Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 20, 2025, the total positions of IF and IC significantly increased, while those of IH slightly increased and IM slightly decreased [3][9][15][21]. - The top 20 seats of IF mainly added positions, those of IH had mixed position - adding and reducing, and for IC, Guojun added nearly 2,000 hands on both long and short positions, while for IM, CITIC reduced long positions and Haitong reduced short positions by over 1,000 hands each [3][9][15][21]. 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On November 20, the total position of the IF variety increased by 5,717 hands, and the position of the main contract 2512 increased by 8,865 hands [3]. - **Top 20 Long - Position Seats**: Guotai Junan Futures ranked first with a total long - position of 41,959 hands. Haitong Futures added the most long positions, with an intraday increase of 1,818 hands, while Zheshang Futures reduced the most, with an intraday decrease of 473 hands [4]. - **Top 20 Short - Position Seats**: CITIC Futures ranked first with a total short - position of 44,722 hands. Dongzheng Futures added the most short positions, with an intraday increase of 1,632 hands, while GF Futures reduced the most, with an intraday decrease of 73 hands [6]. IH - **Total Position and Main Contract Position Changes**: On November 20, the total position of the IH variety increased by 2,538 hands, and the position of the main contract 2512 increased by 3,075 hands [9]. - **Top 20 Long - Position Seats**: Guotai Junan Futures ranked first with a total long - position of 13,027 hands. CITIC Futures added the most long positions, with an intraday increase of 479 hands, while Haitong Futures reduced the most, with an intraday decrease of 230 hands [10]. - **Top 20 Short - Position Seats**: CITIC Futures ranked first with a total short - position of 13,835 hands. Dongzheng Futures added the most short positions, with an intraday increase of 723 hands, while UBS Futures reduced the most, with an intraday decrease of 122 hands [11]. IC - **Total Position and Main Contract Position Changes**: On November 20, the total position of the IC variety increased by 7,467 hands, and the position of the main contract 2512 increased by 12,102 hands [15]. - **Top 20 Long - Position Seats**: Guotai Junan Futures ranked first with a total long - position of 38,974 hands. Guotai Junan Futures added the most long positions, with an intraday increase of 1,876 hands, while Huatai Futures reduced the most, with an intraday decrease of 225 hands [16]. - **Top 20 Short - Position Seats**: CITIC Futures ranked first with a total short - position of 41,201 hands. Guotai Junan Futures added the most short positions, with an intraday increase of 2,025 hands, while Guotou Futures reduced the most, with an intraday decrease of 265 hands [18]. IM - **Total Position and Main Contract Position Changes**: On November 20, the total position of the IM variety decreased by 2,194 hands, and the position of the main contract 2512 decreased by 4,785 hands [21]. - **Top 20 Long - Position Seats**: Guotai Junan Futures ranked first with a total long - position of 51,352 hands. Everbright Futures added the most long positions, with an intraday increase of 415 hands, while CITIC Futures reduced the most, with an intraday decrease of 1,745 hands [21]. - **Top 20 Short - Position Seats**: CITIC Futures ranked first with a total short - position of 72,970 hands. Guotai Junan Futures added the most short positions, with an intraday increase of 403 hands, while Haitong Futures reduced the most, with an intraday decrease of 1,570 hands [22].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints 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 futures contracts [1]. 3. Summary by Related Catalogs IF Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IF variety decreased by 6,521 lots, and the position of the main contract 2512 decreased by 2,502 lots [3]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 40,336 lots. The seat with the largest increase in long positions was Yong'an Futures, with an intraday increase of 486 lots; the seat with the largest decrease in long positions was Guotai Junan Futures, with an intraday decrease of 1,801 lots [4]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on that day, CITIC Futures ranked first with a total position of 44,466 lots. The seat with the largest increase in short positions was Huatai Futures, with an intraday increase of 529 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 2,716 lots [6]. IH Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IH variety decreased by 2,454 lots, and the position of the main contract 2512 decreased by 1,076 lots [9]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 12,853 lots. The seat with the largest increase in long positions was Haitong Futures, with an intraday increase of 293 lots; the seat with the largest decrease in long positions was Guoxin Futures, with an intraday decrease of 398 lots [9]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on that day, CITIC Futures ranked first with a total position of 13,533 lots. The seat with the largest increase in short positions among the top 20 seats was Haitong Futures, with an intraday increase of 141 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 826 lots [10]. IC Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IC variety decreased by 5,507 lots, and the position of the main contract 2512 increased by 2,214 lots [14]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on that day, Guotai Junan Futures ranked first with a total position of 37,098 lots. The seat with the largest increase in long positions was Zheshang Futures, with an intraday increase of 336 lots; the seat with the largest decrease in long positions was Guotai Junan Futures, with an intraday decrease of 1,381 lots [15]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on that day, CITIC Futures ranked first with a total position of 41,278 lots. The seat with the largest increase in short positions was Dongzheng Futures, with an intraday increase of 414 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 1,331 lots [17]. IM Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IM variety increased by 2,119 lots, and the position of the main contract 2512 increased by 11,495 lots [20]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 52,034 lots. The seat with the largest increase in long positions was Haitong Futures, with an intraday increase of 1,248 lots; the seat with the largest decrease in long positions was CITIC Futures, with an intraday decrease of 1,428 lots [20]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on that day, CITIC Futures ranked first with a total position of 74,481 lots. The seat with the largest increase in short positions among the top 20 seats was Haitong Futures, with an intraday increase of 1,845 lots; the seat with the largest decrease in short positions was Zhongtai Futures, with an intraday decrease of 757 lots [22].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a daily tracking and analysis of the positions of stock index futures on November 18, 2025, including IF, IH, IC, and IM futures. It shows the changes in total positions, main - contract positions, and the position changes of the top twenty long and short seats for each type of futures [1][4][10][15][21]. 3. Summary by Related Catalog IF Futures - Total position increased significantly; both Citic and Guotai Junan increased their positions substantially. On November 18, the total position of the IF variety increased by 5,967 lots, and the position of the main contract 2512 increased by 4,718 lots [1][4]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 42,157 lots. Guotai Junan Futures had the largest increase in long positions, adding 1,949 lots, while Yong'an Futures had the largest decrease, reducing 453 lots [5]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 45,644 lots. Citic Futures had the largest increase in short positions, adding 2,688 lots, and GF Futures had the largest decrease, reducing 550 lots [7]. IH Futures - Total position decreased slightly; Haitong reduced both long and short positions by nearly 1,000 lots. On November 18, the total position of the IH variety decreased by 3,423 lots, and the position of the main contract 2512 decreased by 1,142 lots [1][10]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 12,878 lots. Hongyuan Futures had the largest increase in long positions, adding 135 lots, while Haitong Futures had the largest decrease, reducing 991 lots [10]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 13,732 lots. China Merchants Futures had the largest increase in short positions, adding 203 lots, and Haitong Futures had the largest decrease, reducing 982 lots [11]. IC Futures - Total position increased significantly; Guotai Junan increased long positions by over 3,000 lots. On November 18, the total position of the IC variety increased by 8,185 lots, and the position of the main contract 2512 increased by 6,266 lots [1][15]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 38,479 lots. Guotai Junan Futures had the largest increase in long positions, adding 3,002 lots, while Yong'an Futures had the largest decrease, reducing 335 lots [16]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 41,909 lots. Guotai Junan Futures had the largest increase in short positions, adding 1,909 lots, and Bank of China Futures had the largest decrease, reducing 748 lots [18]. IM Futures - Total position increased significantly; Guotai Junan increased both long and short positions by over 2,000 lots. On November 18, the total position of the IM variety increased by 6,867 lots, and the position of the main contract 2512 increased by 3,601 lots [1][21]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 52,569 lots. Guotai Junan Futures had the largest increase in long positions, adding 2,014 lots, while Dongzheng Futures had the largest decrease, reducing 374 lots [21]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 73,576 lots. Guotai Junan Futures had the largest increase in short positions, adding 2,058 lots, and Everbright Futures had the largest decrease, reducing 392 lots [23].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM, with details on total positions, changes in the top 20 long and short positions, and key changes in the top 20 seats [1][4][10] Group 3: Summary by Related Catalogs IF (CSI 300) - Total positions significantly increased, with a rise of 7845 hands on November 17, and the main contract 2512's positions rose by 4150 hands [4] - Among the top 20 long positions, Guotai Junan Futures ranked first with 40208 hands. Everbright Futures had the most long - position increase (923 hands), and Dongzheng Futures had the most long - position decrease (1006 hands) [5] - Among the top 20 short positions, CITIC Futures ranked first with 42956 hands. Guotai Junan Futures had the most short - position increase (981 hands), and Dongzheng Futures had the most short - position decrease (1091 hands) [7] IH (SSE 50) - Total positions slightly increased, with a rise of 3993 hands on November 17, and the main contract 2512's positions rose by 1411 hands [10] - Among the top 20 long positions, Guotai Junan Futures ranked first with 13465 hands. Guoxin Futures had the most long - position increase (1145 hands), and Dongzheng Futures had the most long - position decrease (334 hands) [11] - Among the top 20 short positions, CITIC Futures ranked first with 14175 hands. Guoxin Futures had the most short - position increase (600 hands), and UBS Futures had the most short - position decrease (103 hands) [12] IC (CSI 500) - Total positions remained stable, with a rise of 816 hands on November 17, and the main contract 2512's positions rose by 2905 hands [16] - Among the top 20 long positions, Guotai Junan Futures ranked first with 35477 hands. CITIC Futures had the most long - position increase (852 hands), and Shenyin Wanguo Futures had the most long - position decrease (300 hands) [17] - Among the top 20 short positions, CITIC Futures ranked first with 40780 hands. Dongzheng Futures had the most short - position increase (843 hands), and Zhongtai Futures had the most short - position decrease (358 hands) [19] IM (CSI 1000) - Total positions slightly decreased, with a decline of 2069 hands on November 17, while the main contract 2512's positions rose by 3608 hands [22] - Among the top 20 long positions, Guotai Junan Futures ranked first with 50555 hands. Haitong Futures had the most long - position increase (1772 hands), and Zhongtai Futures had the most long - position decrease (713 hands) [22] - Among the top 20 short positions, CITIC Futures ranked first with 72303 hands. Haitong Futures had the most short - position increase (1554 hands), and Zhongtai Futures had the most short - position decrease (1057 hands) [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM. It shows the changes in total positions, positions of the main contracts, and the significant changes in the top 20 seats for each type of futures [1]. 3. Summary by Relevant Catalog IF (CSI 300) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IF variety decreased by 9,025 hands, and the position of the main contract 2512 decreased by 1,460 hands [4]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 41,184 hands. Haitong Futures had the most long - position increase, adding 2,542 hands, while CITIC Futures had the most long - position decrease, reducing 2,492 hands [5]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 44,735 hands. CITIC Construction Investment Futures had the most short - position increase, adding 1,268 hands, while CITIC Futures had the most short - position decrease, reducing 3,794 hands [7]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IH variety decreased by 5,962 hands, and the position of the main contract 2512 decreased by 2,091 hands [10]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 12,766 hands. Guoxin Futures had the most long - position increase, adding 1,626 hands, while CITIC Futures had the most long - position decrease, reducing 2,386 hands [10]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 15,639 hands. Guoxin Futures had the most short - position increase, adding 1,397 hands, while CITIC Futures had the most short - position decrease, reducing 2,214 hands [12]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IC variety decreased by 6,464 hands, and the position of the main contract 2512 increased by 2,402 hands [15]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 38,414 hands. Haitong Futures had the most long - position increase, adding 2,694 hands, while Guotai Junan Futures had the most long - position decrease, reducing 1,714 hands [16]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 42,906 hands. Haitong Futures had the most short - position increase, adding 2,079 hands, while Guotai Junan Futures had the most short - position decrease, reducing 3,049 hands [18]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On October 17, the total position of the IM variety decreased by 25,195 hands, and the position of the main contract 2509 increased by 14,163 hands [21]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 53,463 hands. Haitong Futures had the most long - position increase, adding 2,228 hands, while Yide Futures had the most long - position decrease, reducing 1,028 hands [21]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 75,017 hands. Haitong Futures had the most short - position increase, adding 3,746 hands, while GF Futures had the most short - position decrease, reducing 160 hands [23].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report provides a daily tracking of the positions of stock index futures, including the total positions, changes in the positions of the top 20 long and short seats of IF, IH, IC, and IM on October 13, 2025 [1][4][10] 3. Summary by Relevant Catalogs IF - **Total Position and Main Contract Position Changes**: On October 13, the total position of the IF variety increased by 4,778 lots, and the position of the main contract 2512 increased by 885 lots [4] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on the day, Guotai Junan Futures ranked first with a total position of 45,324 lots. Haitong Futures had the most long - position increase with 1,761 lots, and GF Futures had the most long - position decrease with 865 lots [5] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on the day, CITIC Futures ranked first with a total position of 50,879 lots. CITIC Futures had the most short - position increase with 2,211 lots, and Huawen Futures had the most short - position decrease with 1,071 lots [7] IH - **Total Position and Main Contract Position Changes**: On October 13, the total position of the IH variety decreased by 2,220 lots, and the position of the main contract 2512 decreased by 1,723 lots [10] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on the day, CITIC Futures ranked first with a total position of 12,316 lots. Guomao Futures had the most long - position increase with 244 lots, and Guotai Junan Futures had the most long - position decrease with 692 lots [10] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on the day, CITIC Futures ranked first with a total position of 16,524 lots. Dongzheng Futures had the most short - position increase with 722 lots, and CITIC Futures had the most short - position decrease with 1,401 lots [11] IC - **Total Position and Main Contract Position Changes**: On October 13, the total position of the IC variety increased by 7,505 lots, and the position of the main contract 2512 increased by 2,838 lots [15] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on the day, Guotai Junan Futures ranked first with a total position of 43,839 lots. CITIC Futures had the most long - position increase with 2,783 lots, and Guotai Junan Futures had the most long - position decrease with 978 lots [16] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on the day, CITIC Futures ranked first with a total position of 47,389 lots. CITIC Futures had the most short - position increase with 3,106 lots, and Bank of China Futures had the most short - position decrease with 306 lots [18] IM - **Total Position and Main Contract Position Changes**: On October 13, the total position of the IM variety increased by 14,358 lots, and the position of the main contract 2509 increased by 7,523 lots [22] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on the day, Guotai Junan Futures ranked first with a total position of 55,630 lots. Guotai Junan Futures had the most long - position increase with 3,080 lots, and Haitong Futures had the most long - position decrease with 777 lots [22] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on the day, CITIC Futures ranked first with a total position of 74,737 lots. Guotai Junan Futures had the most short - position increase with 3,581 lots, and Haitong Futures had the most short - position decrease with 1,647 lots [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM. It shows the changes in total positions and the significant changes in the top 20 seats for each variety on October 9, 2025 [1][4][10][15][21]. 3. Summary by Related Catalogs IF (CSI 300) - Total position significantly increased, with the total position rising by 14,919 hands on October 9, and the position of the main contract IF2509 rising by 9,505 hands [1][4]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 43,849 hands. Guotai Junan Futures had the most long - position increase, adding 3,816 hands, while Yide Futures had the most long - position decrease, reducing 1,802 hands [5]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 46,705 hands. Haitong Futures had the most short - position increase, adding 2,754 hands, while Zhongtai Futures had the most short - position decrease, reducing 204 hands [7]. IH (SSE 50) - Total position clearly increased, with the total position rising by 4,378 hands on October 9, and the position of the main contract IH2509 rising by 3,375 hands [1][10]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 12,325 hands. CITIC Futures had the most long - position increase, adding 1,309 hands, while Galaxy Futures had the most long - position decrease, reducing 592 hands [10]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 17,167 hands. Haitong Futures had the most short - position increase, adding 1,377 hands, while Huatai Futures had the most short - position decrease, reducing 777 hands [11]. IC (CSI 500) - Total position significantly increased, with the total position rising by 21,599 hands on October 9, and the position of the main contract IC2509 rising by 12,048 hands [1][15]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 45,502 hands. Guotai Junan Futures had the most long - position increase, adding 3,649 hands, while COFCO Futures had the most long - position decrease, reducing 142 hands [16]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 46,852 hands. Guotai Junan Futures had the most short - position increase, adding 4,101 hands, while COFCO Futures had the most short - position decrease, reducing 286 hands [18]. IM (CSI 1000) - Total position slightly increased, with the total position rising by 1,437 hands on October 9, and the position of the main contract IM2509 decreasing by 1,361 hands [1][21]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 50,829 hands. CITIC Futures had the most long - position increase, adding 1,104 hands, and Huatai Futures was the only seat with a long - position decrease, reducing 1,078 hands [21][23]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 73,745 hands. Dongzheng Futures had the most short - position increase, adding 1,123 hands, while Guotou Futures had the most short - position decrease, reducing 382 hands [21].

Report Industry Investment Rating - Not provided Core Viewpoints - The report provides a daily tracking of the positions of stock index futures, including changes in total positions and positions of the top 20 seats for IF, IH, IC, and IM [1]. Summary by Relevant Catalogs IF - Total position significantly increased on September 16, with a rise of 9133 hands, while the position of the main contract 2509 decreased by 7317 hands [1][3]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 44361 hands. CITIC Futures had the largest long - position increase, adding 2178 hands, and Guotou Futures had the largest long - position decrease, reducing 560 hands [4]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 48350 hands. CITIC Futures had the largest short - position increase, adding 1824 hands, and Guotou Futures had the largest short - position decrease, reducing 1194 hands [6]. IH - Total position slightly increased on September 16, with a rise of 2226 hands, while the position of the main contract 2509 decreased by 5633 hands [1][9]. - Among the top 20 long - position seats, CITIC Futures ranked first with a total position of 10163 hands. Haitong Futures had the largest long - position increase, adding 572 hands, and Guotai Junan Futures had the largest long - position decrease, reducing 1340 hands [10]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 15581 hands. Haitong Futures had the largest short - position increase, adding 830 hands, and Guotai Junan Futures had the largest short - position decrease, reducing 950 hands [11]. IC - Total position significantly increased on September 16, with a rise of 13259 hands, while the position of the main contract 2509 decreased by 1404 hands [1][15]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 39767 hands. CITIC Futures had the largest long - position increase, adding 2773 hands, and CITIC Construction Investment Futures had the largest long - position decrease, reducing 215 hands [16]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 42790 hands. Haitong Futures had the largest short - position increase, adding 3191 hands, and Guotou Futures had the largest short - position decrease, reducing 79 hands [18]. IM - Total position substantially increased on September 16, with a rise of 23224 hands, while the position of the main contract 2509 decreased by 3668 hands [1][22]. - Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 52172 hands. CITIC Futures had the largest long - position increase, adding 5878 hands, and China Merchants Futures had the largest long - position decrease, reducing 154 hands [23]. - Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 75338 hands. Guotai Junan Futures had the largest short - position increase, adding 5167 hands, and Guotou Futures had the largest short - position decrease, reducing 264 hands [25].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On September 5, 2025, the total positions of IF, IH, IC, and IM all decreased significantly or notably, with significant changes in the positions of the top 20 seats [1][5][11][17][23] 3. Summary by Related Catalog 3.1 IF - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IF variety decreased by 20,566 hands, and the position of the main contract 2509 decreased by 18,134 hands [5] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 6,142 hands, while CICC Futures had the largest increase, with an increase of 1,616 hands. Guotai Junan Futures ranked first in total long positions, with 48,929 hands [6] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 5,556 hands, while Zhongtai Futures had the largest increase, with an increase of 478 hands. CITIC Futures ranked first in total short positions, with 48,175 hands [8] 3.2 IH - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IH variety decreased by 11,778 hands, and the position of the main contract 2509 decreased by 10,137 hands [11] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 3,467 hands, while Galaxy Futures had the largest increase, with an increase of 130 hands. Guotai Junan Futures ranked first in total long positions, with 10,886 hands [12] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 3,510 hands, while Bank of China Futures had the largest increase, with an increase of 1,573 hands. CITIC Futures ranked first in total short positions, with 12,742 hands [13] 3.3 IC - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IC variety decreased by 12,544 hands, and the position of the main contract 2509 decreased by 12,722 hands [17] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on that day, Guotai Junan Futures had the largest reduction in long positions, with a decrease of 3,503 hands, while Guolian Futures had the largest increase, with an increase of 693 hands. CITIC Futures ranked first in total long positions, with 39,112 hands [18] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on that day, Guotai Junan Futures had the largest reduction in short positions, with a decrease of 4,171 hands, while Bank of China Futures had the largest increase, with an increase of 372 hands. CITIC Futures ranked first in total short positions, with 41,792 hands [20] 3.4 IM - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IM variety decreased by 17,948 hands, and the position of the main contract 2509 decreased by 17,886 hands [23] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 5,181 hands, while Haitong Futures had the largest increase, with an increase of 1,493 hands. Guotai Junan Futures ranked first in total long positions, with 52,178 hands [23] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 3,588 hands, while Haitong Futures had the largest increase, with an increase of 1,248 hands. CITIC Futures ranked first in total short positions, with 79,030 hands [24]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - On September 2, 2025, the total positions of IF, IH, IC, and IM all increased significantly, with notable changes in the positions of the top 20 seats [1][4][10][15][21]. 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On September 2, the total position of the IF variety increased by 21,717 lots, and the position of the main contract 2509 increased by 8,725 lots [4]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 49,293 lots. CITIC Futures had the largest increase in long positions, adding 6,344 lots, while Yong'an Futures had the largest decrease, reducing 658 lots [5]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on that day, CITIC Futures ranked first with a total position of 53,976 lots. CITIC Futures had the largest increase in short positions, adding 6,179 lots, while Zhongtai Futures had the largest decrease, reducing 386 lots [7]. IH - **Total Position and Main Contract Position Changes**: On September 2, the total position of the IH variety increased by 12,783 lots, and the position of the main contract 2509 increased by 9,442 lots [10]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on that day, CITIC Futures ranked first with a total position of 11,734 lots. Guotai Junan Futures had the largest increase in long positions, adding 2,480 lots, while Baocheng Futures had the largest decrease, reducing 100 lots [10]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on that day, CITIC Futures ranked first with a total position of 16,300 lots. CITIC Futures had the largest increase in short positions, adding 2,807 lots, while GF Futures had the largest decrease, reducing 66 lots [11]. IC - **Total Position and Main Contract Position Changes**: On September 2, the total position of the IC variety increased by 18,794 lots, and the position of the main contract 2509 increased by 11,825 lots [15]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on that day, CITIC Futures ranked first with a total position of 42,897 lots. CITIC Futures had the largest increase in long positions, adding 6,153 lots, while Shenyin Wanguo Futures had the largest decrease, reducing 95 lots [16]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on that day, CITIC Futures ranked first with a total position of 42,595 lots. CITIC Futures had the largest increase in short positions, adding 4,975 lots, while UBS Futures had the largest decrease, reducing 254 lots [17]. IM - **Total Position and Main Contract Position Changes**: On September 2, the total position of the IM variety increased by 26,043 lots, and the position of the main contract 2509 increased by 12,533 lots [21]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 55,091 lots. CITIC Futures had the largest increase in long positions, adding 6,799 lots, while Haitong Futures had the largest decrease, reducing 964 lots [21]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on that day, CITIC Futures ranked first with a total position of 80,632 lots. CITIC Futures had the largest increase in short positions, adding 6,468 lots, while Haitong Futures had the largest decrease, reducing 1,402 lots [22].