股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2509 | 总持仓大幅上升 | 中信多空头加仓超 2000 手 | | 上证 | 50 | IH2509 | 总持仓明显上升 | 前二十席位加仓为主 | | 中证 | 500 | IC2509 | 总持仓大幅上升 | 中信多空头各增仓超 2000 手 | | 中证 | 1000 | IM2509 | 总持仓明显上升 | 国君增仓中信减仓 | 股指期货持仓日度变动简评 4,048.0 2,017.0 3,746.0 -200.0 12,487.0 6,671.0 10,952.0 8,727.0 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 IF IH IC IM 主力合约持仓变动 总持仓变动 数 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On August 20, 2025, the report shows that for different股指期货 contracts, their total positions generally decreased on August 19, with significant declines in IF and IM, and slight declines in IH and IC. Some major institutions also made large - scale position reductions [1][4][10][15][21] 3. Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Changes**: On August 19, the total position of the IF variety decreased by 15,341 hands, and the position of the main contract 2509 decreased by 13,944 hands [4] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 42,569 hands. Dayue Futures had the most long - position increase (477 hands), and Guotai Junan Futures had the most long - position decrease (3,518 hands) [5] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 44,064 hands. CITIC Construction Investment Futures had the most short - position increase (375 hands), and Guotai Junan Futures had the most short - position decrease (3,254 hands) [7] IH (SSE 50) - **Total Position and Main Contract Position Changes**: On August 19, the total position of the IH variety decreased by 3,500 hands, and the position of the main contract 2509 decreased by 5,621 hands [10] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 10,922 hands. Everbright Futures had the most long - position increase (372 hands), and Guotai Junan Futures had the most long - position decrease (1,962 hands) [10] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 18,240 hands. GF Futures had the most short - position increase (584 hands), and Guotai Junan Futures had the most short - position decrease (1,390 hands) [11] IC (CSI 500) - **Total Position and Main Contract Position Changes**: On August 19, the total position of the IC variety decreased by 5,253 hands, and the position of the main contract 2509 decreased by 5,726 hands [15] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 36,026 hands. Shenyin Wanguo Futures had the most long - position increase (400 hands), and Guotai Junan Futures had the most long - position decrease (1,785 hands) [16] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 39,651 hands. J.P. Morgan had the most short - position increase (546 hands), and Guotai Junan Futures had the most short - position decrease (1,415 hands) [17] IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On August 19, the total position of the IM variety decreased by 15,574 hands, and the position of the main contract 2509 decreased by 11,245 hands [21] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 47,886 hands. Baocheng Futures had the most long - position increase (354 hands), and CITIC Futures had the most long - position decrease (7,991 hands) [21] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 74,078 hands. Zhongtai Futures had the most short - position increase (562 hands), and CITIC Futures had the most short - position decrease (7,420 hands) [23]

Report Summary 1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content. 2. Core View of the Report - The report provides a daily tracking of the positions of stock index futures, including the overall position changes and the important position changes of the top 20 seats for IF, IH, IC, and IM on August 14, 2025 [1]. 3. Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Changes**: On August 14, the total position of the IF variety increased by 5,578 lots, and the position of the main contract 2509 increased by 3,248 lots [3]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 46,538 lots. Dongzheng Futures had the most long - position increase with 1,965 lots, while Guotou Futures had the most long - position decrease with 708 lots [4]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 48,806 lots. Guotai Junan Futures had the most short - position increase with 1,363 lots, while GF Futures had the most short - position decrease with 371 lots [6]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On August 14, the total position of the IH variety increased by 3,248 lots, and the position of the main contract 2509 increased by 7,053 lots [9]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 13,908 lots. CITIC Futures had the most long - position increase with 975 lots, while Hongyuan Futures had the most long - position decrease with 157 lots [10]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 18,455 lots. Guotai Junan had the most short - position increase with 622 lots, while CITIC Futures had the most short - position decrease with 772 lots [11]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On August 14, the total position of the IC variety decreased by 9,652 lots, and the position of the main contract 2509 increased by 1,022 lots [15]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, CITIC Futures ranked first with a total position of 35,003 lots. Huatai Futures had the most long - position increase with 419 lots, while CITIC Futures had the most long - position decrease with 2,475 lots [16]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 37,682 lots. Ping An Futures had the most short - position increase with 76 lots, while CITIC Futures had the most short - position decrease with 2,779 lots [17]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On August 14, the total position of the IM variety decreased by 6,229 lots, and the position of the main contract 2509 decreased by 1,004 lots [22]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 46,670 lots. Yide Futures had the most long - position increase with 1,671 lots, while Guotai Junan Futures had the most long - position decrease with 2,992 lots [22]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 75,769 lots. JPMorgan Chase had the most short - position increase with 587 lots, while Guotai Junan Futures had the most short - position decrease with 2,586 lots [24].

Report Summary Industry Investment Rating - No information about the industry investment rating is provided in the report. Core Viewpoints - The report provides a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM, and analyzes the changes in total positions, main contract positions, and the positions of the top 20 long and short seats for each variety on August 11, 2025 [1][4][10]. Summary by Directory IF (CSI 300) - Total position significantly increased, with an increase of 14,212 hands on August 11, and the main contract IF2509 position increased by 9,530 hands [1][4]. - Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 45,084 hands, and increased positions by 3,836 hands; CITIC Construction Investment Futures decreased positions by 845 hands [5]. - Among the top 20 short seats, CITIC Futures ranked first with a total position of 49,371 hands, and increased positions by 2,863 hands; CITIC Construction Investment Futures decreased positions by 645 hands [7]. IH (SSE 50) - Total position slightly increased, with an increase of 6,800 hands on August 11, and the main contract IH2509 position increased by 4,943 hands [1][10]. - Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 13,077 hands, and increased positions by 1,998 hands; GF Futures decreased positions by 131 hands [10]. - Among the top 20 short seats, CITIC Futures ranked first with a total position of 18,502 hands, and Guotai Junan Futures increased positions by 2,073 hands; China Merchants Futures decreased positions by 108 hands [11]. IC (CSI 500) - Total position significantly increased, with an increase of 9,202 hands on August 11, and the main contract IC2509 position increased by 6,798 hands [1][15]. - Among the top 20 long seats, CITIC Futures ranked first with a total position of 37,587 hands, and CITIC Construction Investment Futures increased positions by 3,835 hands; JPMorgan Chase decreased positions by 278 hands [16]. - Among the top 20 short seats, CITIC Futures ranked first with a total position of 40,061 hands, and increased positions by 3,275 hands; JPMorgan Chase decreased positions by 269 hands [17]. IM (CSI 1000) - Total position significantly increased, with an increase of 25,544 hands on August 11, and the main contract IM2509 position increased by 16,125 hands [1][21]. - Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 48,261 hands, and increased positions by 6,720 hands; SDIC Futures decreased positions by 734 hands [21]. - Among the top 20 short seats, CITIC Futures ranked first with a total position of 70,758 hands, and Guotai Junan Futures increased positions by 6,852 hands; CITIC Construction Investment Futures decreased positions by 196 hands [23].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report provides a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM. It shows that on August 8, 2025, the total positions of these futures varieties generally decreased, with significant decreases in IF, IC, and IM, and a slight decrease in IH. The top twenty seats mainly reduced their positions [1][5][11]. 3. Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Changes**: On August 8, the total position of the IF variety decreased by 9,906 lots, and the position of the main contract 2509 decreased by 6,974 lots [5]. - **Top Twenty Long Seats Position Changes**: Among the top twenty long seats of the IF variety on that day, CITIC Construction Investment Futures had the largest increase in long positions, with an intraday increase of 360 lots, while CITIC Futures had the largest decrease, with an intraday decrease of 2,105 lots. Guotai Junan Futures ranked first in total long positions, with 41,248 lots [6]. - **Top Twenty Short Seats Position Changes**: Among the top twenty short seats of the IF variety on that day, CITIC Construction Investment Futures had the largest increase in short positions, with an intraday increase of 481 lots, while Guotai Junan Futures had the largest decrease, with an intraday decrease of 2,473 lots. CITIC Futures ranked first in total short positions, with 46,508 lots [8]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On August 8, the total position of the IH variety decreased by 3,451 lots, and the position of the main contract 2509 decreased by 2,263 lots [11]. - **Top Twenty Long Seats Position Changes**: Among the top twenty long seats of the IH variety on that day, Dongwu Futures had the largest increase in long positions, with an intraday increase of 241 lots, while Guotai Junan Futures had the largest decrease, with an intraday decrease of 1,055 lots. Guotai Junan Futures ranked first in total long positions, with 11,079 lots [12]. - **Top Twenty Short Seats Position Changes**: Among the top twenty short seats of the IH variety on that day, China Merchants Futures had the largest increase in short positions, with an intraday increase of 56 lots, while Haitong Futures had the largest decrease, with an intraday decrease of 1,035 lots. CITIC Futures ranked first in total short positions, with 18,019 lots [13]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On August 8, the total position of the IC variety decreased by 8,103 lots, and the position of the main contract 2509 decreased by 4,096 lots [17]. - **Top Twenty Long Seats Position Changes**: Among the top twenty long seats of the IC variety on that day, CITIC Construction Investment Futures had the largest increase in long positions, with an intraday increase of 300 lots, while CITIC Futures had the largest decrease, with an intraday decrease of 2,262 lots. CITIC Futures ranked first in total long positions, with 33,752 lots [18]. - **Top Twenty Short Seats Position Changes**: Among the top twenty short seats of the IC variety on that day, CITIC Construction Investment Futures had the largest increase in short positions, with an intraday increase of 99 lots, while CITIC Futures had the largest decrease, with an intraday decrease of 2,455 lots. CITIC Futures ranked first in total short positions, with 36,786 lots [19]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On August 8, the total position of the IM variety decreased by 11,229 lots, and the position of the main contract 2509 decreased by 6,608 lots [23]. - **Top Twenty Long Seats Position Changes**: Among the top twenty long seats of the IM variety on that day, Zheshang Futures had the largest increase in long positions, with an intraday increase of 394 lots, while Guotai Junan Futures had the largest decrease, with an intraday decrease of 3,609 lots. Guotai Junan Futures ranked first in total long positions, with 41,541 lots [24]. - **Top Twenty Short Seats Position Changes**: Among the top twenty short seats of the IM variety on that day, J.P. Morgan had the largest increase in short positions, with an intraday increase of 53 lots, while Guotai Junan Futures had the largest decrease, with an intraday decrease of 4,023 lots. CITIC Futures ranked first in total short positions, with 66,784 lots [26].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - On July 30, 2025, the total positions of IF, IH, IC, and IM in the stock index futures market all showed an upward trend, with significant increases in IF and IM, and obvious increases in IH and IC. The top 20 positions mainly increased, especially in the positions of CITIC Futures [1][5][11][17][23]. 3. Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Changes**: On July 30, the total position of the IF variety increased by 15,183 lots, and the position of the main contract 2509 increased by 9,027 lots [5]. - **Top 20 Long Position Changes**: Guotai Junan Futures ranked first among the top 20 long positions of the IF variety, with a total position of 46,822 lots. CITIC Futures had the largest increase in long positions, adding 4,653 lots during the day, while Shenyin Wanguo Futures had the largest decrease, reducing 205 lots [6]. - **Top 20 Short Position Changes**: CITIC Futures ranked first among the top 20 short positions of the IF variety, with a total position of 51,706 lots. Guotai Junan Futures had the largest increase in short positions, adding 2,669 lots during the day, while GF Futures had the largest decrease, reducing 337 lots [8]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On July 30, the total position of the IH variety increased by 8,559 lots, and the position of the main contract 2509 increased by 4,265 lots [11]. - **Top 20 Long Position Changes**: CITIC Futures ranked first among the top 20 long positions of the IH variety, with a total position of 43,473 lots. CITIC Futures had the largest increase in long positions, adding 2,954 lots during the day, while Everbright Futures had the largest decrease, reducing 302 lots [12]. - **Top 20 Short Position Changes**: CITIC Futures ranked first among the top 20 short positions of the IH variety, with a total position of 21,772 lots. CITIC Futures had the largest increase in short positions, adding 2,211 lots during the day, while GF Futures had the largest decrease, reducing 594 lots [13]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On July 30, the total position of the IC variety increased by 5,142 lots, and the position of the main contract 2509 increased by 3,193 lots [17]. - **Top 20 Long Position Changes**: CITIC Futures ranked first among the top 20 long positions of the IC variety, with a total position of 36,146 lots. CITIC Futures had the largest increase in long positions, adding 2,490 lots during the day, while Haitong Futures had the largest decrease, reducing 547 lots [18]. - **Top 20 Short Position Changes**: CITIC Futures ranked first among the top 20 short positions of the IC variety, with a total position of 41,539 lots. CITIC Futures had the largest increase in short positions, adding 2,004 lots during the day, while SDIC Futures had the largest decrease, reducing 378 lots [19]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On July 30, the total position of the IM variety increased by 16,585 lots, and the position of the main contract 2509 increased by 10,446 lots [23]. - **Top 20 Long Position Changes**: Guotai Junan Futures ranked first among the top 20 long positions of the IM variety, with a total position of 46,903 lots. CITIC Futures had the largest increase in long positions, adding 3,296 lots during the day, while Baocheng Futures had the largest decrease, reducing 60 lots [24]. - **Top 20 Short Position Changes**: CITIC Futures ranked first among the top 20 short positions of the IM variety, with a total position of 68,920 lots. CITIC Futures had the largest increase in short positions, adding 4,314 lots during the day, while UBS Futures had the largest decrease, reducing 2,118 lots [26].

Core Insights - The articles reflect on the emotional and psychological aspects of trading and investment, emphasizing the journey and experiences associated with holding positions in the market [1][4] - The imagery of nature and daily life is used to illustrate the fluctuations and rhythms of the market, suggesting that trading is not just about numbers but also about personal growth and reflection [1][4] Group 1 - The concept of holding positions is likened to a journey, where each decision is a moment captured in time, akin to a polished amber [1] - The market's movements are described as a dance of light and shadow, representing the duality of hope and anxiety in trading [1] - The emotional state of the trader is portrayed as a cycle of inhaling tension and exhaling calmness, indicating a mindful approach to market fluctuations [1] Group 2 - The transition from day to night symbolizes the ongoing nature of trading, where each day brings new opportunities and challenges [4] - The growth of a plant in the home serves as a metaphor for the development of trading skills and the nurturing of investments over time [4] - The anticipation of the next trading day reflects a forward-looking mindset, emphasizing resilience and the continuous pursuit of success in the market [4]

Core Viewpoint - Stock index futures positions serve as a "certificate of strategy" for investors, transforming abstract strategies into concrete market participation [1][4] Group 1: Understanding Positions - For beginners, understanding positions is a crucial step in entering the market, involving cautious exploration during position building, dynamic observation during holding, and decisive execution during closing [1][3] - Experienced traders utilize positions to express nuanced market judgments, with different contracts reflecting short-term trends versus long-term views [1][3] - Adjusting positions reflects sensitivity to market changes, allowing for appropriate scaling of positions based on market alignment [1][3] Group 2: Risk Management and Strategy - A reasonable position size is central to risk management, balancing between excessive risk from over-leveraging and missed opportunities from under-leveraging [3] - The choice of holding period showcases the time dimension of strategies, with short-term focusing on intraday fluctuations and long-term on macro cycles [3] - Tracking historical performance of positions helps accumulate personalized operational experience, revealing individual strengths in trading styles [3] Group 3: Psychological Aspects - The process of holding positions also serves as a psychological training ground, fostering a stable trading mindset and rational judgment amidst market fluctuations [3][4] - Each position taken becomes a mark of growth, enhancing understanding of strategies and improving operational precision and stability [4]

Group 1 - The article highlights the importance of risk management and market understanding in trading, emphasizing that holding positions is not merely a numbers game but requires respect for the market [1][4] - The recent increase in market volatility due to the Federal Reserve's interest rate hike has led to a significant rise in short positions among institutions, contrasting with technical analysis suggesting bullish signals [1][3] - The protagonist recalls lessons from a mentor about the significance of emotional intelligence in trading, indicating that quantitative models cannot fully capture market sentiment [1][3] Group 2 - The narrative illustrates the tension between quantitative trading strategies and the need for human judgment, as the new director dismisses concerns about reducing positions based on a quantitative model [1][3] - The protagonist applies a personal trading principle, focusing on capital flow, sentiment indicators, and maintaining a clear trading purpose, which leads to a decision to reduce exposure during market downturns [3] - The closing reflections emphasize that trading involves understanding the underlying dynamics of the market and maintaining a steadfast approach amidst fluctuations [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM, presenting the changes in total positions, main contract positions, and the significant changes in the top 20 seats [1]. 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On July 23, the total position of the IF variety increased by 1,510 lots, while the position of the main contract 2509 decreased by 1,146 lots [5]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats on that day, Guotai Junan Futures ranked first with a total position of 46,618 lots. Shenyin Wanguo Futures had the most long - position increases, adding 724 lots, and CITIC Futures had the most long - position decreases, reducing 1,806 lots [6]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 50,721 lots. GF Futures had the most short - position increases, adding 856 lots, and CITIC Futures had the most short - position decreases, reducing 862 lots [8]. IH - **Total Position and Main Contract Position Changes**: On July 23, the total position of the IH variety decreased by 1,022 lots, and the position of the main contract 2509 decreased by 1,357 lots [11]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 12,196 lots. GF Futures had the most long - position increases, adding 235 lots, and Guotai Junan Futures had the most long - position decreases, reducing 1,125 lots [12]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 21,225 lots. China Merchants Futures had the most short - position increases, adding 358 lots, and Guotai Junan Futures had the most short - position decreases, reducing 941 lots [13]. IC - **Total Position and Main Contract Position Changes**: On July 23, the total position of the IC variety increased by 2,910 lots, and the position of the main contract 2509 increased by 399 lots [17]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 34,605 lots. CITIC Futures had the most long - position increases, adding 970 lots, and Guotai Junan Futures had the most long - position decreases, reducing 996 lots [18]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 41,595 lots. CITIC Futures had the most short - position increases, adding 858 lots, and China Merchants Futures had the most short - position decreases, reducing 696 lots [19]. IM - **Total Position and Main Contract Position Changes**: On July 23, the total position of the IM variety increased by 9,947 lots, and the position of the main contract 2509 increased by 3,423 lots [23]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 45,127 lots. CITIC Futures had the most long - position increases, adding 2,705 lots, and Guoxin Futures had the most long - position decreases, reducing 502 lots [23]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 68,013 lots. CITIC Futures had the most short - position increases, adding 4,125 lots, and China Merchants Futures had the most short - position decreases, reducing 279 lots [25].