Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current stock index is in a wide - range volatile adjustment phase, and the market is digesting the chip pressure through fluctuations, which may take a monthly - level time. Despite the intensified short - term fluctuations, based on the optimistic expectation of the medium - and long - term trend, the stock index is unlikely to have a large - scale downward space. Actively using derivative tools for risk hedging is a reasonable strategy choice during this period [2] Summary by Related Catalogs Market Analysis - Non - farm data was significantly revised. In China, the State Council Information Office held a series of theme press conferences on high - quality completion of the "14th Five - Year Plan", and the Ministry of Industry and Information Technology released the development achievements of the industrial and communication industries in the past five years. Overseas, the US government announced preliminary benchmark revision data, with the US non - farm employment number revised down by 911,000 from March this year, equivalent to an average monthly decrease of nearly 76,000, the largest downward revision since 2000 [1] - In the spot market, the three major A - share indexes adjusted. The Shanghai Composite Index fell 0.51% to close at 3807.29 points, and the ChiNext Index fell 2.23%. Most sector indexes declined, with real estate, banking, and non - ferrous metals leading the gains, and electronics, computer, communication, and pharmaceutical and biological industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets dropped to 2.1 trillion yuan. Overseas, the three major US stock indexes closed slightly higher, all hitting new closing highs, with the Dow Jones Industrial Average rising 0.43% to 45711.34 points [1] - In the futures market, the basis of stock index futures rebounded on that day. In terms of trading volume and open interest, the trading volumes of IH and IM increased, and only the open interest of IM rose [1] Strategy - During the current stock index adjustment phase, actively using derivative tools for risk hedging is a reasonable strategy [2] Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [5][9][8] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on September 9, 2025, shows that the Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 1.23%, the ChiNext Index fell 2.23%, the CSI 300 Index fell 0.70%, the SSE 50 Index fell 0.08%, the CSI 500 Index fell 0.90%, and the CSI 1000 Index fell 1.16% [11] - The charts also include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][12] Futures Market Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts show that the trading volume of IH and IM increased, and only the open interest of IM rose [13] - The basis data of stock index futures show the basis and its changes of different contracts of IF, IH, IC, and IM [37] - The inter - period spread data of stock index futures show the spreads and their changes between different periods of IF, IH, IC, and IM [44][45]

Group 1 - The S&P 500 futures declined by 0.33% at the end of trading on Friday, September 5 [1] - The Dow futures fell by 0.46% [1] - The Nasdaq 100 futures increased slightly by 0.02% [1] - The Russell 2000 futures rose by 0.38% [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - A-share major indices generally declined this week, with only the ChiNext Index recording an increase. The four stock index futures also declined collectively, and large-cap blue-chip stocks were relatively resilient. The market trading activity remained high, with daily trading volume at the level of two trillion. Overseas, the US August ADP data fell short of expectations, increasing the expectation of a Fed rate cut in September, and the external environment for A-shares showed signs of loosening. Domestically, the manufacturing PMI has been in the contraction range for 5 consecutive months, and the net profit growth rates of individual stocks in different indices showed different trends. The northbound funds were actively traded, and the margin trading balance continued to rise. Overall, the market will enter a performance and policy vacuum period, and there is a need for market correction. It is recommended to wait and see in the short term [7][100] Group 3: Summary by Relevant Catalogs 1. Market Review - **Futures Contracts**: IF2509 had a weekly decline of -1.10%, IH2509 fell -1.32%, IC2509 dropped -1.40%, and IM2509 decreased -1.91%. On Friday, they had gains of 2.82%, 1.64%, 4.41%, and 3.61% respectively [10] - **Spot Indices**: The CSI 300 declined -0.81%, the SSE 50 fell -1.15%, the CSI 500 dropped -1.85%, and the CSI 1000 decreased -2.59%. On Friday, they had gains of 2.18%, 1.09%, 3.22%, and 2.90% respectively [10] 2. News Overview - China's official manufacturing PMI, non-manufacturing PMI, and composite PMI in August were 49.4%, 50.3%, and 50.5% respectively, with month-on-month increases of 0.1, 0.2, and 0.3 percentage points, which was bearish [13] - Nearly 60% of A-share listed companies achieved year-on-year revenue growth, and over 75% achieved profitability in the first half of 2025, which was bullish [14] - The US August ADP employment increase was far lower than expected, and the market bet that the probability of a Fed rate cut in September was close to 100%, which was bullish [15] 3. Weekly Market Data - **Domestic Main Indices**: The Shanghai Composite Index declined -1.18%, the Shenzhen Component Index fell -0.83%, the STAR 50 dropped -5.42%, the SME 100 decreased -2.29%, and the ChiNext Index rose 2.35%. On Friday, they had gains of 1.24%, 3.89%, 3.39%, 3.33%, and 6.55% respectively [18] - **Overseas Main Indices (as of Thursday)**: The S&P 500 rose 0.65%, the UK FTSE 100 rose 0.32%, the Hang Seng Index rose 1.36%, and the Nikkei 225 rose 0.70%. On Thursday, they had gains of 0.83%, 0.42%, 1.43%, and 1.03% respectively [19] - **Industry Sector Performance**: Most industry sectors declined. National defense and military, and computer sectors weakened significantly, while power equipment and comprehensive sectors led the gains [23] - **Industry Sector Main Fund Flows**: Industry main funds generally showed net outflows, with significant net outflows in computer and electronics sectors [27] - **SHIBOR Short-term Interest Rates**: SHIBOR short-term interest rates ran smoothly, and the capital price was low [31] - **Other Data**: This week, major shareholders had a net reduction of 5.792 billion yuan in the secondary market, the restricted share lifting market value was 21.82 billion yuan, and the northbound funds had a total trading volume of 1.428832 trillion [34] - **Futures Basis and Spread**: IF and IH main contract bases fluctuated, while IC and IM main contract bases converged [42][51] 4. Market Outlook and Strategy - A-share major indices generally declined this week, and the four stock index futures also declined collectively. The market trading activity remained high. Overseas, the Fed rate cut expectation increased, and domestically, the manufacturing PMI was still in the contraction range. The market will enter a performance and policy vacuum period, and there is a need for market correction. It is recommended to wait and see in the short term [100]

Core Viewpoint - The S&P 500 futures rose by 0.84%, indicating a positive market sentiment at the end of trading on September 4 in New York [1] Group 1 - The Dow futures increased by 0.78%, reflecting a strong performance in the index [1] - The Nasdaq 100 futures saw a rise of 0.97%, suggesting robust investor confidence in technology stocks [1] - The Russell 2000 futures climbed by 1.22%, indicating a positive outlook for small-cap stocks [1]

Core Viewpoint - The A-share market experienced a collective decline, with significant selling pressure and a notable drop in major indices, indicating a cautious market sentiment and potential for further volatility [3][5][10]. Market Performance - The three major indices in A-shares all retreated, with the Shanghai Composite Index down 1.25% to 3765.88 points, the Shenzhen Component down 2.83% to 12118.70 points, and the ChiNext Index down 4.25% to 2776.25 points [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 25.443 trillion yuan, an increase of 180.2 billion yuan compared to the previous day [3][6]. Sector Analysis - The banking sector played a crucial role in stabilizing the market, with the four major banks contributing 11.2 points to the Shanghai Composite Index, preventing a larger decline [5]. - Despite the overall market downturn, the semiconductor sector led the decline with a drop of 5.38%, while the communications equipment sector followed closely with a 3.81% decrease [7]. - The new energy sector, particularly solar and battery stocks, showed resilience, with Longi Green Energy rising 1.2% and CATL experiencing a slight decline of 1.6% [7]. Capital Flow - There was a significant outflow of capital, with 110 billion yuan leaving the market, including 99 billion yuan from internet services and 66 billion yuan from software development sectors [6][7]. - The continuous outflow from technology stocks over the past four days indicates a retreat from the previous speculative fervor in these sectors [7]. Market Sentiment - The market displayed a mixed sentiment, with a notable number of small-cap stocks showing resilience despite the overall decline, suggesting some investor confidence remains [6]. - The lack of significant volume in broad-based ETFs indicates uncertainty about the involvement of institutional investors in stabilizing the market [8]. Future Outlook - Analysts suggest that the current market decline may be a temporary adjustment within an ongoing bullish trend, although opinions vary on the timing of potential rebounds [10].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The market trading volume declined, and the communication sector closed in the red. The Shanghai Composite Index corrected, with the A-share market showing a mixed trend. The futures index basis also declined. It is expected that the stock index will show a volatile adjustment trend in September, and investors can use stock index futures for risk hedging [1][2][3] 3. Summary According to Relevant Catalogs Market Analysis - **Domestic Situation**: The joint working group of the Ministry of Finance and the central bank held a meeting to discuss issues related to the bond market. The A-share market had a mixed performance, with the Shanghai Composite Index down 1.16% to 3813.56 points, the ChiNext Index up 0.95%, and the trading volume of the two markets dropping to 2.4 trillion yuan. The Fed's decision to cut interest rates affected the US stock market, with the Nasdaq up 1.02% [1][2] - **Overseas Situation**: US job data was weak, with the number of job openings in July dropping to a 10 - month low. Fed Governor Waller suggested starting interest rate cuts this month, and the three major US stock indexes closed with mixed results [1][2] Strategy - Some popular sectors had a volume - adjusted decline and need time to recover. It is expected that the stock index will be volatile in September, and investors can use stock index futures for risk hedging [3] Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][11][9] Spot Market Tracking Charts - **Stock Index Performance**: The Shanghai Composite Index, Shenzhen Component Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index all declined, while the ChiNext Index and Shanghai 50 Index rose [13] - **Other Indicators**: Charts show the trading volume of the two markets and the margin trading balance [14] Stock Index Futures Tracking Charts - **Volume and Open Interest**: The trading volumes of IF, IH, and IM increased, while the open interest of stock index futures decreased [15] - **Basis**: The basis of stock index futures declined, with relatively large declines in IF and IH [41] - **Inter - delivery Spread**: The inter - delivery spreads of stock index futures showed various changes [44]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The report presents the index trends, the impact of sector fluctuations on indices, the basis and annualized opening costs of stock index futures, and the point differences and annualized costs of stock index futures roll - over on September 3rd [1][2][12][19] 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 3rd, the Shanghai Composite Index fell 1.16% to 3813.56 points with a trading volume of 1012.296 billion yuan; the Shenzhen Component Index fell 0.65% to 12472.0 points with a trading volume of 1351.79 billion yuan [1] - The CSI 1000 Index fell 1.46% with a trading volume of 486.667 billion yuan; the CSI 500 Index fell 1.34% with a trading volume of 449.58 billion yuan; the SSE 50 Index fell 1.07% with a trading volume of 161.065 billion yuan; the CSI 300 Index fell 0.68% with a trading volume of 655.697 billion yuan [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 dropped 107.0 points compared to the previous closing price, and sectors such as non - ferrous metals, national defense and military industry, and computer significantly pulled the index down [2] - The CSI 500 dropped 93.23 points compared to the previous closing price, and sectors such as computer, non - bank finance, and national defense and military industry significantly pulled the index down [2] - The CSI 300 dropped 30.62 points compared to the previous closing price. Sectors such as power equipment and communication significantly pulled the index up, while sectors such as banks, electronics, and non - bank finance significantly pulled the index down [2] - The SSE 50 dropped 31.89 points compared to the previous closing price. Sectors such as pharmaceutical biology significantly pulled the index up, while sectors such as banks, electronics, and non - bank finance significantly pulled the index down [2] 3.3 Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 72.73, IM01 had - 133.83, IM02 had - 271.16, and IM03 had - 448.11 [12] - For IC contracts, IC00 had an average daily basis of - 79.74, IC01 had - 130.22, IC02 had - 237.48, and IC03 had - 382.87 [12] - For IF contracts, IF00 had an average daily basis of - 16.61, IF01 had - 23.0, IF02 had - 42.88, and IF03 had - 63.45 [12] - For IH contracts, IH00 had an average daily basis of - 4.99, IH01 had - 5.58, IH02 had - 6.58, and IH03 had - 4.13 [12] 3.4 Stock Index Futures Roll - over Point Differences and Annualized Costs - The report provides the point differences and annualized costs of roll - over for IM, IC, IF, and IH contracts at different time points, such as for the IF contract, at 09:45, the point differences between different contracts (e.g., IF00 - 01 was - 12.31678) are presented [20][21][23][24][25]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - The short - term view for the stock index futures is wide - range oscillation, while the medium - term view is upward. The short - term oscillation is due to the weakening marginal effect of policy - positive expectations and the increasing profit - taking demand of profitable funds. In the long run, policy - positive expectations and loose capital contribute to the upward trend of the stock index [5]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term outlook is oscillation, the medium - term outlook is upward, and the intraday outlook is weakly oscillating. The overall view is wide - range oscillation, with the core logic being that the long - term upward logic remains, but the short - term profit - taking willingness of funds is increasing [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: All stock indices oscillated and declined yesterday. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 239.57 billion yuan, a decrease of 51.67 billion yuan from the previous day [5]. - **Short - term Logic**: Some stocks have achieved significant gains, leading to an increase in the profit - taking demand of profitable funds. The recent contraction in trading volume reflects market divergence, causing the stock index to enter a short - term technical adjustment [5]. - **Long - term Logic**: Policy - positive expectations and loose capital strongly support the stock index. Anti - involution and consumption - promotion policies optimize the supply - demand structure, promote the recovery of the price index and corporate profits. The rapid increase in margin trading balance, the surge in non - bank deposits, and the continuous entry of long - term funds drive the recovery of stock valuations [5].

Market Performance - The S&P 500 futures rose by 0.53% at the end of trading on Wednesday, September 3 [1] - The Dow futures decreased by 0.18% [1] - The Nasdaq 100 futures increased by 0.78% [1] - The Russell 2000 futures saw a slight increase of 0.08% [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Near the military parade node, market funds have shown signs of pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] Summary by Directory 1. Market Analysis - Domestically, the Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. The measures are effective from April 1, 2024, and eligible taxpayers who have already paid taxes before the notice can get a refund. This tax preference directly boosts the investment return rate of the social security fund by reducing the operating costs of the receiving entities. Overseas, the US ISM manufacturing index in August rose slightly from 48 in July to 48.7, lower than the market expectation of 49, and remained below the boom - bust line for six consecutive months. The new orders index rose to 51.4, expanding for the first time since the beginning of this year, but the output index dropped 3.6 points to 47.8, falling back into the contraction range [1] - In the spot market, the three major A - share indices fluctuated and adjusted. The Shanghai Composite Index fell 0.45% to close at 3858.13 points, and the ChiNext Index fell 2.85%. Most sector indices declined, with banking, public utilities, and household appliances sectors leading the gains, while communication, computer, electronics, and national defense and military industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets on the day was 2.87 trillion yuan. Overseas, the US Federal Circuit Court of Appeals ruled on August 29 that the law cited by Trump when imposing tariffs on multiple countries did not actually authorize him to levy these taxes. The three major US stock indices closed down across the board, with the Nasdaq falling 0.82% to 21279.63 points [2] - In the futures market, the basis of stock index futures rebounded, and the deep discount situation of IC and IM improved. Both the trading volume and open interest of stock index futures increased [2] 2. Strategy - Near the military parade node, market funds have shown pre - emptive action. Driven by heavy - weight sectors, the broader market was relatively stable on the day. Affected by the sentiment related to the military parade, the market may stage a phased rally, but attention should be paid to the adjustment pressure after the rally. In the short term, the market may face shock consolidation, but in the medium - to - long term, it still has an upward foundation [3] 3. Macro - economic Charts - The content mainly includes charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles, with data sources from Flush and Huatai Futures Research Institute [6][9][11] 4. Spot Market Tracking Charts - The daily performance of major domestic stock indices on September 1, 2025, shows that the Shanghai Composite Index rose 0.46%, the Shenzhen Component Index rose 1.05%, the ChiNext Index rose 2.29%, the CSI 300 Index rose 0.60%, the SSE 50 Index rose 0.00%, the CSI 500 Index rose 0.94%, and the CSI 1000 Index rose 0.84%. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance, with data sources from Flush and Huatai Futures Research Institute [13][14] 5. Stock Index Futures Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts show changes. For example, the trading volume of the IF contract was 144,297 with a change of - 55,399, and the open interest was 276,618 with a change of - 16,713 [15] - The basis data of stock index futures show the basis and its changes for different contracts (current month, next month, current quarter, and next quarter) of IF, IH, IC, and IM. For example, the current - month contract basis of the IF contract was - 13.11 with a change of - 22.55 [39] - The inter - delivery spread data of stock index futures show the spreads and their changes between different delivery months (next month - current month, next quarter - current month, etc.) for IF, IH, IC, and IM. For example, the next - month minus current - month spread of the IF contract was - 7.60 with a change of - 2.20 [42]