Report Date and Title - The report is titled "Stock Index Daily Report" and "Stock Index Futures Daily Report" dated August 27, 2025 [1][2][3] Report Industry Investment Rating - Not provided in the report Core View - The stock index opened and fluctuated strongly, then dived in the afternoon with heavy - volume decline. Due to previous large gains in some stocks, there is an increased willingness of profit - taking funds, and the index needs adjustment. In the short - term, the adjustment is likely to continue, but the market sentiment is not significantly pessimistic as the volume - weighted average basis of each futures index variety rebounded. With expected domestic favorable policies and loose liquidity, the adjustment amplitude and duration are to be observed. It is recommended to wait and see, and consider appropriate profit - taking and position reduction if the decline continues with heavy volume [6] Market Review - The stock index closed down collectively, for example, the CSI 300 index closed down 1.49%. The trading volume of the two markets rebounded significantly by 48.6545 billion yuan, and the futures index declined with heavy volume [4] Futures Market Observation - The intraday decline rates of IF, IH, IC, and IM main contracts were - 1.71%, - 1.84%, - 1.51%, and - 2.08% respectively. The trading volumes were 1.7686 million lots, 0.77499 million lots, 1.76441 million lots, and 3.33544 million lots respectively, with a month - on - month increase of 0.43644 million lots, 0.16891 million lots, 0.57059 million lots, and 0.92377 million lots respectively. The open interests were 2.86101 million lots, 1.12063 million lots, 2.53897 million lots, and 3.97971 million lots respectively, with a month - on - month increase of 0.13045 million lots, 0.03677 million lots, 0.24398 million lots, and 0.17455 million lots respectively [7] Spot Market Observation - The Shanghai Composite Index declined by 1.76%, and the Shenzhen Component Index declined by 1.43%. The ratio of rising to falling stocks was 1.20. The trading volume of the two markets was 3165.565 billion yuan, with a month - on - month increase of 48.6545 billion yuan [8] Important Information - Trump claimed to "fire" the current Federal Reserve governor, taking another step in his "control the Fed" plan. - The Ministry of Commerce will introduce several policy measures to expand service consumption in September. - Trump said the US is being "exploited" and will no longer directly fund Ukraine [7]

Group 1 - The main contract of the CSI 500 stock index futures (IC) experienced an intraday increase of 1% [1] - The current index level is reported at 7012.0 points [1]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Today's stock market saw a correction with shrinking trading volume. The short - term bullish impact from the Fed was priced in quickly. Overnight, the decline of US stocks, the rebound of the US dollar index, and the pull - back of the Nasdaq Golden Dragon Index reflected a drop in risk appetite, affecting the opening sentiment of A - shares. Key sentiment indicators and trading volume declined. Although the stock index adjustment was limited and the number of rising stocks was still dominant, indicating continued market optimism, the market may enter a short - term multi - empty game phase, mainly in a volatile state. Pay attention to information about Sino - US and external trade relations [3]. 3. Summary by Directory Market Review - Today, the stock index fluctuated and corrected. The trading volume of the two markets decreased significantly by 462.117 billion yuan. In the futures index market, IC rose with shrinking volume, while other varieties declined with shrinking volume [2]. Important Information - Wall Street is discussing "Trump firing Cook", which is seen as a threat to the Fed's independence, negative for the US dollar and positive for gold and Bitcoin. Fed Governor Cook said Trump has no right to fire her and will continue her duties. - Trump plans to impose export restrictions and tariffs on foreign digital taxes. - On August 26, the new generation of China's operating system, Galaxy Kylin OS V11, was officially launched at the 2025 China Operating System Industry Conference [3]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [3]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.21 | - 0.43 | 0.18 | - 0.10 | | Trading volume (10,000 lots) | 13.3216 | 6.0608 | 11.9382 | 24.1167 | | Trading volume change compared to previous day (10,000 lots) | - 4.7535 | - 2.8439 | - 2.874 | - 6.8195 | | Open interest (10,000 lots) | 27.3056 | 10.8386 | 22.9499 | 38.0516 | | Open interest change compared to previous day (10,000 lots) | - 1.6548 | - 1.18 | - 1.5056 | - 1.9253 | [3] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.39 | | Shenzhen Component Index change (%) | 0.26 | | Ratio of rising to falling stocks | 1.20 | | Trading volume of the two markets (billion yuan) | 26790.20 | | Trading volume change compared to previous day (billion yuan) | - 4621.17 | [4]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The weak US housing market data led to concerns about the economic outlook, causing the three major US stock indexes to close lower, and the market is focused on the PCE data to be released on Friday [2] - In the domestic market, the large-cap growth stocks made up for losses, driving the Shanghai Composite Index to rise rapidly, and short-term overbought signals appeared. The current market maintains a rotation between sectors and a high-low switch within sectors. Considering the approaching important time nodes, it is expected that the market will not experience a significant adjustment before the military parade [2] Summary by Directory Market Analysis - Shanghai introduced a series of real estate policies, including relaxed housing purchase restrictions, increased housing provident fund loan limits for green buildings, unified mortgage interest rates for first and second homes, and fine-tuning of property tax policies [1] - In July, the annualized sales volume of new homes in the US decreased by 0.6% to 652,000 units, exceeding the market expectation of 630,000 units, and the median price of new homes fell by 5.9% year-on-year to $403,800 [1] - In the spot market, the three major A-share indexes opened higher and closed higher. The Shanghai Composite Index rose 1.51% to close at 3,883.56 points, and the ChiNext Index rose 3%. All sector indexes closed higher, with the communication, non-ferrous metals, and real estate sectors rising more than 3%. The trading volume of the Shanghai and Shenzhen stock markets reached 3.1 trillion yuan on the day. Overseas, the three major US stock indexes closed lower, with the Dow Jones Industrial Average falling 0.77% to 45,282.47 points [1] - In the futures market, the basis of the current-month futures contracts declined, and the IH and IF contracts maintained a premium. The trading volume and open interest of stock index futures increased simultaneously [1] Strategy - The weak US housing market data triggered concerns about the economic outlook, leading to a collective decline in the three major US stock indexes. The market is awaiting the PCE data to be released on Friday. In the domestic market, large-cap growth stocks made up for losses, driving the Shanghai Composite Index to rise rapidly, and short-term overbought signals emerged. The current market features sector rotation and high-low switching within sectors. With important time nodes approaching, it is expected that the market will not experience a significant correction before the military parade [2] Macroeconomic Charts - The report includes charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A-share trends and styles [5][10][15] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on August 25, 2025, is presented, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index, along with their respective daily changes [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures (IF, IH, IC, IM) are provided, along with their changes [16] - The basis of stock index futures contracts (current month, next month, current quarter, next quarter) is reported [34] - The inter - period spreads of stock index futures are presented, including various combinations such as next month - current month, next quarter - current month, etc. [42][43]

Group 1 - The S&P 500 futures declined by 0.36% at the end of trading on Monday, August 25 [1] - The Dow Jones futures fell by 0.67% [1] - The Nasdaq 100 futures decreased by 0.27% [1] - The Russell 2000 futures dropped by 0.98% [1]

Report Overview - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: August 25, 2025 [2] IM Futures Market Summary - The main contract of IM rose 1.44% to close at 7,412.2 points [4]. - The total trading volume of the four IM contracts was 309,362 lots, an increase of 31,645 lots from the previous day; the total open interest was 399,769 lots, an increase of 8,727 lots from the previous day [5]. - The main contract of IM was at a discount of 65.53 points, a decrease of 51.19 points from the previous day; the annualized basis rate was -12.41% [5]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,477.73 | 1.56% | 40,846 | 25% | 66.09 billion | 25% | - | - | - | | IM2509 | 7,412.20 | 1.27% | 202,867 | 9% | 30.12 billion | 11% | 207,228 | -200 | 3.69 billion | | IM2510 | 7,365.00 | 1.27% | 9,039 | 38% | 1.33 billion | 41% | 13,904 | 3,341 | 250 million | | IM2512 | 7,262.00 | 1.44% | 69,077 | 15% | 10.04 billion | 18% | 121,766 | 3,973 | 2.12 billion | | IM2603 | 7,108.00 | 1.40% | 28,379 | 17% | 4.04 billion | 19% | 56,871 | 1,613 | 970 million | [4] Main Seats - The top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [18]. - The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Yide Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Dongzheng Futures (on behalf of clients) [18]. - The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Huatai Futures (on behalf of clients), Guotou Futures (on behalf of clients), and Morgan Stanley (on behalf of clients) [18]. IF Futures Market Summary - The main contract of IF rose 2.39% to close at 4,474.6 points [23]. - The total trading volume of the four IF contracts was 180,751 lots, an increase of 40,615 lots from the previous day; the total open interest was 289,604 lots, an increase of 12,487 lots from the previous day [24]. - The main contract of IF was at a premium of 5.38 points, a decrease of 10.62 points from the previous day; the annualized basis rate was 1.69% [24]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4,469.22 | 2.08% | 35,809 | 23% | 82.37 billion | 22% | - | - | - | | IF2509 | 4,474.60 | 2.29% | 118,828 | 26% | 15.84 billion | 29% | 165,246 | 4,048 | 2.66 billion | | IF2510 | 4,471.60 | 2.34% | 5,520 | 43% | 730 million | 47% | 6,207 | 1,144 | 100 million | | IF2512 | 4,457.40 | 2.39% | 43,108 | 34% | 5.72 billion | 37% | 90,612 | 4,478 | 1.45 billion | | IF2603 | 4,442.60 | 2.50% | 13,295 | 40% | 1.76 billion | 44% | 27,539 | 2,817 | 440 million | [23] Main Seats - The top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [37]. - The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Huatai Futures (on behalf of clients) [37]. - The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Dongzheng Futures (on behalf of clients), Guotou Futures (on behalf of clients), and Haitong Futures (on behalf of clients) [37]. IC Futures Market Summary - The main contract of IC rose 1.83% to close at 6,909.6 points [41]. - The total trading volume of the four IC contracts was 148,122 lots, an increase of 19,543 lots from the previous day; the total open interest was 244,555 lots, an increase of 10,952 lots from the previous day [42]. - The main contract of IC was at a discount of 42.3 points, a decrease of 29.85 points from the previous day; the annualized basis rate was -8.59% [42]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 6,951.90 | 1.89% | 33,383 | 30% | 57.49 billion | 29% | - | - | - | | IC2509 | 6,909.60 | 1.80% | 93,555 | 14% | 12.89 billion | 17% | 127,766 | 3,746 | 2.12 billion | | IC2510 | 6,876.80 | 1.87% | 4,282 | 37% | 590 million | 40% | 6,410 | 1,340 | 110 million | | IC2512 | 6,785.00 | 1.83% | 36,047 | 12% | 4.88 billion | 14% | 79,235 | 3,453 | 1.29 billion | | IC2603 | 6,668.80 | 2.00% | 14,238 | 26% | 1.89 billion | 29% | 31,144 | 2,413 | 500 million | [41] Main Seats - The top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [52]. - The top five seats in terms of long positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Dongzheng Futures (on behalf of clients), Huatai Futures (on behalf of clients), and Haitong Futures (on behalf of clients) [52]. - The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Huatai Futures (on behalf of clients), Guotou Futures (on behalf of clients), and Haitong Futures (on behalf of clients) [52]. IH Futures Market Summary - The main contract of IH rose 2.13% to close at 2,993 points [57]. - The total trading volume of the four IH contracts was 89,047 lots, an increase of 15,585 lots from the previous day; the total open interest was 120,186 lots, an increase of 6,671 lots from the previous day [57]. - The main contract of IH was at a premium of 3.15 points, a decrease of 6.24 points from the previous day; the annualized basis rate was 0.71% [58]. Contract Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,989.85 | 2.09% | 8,636 | 27% | 23.13 billion | 28% | - | - | - | | IH2509 | 2,992.00 | 2.14% | 61,498 | 18% | 5.48 billion | 21% | 78,193 | 2,017 | 840 million | | IH2510 | 2,993.00 | 2.22% | 2,675 | 20% | 240 million | 23% | 2,784 | 601 | 30 million | | IH2512 | 2,993.40 | 2.13% | 19,314 | 24% | 1.72 billion | 27% | 30,851 | 2,989 | 330 million | | IH2603 | 2,997.80 | 2.22% | 5,560 | 48% | 500 million | 51% | 8,358 | 1,064 | 90 million | [57] Main Seats - The top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [69]. - The top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), Galaxy Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [69]. - The top five seats in terms of short positions were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), GF Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Huatai Futures (on behalf of clients) [69].

Group 1 - The A-share market continues to show strong performance, with the Shanghai Composite Index closing at 3883 points, just shy of the 3900-point mark [1] - Major stock index futures have also risen, with the CSI 300 index futures (IF) leading with a 2.29% increase, followed by the SSE 50 index futures (IH) at 2.14%, the CSI 500 index futures (IC) at 1.8%, and the CSI 1000 index futures (IM) at 1.27% [1] - The total open interest for IF reached 289,600 contracts, with a daily increase of 12,400 contracts, while IC had an open interest of 244,500 contracts, increasing by 10,900 contracts [1] Group 2 - Since July, the discount on stock index futures has gradually narrowed, with the IF contract's discount to the spot market reducing from over 56 points in early July to around 25 points in August, and it has shifted to a slight premium [2] - The narrowing of the discount typically indicates improving market expectations for future indices [4] - The current market is in an "accelerating sentiment" phase, characterized by strong capital inflow intentions and rapid rotation of hot sectors, with investors reacting more sensitively to positive policy and earnings surprises [4] Group 3 - Despite the market's significant rise, caution is advised regarding potential short-term overheating risks [4] - It is suggested that investors maintain existing positions while managing risks, focusing on high-growth sectors like technology and consumer goods, and being cautious of stocks with excessive short-term gains and valuations deviating from fundamentals [4] - In the medium to long term, if economic recovery trends are confirmed and corporate earnings improve, the market may shift from sentiment-driven to profit-driven dynamics, highlighting the value of quality asset allocation [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - A股主要指数收盘集体大幅上涨，三大指数早盘高开高走，午后短暂回落随后再度拉升，大盘蓝筹股强于中小盘股。本周国内处于宏观数据真空期，迎来上市公司板报密集披露潮，市场关注半年报披露状况。低利率环境下居民存款搬家为市场注入流动性，政策助推中长期资金入市优化投资结构，美股估值偏高使A股吸引外资流入，市场对政策加码仍有预期，策略上建议轻仓逢低买入 [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - 各期货主力和次主力合约价格多数上涨，如IF主力合约（2509）涨至4474.6，涨幅+100.2；各期货合约价差有不同变化，如IF - IH当月合约价差涨至1482.6，涨幅+30.6；各期货当季 - 当月、下季 - 当月价差有不同变化，如IF当季 - 当月为 - 17.2，涨幅+2.0；各期货前20名净持仓多数增加，如IF前20名净持仓为 - 38,591.00，增加3517.0 [2] 3.2 Spot Market - 沪深300、上证50、中证500、中证1000等现货价格上涨，如沪深300涨至4469.22，涨幅+91.2；各主力合约基差多数下降，如IF主力合约基差降至5.4，降幅 - 10.6 [2] 3.3 Market Sentiment - A股成交额、两融余额、北向成交合计等增加，如A股成交额达31,769.48亿元，增加5981.06亿元；主力资金昨日流入138.67亿元，今日流出562.82亿元；上涨股票比例增加，Shibor下降；IO平值看涨期权收盘价、隐含波动率上涨，IO平值看跌期权收盘价下降、隐含波动率上涨；沪深300指数20日波动率增加，成交量PCR下降，持仓量PCR增加 [2] 3.4 Wind Market Strength - Weakness Analysis - 全部A股、技术面、资金面评分均上涨，全部A股为6.90，涨幅+0.50；技术面为6.20，涨幅+1.10；资金面为7.70，涨幅+0.10 [2] 3.5 Industry News - 今年以来权益类ETF规模新增近8000亿元，总规模达4.11万亿元，增幅24%；养老基金二季度新进入29家个股前十大流通股东名单，11只个股新增持股市值超1亿元；截至8月24日18时，1688家上市公司披露2025年半年报，978家公司净利润同比增长，288家公司拟分红1646.98亿元；美联储主席鲍威尔称就业下行风险上升，或调整政策立场 [2] 3.6 Key Data to Focus On - 8月27日9:30关注中国7月规上工业企业利润；8月29日20:30关注美国7月个人收入/支出、PCE、核心PCE；8月31日9:30关注中国8月官方制造业、非制造业、综合PMI [3]

Report Overview - The report is the "Large - scale Asset Morning Report" released by the macro team of the research center on August 25, 2025 [2] Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.255, 4.691, 3.420 respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was - 0.074, and the yearly change was 0.418 [3] 2 - year Treasury Yields of Major Economies - On August 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.740, 3.938, 1.945 respectively. There were also different changes in different time periods. For example, the latest change in the US was - 0.010, and the yearly change was - 0.270 [3] Dollar Exchange Rates against Major Emerging Economies' Currencies - On August 22, 2025, the dollar exchange rates against the Brazilian real, South African rand, etc. were 5.426, 17.449 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the Brazilian real was - 0.91%, and the yearly change was - 0.87% [3] Major Economies' Stock Indexes - On August 22, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, etc. were 6466.910, 45631.740 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was 1.52%, and the yearly change was 18.55% [3] Credit Bond Indexes - There were different changes in the latest, weekly, monthly, and yearly periods for the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. For example, the latest change in the US investment - grade credit bond index was 0.53%, and the yearly change was 4.10% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3825.76, 4378.00 respectively, with corresponding percentage changes. For example, the A - share index rose 1.45% [5] Valuation - The PE (TTM) of the CSI 300, SSE 50, etc. were 13.97, 11.94 respectively, with corresponding环比 changes. For example, the环比 change of the CSI 300's PE (TTM) was 0.24 [5] Risk Premium - The risk premiums of the S&P 500 and German DAX were - 0.61, 2.25 respectively, with环比 changes of 0.02 for both [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc. were 1045.08, 480.26 respectively, and there were corresponding 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25467.10, 6759.35 respectively, with环比 changes. For example, the环比 change of the Shanghai and Shenzhen stock markets' trading volume was 1226.53 [5] Main Contract Basis - The basis of IF, IH, IC were 16.00, 13.39, - 12.45 respectively, with corresponding basis ratios of 0.37%, 0.46%, - 0.18% [5] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.915, 105.475, 107.660, 105.370 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.4466%, 1.4839%, 1.5500% respectively, with daily changes in basis points [6]

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The current market rally is mainly driven by risk appetite, with investors' bullish sentiment leading to continuous capital inflows and forming a positive feedback loop. The correlation between the current market and fundamentals is low. In the absence of policy cooling, the strong market trend is expected to continue [3] - Key factors to watch include domestic policy trends and the direction of the Federal Reserve's policies [4] Group 3: Strategy Recommendations Short - term Strategy - For intraday trading, refer to 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [5] Trend Strategy - Adopt a long - position approach. The core operating ranges for IF2509, IH2509, IC2509, and IM2509 are 4262 - 4482 points, 2868 - 3001 points, 6606 - 7049 points, and 7091 - 7569 points respectively [5] Cross - variety Strategy - Given the potential rotation in the market under bullish sentiment, it is advisable to adopt a wait - and - see approach for cross - variety strategies [6] Group 4: Market Review and Data Global Index Performance - Last week, the Dow Jones Industrial Average rose 1.53%, the S&P 500 rose 0.27%, and the Nasdaq fell 0.58%. In Europe, the UK's FTSE 100 rose 2%, Germany's DAX rose 0.02%, and France's CAC40 rose 0.58%. In the Asia - Pacific market, the Nikkei 225 fell 1.72% and the Hang Seng Index rose 0.27%. The Shanghai Composite Index rose 3.49% [9] Domestic Index Performance - Since 2025, the ChiNext Index has led the gains among major domestic indices. Last week, all major domestic indices rose, with the ChiNext Index leading the way [7][9] Industry Performance in Indexes - In the CSI 300 Index, the telecommunications and information sectors had significant gains last week. In the CSI 500 Index, the information and telecommunications sectors also performed well [11] Futures Market Performance - Last week, the IF futures contract had the largest increase and the largest amplitude among the major futures contracts. The trading volume and open interest of stock index futures both rebounded [13][14][15] Index Valuation - As of August 15, the P/E ratios (TTM) of the Shanghai Composite Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index were 15.89 times, 13.46 times, 11.49 times, 30.33 times, and 41.17 times respectively [20][21] Market Fundamentals - The balance of margin trading in the two markets and the share of newly established equity - biased funds are important indicators of market capital inflows. Last week, the capital interest rate rebounded, and the central bank had a net capital injection [23]