Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoint - The subsequent trend of stock indices focuses on the interaction between the pace of policy - driven positive expectation fermentation and the profit - taking pace of profitable funds. In the short term, stock indices are expected to remain in a wide - range oscillation [5] Group 3: Summary by Relevant Content Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillation with a slight upward bias, and the reference view is wide - range oscillation. The core logic is the conflict between short - term capital profit - taking intention and the fermentation of medium - and long - term policy positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillation with a slight upward bias, the medium - term view is upward, and the reference view is wide - range oscillation. Yesterday, all stock indices opened lower, oscillated throughout the day, and closed slightly lower. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2374.2 billion yuan, a decrease of 159.9 billion yuan from the previous day. Trump's sudden tariff threat on Friday increased external uncertainty risks before November, and investors' profit - taking intention rose due to the significant increase in stock index valuations. However, the impact of Trump's tariff threat on A - shares is short - term, and its marginal effect is weaker than that in early April this year. There are still problems of insufficient effective domestic demand and external tariff disturbances, but policy positive expectations strongly support stock indices. The investment attribute of A - shares is valued by the policy, and the trend of social wealth allocation to the stock market is emerging, with continuous capital inflows driving the repair of the valuation end of stock indices [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View 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. The subsequent trend of the stock index depends on the game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of profitable funds. [1][5] 3. Summary According to Related Contents 3.1 Variety View Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | View Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2512 | Oscillation | Rise | Weakly oscillating | Wide - range oscillation | The willingness of short - term funds to take profits vs. the fermentation of medium - and long - term policy - benefit expectations [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Last Friday, each stock index oscillated and declined. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2534.1 billion yuan, a decrease of 137.7 billion yuan compared with the previous day. [5] - **Core Logic**: In the short term, due to the significant increase in stock valuation, the willingness of profitable funds to take profits has risen, and the marginal driving force of policy benefits will weaken. Coupled with Trump's threat to raise tariffs, the short - term stock market is under pressure, and there is a risk of a lower opening of the stock index on Monday. In the long term, policy - benefit expectations and the continuous inflow of funds still strongly support the stock index. The subsequent trend of the stock index focuses on the game between the fermentation of policy - benefit expectations and the profit - taking of profitable funds. [5]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - For the IH2512 variety, the short - term view is oscillation, the medium - term view is upward, and the intraday view is oscillating upward, with an overall view of wide - range oscillation. The core logic is the game between short - term capital profit - taking willingness and the fermentation of medium - and long - term policy favorable expectations [1]. - For IF, IH, IC, and IM varieties, the intraday view is oscillating upward, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is that on September 30, all stock indices oscillated upward. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 219.72 billion yuan, an increase of 19.1 billion yuan from the previous day. The manufacturing PMI in September continued to recover, indicating strong resilience in the domestic macro - economy. Coupled with the expectation of favorable policies from important meetings in October, market risk appetite continued to rise. However, in the short term, due to the significant increase in the stock valuation, especially when the index rebounded near the previous high, there was still a demand for profit - taking by profitable funds. It is necessary to pay attention to the game between the subsequent profit - taking rhythm of funds and the fermentation of policy expectations. In general, since the index is close to the previous high, the stock index is expected to be mainly in wide - range oscillation in the short term [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - The time - cycle is defined as short - term within one week, medium - term from two weeks to one month. For the IH2512 variety, short - term is oscillation, medium - term is upward, intraday is oscillating upward, with a view of wide - range oscillation, and the core logic is the game between short - term capital profit - taking and long - term policy expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, and IM. The intraday view is oscillating upward, the medium - term view is upward, the reference view is wide - range oscillation. The trading volume on September 30 increased, the manufacturing PMI continued to recover, and there are policy expectations in October, but short - term profit - taking demand exists, so the short - term stock index is expected to oscillate widely [5].

Group 1: Report Industry Investment Rating - No relevant content found 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. The core logic lies in the game between the short - term profit - taking intention of funds and the long - and medium - term fermentation of policy - favorable expectations [1][5] Group 3: Summary According to Related Contents 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term funds' profit - taking intention and the fermentation of long - and medium - term policy - favorable expectations [1] 2. Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is that yesterday, each stock index oscillated widely and recovered after reaching the bottom. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 251.86 billion yuan, an increase of 37.6 billion yuan from the previous day. There is a certain divergence in market sentiment, focusing on the game between the profit - taking rhythm of funds and the fermentation of policy expectations. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy - favorable expectations and the net inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index. The fermentation of policy - favorable expectations depends on the October key meeting, and the increase in incremental funds can be seen from the fact that the margin trading balance has exceeded 2.4 trillion yuan and the year - on - year significant increase in new non - bank deposits in July and August. In general, the stock index is expected to oscillate widely in the short term [5]

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]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view of the stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating upward. The overall situation is affected by the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1][5] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is oscillating upward, and the reference view is wide - range oscillation. The core logic is the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Yesterday, each stock index oscillated and rebounded. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2402.9 billion yuan, an increase of 35.9 billion yuan compared with the previous day [5] - **News**: The Ministry of Commerce and other 9 departments recently issued "Several Policy Measures to Expand Service Consumption", proposing 19 specific measures from 5 aspects to boost consumption demand and promote the development of service consumption [5] - **Macro - aspect**: In August, the credit and inflation data 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 the future, and the key window period for policy introduction is expected to be October [5] - **Fund - aspect**: The non - bank deposits increased significantly in July and August, and the margin trading balance remained at a high level, indicating that the stock market continuously attracted incremental capital inflows. However, due to the significant increase in the valuation of some stocks in the early stage, there is still a willingness for profit - taking funds to stop profits, resulting in short - term technical adjustment pressure on the stock index [5] - **Conclusion**: In the short term, the stock index is expected to be mainly in wide - range oscillation, and the follow - up focus is on the game between the rhythm of capital profit - taking and the fermentation of policy expectations [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 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 oscillating strongly [1][5]. - The core logic is the game between the short - term profit - taking intention of funds and the long - and medium - term policy positive expectation fermentation [1][5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2512 | Oscillation | Rise | Oscillating strongly | Wide - range oscillation | Short - term profit - taking intention of funds VS long - and medium - term policy positive expectation fermentation [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Viewpoints**: The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation [5]. - **Core Logic**: Yesterday, each stock index oscillated and sorted in a narrow range. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 230.31 billion yuan, a decrease of 24.52 billion yuan compared with the previous day. The newly released credit data is weak, reflecting the weak financing demand of the real sector. Coupled with the weak inflation data in August and the marginal slowdown of the consumption growth rate, the expectation of introducing policies to stabilize demand in the future is strong, and the policy positive expectation will gradually ferment in the fourth quarter. In terms of funds, the year - on - year increase in non - bank deposits in July and August indicates that the asset allocation direction of social wealth has begun to change, and the stock market attracts incremental funds to flow in; the margin balance also remains high, indicating that leveraged funds are still net buyers. The policy positive expectation and the trend of continuous capital inflow into the stock market still support the stock index in the long and medium term. However, due to the significant increase in the valuation of some stocks in the early stage, there is still the intention of profit - taking by profitable funds, which also leads to short - term technical adjustment pressure. The game between the profit - taking rhythm of funds and the fermentation of policy expectations should be focused on [5].

Core Viewpoint - The stock indices experienced narrow fluctuations today, with expectations of wider volatility in the short term due to weak credit data and declining consumer growth [1] Market Performance - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 23,031 billion, a decrease of 2,452 billion compared to the previous day [1] - The financing balance remains high, indicating that leveraged funds are still net buyers [1] Economic Indicators - Recent credit data shows weakness, reflecting insufficient financing demand from the real economy [1] - Poor inflation data from August and slowing consumption growth have increased expectations for demand-stabilizing policies, which are anticipated to gradually manifest in the fourth quarter [1] Investment Trends - The increase in non-bank deposits in July and August year-on-year indicates a shift in social wealth asset allocation towards the stock market [1] - The expectation of policy support and continuous capital inflow into the stock market provides medium to long-term support for stock indices [1] Short-term Outlook - Due to significant valuation increases in some stocks, there is a tendency for profit-taking, leading to potential technical adjustment pressures in the short term [1] - The overall expectation is for stock indices to primarily experience wide fluctuations in the near term [1] Options Market - The implied volatility of options is currently within a normal range, and given the long-term upward trend of stock indices, it is advisable to continue holding bull spreads or ratio spreads [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The short - term view of the stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly [1][5] - The policy - side positive expectations and the continuous inflow of funds into the stock market are the long - term supporting forces for the stock index. However, in the short term, due to the significant increase in the valuation of some stocks, there is still a willingness to take profits, resulting in short - term technical adjustment pressure [5] 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking willingness of funds and the fermentation of medium - and long - term policy positive expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation [5] - Last Friday, each stock index oscillated and sorted. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2548.3 billion yuan, an increase of 83.7 billion yuan from the previous day [5] - Policy - side positive expectations and the continuous inflow of funds into the stock market are the long - term supporting forces for the stock index. The weak inflation data in August means that policies to boost the demand side will continue to be introduced, increasing policy positive expectations [5] - Incremental funds continue to flow into the stock market. The margin balance has exceeded 2.3 trillion yuan and remained at a high level. The large increase in non - bank deposits in July indicates that residents' wealth allocation may shift to the stock market, and the general trend of continuous inflow of incremental funds remains unchanged [5] - In the short term, due to the significant increase in the valuation of some stocks, there is still a willingness to take profits, resulting in short - term technical adjustment pressure. The future trend depends on the game between profit - taking and the fermentation of policy expectations [5]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Today, all stock indices rebounded unilaterally. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.4646 trillion yuan, an increase of 460.6 billion yuan compared to the previous day. Since early September, due to the significant increase in the prices of some individual stocks and a notable rise in the valuation, some investors' willingness to chase the market has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices. However, the positive policy expectations and the continuous inflow of funds into the stock market still provide long - term support for the stock indices. The Minister of Finance pointed out that "in the next step, more efforts will be made to strengthen the domestic cycle, and more proactive and effective macro - policies will be implemented in a timely manner." Combined with the weak inflation data in August, it means that policies to boost the demand side will continue to be introduced, and the expectation of policy benefits is rising. On the other hand, incremental funds continue to flow into the stock market. The balance of margin trading has exceeded 2.3 trillion yuan and remains at a high level. The significant increase in non - bank deposits in July indicates that the trend of residents' maturing time deposits shifting to equity market allocation is gradually taking shape. The increasing expectation of the Fed's interest rate cut is conducive to driving the flow of the US dollar to emerging economies. Therefore, the trend of net inflow of incremental funds into the A - share market remains unchanged, which is expected to promote the repair of the stock market valuation. However, attention should still be paid to the intensity of profit - taking at the current position, and the subsequent market trend depends on the game between profit - taking and the fermentation of policy expectations. In general, the stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options is within the normal range. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 11, 2025, the 50ETF rose 1.63% to close at 3.122; the 300ETF (Shanghai Stock Exchange) rose 2.69% to close at 4.660; the 300ETF (Shenzhen Stock Exchange) rose 2.56% to close at 4.800; the CSI 300 Index rose 2.31% to close at 4548.03; the CSI 1000 Index rose 2.35% to close at 7399.89; the 500ETF (Shanghai Stock Exchange) rose 3.16% to close at 7.224; the 500ETF (Shenzhen Stock Exchange) rose 3.14% to close at 2.891; the ChiNext ETF rose 5.22% to close at 3.025; the Shenzhen 100ETF rose 3.82% to close at 3.451; the SSE 50 Index rose 1.48% to close at 2983.08; the Science and Technology Innovation 50ETF rose 5.45% to close at 1.39; the E Fund Science and Technology Innovation 50ETF rose 5.50% to close at 1.36 [6]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 74.33, and the previous trading day was 98.65; the position PCR was 90.71, and the previous trading day was 83.10 [7]. - The implied volatility of at - the - money options in September 2025 and the 30 - day historical volatility of the underlying for various options are provided. For example, the implied volatility of at - the - money options of the SSE 50ETF option in September 2025 was 15.17%, and the 30 - day historical volatility of the underlying was 15.60% [8]. 3.2 Relevant Charts - The report includes a series of charts for different options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends, volatilities, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatilities of the underlying assets of the options [10][20][33].