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 | IF2512 | 总持仓保持稳定 | 国君多头减仓超 2000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 前二十席位增减仓不一 | | 中证 | 500 | IC2512 | 总持仓小幅上升 | 中信多空头均减仓逾 1000 手 | | 中证 | 1000 | IM2512 | 总持仓明显下降 | 国君中信多空头均大幅减仓 | 股指期货持仓日度变动简评 -28,826.0 -8,742.0 -18,652.0 -38,174.0 -628.0 -1,896.0 2,748.0 -9,704.0 -45,000 -40,000 -35,000 -30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 IF IH IC IM 主力合约持仓变动 总持仓变动 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：020-8 ...

股指期货： 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：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 叶倩宁（投资咨询资格：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 12 月 16 日星期二 广发期货早评 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 | IF2512 | 总持仓明显下降 | 中信多空头各减仓超 3000 手 | | 上证 | 50 | IH2512 | 总持仓保持稳定 | 中信多空头各减仓近 1000 手 | | 中证 | 500 | IC2512 | 总持仓明显下降 | 国君多空头均减仓逾 3000 手 | | 中证 | 1000 | IM2512 | 总持仓明显下降 | 国君多空头各减仓超 3000 手 | 股指期货持仓日度变动简评 -18,378.0 -5, ...

电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM 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 | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓大幅上升 | 中信多空头各加仓超 4000 手 | | 上证 | 50 | IH2512 | 总持仓小幅上升 | 中信多空头各加仓超 1000 手 | | 中证 | 500 | IC2512 | 总持仓大幅上升 | 海通多头增仓逾 3000 手 | | 中证 | 1000 | IM2512 | 总持仓明显上升 | 国君空头加仓超 3000 手 | 股指期货持仓日度变动简评 1,266.0 -211.0 51.0 -2,749.0 13,883.0 3,867.0 16,579.0 9,823.0 -5,000 0 5,000 10,000 15,000 20,000 IF IH IC IM 主力合约持仓变动 总持仓变动 数据来源：Win ...

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：020-88818051 E-Mail：yeqianning@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 | IF2512 | 总持仓小幅下降 | 中信多空头各减仓超 2000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 前二十席位减仓为主 | | 中证 | 500 | IC2512 | 总持仓明显下降 | 国君中信均明显减仓 | | 中证 | 1000 | IM2512 | 总持仓大幅下降 | 中信多空头均减仓 4000 手以上 | 股指期货持仓日度变动简评 -10,475.0 -3,888.0 -14,425.0 -20,556.0 -4,343.0 -3,064.0 -11,667.0 -20,325.0 -25,000 -20,000 -15,000 -10,000 -5,000 0 IF IH IC IM 主力合约持仓变动 总持仓变 ...

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 | 总持仓小幅下降 | 东证多空头各减仓近 1000 手 | | 上证 | 50 | IH2509 | 总持仓小幅下降 | 前二十席位增减仓不一 | | 中证 | 500 | IC2509 | 总持仓明显上升 | 国君空头加仓 2000 手以上 | | 中证 | 1000 | IM2509 | 总持仓明显下降 | 中信多空头均减仓超 1000 手 | 股指期货持仓日度变动简评 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： -7,796.0 -2,479.0 1,062.0 -9,330.0 -3,977.0 -977.0 5,282.0 -9,256.0 -12,000 -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 ...

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].