1. Report Industry Investment Rating There is no information about the report industry investment rating in the content. 2. Core Viewpoints of the Report The report provides a daily tracking of stock index futures data on September 2, 2025, including the index trends, the impact of sector fluctuations on the indices, the basis and annualized opening costs of stock index futures, and the points differences and annualized costs of stock index futures roll - over [1]. 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 2, the Shanghai Composite Index fell 0.45% to close at 3858.13 points, with a trading volume of 1222.778 billion yuan; the Shenzhen Component Index fell 2.14% to close at 12553.84 points, with a trading volume of 1652.214 billion yuan [1]. - The CSI 1000 Index fell 2.5% with a trading volume of 598.514 billion yuan, opening at 7498.44, closing at 7313.88, with a daily high of 7499.6 and a low of 7258.59 [1]. - The CSI 500 Index fell 2.09% with a trading volume of 541.494 billion yuan, opening at 7108.94, closing at 6961.69, with a daily high of 7108.94 and a low of 6909.72 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. 3.2 Impact of Sector Fluctuations on the Indices - The CSI 1000 Index dropped 187.27 points from the previous closing price, and sectors such as communication, computer, and electronics significantly pulled the index down [3]. - The CSI 500 Index dropped 148.6 points from the previous closing price, and sectors such as computer and electronics significantly pulled the index down [3]. - The SSE 300 Index dropped 33.26 points from the previous closing price. Sectors such as banks significantly pulled the index up, while sectors such as computer, communication, and electronics pulled it down [3]. - The SSE 50 Index rose 11.68 points from the previous closing price. Sectors such as banks, food and beverage, and petroleum and petrochemicals significantly pulled the index up, while sectors such as non - bank finance and electronics pulled it down [3]. 3.3 Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 79.56, IM01 had - 138.59, IM02 had - 271.34, and IM03 had - 446.93 [14]. - For IC contracts, IC00 had an average daily basis of - 74.3, IC01 had - 122.99, IC02 had - 224.75, and IC03 had - 369.83 [14]. - For IF contracts, IF00 had an average daily basis of - 10.05, IF01 had - 15.77, IF02 had - 30.9, and IF03 had - 51.13 [14]. - For IH contracts, IH00 had an average daily basis of - 0.65, IH01 had - 2.19, IH02 had - 1.79, and IH03 had - 0.25 [14]. 3.4 Points Differences and Annualized Costs of Stock Index Futures Roll - over - The document provides the 15 - minute average points differences and their annualized costs for IM, IC, IF, and IH contracts' roll - over, including data such as IM00 - 01, IM00 - 02, etc. for different time points from 09:45 to 15:00 [23][25][27][26].

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report", dated September 2, 2025 [1][2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7313.88, down 2.50%. The trading volume was 35,044 lots, and the trading value was 59.85 billion yuan. The main contract IM2509 closed at 7251.40, down 1.85%, with a trading volume of 218,061 lots and a trading value of 31.68 billion yuan. The open interest was 193,312 lots, an increase of 12,533 lots [3] 2.2 Summary - The main contract of IM fell 1.81%, closing at 7251.4 points. The total trading volume of the four contracts was 337,746 lots, an increase of 85,941 lots from the previous day. The total open interest was 401,271 lots, an increase of 26,043 lots. The main contract was at a discount of 62.48 points, an increase of 58.07 points from the previous day. The annualized basis rate was -17.47% [5] 2.3 Basis and Cost - The annualized roll - over cost and dividend impact are presented in the report, showing the relationship between different contracts [10][11] 2.4 Open Interest - The net short - position ratio and the positions of major seats in IM2509, IM2512, and IM2603 are detailed, including the trading volume, long - position, and short - position changes of top members [15][18][22] 3. IF Futures 3.1 Daily Quotes - The CSI 300 index closed at 4490.45, down 0.74%. The main contract IF2509 closed at 4481.20, down 0.69%, with a trading volume of 122,523 lots and a trading value of 16.51 billion yuan. The open interest was 146,527 lots, an increase of 8,725 lots [23] 3.2 Summary - The main contract of IF fell 0.69%, closing at 4481.2 points. The total trading volume of the four contracts was 195,366 lots, an increase of 51,069 lots from the previous day. The total open interest was 298,335 lots, an increase of 21,717 lots. The main contract was at a discount of 9.25 points, an increase of 3.86 points from the previous day. The annualized basis rate was -4.19% [23][24] 3.3 Basis and Cost - Similar to IM, the annualized roll - over cost and dividend impact of IF are also provided [28] 3.4 Open Interest - The net short - position ratio and the positions of major seats in IF2509, IF2512, and IF2603 are shown, including the trading volume, long - position, and short - position changes of top members [33][36][37] 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 6961.69, down 2.09%. The main contract IC2509 closed at 6896.20, down 1.83%, with a trading volume of 105,870 lots and a trading value of 14.66 billion yuan. The open interest was 124,446 lots, an increase of 11,825 lots [42] 4.2 Summary - The main contract of IC fell 1.83%, closing at 6896.2 points. The total trading volume of the four contracts was 172,836 lots, an increase of 46,175 lots from the previous day. The total open interest was 254,784 lots, an increase of 18,794 lots. The main contract was at a discount of 65.49 points, an increase of 30 points from the previous day. The annualized basis rate was -19.26% [42][43] 3.3 Basis and Cost - The annualized roll - over cost and dividend impact of IC are presented [49] 3.4 Open Interest - The net short - position ratio and the positions of major seats in IC2509, IC2512, and IC2603 are detailed, including the trading volume, long - position, and short - position changes of top members [53][56][57] 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2992.88, up 0.39%. The main contract IH2509 closed at 2992.80, up 0.35%, with a trading volume of 53,059 lots and a trading value of 4.75 billion yuan. The open interest was 66,245 lots, an increase of 9,442 lots [61] 5.2 Summary - The main contract of IH rose 0.28%, closing at 2991.2 points. The total trading volume of the four contracts was 80,614 lots, an increase of 26,017 lots from the previous day. The total open interest was 109,749 lots, an increase of 12,783 lots. The main contract was at a discount of 1.68 points, an increase of 1.52 points from the previous day. The annualized basis rate was -0.45% [61][62] 5.3 Basis and Cost - The annualized roll - over cost and dividend impact of IH are provided [65] 5.4 Open Interest - The net short - position ratio and the positions of major seats in IH2509 and IH2512 are shown, including the trading volume, long - position, and short - position changes of top members [70][73][75]

Market Performance - The CSI 1000 index futures (IM) main contract fell by 2.29%, currently at 7220 points [1] - The CSI 500 index futures (IC) main contract dropped nearly 2%, currently at 6882.0 points [1] Index Movements - The Shanghai Composite Index is at 3840.24, down by 35.29 points or 0.91% [2] - The ChiNext Index is at 2896.72, down by 59.66 points or 2.02% [2] - The Shenzhen Component Index is at 12583.93, down by 245.02 points or 1.91% [2] - The Sci-Tech 50 Index is at 1338.28, down by 18.86 points or 1.39% [2] - The North Exchange 50 Index is at 1546.58, down by 22.05 points or 1.41% [2] - The CSI 300 Index is at 4488.63, down by 35.08 points or 0.78% [2] - The Shanghai 50 Index is at 2979.54, down by 1.67 points or 0.06% [2]

9 月开门红，三大指数今天继续"飞舞"。 开盘均为高开，虽临近中午出现一波跳水，但午后仍被顽强拉起。收盘时，上证指数上涨 0.46%，深成 指上涨 1.06%，创业板指上涨 2.23%；成交量达 2.74 万亿元，较上个交易日缩减约 600 亿元。 上证指数未能创出新高，深成指与创业板指则均再度创出新高。 深圳市场有 "易中天"（新易盛、中际旭创、天孚通信），上海市场则有 "纪联海"（寒武纪、工业富 联、海光信息）。今天工业富联上涨 3.3%，海光信息上涨 7.42%；寒武纪下跌 2.95%，盘中最大跌幅达 9%。与 "易中天" 相比，"纪联海" 尽显疲态。 周末各种消息真假难辨。阿里云深夜发布声明，与寒武纪撇清关系；华虹控股复牌后高开冲高至 17%，收盘时涨幅收窄至 9%；高盛在盘前报告中再次将寒武纪估值上调至 2104 元/股。 周末阿里宣布进入芯片领域，与此同时，英伟达在美股大跌 3.32%，导致纳斯达克指数明显回落；此 外，美国政府宣布取消对三星等中国公司的半导体设备出口限制；中芯国际因宣布并购消息开始停牌。 上海市场表现偏弱，核心原因在于大金融板块。今天银行板块下跌 0.75%，证券板块下跌 0.8 ...

Core Viewpoint - The A-share market experienced a positive start in September, with major indices showing gains, but there are concerns about capital outflows from key sectors, particularly in the financial and semiconductor industries [2][4][5]. Market Performance - The Shanghai Composite Index rose by 0.46% to close at 3875.53 points, while the Shenzhen Component Index increased by 1.05% to 12828.95 points, and the ChiNext Index surged by 2.29% to 2956.37 points [2][3]. - Total trading volume in the Shanghai and Shenzhen markets reached 27.5 billion, a decrease of 483 million from the previous trading day [2]. Sector Analysis - The financial sector in Shanghai showed weakness, with banks down 0.75%, securities down 0.85%, and insurance down 2.28%, leading to significant capital outflows [4]. - In contrast, the semiconductor sector in Shenzhen performed strongly, with key stocks contributing significantly to the index's rise, although there was also a notable capital outflow of approximately 3 billion [4][5]. Capital Flow - The medical sector saw inflows, with medical services, biopharmaceuticals, and chemical pharmaceuticals receiving 1.5 billion, 1.1 billion, and 1.1 billion respectively, but overall outflows from the two markets totaled 57 billion [5]. - Small-cap stocks outperformed, with micro-cap stocks rising by 1.35% and the CSI 2000 index increasing by 1.01%, both exceeding the gains of larger indices [5]. Market Sentiment - The market sentiment was mixed, with many stocks rising, but the financial sector's decline raised doubts about the sustainability of the rally [5]. - Positive news from the regulatory side, including discussions on capital market planning, was overshadowed by the performance of financial stocks [5]. Signals to Watch - Gold prices reached a historical high of 3552 USD/ounce, indicating increased market risk aversion [8]. - The Singapore A50 index fell by 0.56%, and all stock index futures opened high but closed lower, suggesting potential market weakness [8]. - The divergence between stock index performance and futures indicates caution, as futures are often seen as leading indicators [8].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market showed active trading last week with a convergence in the discount of index futures, indicating optimistic market expectations. In the short - term, the market may enter a high - level consolidation phase. Policy expectations and improved economic data support the market, but valuation pressures are emerging. Investors are advised to focus on market structural changes, seize sector rotation opportunities, and control positions to prevent short - term adjustment risks [28]. 3. Section Summaries 3.1 Market Review - On August 29, A - share major indices rose. The Shanghai Composite Index rose 0.37% to 3857.93 points, the Shenzhen Component Index rose 0.99% to 12696.15 points, and the ChiNext Index rose 2.23% to 2890.13 points. The trading volume of the two markets was 27983 billion yuan, a decrease of 1725 billion yuan from the previous trading day. Battery, insurance, and other sectors led the gains, while education, semiconductor, etc. declined [5]. - Last week, domestic stock index futures strengthened. The weekly increases of the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 futures were +3.01%, +1.73%, +3.09%, and +0.64% respectively [5]. - Last week, treasury bond futures rose. The 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures rose 0.56%, 0.14%, 0.14%, and 0.10% respectively [6]. 3.2 Fundamental Analysis - The CSRC held a symposium, emphasizing the consolidation of the capital market's recovery, promoting reform and opening - up, and advocating long - term, value, and rational investment [7]. - As of August 29, 5299 A - share companies disclosed their 2025 semi - annual reports, with 4085 companies having positive net profits, accounting for 77.09%. 643 companies had a year - on - year net profit growth rate of over 100% [7]. - From August 27 - 29, Chinese official visited the US to discuss Sino - US economic and trade relations, emphasizing cooperation and dialogue [7]. - Last week, the central bank conducted 22731 billion yuan in reverse repurchase operations and 6000 billion yuan in 1 - year MLF operations, with a net withdrawal of 4039 billion yuan. This week, 22731 billion yuan in reverse repurchases and 10000 billion yuan in 91 - day repurchase agreements will mature [8]. 3.3 Valuation Analysis - As of August 29, the PE, percentile, and PB of the CSI 300, SSE 50, CSI 500, and CSI 1000 indices are presented. For example, the CSI 300 index has a PE of 14.15 times, a percentile of 86.86%, and a PB of 1.48 times [12]. - The report explains the concept and calculation formulas of the stock - bond yield spread [23]. 3.4 China - Buffett Indicator On August 29, 2025, the ratio of total market capitalization to GDP was 86.95%. The percentile of the current "total market capitalization/GDP" in historical data was 86.46%, and in the past 10 - year data was 90.36% [26]. 3.5 Comprehensive Analysis and Operation Suggestions - The market last week was characterized by active trading and a convergence in index futures discounts. In the short - term, the market may enter a high - level consolidation phase [28]. - Operation suggestions include: for single - side trading, buy on dips while being wary of valuation risks; for arbitrage, participate in the IM/IH spread convergence strategy and watch for style - switching signals; for options, use covered calls to increase returns or buy put options to hedge volatility risks [29].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In August, the domestic stock index futures market strengthened significantly. The market sentiment continued to improve under policy expectations and capital promotion, with small and medium - cap varieties outperforming weight - based contracts. The economic fundamentals showed structural improvement. In the short term, the market may enter a high - level shock stage, and the mid - term trend is still optimistic, but attention should be paid to volume changes and policy implementation results. [5][29] 3. Summary by Directory 3.1 Market Review - In August, the domestic stock index futures market strengthened significantly. IC and IM outperformed IF and IH. The monthly increase rates of IF, IH, IC, and IM were 11.24%, 7.50%, 14.47%, and 12.87% respectively. [5] - In the bond market, 30 - year and 10 - year treasury bond futures rose, while 5 - year and 2 - year treasury bond futures fell. [6] 3.2 Fundamental Analysis - In August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. [7] - In August, the non - manufacturing business activity index was 50.3%, up 0.2 percentage points from the previous month, and the non - manufacturing industry continued to expand. [10] - In August, the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of China's enterprise production and business activities accelerated. [15] 3.3 Valuation Analysis - As of August 29, the PE, percentile, and PB of the CSI 300 index were 14.15 times, 86.86%, and 1.48 times respectively; those of the SSE 50 index were 11.94 times, 92.16%, and 1.31 times respectively; those of the CSI 500 index were 33.33 times, 78.82%, and 2.24 times respectively; and those of the CSI 1000 index were 46.87 times, 73.53%, and 2.50 times respectively. [18] 3.4 Other Data - The quantile of the current "total market value/GDP" in historical data was 86.46%, and the quantile in the past 10 - year data on August 29, 2025, was 86.95%. [28] 3.5 Comprehensive Analysis - In August, the stock index futures market continued to be strong, with significant increases in all major contracts. Small and medium - cap varieties outperformed weight - based contracts, and the technology - growth style dominated. The capital side remained loose, and the northbound funds continued to flow in. The economic fundamentals showed structural improvement. [29] - In the short term, the market may enter a high - level shock stage, and the mid - term trend is still optimistic, but attention should be paid to volume changes and policy implementation results. [29] 3.6 Operation Suggestions - Unilateral: Buy on dips, but beware of valuation risks. - Arbitrage: Participate in the IM/IH spread convergence strategy periodically and pay attention to style - switching signals. - Options: Use covered call writing to increase returns or buy put options to hedge against volatility risks. [30]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The CSI 300 Index and the CSI 1000 Index are in an upward - trending phase, and their price centers are expected to rise in the future. The short - term impact of "reciprocal tariffs" on the market has been digested, and domestic policy goals have been initially achieved. The US may cut interest rates in the second half of the year, which could open up more domestic policy space. With the appreciation of the RMB, foreign capital and repatriated funds are attracted. The domestic economy has policy support at the bottom and is driven by economic recovery and high - tech industries at the top. The "national team" has announced share - increases, and relevant departments are promoting the entry of medium - and long - term funds into the market [8]. - Technology remains the main driving force, with the rise concentrated in technology blue - chip stocks, showing some extreme trading structure characteristics. There is still room for the re - evaluation of Chinese assets, but its sustainability requires the support of macro - policies. Futures should be intervened during pull - backs [2]. 3. Summary by Relevant Catalogs 3.1 Strategy Suggestions - Suggestions include seizing the structural opportunities of the semi - annual report performance wave, focusing on technology growth sectors such as semiconductors and AI computing power with stable profitability, and paying attention to the dynamic allocation value of low - valuation defensive sectors such as finance (securities) and consumption [2]. 3.2 Market Performance - In August, global indices mainly rose. Domestic indices generally outperformed overseas indices, with the STAR 50 Index and the ChiNext Index leading the gains. Among the Shenwan primary industries, most sectors rose, with communication, electronics, and comprehensive sectors leading the way. Only the banking sector declined [13]. 3.3 Macroeconomic Situation 3.3.1 Overseas Situation - In the US, employment data in July slowed more than expected, with non - farm payrolls increasing by 73,000, lower than the expected 104,000. The unemployment rate rose to 4.2%. Inflation pressure continued in July, with the CPI rising 2.7% year - on - year and the core CPI rising 3.1% year - on - year. Powell's speech at the Jackson Hole meeting was dovish, and the expectation of a future interest - rate cut will continue to be affected by economic data [23]. - In the Eurozone, the CPI remained the same as the previous value in July. The service PMI in July increased and remained above the boom - bust line, with the service PMI at 51.0, the manufacturing PMI at 49.8, and the composite PMI at 51.0 [24]. 3.3.2 Domestic Situation - In July, the official manufacturing PMI declined and was below the boom - bust line, at 49.3%. The non - manufacturing business activity index was 50.1%, still above the critical point [35]. - Export growth continued to increase in July, with the export amount increasing 7.2% year - on - year. The total export in the first seven months was 15.31 trillion yuan, a year - on - year increase of 7.3%. The future Sino - US tariff game will affect import - export data and A - share risk appetite [36]. - The growth rate of social retail sales continued to slow down in July, with a year - on - year increase of 3.7%. The growth rate of the automobile sub - item turned negative, at - 1.5%. The CPI returned to zero in July, and the PPI remained negative, with the CPI at 0.0% year - on - year and the PPI at - 3.6% year - on - year [37]. - From January to July, the growth rate of fixed - asset investment slowed down to 1.6%, and real - estate investment continued to decline, with the growth rate of real - estate development investment at - 12.0% [45]. - Real - estate data remained weak. From January to July, the growth rate of real - estate development investment was - 12.0%, the cumulative year - on - year decline in the sales area of commercial housing was 4.0%, and the cumulative year - on - year decline in the newly - started area was 19.5% [46]. - The total profit of industrial enterprises above the designated size remained negative. In July, the industrial added value of enterprises above the designated size increased 5.7% year - on - year, and from January to July, the total profit of industrial enterprises above the designated size decreased 1.7% year - on - year [57]. - At the end of July, the year - on - year growth rate of the social financing scale stock was 9.0%. The growth rate of M2 continued to rise, and the gap between M2 and M1 narrowed. In July, M2 increased 8.8% year - on - year, and M1 increased 5.6% year - on - year [58]. 3.4 Liquidity - Since May, the capital interest rate (DR007) has remained at 1.4%, and future policy developments should be continuously monitored [62]. - The market trading was active in August, with the trading volume exceeding 3 trillion yuan on multiple trading days. The margin trading balance continued to rise in August and has exceeded 2.2 trillion yuan [68]. 3.5 Index Valuation - In August, the index mainly fluctuated upward, and the valuation center also rose. The PE quantiles showed a differentiated trend. As of August 29, the PE of the ChiNext Index was 41.01, with a quantile of 35.55 since 2015, in the medium - low historical level. The PE of the STAR 50 Index was 185.69, with a quantile of 99.93 since its listing in 2020, at a historical high [75].

Report Summary 1. Index Performance - On August 28, the Shanghai Composite Index rose 1.14% to close at 3,843.6 points with a trading volume of 1.265186 trillion yuan; the Shenzhen Component Index rose 2.25% to close at 12,571.37 points with a trading volume of 1.705617 trillion yuan [1]. - The CSI 1000 Index rose 1.51% with a trading volume of 631.712 billion yuan, opening at 7,331.19, closing at 7,447.11, reaching a high of 7,447.11 and a low of 7,216.77 [1]. - The CSI 500 Index rose 2.17% with a trading volume of 563.652 billion yuan, opening at 6,858.5, closing at 7,011.16, reaching a high of 7,011.16 and a low of 6,798.93 [1]. - The SSE 50 Index rose 1.45% with a trading volume of 195.215 billion yuan, opening at 2,918.53, closing at 2,960.73, reaching a high of 2,963.07 and a low of 2,906.65 [1]. 2. Sector Impact on Indexes - The CSI 1000 rose 110.61 points from the previous close, with sectors such as electronics and communication significantly pulling the index up [2]. - The CSI 500 rose 148.6 points from the previous close, with sectors such as electronics and computer significantly pulling the index up [2]. - The SSE 50 rose 42.35 points from the previous close, with the electronics sector significantly pulling the index up [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of -51.98, IM01 -105.75, IM02 -225.02, and IM03 -389.19 [12]. - IC00 had an average daily basis of -33.72, IC01 -75.41, IC02 -168.85, and IC03 -300.35 [12]. - IF00 had an average daily basis of -0.46, IF01 -7.38, IF02 -19.21, and IF03 -41.1 [12]. - IH00 had an average daily basis of 0.34, IH01 0.4, IH02 2.57, and IH03 4.97 [12]. 4. Stock Index Futures Rollover Point Differences and Annualized Costs - The report provides data on the rollover point differences and their annualized costs for IM, IC, IF, and IH futures contracts at different time intervals [21][23][25][26].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For IH2509, the short - term view is "oscillation", the medium - term view is "rise", the intraday view is "oscillation with a bullish bias", and the overall view is "rise" due to strong support from favorable policy expectations [1]. - For IF, IH, IC, and IM, the intraday view is "oscillation with a bullish bias", the medium - term view is "rise", and the overall reference view is "rise". The stock index will mainly oscillate and consolidate in the short term and rise in the medium and long term [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, short - term: oscillation; medium - term: rise; intraday: oscillation with a bullish bias; view reference: rise; core logic: favorable policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index showed an N - shaped trend and closed up after oscillating throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day [5]. - Due to large gains in some stocks, the dynamic price - to - earnings ratios of each stock index are above the 80th percentile in the past 5 years, so there is a need for technical adjustment. However, the trading volume is still high, indicating an optimistic market sentiment [5]. - The rebound momentum of the stock index comes from favorable policy expectations and loose liquidity in the capital market. Anti - involution and consumption - promotion policies optimize the supply - demand structure, and the recent decline in market interest rates has increased the willingness to allocate funds to the stock market [5].