Report Investment Rating The report does not explicitly mention the overall industry investment rating. However, for different financial derivatives, the outlooks are as follows: - **Stock Index Futures**: Oscillating with a slight upward bias [7] - **Stock Index Options**: Oscillating [8] - **Treasury Bond Futures**: Oscillating [8] Core Viewpoints - **Stock Index Futures**: The technology sector has a short - term advantage. Short - term adjustments are mainly due to capital reallocation, while the medium - term upward trend remains unchanged. Attention should be paid to the possibility of configuring IM long positions, as technology stocks have a comparative advantage [1][7] - **Stock Index Options**: Trading is driven by intraday reversals. It is recommended to use covered strategies and closely monitor volatility changes. When volatility rises abnormally, the selling side of options can temporarily exit the market [2][8] - **Treasury Bond Futures**: The impact of the stock - bond seesaw effect is weakening. In the short term, the central bank's attitude towards the capital market is supportive for the short - end, while the long - end yield of bonds is still affected by risk appetite and policy expectations. Short - term attention can be paid to long - end arbitrage opportunities and the opportunity for the yield curve to steepen [3][9] Summary by Relevant Catalogs 1. Market Views Stock Index Futures - **Market Performance**: The market first rose and then declined. The STAR Market once soared, and the technology sector continued to attract capital. However, the loss - making effect in the afternoon increased, and value stocks led the decline [1][7] - **Key Phenomena**: After the Fed's interest - rate meeting, commodities were generally weak, and the slightly hawkish stance boosted the US dollar, putting pressure on commodities and value stocks. Brokerages and stock - trading software were sluggish, and funds avoided areas with concentrated chips. The proportion of stocks outperforming the Wind All - A Index decreased, indicating that funds were flowing into relatively crowded areas, causing downward pressure on weak stocks [1][7] - **Operation Suggestion**: Hold IM [7] Stock Index Options - **Trading Volume**: The trading volume in the options market was 21.04 billion yuan, a 62.60% increase from the previous trading day, driven by intraday reversals [2][7] - **Market Characteristics**: The positive delta exposure of sellers decreased, and there were signs of a slight rebound in the skewness index and a significant increase in the ratio PCR. The implied volatility of some products decreased significantly at the end of the session, presumably due to the impact of intraday put - buying profit - taking [2][8] - **Operation Suggestion**: Use covered strategies [8] Treasury Bond Futures - **Market Performance**: Treasury bond futures closed down across the board, and the yields of major inter - bank interest - rate bonds generally rose, with a larger increase at the long - end [3][8] - **Capital Situation**: The central bank's net injection of 195 billion yuan did not ease the tight capital situation in the inter - bank market. The DR001 weighted average interest rate rose above 1.5%, which was negative for the short - end of the bond market. The decline in the equity market had limited impact on boosting the bond market sentiment, and the long - end yield rose more [3][9] - **Operation Suggestion**: Adopt a cautiously oscillating trend strategy. For hedging strategies, pay attention to short - hedging at low basis levels. For basis strategies, focus on long - end arbitrage opportunities. For curve strategies, pay attention to the opportunity for the yield curve to steepen [9] 2. Economic Calendar - The report provides the economic data of different regions from September 15 to September 19, 2025, including China's social consumer goods retail sales, industrial added value, the eurozone's economic sentiment index, the US retail sales, import price index, federal funds rate, and Japan's CPI [10] 3. Important Information and News Tracking - The Fed cut interest rates by 25bp in September, and the dot - plot median shows that there is still room for a 50bp interest - rate cut within the year. The Bank of England maintained its policy interest rate unchanged in September and slowed down the pace of quantitative tightening, warning of the risk of a wage - price spiral [11] 4. Derivatives Market Monitoring - The report includes data monitoring of stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the given text [12][16][28]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoint The report presents a daily data tracking of stock index futures on September 18, 2025, including the performance of major stock indices, the impact of sector movements on these indices, the basis and annualized opening costs of stock index futures, and the points difference and annualized costs during futures contract roll - overs. 3. Summary by Directory Index Trends - On September 18, the Shanghai Composite Index dropped 1.15% to close at 3831.66 points, with a trading volume of 1365.962 billion yuan; the Shenzhen Component Index fell 1.06% to 13075.66 points, with a trading volume of 1769.195 billion yuan [1]. - The CSI 1000 Index declined 1.04%, with a trading volume of 654.023 billion yuan; the CSI 500 Index fell 0.83%, with a trading volume of 604.239 billion yuan; the SSE 50 Index dropped 1.35%, with a trading volume of 225.774 billion yuan; the SSE 300 Index decreased 1.16%, with a trading volume of 839.987 billion yuan [1]. Impact of Sector Movements on Indices - The CSI 1000 Index dropped 78.41 points from the previous close, with the computer and non - ferrous metals sectors having a significant downward pull [2]. - The CSI 500 Index fell 60.16 points, with the communication sector having an upward pull and the computer, non - bank finance, and non - ferrous metals sectors having a downward pull [2]. - The SSE 300 Index declined 52.91 points, with the electronics sector having an upward pull and the power equipment, bank, and non - bank finance sectors having a downward pull [2]. - The SSE 50 Index dropped 39.95 points, with the electronics sector having an upward pull and the food and beverage, non - bank finance, and bank sectors having a downward pull [2]. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 10.97, IM01 of - 77.58, IM02 of - 228.34, and IM03 of - 431.8 [12]. - For IC contracts, IC00 had an average daily basis of - 12.09, IC01 of - 71.04, IC02 of - 190.65, and IC03 of - 354.99 [12]. - For IF contracts, IF00 had an average daily basis of - 4.86, IF01 of - 15.27, IF02 of - 41.07, and IF03 of - 67.9 [12]. - For IH contracts, IH00 had an average daily basis of - 0.7, IH01 of - 1.84, IH02 of - 2.08, and IH03 of 0.78 [12]. Stock Index Futures Contract Roll - over Points Difference and Annualized Costs - Detailed data on the points difference and annualized costs during the roll - over of IM, IC, IF, and IH contracts at different time intervals (15 - minute averages) are provided, including values such as IM00 - 01, IM00 - 02, etc., and their corresponding annualized costs [19][20][23][24].

Group 1 - The S&P 500 futures rose by 0.57% at the end of trading on Thursday, September 18 [1] - The Dow futures increased by 0.37% [1] - The Nasdaq 100 futures saw a gain of 0.98% [1] - The Russell 2000 futures experienced a significant rise of 2.68% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Fed cut interest rates by 25 basis points, and the A - share major indices closed generally lower. Although the economic data in August was under pressure, the financial data showed that residents were shifting from excess savings to increased consumption. The RMB was under short - term pressure due to Powell's hawkish remarks, but the dot - plot indicated two more rate cuts this year, which would reduce the RMB depreciation pressure and provide room for domestic policy easing. Therefore, stock indices still have long - term upward potential, and it is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The prices of IF, IH, IC, and IM main and sub - main contracts all declined. For example, the IF main contract (2509) dropped from the previous level to 4487.2, a decrease of 61.2 [2]. - **Futures Spreads**: All spreads such as IF - IH, IC - IF, etc. showed a downward trend. For instance, the IF - IH monthly contract spread decreased by 20.6 to 1576.4 [2]. - **Futures Seasonal - Monthly Spreads**: Most of the seasonal - monthly spreads for IF, IH, IC, and IM decreased, except for the IH seasonal - monthly spread which increased slightly [2]. - **Futures Position Holdings**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position decreased by 3206 to - 24,119 [2]. 3.2 Spot Market - **Spot Index Prices**: The prices of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all declined. For example, the Shanghai - Shenzhen 300 dropped by 52.9 to 4498.11 [2]. - **Contract Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume increased by 7637.19 billion yuan to 31,666.43 billion yuan, and the margin trading balance increased by 127.92 billion yuan to 24,054.44 billion yuan [2]. - **North - bound Trading and Repurchase**: North - bound trading volume increased slightly, and the reverse repurchase operation volume increased while the maturity volume decreased [2]. - **Other Indicators**: The proportion of rising stocks decreased, the Shibor increased, the closing price of the IO at - the - money call option decreased, the closing price of the IO at - the - money put option increased, and other indicators showed different trends [2]. 3.4 Market Strength - Weakness Analysis - The overall A - share market, technical, and capital aspects all showed a weakening trend in the Wind market strength - weakness analysis [2]. 3.5 Industry News - The Fed cut interest rates by 25 basis points for the first time this year and after a 9 - month pause. The A - share major indices closed generally lower, with small and medium - cap stocks outperforming large - cap blue - chip stocks. The domestic economic data in August was under pressure, and the M1 - M2 gap narrowed significantly [2].

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: September 18, 2025 [2] IM Futures Market Summary - Total open interest was 405,154 contracts, an increase of 25,806 contracts from the previous day [5] - The main contract was at a discount of 21.6 points, a decrease of 13.79 points from the previous day; the annualized basis rate was -52.88% [5] - The dividend impacts of the four contracts were 0.51 points, 3.27 points, 4.4 points, and 5.94 points respectively [5] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,476.40 | -1.04% | 39,860 | 32% | 65.4 billion | 33% | | | | IM2509 | 7,454.80 | -1.19% | 118,769 | -3% | 17.94 billion | -2% | 55,453 | -33,716 | | IM2510 | 7,370.20 | -1.44% | 72,033 | 98% | 10.77 billion | 99% | 80,608 | 22,685 | | IM2512 | 7,213.40 | -1.51% | 197,746 | 95% | 28.93 billion | 96% | 190,972 | 32,009 | | IM2603 | 7,000.00 | -1.68% | 40,425 | 56% | 5.76 billion | 57% | 78,121 | 4,828 | [3] Basis and Other Data - The cash index of CSI 1000 closed at 7,476.40. The current month contract (IM2509) was at a discount of 21.60 points, with an annualized basis rate of -52.9%. The next month contract (IM2510) was at a discount of 106.20 points, with an annualized basis rate of -17.5%. The first quarterly contract (IM2512) was at a discount of 263.00 points, with an annualized basis rate of -14.3%. The second quarterly contract (IM2603) was at a discount of 476.40 points, with an annualized basis rate of -13.5% [17] IF Futures Market Summary - Total trading volume of the four contracts was 220,019 lots, an increase of 57,520 lots from the previous day; total open interest was 288,603 lots, an increase of 14,691 lots from the previous day [27] - The main contract was at a discount of 10.91 points, a decrease of 13.09 points from the previous day; the annualized basis rate was -44.37% [27] - The dividend impacts of the four contracts were 0.05 points, 5.36 points, 8.56 points, and 16.4 points respectively [27] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,498.11 | -1.16% | 30,986 | 31% | 84 billion | 38% | | | | IF2509 | 4,487.20 | -1.35% | 65,747 | -10% | 8.94 billion | -10% | 39,525 | -22,028 | | IF2510 | 4,476.00 | -1.37% | 41,117 | 99% | 5.57 billion | 99% | 48,286 | 14,444 | | IF2512 | 4,448.20 | -1.47% | 95,637 | 66% | 12.88 billion | 66% | 152,375 | 18,854 | | IF2603 | 4,418.00 | -1.56% | 17,518 | 53% | 2.35 billion | 53% | 48,417 | 3,421 | [26] Basis and Other Data - The cash index of SSE 300 closed at 4,498.11. The current month contract (IF2509) was at a discount of 10.91 points, with an annualized basis rate of -44.4%. The next month contract (IF2510) was at a discount of 22.11 points, with an annualized basis rate of -6.0%. The first quarterly contract (IF2512) was at a discount of 49.91 points, with an annualized basis rate of -4.4%. The second quarterly contract (IF2603) was at a discount of 80.11 points, with an annualized basis rate of -3.6% [39] IC Futures Market Summary - Total trading volume of the four contracts was 236,268 lots, an increase of 72,444 lots from the previous day; total open interest was 271,127 lots, an increase of 19,056 lots from the previous day [49] - The main contract was at a discount of 28.28 points, a decrease of 20.64 points from the previous day; the annualized basis rate was -71.97% [49] - The dividend impacts of the four contracts were 0.31 points, 3.92 points, 5.8 points, and 10.55 points respectively [49] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7,199.88 | -0.83% | 34,859 | 35% | 60.42 billion | 36% | | | | IC2509 | 7,171.60 | -1.00% | 63,994 | -5% | 9.29 billion | -4% | 35,612 | -20,830 | | IC2510 | 7,114.40 | -1.00% | 46,677 | 94% | 6.71 billion | 96% | 57,570 | 17,427 | | IC2512 | 6,985.40 | -1.18% | 101,129 | 79% | 14.29 billion | 80% | 130,507 | 19,424 | | IC2603 | 6,819.60 | -1.23% | 24,468 | 50% | 3.38 billion | 51% | 47,438 | 3,035 | [48] Basis and Other Data - The cash index of CSI 500 closed at 7,199.88. The current month contract (IC2509) was at a discount of 28.28 points, with an annualized basis rate of -72.0%. The next month contract (IC2510) was at a discount of 85.48 points, with an annualized basis rate of -14.6%. The first quarterly contract (IC2512) was at a discount of 214.48 points, with an annualized basis rate of -12.1%. The second quarterly contract (IC2603) was at a discount of 380.28 points, with an annualized basis rate of -11.1% [55] IH Futures Market Summary - Total trading volume of the four contracts was 100,595 lots, an increase of 35,836 lots from the previous day; total open interest was 114,842 lots, an increase of 10,071 lots from the previous day [64] - The main contract was at a discount of 1.03 points, a decrease of 3.85 points from the previous day; the annualized basis rate was -0.43% [65] - The dividend impacts of the four contracts were 0 points, 5.25 points, 7.5 points, and 15.3 points respectively [65] Daily Quotes | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,912.83 | -1.35% | 7,486 | 32% | 22.58 billion | 46% | | | | IH2509 | 2,910.80 | -1.45% | 31,314 | 6% | 2.76 billion | 5% | 18,625 | -9,707 | | IH2510 | 2,911.80 | -1.36% | 18,385 | 118% | 1.62 billion | 117% | 20,104 | 7,313 | | IH2512 | 2,912.40 | -1.37% | 43,865 | 90% | 3.86 billion | 89% | 63,340 | 11,134 | | IH2603 | 2,912.60 | -1.47% | 7,031 | 94% | 0.62 billion | 93% | 12,773 | 1,331 | [64] Basis and Other Data - The cash index of SSE 50 closed at 2,912.83. The current month contract (IH2509) was at a discount of 2.03 points, with an annualized basis rate of -12.7%. The next month contract (IH2510) was at a discount of 1.03 points, with an annualized basis rate of -0.4%. The first quarterly contract (IH2512) was at a discount of 0.43 points, with an annualized basis rate of -0.1%. The second quarterly contract (IH2603) was at a discount of 0.23 points, with an annualized basis rate of 0.0% [75]

Report Overview - The report is a macro asset market analysis released by the research center's macro team on September 18, 2025, covering global asset market performance, including bond yields, exchange rates, stock indices, and trading data of stock index futures and treasury bond futures [2][3] Global Asset Market Performance Bond Yields - **10 - year Treasury Bond Yields**: Yields of major economies showed different trends. For example, the US 10 - year Treasury bond yield was 4.089 on September 17, 2025, with a latest change of 0.060, a one - week change of 0.042, a one - month change of - 0.203, and a one - year change of 0.388 [3] - **2 - year Treasury Bond Yields**: The US 2 - year Treasury bond yield was 3.540 on September 17, 2025, with a latest change of - 0.020, a one - week change of 0.050, and a one - year change of - 0.210 [3] Exchange Rates - **USD against Major Emerging Economies' Currencies**: The exchange rate of the US dollar against the Brazilian real was 5.305 on September 17, 2025, with a latest change of 0.14% and a one - month change of - 3.24% [3] - **Renminbi**: The on - shore RMB exchange rate was 7.104 on September 17, 2025, with a latest change of - 0.14%, a one - week change of - 0.24%, a one - month change of - 1.00%, and a one - year change of - 0.13% [3] Stock Indices - **Major Economies' Stock Indices**: The S&P 500 index was 6600.350 on September 17, 2025, with a latest change of - 0.10%, a one - week change of 1.05%, a one - month change of 3.20%, and a one - year change of 20.64% [3] - **Emerging Economies' Stock Indices**: The emerging economies' stock index was 1347.850 on September 17, 2025, with a latest change of 0.59%, a one - week change of 3.09%, a one - month change of 6.98%, and a one - year change of 26.74% [3] Credit Bond Indices - Different credit bond indices, such as the US investment - grade credit bond index (3528.030 on September 17, 2025) and the euro - zone high - yield credit bond index (407.110 on September 17, 2025), showed various trends in the latest, one - week, one - month, and one - year changes [3][4] Stock Index Futures Trading Data Index Performance - The A - share index closed at 3876.34 with a 0.37% increase, the CSI 300 index closed at 4551.02 with a 0.61% increase, etc. [5] Valuation - The PE (TTM) of the CSI 300 was 14.16 with a 0.07环比 change, and the PE (TTM) of the S&P 500 was 27.47 with a - 0.03环比 change [5] Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 was - 0.45 with a - 0.06环比 change, and that of the German DAX was 2.52 with a 0.02环比 change [5] Fund Flows - The latest fund flow of A - shares was - 198.10, and the latest fund flow of the CSI 300 was 79.42 [5] Trading Volume - The latest trading volume of the Shanghai and Shenzhen stock markets was 23767.38, and the latest trading volume of the CSI 300 was 6084.54 [5] Basis and Spread - The basis of IF was 2.18 with a 0.05% spread, the basis of IH was 3.42 with a 0.12% spread, and the basis of IC was - 7.64 with a - 0.11% spread [5] Treasury Bond Futures Trading Data - Treasury bond futures T00, TF00, T01, and TF01 closed at 108.155, 105.890, 107.855, and 105.760 respectively, with increases of 0.18%, 0.13%, 0.18%, and 0.14% [6] - The R001, R007, and SHIBOR - 3M in the money market were 1.5536%, 1.5493%, and 1.5540% respectively, with daily changes of 5.00 BP, 5.00 BP, and 0.00 BP [6]

Market Performance - The S&P 500 futures declined by 0.03% at the end of trading on Wednesday, September 17 [1] - The Dow Jones futures increased by 0.59% [1] - The Nasdaq 100 futures fell by 0.11% [1] - The Russell 2000 futures rose by 0.18% [1]

Group 1 - Foreign capital has shown increasing interest in the Chinese market, with a net inflow of 1.1 billion yuan from actively managed foreign investments for four consecutive weeks, marking the highest duration of net inflow since 2024 [3][4] - In August, foreign investors allocated approximately 39 billion USD to Chinese stocks and bonds, with 28.3 billion USD flowing into Chinese bonds and 10.8 billion USD into Chinese stocks, contributing to a total net inflow of around 39 billion USD [4] - International investment banks, such as Morgan Stanley and UBS, have noted a significant rise in overseas investors' interest in Chinese assets, with over 90% of U.S. investors expressing willingness to increase their allocation to the Chinese market, the highest level since early 2021 [4][5] Group 2 - The investment interest is extending towards the A-share market, with U.S. investors beginning to focus on A-shares rather than just American Depositary Receipts (ADRs) and internet sectors [6] - Factors driving this investment interest include China's leading position in sectors like humanoid robotics and biotechnology, ongoing policy support for economic stability, improved market liquidity, and a growing need for portfolio diversification away from the U.S. market [6][7] - Despite the heightened interest, the inflow of U.S. funds into the Chinese market is still in its early stages, with many investors needing time to familiarize themselves with specific stocks, particularly in sectors lacking U.S. counterparts [7]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: September 16, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The main contract of IM rose 1.13% to close at 7,462 points. The total trading volume of the four IM contracts was 261,972 lots, an increase of 67,583 lots from the previous day; the total open interest was 379,927 lots, an increase of 23,224 lots from the previous day [4]. - The main contract of IM was at a discount of 21.63 points, up 25.34 points from the previous day; the annualized basis rate was -26.45%. The dividend impacts of the four IM contracts were 0.76 points, 3.32 points, 4.46 points, and 6.17 points respectively [5]. 2.2 Positions - The data shows the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IM2509, IM2512, and IM2603, along with their changes from the previous day [22][24][25]. 3. IF Futures 3.1 Daily Quotes - The main contract of IF fell 0.16% to close at 4,516.8 points. The total trading volume of the four IF contracts was 153,511 lots, an increase of 15,747 lots from the previous day; the total open interest was 276,592 lots, an increase of 9,133 lots from the previous day [27][28]. - The main contract of IF was at a discount of 6.54 points, down 1.28 points from the previous day; the annualized basis rate was -13.21%. The dividend impacts of the four IF contracts were 0.67 points, 5.68 points, 8.88 points, and 16.88 points respectively [28]. 3.2 Positions - The data presents the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IF2509, IF2512, and IF2603, along with their changes from the previous day [43][44][45]. 4. IC Futures 4.1 Daily Quotes - The main contract of IC rose 0.65% to close at 7,165.2 points. The total trading volume of the four IC contracts was 161,577 lots, an increase of 24,221 lots from the previous day; the total open interest was 262,891 lots, an increase of 13,259 lots from the previous day [48]. - The main contract of IC was at a discount of 25.79 points, down 2.63 points from the previous day; the annualized basis rate was -32.85%. The dividend impacts of the four IC contracts were 0.62 points, 3.91 points, 5.85 points, and 10.78 points respectively [48][49]. 3.2 Positions - The data shows the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IC2509, IC2512, and IC2603, along with their changes from the previous day [61][62][64]. 5. IH Futures 5.1 Daily Quotes - The main contract of IH fell 0.36% to close at 2,951.4 points. The total trading volume of the four IH contracts was 59,526 lots, an increase of 4,178 lots from the previous day; the total open interest was 100,750 lots, an increase of 2,226 lots from the previous day [67]. - The main contract of IH was at a premium of 3.58 points, up 3.4 points from the previous day; the annualized basis rate was 1.38%. The dividend impacts of the four IH contracts were 0.73 points, 5.89 points, 8.17 points, and 15.99 points respectively [68]. 3.2 Positions - The data presents the trading volume, long positions, and short positions of top - ranking member firms for different contracts such as IH2509, IH2512, and IH2603, along with their changes from the previous day [82][85][87].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The overall view of the stock index futures is wide - range oscillation in the short - term, with an intraday view of oscillating strongly and a medium - term view of rising [1][5] - The core logic is the game between the short - term profit - taking intention of funds and the fermentation of medium - and long - term policy positive expectations [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is rising, the intraday view is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking intention of funds and the fermentation of medium - and long - term policy positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, IM. The intraday view is oscillating strongly, the medium - term view is rising, and the reference view is wide - range oscillation [5] - The core logic is that the stock indexes oscillated and consolidated yesterday. The full - day turnover of the Shanghai, Shenzhen, and Beijing stock markets was 236.7 billion yuan, an increase of 6.39 billion yuan from the previous day. The credit data in August was weak, the consumption growth slowed down, and the inflation data was still weak, indicating weak demand in the real sector. There is a strong expectation of policies to stabilize demand, with the key window period for policy introduction expected to be in October. In terms of funds, incremental funds continue to flow into the stock market, as shown by the large increase in non - bank deposits in July and August and the high - level operation of margin trading balances. However, due to the significant increase in the valuation of some stocks, there is still an intention for profit - taking, leading to short - term technical adjustment pressure on the stock index. The subsequent focus is on the game between the profit - taking rhythm of funds and the fermentation of policy expectations [5]