1.23%, 1.14%, 1.09%, and 0.86% respectively [4]. - **Treasury Bond Futures**: On August 20, 2025, compared with the previous day, TS, TF, T, and TL all decreased, with decreases of - 0.01%, - 0.16%, - 0.19%, and - 0.42% respectively [4]. Market News - On August 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both remaining unchanged from the previous month [5]. Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM contracts, as well as the trends of the SSE 50, SSE 300, CSI 500, and CSI 1000 indices [7][8][9][10]. - **Treasury Bond Futures**: The report provides charts of the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures [13][15][16][17]. - **Exchange Rates**: The report provides charts of the central parity rates of the US dollar, euro against the RMB, and forward exchange rates, as well as the US dollar index and exchange rates between major currencies [20][21][22][24][25]. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [27]. - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures [27].