（文章来源：每日经济新闻） 每经AI快讯，周三（8月27日）纽约尾盘，标普500股指期货最终涨0.10，道指期货涨0.07%，纳斯达克 100股指期货涨0.12%。罗素2000股指期货涨0.06%。 ...

1. Report Title and Date - Report title: "Stock Index Futures Data Daily Report" [1] - Date: August 27, 2025 [2] 2. IM (CSI 1000 Index Futures) 2.1 Daily Quotes - The CSI 1000 index closed at 7336.50, down 1.87%. The total trading volume was 41,676 lots, up 15%, and the turnover was 67.28 billion yuan, up 17% [3]. - The IM2509 contract (the main contract) closed at 7287.20, down 2.22%. The trading volume was 213,890 lots, up 34%, and the turnover was 31.77 billion yuan, up 33%. The open interest was 202,540 lots, an increase of 6,736 lots [3]. 2.2 Summary - The main contract of IM decreased by 2.22% to close at 7287.2 points. The total trading volume of the four contracts was 333,544 lots, an increase of 92,377 lots compared with the previous day; the total open interest was 397,971 lots, an increase of 17,455 lots [4]. - The main contract of IM was at a discount of 49.3 points, an increase of 11.77 points compared with the previous day; the annualized basis rate was -10.29% [4]. 2.3 Basis and Other Data - The dividend impacts of the four IM contracts were 1.46 points, 3.21 points, 4.35 points, and 6.8 points respectively [4]. - Details of basis, expiration date, remaining days, etc. for each contract are provided in the report [14]. 2.4 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top members for each contract (IM2509, IM2512, IM2603) are presented, including changes compared with the previous day [18][20][22]. 3. IF (CSI 300 Index Futures) 3.1 Daily Quotes - The CSI 300 index closed at 4386.13, down 1.49%. The total trading volume was 333,130 lots, up 23%, and the turnover was 78.51 billion yuan, up 25% [23]. - The IF2509 contract (the main contract) closed at 4384.00, down 1.71%. The trading volume was 113,283 lots, up 30%, and the turnover was 15.12 billion yuan, up 30%. The open interest was 155,760 lots, an increase of 4,042 lots [23]. 3.2 Summary - The main contract of IF decreased by 1.77% to close at 4384 points. The total trading volume of the four contracts was 176,860 lots, an increase of 43,644 lots compared with the previous day; the total open interest was 286,101 lots, an increase of 13,045 lots [24]. - The main contract of IF was at a discount of 2.13 points, an increase of 1.46 points compared with the previous day; the annualized basis rate was -0.74% [24]. 3.3 Basis and Other Data - The dividend impacts of the four IF contracts were 3.97 points, 7.71 points, 8.39 points, and 11.29 points respectively [24]. - Details of basis, expiration date, remaining days, etc. for each contract are provided in the report [33]. 3.4 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top members for each contract (IF2509, IF2512, IF2603) are presented, including changes compared with the previous day [37][38][40]. 4. IC (CSI 500 Index Futures) 4.1 Daily Quotes - The CSI 500 index closed at 6862.56, down 1.46%. The total trading volume was 32,806 lots, up 17%, and the turnover was 58.39 billion yuan, up 19% [42]. - The IC2509 contract (the main contract) closed at 6837.80, down 1.76%. The trading volume was 109,151 lots, up 44%, and the turnover was 15.19 billion yuan, up 45%. The open interest was 130,217 lots, an increase of 12,748 lots [42]. 4.2 Summary - The main contract of IC decreased by 1.76% to close at 6837.8 points. The total trading volume of the four contracts was 176,441 lots, an increase of 57,059 lots compared with the previous day; the total open interest was 253,897 lots, an increase of 24,398 lots [43]. - The main contract of IC was at a discount of 24.76 points, an increase of 22.91 points compared with the previous day; the annualized basis rate was -5.51% [43]. 4.3 Basis and Other Data - The dividend impacts of the four IC contracts were 1.3 points, 5.09 points, 7.73 points, and 11.39 points respectively [43]. - Details of basis, expiration date, remaining days, etc. for each contract are provided in the report [50]. 4.4 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top members for each contract (IC2509, IC2512, IC2603) are presented, including changes compared with the previous day [55][56][58]. 5. IH (SSE 50 Index Futures) 5.1 Daily Quotes - The SSE 50 index closed at 2918.38, down 1.73%. The total trading volume was 7,101 lots, up 30%, and the turnover was 19.77 billion yuan, up 32% [60]. - The IH2509 contract (the main contract) closed at 2918.20, down 1.81%. The trading volume was 51,558 lots, up 24%, and the turnover was 4.57 billion yuan, up 23%. The open interest was 69,611 lots, a decrease of 955 lots [60]. 5.2 Summary - The main contract of IH decreased by 1.81% to close at 2918.2 points. The total trading volume of the four contracts was 77,499 lots, an increase of 16,891 lots compared with the previous day; the total open interest was 112,063 lots, an increase of 3,677 lots [60]. - The main contract of IH was at a discount of 0.18 points, a decrease of 2.4 points compared with the previous day; the annualized basis rate was -0.04% [61]. 5.3 Basis and Other Data - The dividend impacts of the four IH contracts were 3.74 points, 7.71 points, 8.22 points, and 9.44 points respectively [61]. - Details of basis, expiration date, remaining days, etc. for each contract are provided in the report [69]. 5.4 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top members for each contract (IH2509, IH2512) are presented, including changes compared with the previous day [73][75].

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]

FICC日报 | 2025-08-26 大盘成长补涨，沪指加速上行 市场分析 上海楼市新政。国内方面，上海出台楼市新政"组合拳"：符合条件的家庭外环外购房不限套数，成年单身按照居 民家庭执行住房限购政策；绿色建筑公积金贷款额度上浮15%，公积金落实"又提又贷"政策；房贷利率层面则不再 区分首套和二套房；房产税征收层面也迎来微调，本地和外地户籍政策口径更为一致。海外方面，美国7月份新建 住宅折合年率销量下降0.6%至65.2万套，超出市场预期的63万套；新建住宅价格中值较上年同期下跌5.9%至40.38 万美元。 沪指剑指3900点。现货市场，A股三大指数高开高走，沪指涨1.51%收于3883.56点，创业板指涨3%。行业方面， 板块指数全线收涨，通信、有色金属、房地产行业涨幅超过3%，美容护理、纺织服饰、石油石化行业涨幅相对偏 低。当日沪深两市成交金额升至3.1万亿元。海外方面，美国三大股指全线收跌，道琼斯指数跌0.77%报45282.47点。 期指增仓。期货市场，基差方面，期指当月合约基差回落，IH、IF维持升水。成交持仓方面，股指期货的成交量 和持仓量同步增加。 风险 若国内政策落地不及预期、海外货币政策 ...

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]