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].

1. Index Trends - On September 25th, the Shanghai Composite Index had a change of -0.01%, closing at 3853.3 points with a trading volume of 1001.211 billion yuan; the Shenzhen Component Index had a change of 0.67%, closing at 13445.9 points with a trading volume of 1369.879 billion yuan [1]. - The CSI 1000 Index had a change of -0.37% and a trading volume of 464.745 billion yuan, with an opening price of 7521.32, a closing price of 7506.51, a daily high of 7563.08, and a low of 7487.12 [1]. - The CSI 500 Index had a change of 0.24% and a trading volume of 493.047 billion yuan, with an opening price of 7325.66, a closing price of 7341.32, a daily high of 7379.61, and a low of 7312.35 [1]. - The SSE 300 Index had a change of 0.6% and a trading volume of 669.867 billion yuan, with an opening price of 4563.98, a closing price of 4593.49, a daily high of 4613.95, and a low of 4558.84 [1]. - The SSE 50 Index had a change of 0.45% and a trading volume of 158.667 billion yuan, with an opening price of 2944.73, a closing price of 2952.74, a daily high of 2962.18, and a low of 2941.87 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index rose -27.71 points from the previous closing price. Media and communication sectors significantly pulled the index up, while basic chemicals, machinery, and electronics sectors pulled it down [3]. - The CSI 500 Index rose 17.61 points from the previous closing price. Computer, machinery, and electronics sectors significantly pulled the index up, while the non - banking financial sector pulled it down [3]. - The SSE 300 Index rose 27.42 points from the previous closing price. Power equipment, non - ferrous metals, and communication sectors significantly pulled the index up, while the banking sector pulled it down [3]. - The SSE 50 Index rose 13.23 points from the previous closing price. Non - ferrous metals, pharmaceutical biology, and electronics sectors significantly pulled the index up, while food and beverage and banking sectors pulled it down [3]. 3. Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of -69.91, IM01 of -156.48, IM02 of -236.36, and IM03 of -449.96 [13]. - IC00 had an average daily basis of -51.53, IC01 of -122.3, IC02 of -177.77, and IC03 of -356.12 [13]. - IF00 had an average daily basis of -8.53, IF01 of -24.0, IF02 of -33.81, and IF03 of -65.69 [13]. - IH00 had an average daily basis of 2.04, IH01 of -0.05, IH02 of 1.44, and IH03 of -0.53 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - For IM, from 09:45 to 15:00, there were data on point differences and annualized costs for different roll - over combinations (e.g., IM00 - 01, IM00 - 02, etc.) [21]. - For IC, from 09:45 to 15:00, there were data on point differences and annualized costs for different roll - over combinations (e.g., IC00 - 01, IC00 - 02, etc.) [23]. - For IF, from 09:45 to 15:00, there were data on point differences and annualized costs for different roll - over combinations (e.g., IF00 - 01, IF00 - 02, etc.) [24]. - For IH, from 09:45 to 15:00, there were data on point differences and annualized costs for different roll - over combinations (e.g., IH00 - 01, IH00 - 02, etc.) [26].

每经AI快讯，周四（9月25日）纽约尾盘，标普500股指期货最终下跌0.47%，道指期货跌0.35%，纳斯 达克100股指期货跌0.42%。罗素2000股指期货跌0.94%。 （文章来源：每日经济新闻） ...

Report Summary Report Industry Investment Rating No relevant information provided. Core View Today's stock market showed a volatile trend, with the broader market index demonstrating strength as the CSI 300 index reached a new high, reflecting continued market optimism. The rising stocks were concentrated, with the ratio of rising to falling stocks at only 0.39. Similar to yesterday, the leading sectors were still focused on TMT, but mainly weighted stocks were rising. In the short term, a structural rally is maintained, and there are no incremental systematic positives or negatives. Therefore, the expectation of a stable transition in the pre - holiday market is maintained, and a wait - and - see approach is recommended. [4] Market Review - Today's stock index trends varied. Taking the CSI 300 index as an example, it closed up 0.60%. In terms of capital flow, the trading volume of the two markets increased by 44.306 billion yuan. In the futures index market, IF rose with increasing volume, IC and IH rose with decreasing volume, and IM fell with decreasing volume. [2] Important Information - Hong Kong Monetary Authority Chief Executive Eddie Yue announced that a fixed - income and currency roadmap would be released today during his welcome speech at the Hong Kong Fixed Income and Currency Forum. - On September 25, the National Healthcare Security Administration officially issued a notice on a 100 - day special rectification campaign for prominent problems in healthcare fund management, to be carried out nationwide from now until December 31, 2025, targeting illegal and irregular use of healthcare funds such as reselling returned healthcare drugs, over - prescribing, and fraudulently obtaining maternity allowances. [3] Strategy Recommendation Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.88 | 0.52 | 0.43 | - 0.09 | | Trading volume (10,000 lots) | 13.3482 | 5.1813 | 12.9665 | 21.2836 | | Trading volume MoM (10,000 lots) | - 1.3263 | - 1.0311 | - 4.7515 | - 8.0784 | | Open interest (10,000 lots) | 26.6373 | 9.4947 | 24.8859 | 35.3327 | | Open interest MoM (10,000 lots) | 0.2673 | - 0.3358 | - 0.7113 | - 1.2164 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.01 | | Shenzhen Component Index change (%) | 0.67 | | Ratio of rising to falling stocks | 0.39 | | Trading volume of the two markets (billion yuan) | 237.109 | | Trading volume MoM (billion yuan) | 4.4306 | [6]

（文章来源：每日经济新闻） 每经AI快讯，周三（9月24日）纽约尾盘，标普500股指期货最终下跌0.24%，道指期货跌0.28%，纳斯 达克100股指期货跌0.29%。罗素2000股指期货跌0.71%。 ...

股指期货数据日报 2025年9月24日 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7534.22 | 1.70% | 27,891 | | -11% | 4,944 | -2% | | | | | | IM2510 | 7472.00 | 3.06% | 68,987 | | -17% | 1,018 | -16% | 84,906 | -11,740 | | 152 | | IM2511 | 7384.40 | 3.13% | 8,349 | | 5 % | 122 | 7 % | 8,831 | 2,598 | | 1 6 | | IM2512 | 7303.20 | 3.21% | 185,454 | | -9% | 2,675 | -7% | 192,420 | -14,214 ...

（文章来源：每日经济新闻） 每经AI快讯，周二（9月23日）纽约尾盘，标普500股指期货最终跌0.51%，道指期货跌0.14%，纳斯达 克100股指期货跌0.69%。罗素2000股指期货跌0.23%。 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating [1][5] - The core logic is the game between the short - term profit - taking willingness of funds and the long - and medium - term policy positive expectation fermentation [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking willingness of funds and long - and medium - term policy positive expectation fermentation [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation [5] - Yesterday, each stock index oscillated and sorted in a narrow range. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 214.25 billion yuan, a decrease of 20.69 billion yuan from the previous day [5] - The LPR interest rate in September remained unchanged, and the central bank made a net investment in the open market, indicating that the central bank kept the market liquidity stable before the long holiday [5] - There are certain differences in market sentiment. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy positive expectations and the inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index [5] - In terms of policy, the credit and inflation data in August were weak, and the consumption growth rate slowed down, indicating weak demand from the real sector. There is a strong expectation of introducing policies to stabilize demand in October, and policy positive expectations are gradually fermenting [5] - In terms of funds, there is a sign that residents' deposits are changing to non - bank deposits, indicating a change in investors' wealth allocation direction. Coupled with the high - level operation of the margin trading balance, it shows that the stock market continues to attract incremental funds [5] - In the future, focus on the game between the profit - taking rhythm of funds and the fermentation of policy expectations [5]

（文章来源：每日经济新闻） 每经AI快讯，周一（9月22日）纽约尾盘，标普500股指期货最终涨0.42%，道指期货涨0.12%，纳斯达 克100股指期货涨0.51%。罗素2000股指期货涨0.63%。 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index futures is wide - range fluctuation, the medium - term view is upward, and the intraday view is weak fluctuation. The core logic lies in the game between short - term capital profit - taking intention and the fermentation of medium - and long - term policy favorable expectations [1][5] Group 3: Summary According to Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term capital profit - taking intention and the fermentation of medium - and long - term policy favorable expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. Last Friday, each stock index oscillated and consolidated in a narrow range. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 234.94 billion yuan, a decrease of 81.72 billion yuan from the previous day. There are differences in the market. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy favorable expectations and the inflow trend of funds constitute the medium - and long - term driving force for the upward movement of the stock index. The confidence of investors to continue to chase the rise is insufficient, and the profit - taking intention rises. The credit and inflation data in August were weak, and the consumption growth slowed down, indicating weak demand in the real sector, so the expectation of introducing policies to stabilize demand is strong. In terms of funds, the non - bank deposits increased significantly in July and August, and the balance of margin trading remained at a high level, indicating that the stock market continued to attract incremental funds. In the short term, the stock index is expected to mainly show wide - range fluctuations [5]