Market Performance - The S&P 500 futures rose by 0.07% at the end of trading on Thursday, October 2 [1] - The Dow futures increased by 0.19% [1] - The Nasdaq 100 futures saw a gain of 0.37% [1] - The Russell 2000 futures climbed by 0.58% [1]

Report Industry Investment Rating - Not provided Core View - This week, the stock market showed a generally strong trend, mainly driven by internal policy boosts. The PMI data released today had both positive and negative aspects, with limited market reaction. Market sentiment was generally positive, but the trading volume in the two markets changed little, indicating a still existing stock trading situation. At the industry level, non - ferrous metals continued to be strong due to industry information, with the rise of gold for hedging and supply disruptions of copper and cobalt as the main drivers. The technology sector, represented by electronics and computers, also performed strongly due to industry benefits, with the Sci - tech Innovation 50 Index rising 1.69% today. Driven by the structural market within the week and optimistic sentiment, the stock index performed well before the holiday. Until next Wednesday when the domestic market is closed, focus on information related to the US government shutdown, US employment data, and the performance of major global stock indices [4]. Summary by Relevant Catalogs Market Review - Today, the stock index continued its strong trend. Taking the CSI 300 Index as an example, it closed up 0.45%. In terms of capital flow, the trading volume in the two markets increased by 1.9949 billion yuan. In the futures index market, all varieties rose with reduced volume [2]. Important Information - The Manufacturing Purchasing Managers' Index (PMI) in September was 49.8%, up 0.4 percentage points from August, achieving two consecutive months of recovery. The non - manufacturing business activity index was 50%, at the critical point, with overall stable operation. The composite PMI output index remained in the expansion range [3]. - There is 1 day left until the US federal government shuts down, and the key negotiation between the two parties in Congress on the appropriation issue failed. According to Reuters, the existing funds of the US federal government will officially run out at midnight local time on September 30. To avoid a government shutdown, US President Trump held talks with the leaders of the two parties in Congress at the White House on September 29 to discuss a temporary appropriation bill to resolve the crisis [3]. - US President Trump announced a 10% tariff on imported softwood logs and timber, and a 25% tariff on imported cabinets, bathroom cabinets, and upholstered wood products. The new tariffs will take effect on October 14, and some tax rates will be further increased starting from January 1, next year [3]. Strategy Recommendation - After the holiday, the market is expected to quickly react to the variables that occur during the holiday. It is recommended to wait and see [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.20 | 0.12 | 1.11 | 1.22 | | Trading volume (10,000 lots) | 11.0669 | 4.7576 | 12.8556 | 21.687 | | Trading volume change compared to the previous period (10,000 lots) | - 5.5415 | - 3.8045 | - 3.1869 | - 6.7749 | | Open interest (10,000 lots) | 26.2156 | 9.9195 | 24.6757 | 35.1639 | | Open interest change compared to the previous period (10,000 lots) | - 2.1993 | - 1.4682 | - 0.9846 | - 1.5617 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.52 | | Shenzhen Component Index change (%) | 0.35 | | Ratio of rising to falling stocks | 1.05 | | Trading volume in the two markets (100 million yuan) | 2181.411 | | Trading volume change compared to the previous period (100 million yuan) | 1.9949 | [7]

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Core View of the Report The manufacturing PMI has rebounded, leading to market expectations of economic improvement. However, further policy support is needed for consolidation. Before policy implementation, the market is expected to remain volatile. It is recommended to wait and see for the time being [2]. 3. Summary by Relevant Catalogs Futures Disk - **Contract Prices**: The prices of IF, IH, IC, and IM main and secondary contracts have increased, with IM main contract (2512) rising by 89.4 to 7406.2, and IM secondary contract (2510) rising by 87.0 to 7556.6 [2]. - **Contract Spreads**: Most of the contract spreads have changed, such as the IM - IF current - month contract spread increasing by 61.6 to 2922.2 [2]. - **Quarter - to - Month Spreads**: The quarter - to - month spreads of IF, IC have increased, while those of IH and IM show a mixed trend [2]. Futures Positions - The net positions of the top 20 in IF, IH, IC, and IM have all decreased, with IF top 20 net positions dropping by 390.0 to - 31,470.00 [2]. Spot Prices - **Index Prices**: The prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 have all increased, with the CSI 1000 rising by 77.1 to 7,575.0 [2]. - **Contract Basis**: The basis of IF, IH, IC, and IM main contracts has decreased, with the IM main contract basis dropping by 8.3 to - 168.8 [2]. Market Sentiment - **Trading Volume and Balance**: A - share trading volume, margin trading balance, and north - bound trading volume have all increased, with A - share trading volume reaching 21,972.49 billion yuan, up 191.07 billion yuan [2]. - **Fund Flow**: The main fund flow has changed from + 18.06 billion yuan yesterday to - 379.13 billion yuan today [2]. - **Option Data**: The closing prices and implied volatilities of IO at - the - money call and put options have decreased, while the volume PCR and position PCR have increased [2]. Market Strength and Weakness Analysis - The scores of all A - shares, technical aspects, and capital aspects in the Wind market strength - weakness analysis have decreased [2]. Industry News - **Domestic Market**: A - share major indices generally rose, with the Shanghai Composite Index up 0.52%, and the Shenzhen Component Index up 0.35%. The manufacturing PMI in September approached the 50% critical point, indicating continuous improvement in manufacturing prosperity [2]. - **Overseas Market**: The year - on - year and month - on - month increases in the US core PCE price index in August met expectations, consolidating market expectations of a Fed rate cut [2]. Key Data to Watch - From September 30 to October 3, important US economic data such as JOLTs job openings, ADP employment, ISM manufacturing PMI, non - farm payrolls, and unemployment rate will be released [3].

Index Trends - On September 29, the Shanghai Composite Index rose 0.9% to close at 3862.53 points with a turnover of 968.212 billion yuan; the Shenzhen Component Index rose 2.05% to close at 13479.43 points with a turnover of 1193.249 billion yuan [1]. - The CSI 1000 Index rose 1.36% with a turnover of 419.535 billion yuan, opening at 7415.13, closing at 7497.83, with a daily high of 7517.12 and a low of 7376.91 [1]. - The CSI 500 Index rose 1.51% with a turnover of 433.864 billion yuan, opening at 7251.52, closing at 7350.56, with a daily high of 7377.22 and a low of 7216.74 [1]. - The SSE 50 Index rose 1.09% with a turnover of 189.969 billion yuan, opening at 2940.04, closing at 2973.04, with a daily high of 3000.48 and a low of 2922.01 [1]. - The SSE 300 Index rose 1.54% with a turnover of 693.395 billion yuan, opening at 4555.03, closing at 4620.05, with a daily high of 4647.57 and a low of 4541.43 [1]. Impact of Sector Movements on Indexes - The CSI 1000 rose 100.24 points from the previous close, with sectors such as electronics, power equipment, and non - ferrous metals significantly pulling the index up [2]. - The CSI 500 rose 109.65 points from the previous close, with sectors such as electronics, non - bank finance, and power equipment significantly pulling the index up [2]. - The SSE 300 rose 70.0 points from the previous close, with sectors such as non - bank finance, power equipment, and non - ferrous metals significantly pulling the index up [2]. - The SSE 50 rose 32.02 points from the previous close, with sectors such as non - ferrous metals, non - bank finance, and electronics significantly pulling the index up, while the banking sector pulled it down [2]. Futures Basis and Annualized Opening Costs - For IM futures, IM00 had an average daily basis of - 33.34, IM01 of - 117.12, IM02 of - 191.69, and IM03 of - 412.21 [12]. - For IC futures, IC00 had an average daily basis of - 31.0, IC01 of - 100.17, IC02 of - 150.99, and IC03 of - 329.66 [12]. - For IF futures, IF00 had an average daily basis of - 5.02, IF01 of - 17.61, IF02 of - 23.81, and IF03 of - 50.41 [12]. - For IH futures, IH00 had an average daily basis of 1.54, IH01 of 0.15, IH02 of 1.98, and IH03 of 0.3 [12]. Futures Roll - over Point Differences and Annualized Costs - Various data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH futures are presented in the report, including values at different time points such as 09:45, 10:00, etc. For example, for IM futures at 09:45, IM00 - 01 was - 73.02267, IM00 - 02 was - 259.4522, etc. [23][25][26]

（文章来源：每日经济新闻） 每经AI快讯，周一（9月29日）纽约尾盘，标普500股指期货最终涨0.19%，道指期货涨0.10%，纳斯达 克100股指期货涨0.34%。罗素2000股指期货跌0.15%。 ...

Report Date - The report is dated September 29, 2025 [2] IM Futures Market Summary - The CSI 1000 index closed at 7,497.83, up 1.36%. The IM2510 (main contract) rose 2% to 7,484.2. Total trading volume of the four IM contracts was 284,619 lots, up 41,629 from the previous day, and total open interest was 367,256 lots, up 2,392 [4][5] - The main contract had a discount of 13.63 points, up 26.96 points from the previous day, with an annualized basis rate of -3.5%. Dividend impacts for the four contracts were 1.39, 2.29, 2.32, and 3.63 points respectively [5] Position Analysis - In the IM2510 contract, top five members' trading volume was 158,768 lots, up 20,672; long positions were 75,047 lots, up 1,587; short positions were 90,776 lots, up 1,190 [19] IF Futures Market Summary - The CSI 300 index closed at 4,620.05, up 1.54%. The IF2510 (main contract) rose 1.53% to 4,623.6. Total trading volume of the four IF contracts was 166,084 lots, up 44,999 from the previous day, and total open interest was 284,149 lots, up 24,225 [24][25] - The main contract had a premium of 3.55 points, up 10.4 points from the previous day, with an annualized basis rate of 1.47%. Dividend impacts for the four contracts were 5.43, 6.81, 8.52, and 15.57 points respectively [25] Position Analysis - In the IF2510 contract, top five members' trading volume was 52,282 lots, up 14,680; long positions were 32,584 lots, up 3,776; short positions were 31,919 lots, up 3,753 [40] IC Futures Market Summary - The CSI 500 index closed at 7,350.56, up 1.51%. The IC2510 (main contract) rose 1.9% to 7,342.8. Total trading volume of the four IC contracts was 160,425 lots, up 24,390 from the previous day, and total open interest was 256,603 lots, up 4,379 [45][46] - The main contract had a discount of 7.76 points, up 30.55 points from the previous day, with an annualized basis rate of -2.03%. Dividend impacts for the four contracts were 2.31, 3.77, 3.99, and 7.51 points respectively [46] Position Analysis - In the IC2510 contract, top five members' trading volume was 48,557 lots, up 8,696; long positions were 29,948 lots, up 481; short positions were 32,695 lots, up 525 [56] IH Futures Market Summary - The SSE 50 index closed at 2,973.04, up 1.09%. The IH2510 (main contract) rose 0.89% to 2,976.2. Total trading volume of the four IH contracts was 85,621 lots, up 37,395 from the previous day, and total open interest was 113,877 lots, up 17,889 [60] - The main contract had a premium of 3.16 points, up 0.98 points from the previous day, with an annualized basis rate of 0.72%. Dividend impacts for the four contracts were 5.38, 6.6, 7.5, and 15.18 points respectively [61] Position Analysis - In the IH2510 contract, top five members' trading volume was 47,447 lots, up 20,892; long positions were 27,956 lots, up 6,008; short positions were 41,691 lots, up 6,463 [70]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - Recently, there have been few domestic and international news disturbances, and the market as a whole shows a random walk pattern. With the approaching of the National Day and Mid - Autumn Festival holidays, market trading is relatively dull. The profit data of industrial enterprises above a designated size shows improvement, indicating that the anti - involution policy has achieved initial results, but further policy efforts are needed for consolidation. Before the policy is implemented, the market is expected to remain volatile. Attention should be paid to the September PMI data released on Tuesday before the holiday. Strategically, it is recommended to wait and see for the time being [2]. 3. Summary by Relevant Contents Futures Contract Data - IF主力合约（2512）最新价4604.6，环比+69.4；IF次主力合约（2510）最新价4623.6，环比+67.8. IH主力合约（2512）最新价2976.0，环比+26.2；IH次主力合约（2510）最新价2974.0，环比+23.8. IC主力合约（2512）最新价7232.2，环比+134.6；IC次主力合约（2510）最新价7342.8，环比+123.2. IM主力合约（2512）最新价7337.4，环比+144.0；IM次主力合约（2510）最新价7484.2，环比+123.4 [2]. - IF - IH当月合约价差1649.6，环比+51.6；IC - IF当月合约价差2719.2，环比+59.8；IM - IC当月合约价差141.4，环比 - 13.0；IC - IH当月合约价差4368.8，环比+111.4；IM - IF当月合约价差2860.6，环比+46.8；IM - IH当月合约价差4510.2，环比+98.4 [2]. - IF当季 - 当月为 - 19.0，环比 - 0.8；IF下季 - 当月为 - 44.4，环比 - 1.4；IH当季 - 当月为2.0，环比+2.8；IH下季 - 当月为3.8，环比+7.4；IC当季 - 当月为 - 110.6，环比+12.0；IC下季 - 当月为 - 284，环比+12.6；IM当季 - 当月为 - 146.8，环比+21.0；IM下季 - 当月为 - 369.8，环比+15.0 [2]. Futures Position Data - IF前20名净持仓为 - 31,248.00，环比+3046.0；IH前20名净持仓为 - 18,596.00，环比+1120.0；IC前20名净持仓为 - 24,879.00，环比+1103.0；IM前20名净持仓为 - 41,984.00，环比+189.0 [2]. Spot Price Data - 沪深300为4620.05，环比+70.0，IF主力合约基差为 - 15.4，环比+9.6；上证50为2,973.0，环比+32.0，IH主力合约基差为3.0，环比 - 0.4；中证500为7,350.6，环比+109.7，IC主力合约基差为 - 118.4，环比+42.5；中证1000为7,497.8，环比+100.2，IM主力合约基差为 - 160.4，环比+48.0 [2]. Market Sentiment Data - A股成交额（日，亿元）为21,781.43，环比+120.35；两融余额（前一交易日，亿元）为24,244.58，环比 - 199.09；北向成交合计（前一交易日，亿元）为2789.12，环比 - 195.13；逆回购（到期量，操作量，亿元）为 - 2405.0，环比+2886.0；主力资金（昨日，今日，亿元）为 - 946.98，环比+18.06 [2]. - 上涨股票比例（日，%）为65.83，环比+32.66；Shibor（日，%）为1.315，环比+0.001；IO平值看涨期权收盘价（2510）为75.80，环比+31.80；IO平值看涨期权隐含波动率（%）为18.60，环比 - 0.50；IO平值看跌期权收盘价（2510）为50.00，环比 - 46.00；IO平值看跌期权隐含波动率（%）为18.59，环比 - 0.34；沪深300指数20日波动率（%）为17.09，环比+0.70；成交量PCR（%）为54.62，环比 - 21.31；持仓量PCR（%）为91.89，环比+4.82 [2]. Wind Market Strength - Weakness Analysis - 全部A股评分为7.00，环比+3.40；技术面评分为6.60，环比+3.30；资金面评分为7.40，环比+3.50 [2]. Industry News - From January to August, the total profit of industrial enterprises above a designated size in China reached 4692.97 billion yuan, a year - on - year increase of 0.9%. In August, the profit of industrial enterprises above a designated size increased by 20.4% year - on - year, turning from a 1.5% decline in the previous month. A - share major indices closed higher. The three major indices fluctuated upwards, accelerated the rise in the afternoon, and slightly declined at the end of the session. Overseas, the year - on - year and month - on - month increases of the US core PCE price index in August met expectations and were flat with the previous value, which consolidated the market's expectation of the Fed's interest rate cut [2]. Key Events to Watch - September 30th, 9:30 - 9:45: China's official manufacturing, non - manufacturing, and composite PMI for September; China's SPGI manufacturing and services PMI for September. - September 30th, 12:30: RBA interest rate decision. - September 30th, 22:00: US JOLTs job openings in August. - October 1st, 20:45: US ADP employment in September; 22:00: US ISM manufacturing PMI in September. - October 2nd, 19:30: US Challenger job cuts in September. - October 3rd, 20:30: US non - farm payrolls, unemployment rate, and labor force participation rate in September [3].

Group 1 - The A-share market showed a rebound on Monday, with sectors such as brokerage, silver, non-ferrous metals, lithium batteries, semiconductors, and chips performing well, leading to a good profit effect in the market [1][3] - The ChiNext Index rose by 2.74% and the Sci-Tech 50 increased by 1.35%, with total trading volume in the Shanghai and Shenzhen markets reaching 21,615 billion yuan, an increase of 146 billion yuan compared to last Friday [1] - The upcoming National Day holiday is expected to influence market sentiment, with participants in the "Digging Gold" competition expressing optimism about the market's upward trend [3][4] Group 2 - The "Digging Gold" competition allows participants to simulate stock trading with a virtual capital of 500,000 yuan, and rewards are given for positive returns [1][5] - The competition is designed to provide a "zero-cost trial and high-reward growth" opportunity, with no real capital required for participation [6][7] - Participants can gain access to exclusive market insights and trading education through the competition, enhancing their trading skills [2][6] Group 3 - The futures competition, "Economic Grain Cup - National Futures Simulation Championship," offers participants 1 million yuan in virtual funds to practice trading without financial risk [6][7] - The competition features weekly and monthly cash rewards, with a maximum monthly prize of 1,288 yuan for individual participants [7][8] - Participants can engage in real-time discussions with experienced traders and receive market analysis and trading strategies from the research team [6][7]

Report Industry Investment Rating - No relevant content found. Core Views - From the perspective of cumulative returns this year, the three best - performing indices are the Micro - cap Index (+65.84%), the ChiNext Index (+47.16%), and the STAR 50 Index (+46.71%), while the three weakest are the CSI Dividend (-2.27%), the Shanghai Composite Index (+14.21%), and the CSI 300 (+15.63%) [10][12]. - Looking ahead, recent option sentiment dimensions indicate a bearish sentiment for the CSI 1000, CSI 300, and CSI 500, and combined with factors such as institutional fund withdrawals, it may suggest further market adjustments. Investors need to manage risks in the short - term [10]. - In terms of positions, the overall stock long - only strategy should maintain a moderately low position, and the neutral strategy should further reduce the position to a moderately low level before the holiday [10]. Summary by Directory 1. Equity Market Review - **Factor Calendar Overview**: This week, most of the equity market rose. The CSI A500 rose 1.19%, the CSI 300 rose 1.07%, the CSI 500 rose 0.98%, the CSI All - Share rose 0.21%, the CSI Dividend fell 0.25%, the CSI 1000 fell 0.55%, and the CSI 2000 fell 1.79%. The best - performing Barra style factors were size, growth, and momentum, with returns of 0.61%, 0.56%, and 0.18% respectively, while the worst were value, BETA, and residual volatility, with returns of -0.41%, -0.61%, and -1.17% respectively [14][15]. - **Main Broad - based Index Review**: - **Short - term Market Activity**: It is at a moderately high level but shows a marginal decline. The CSI All - Share's daily average trading volume was 2.26 trillion yuan. The trading volume proportions of the CSI 300 and CSI 500 increased marginally, while those of the CSI 2000, CSI 1000, and others decreased marginally [20][22]. - **Medium - term Market Activity**: It is at a moderately high level. The CSI All - Share's 20 - day rolling average daily trading volume was 2.39 trillion yuan. The trading volume proportions of the CSI 300 and CSI 500 increased marginally, while those of the CSI 2000, CSI 1000, and others decreased marginally [23][25]. - **Volatility**: Most broad - based indices rose, and volatility generally declined. For example, the CSI 500's volatility was 23.63% (82.41% quantile), with a marginal weekly decline of 0.79% [17][19]. - **Equity Industry Index Review**: This week, 19.4% of industries had positive returns, with the power equipment sector leading. The top three industries in terms of weekly returns were power equipment (3.86%), non - ferrous metals (3.52%), and electronics (3.51%), while the bottom three were retail (-4.32%), comprehensive (-4.61%), and social services (-5.92%) [26]. - **Equity Style Factor Review**: - **Barra Style Factors**: The size, growth, and momentum factors performed well, with returns of 0.61%, 0.56%, and 0.18% respectively, while the value, BETA, and residual volatility factors performed poorly, with returns of -0.41%, -0.61%, and -1.17% respectively [30]. - **Giant Tide Style Indices**: Most of them rose. The top three indices in terms of returns were large - cap growth (2.48%), mid - cap growth (2.30%), and small - cap growth (2.03%), while the bottom three were mid - cap value (0.56%), large - cap value (-0.34%), and small - cap value (-0.85%) [34]. - **Stock Index Futures Market Review**: - **Premium Convergence and Volatility**: The premium of IC, IF, and IM contracts converged, and volatility generally declined [36][38]. - **Impact on Neutral Products**: From the perspective of quarterly - contract hedging, the estimated average returns of neutral products affected by the hedging of IF, IC, and IM contracts were -0.280%, -0.270%, and -0.320% respectively [39]. - **Options Market Review**: This week, implied volatility generally declined, which is expected to be unfavorable for option - buying and arbitrage strategies. The top three products with the highest implied volatility were the E Fund STAR 50 ETF (50.20%), the Huaxia STAR 50 ETF (49.84%), and the E Fund ChiNext ETF (42.33%), while the bottom three were the CSI 300 Index (19.51%), the SSE 50 Index (19.10%), and the Huaxia SSE 50 ETF (18.48%) [41][42]. 2. Strategy Environment Monitoring - **Intraday Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for intraday Alpha accumulation. Although liquidity slightly increased and volatility slightly decreased, the net capital outflow was 516 billion yuan per day this week [44][49]. - **Trading - based Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for trading - based Alpha accumulation. Although trading volume and turnover rate are at high levels and stock differentiation is in a high - level range, the number of stocks outperforming the benchmark index is low and shows a marginal decline [50][55]. - **Holding - based Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for holding - based Alpha accumulation. Although stock liquidity is at a high level, factors such as market style, the proportion of stocks outperforming the index, and factor rotation speed have a negative impact [58][74]. - **Hedging Environment for Neutral Strategies**: The basis spread fluctuation is in a moderately high - level range, posing certain challenges to cost control. The IF, IC, and IM basis spreads all converged this week [75][80]. 3. Future Strategy Research and Judgment - **Return Performance**: From the 20 - day rolling returns, the relative returns of the CSI 1000, CSI 2000, and CSI 500 to the CSI 300 are in the normal range, and the return of the CSI 300 is also in the normal range [84]. - **Derivatives Option Sentiment**: The option sentiment dimension shows that the sentiment of the CSI 1000 is stable, while the CSI 300 and CSI 500 are bearish [88]. - **Derivatives Futures Sentiment**: The futures sentiment dimension shows that the basis spreads of IC, IF, and IM all converged, with a differentiated overall sentiment [92]. - **Risk Preference**: As of September 25, 2025, the margin trading balance was 2.43 trillion yuan, at a high - level range in the past three years, indicating a high risk preference [95]. - **Trading Heat**: The trading heat of the CSI 300, CSI 500, CSI 1000, and CSI 2000, as well as the market trading volume, are at different quantile levels [97]. - **Style Attention Multiple**: The CSI 1000 is in the normal range, the CSI 500 is in the high - level range, and the CSI 2000 is in the extremely low - level range [100]. - **Profit Spread**: The profit spreads of the CSI 1000, CSI 500, CSI 2000, and CSI 300 are in the low or extremely low - level ranges [103]. - **Dividend Spread**: The dividend spreads of the CSI 1000, CSI 500, CSI 2000, and CSI 300 are in the normal range [105]. - **Trading Congestion**: The trading heat of the TMT sector is in the high - level range, the trading heat of the micro - cap sector is in the normal range, and the market trading volume is in the extremely high - level range [111].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - A-share major indices generally rose this week, with the Science and Technology Innovation 50 Index surging over 6%. Most of the four stock index futures increased, and large-cap blue-chip stocks performed well. Market trading activity declined slightly. - Overseas, the final value of the US Q2 GDP unexpectedly rose, and the number of initial jobless claims last week fell more than expected, supporting the US dollar and pressuring the RMB. - Domestically, economic fundamentals weakened in August, with slower growth in retail sales, fixed - asset investment, imports and exports, and industrial added - value, and the real estate market continued to deteriorate. The unchanged LPR was in line with market expectations. - Overall, the domestic market was in a macro - data vacuum this week, with few domestic and overseas news disturbances. The market showed a random walk pattern, and trading was relatively quiet due to approaching holidays. The market is expected to remain volatile before new policies are implemented. It is recommended to wait and see [5][94]. 3. Summary by Directory 3.1 Market Review - Futures: IF2512 rose 1.36% this week, IH2512 rose 1.06%, IC2512 rose 1.37%, and IM2512 fell 0.02%. - Spot: The Shanghai and Shenzhen 300 Index rose 1.07%, the Shanghai 50 Index rose 1.07%, the CSI 500 Index rose 0.98%, and the CSI 1000 Index fell 0.55% [8]. 3.2 News Overview - On September 22, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%. - The market capitalization of the A - share technology sector accounts for over 1/4, and as of the end of August, long - term funds held about 21.4 trillion yuan of A - share floating market capitalization, a 32% increase from the end of the 13th Five - Year Plan. Foreign investors held 3.4 trillion yuan of A - share market capitalization. - The final annualized quarterly growth rate of the US Q2 GDP was 3.8%, up from the revised 3.3%, and the core PCE price index was revised up from 2.5% to 2.6% [11]. 3.3 Weekly Market Data - **Domestic Main Indices**: The Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, the Science and Technology Innovation 50 Index rose 6.47%, the SME 100 Index rose 1.75%, and the ChiNext Index rose 1.96% [14]. - **Overseas Main Indices (as of Thursday)**: The S&P 500 fell 0.89%, the UK FTSE 100 fell 0.03%, the Hang Seng Index fell 1.57%, and the Nikkei 225 rose 0.69% [15]. - **Industry Sector Performance**: Most industry sectors declined. Social services, comprehensive, and commercial retail sectors weakened significantly, while power equipment and non - ferrous metals sectors led the gains. - **Industry Sector Main - Force Fund Flows**: All industry main - force funds had net outflows, with a large net outflow from the electronics sector. - **SHIBOR Short - Term Interest Rates**: SHIBOR short - term interest rates showed a mixed performance, and capital prices remained at a low level. - **Restricted Share Unlock and Northbound Capital Transactions**: This week, major shareholders had a net reduction of 1.1265 billion yuan in the secondary market, the market value of restricted share unlocks was 6.7358 billion yuan, and northbound capital transactions totaled 1180.04 billion yuan. - **Futures Basis and Net Positions**: The basis of the main contracts of IF, IH, IC, and IM strengthened [39][44][48][52]. 3.4 Market Outlook and Strategy - The market is expected to remain volatile before new policies are implemented. It is recommended to wait and see [94].