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

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

Report Summary 1. Index Trends - On August 21st, the Shanghai Composite Index rose 0.13% to 3771.1 points with a trading volume of 997.42 billion yuan; the Shenzhen Component Index fell 0.06% to 11919.76 points with a trading volume of 1426.32 billion yuan [1]. - The CSI 1000 Index fell 0.71% with a trading volume of 516.51 billion yuan; the CSI 500 Index fell 0.36% with a trading volume of 404.12 billion yuan; the SSE 50 Index rose 0.53% with a trading volume of 136.49 billion yuan; the CSI 300 Index rose 0.39% with a trading volume of 558.52 billion yuan [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 dropped 52.12 points compared to the previous close, with sectors like power equipment, machinery, and electronics pulling the index down [2]. - The CSI 500 dropped 23.9 points, with the media sector pulling it up and non - bank finance, power equipment, and electronics pulling it down [2]. - The CSI 300 rose 16.67 points, driven up by sectors such as banks, pharmaceuticals, and communications [2]. - The SSE 50 rose 15.19 points, boosted by banks, communications, and petroleum and petrochemicals [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 60.53, IM01 of - 107.71, IM02 of - 212.17, and IM03 of - 364.91 [13]. - For IC contracts, IC00 had an average daily basis of - 60.14, IC01 of - 98.23, IC02 of - 184.34, and IC03 of - 310.15 [13]. - For IF contracts, IF00 had an average daily basis of - 9.13, IF01 of - 16.06, IF02 of - 28.63, and IF03 of - 49.68 [13]. - For IH contracts, IH00 had an average daily basis of 0.85, IH01 of 0.7, IH02 of 2.49, and IH03 of 5.13 [13]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, e.g., at 09:45, IM00 - 01 was - 73.02267 [24]. - For IC contracts, similar data are given, such as at 09:45, IC00 - 01 was - 68.64222 [21]. - For IF contracts, at 09:45, IF00 - 01 was - 12.31678 [22]. - For IH contracts, at 09:45, IH00 - 01 was 0.707 [23].

Report Overview - The report is the stock index futures morning report of Baocheng Futures on August 22, 2025, covering the financial futures stock index sector [1] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The overall view of the financial futures stock index sector is that the short - term is expected to be volatile and strong, and the medium - term is expected to rise. For example, for IH2509, the short - term is volatile, the medium - term is rising, the intraday is volatile and strong, and the overall view is rising; for IF, IH, IC, IM, the intraday view is volatile and strong, the medium - term view is rising, and the reference view is rising [1][5] 3. Summary by Related Content 3.1 Variety View Reference - For IH2509, the short - term is "volatile", the medium - term is "rising", the intraday is "volatile and strong", and the overall view is "rising". The core logic is that the positive policy expectations provide strong support [1] 3.2 Main Variety Price Market Driving Logic - Yesterday, each stock index oscillated and sorted. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2.4603 trillion yuan, a 11.9 - billion - yuan increase from the previous day. The trading volume in the stock market is still over 2 trillion yuan, indicating that investors' sentiment remains positive. However, due to the large gains of some stocks, there is a need for profit - taking of profitable funds and technical consolidation. Currently, positive expectations strongly support the stock index. Anti - involution policies and consumption - promotion policies promote the moderate recovery of the price index from both supply and demand sides and the repair of corporate profits. The capital side is relatively loose, and incremental funds continuously flowing into the stock market drive the repair of the stock index valuation. Overall, it is expected that the stock index will operate in a volatile and strong manner in the short term [5]

（文章来源：每日经济新闻） 每经AI快讯，周四（8月21日）纽约尾盘，标普500股指期货最终跌0.37%，道指期货跌0.28%，纳斯达 克100股指期货跌0.46%。罗素2000股指期货涨0.28%。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Short - term market divergence is large. Today's stock market trend changed several times. Although the trading volume did not change significantly, the optimistic momentum of the stock market has clearly declined, and funds have shifted from small - cap stocks to large - cap stocks. The dividend index showed an overall oscillating and strengthening trend. In the context of significantly weakened optimism compared to the previous period, the market is expected to continue to oscillate and requires incremental information for stimulation. Without the drive of trading volume, the attractiveness of the structural market will also decline. Attention should be paid to the information released at the Jackson Hole meeting on Friday [6]. 3. Summary by Related Catalogs Market Review - Today, the stock index showed an oscillating trend, with large - cap and small - cap stocks performing differently. The large - cap index rose, while the small - and medium - cap index declined. The trading volume of the two markets increased by 15.823 billion yuan. In the futures index market, IF and IH rose with shrinking volume, IC fell with increasing volume, and IM fell with shrinking volume [4]. Important Information - Alibaba announced on August 21 that it plans to spin off Zebra Network Technology Co., Ltd. and list it independently on the main board of the Hong Kong Stock Exchange [5]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [7]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.66 | 0.84 | - 0.06 | - 0.43 | | Trading volume (10,000 lots) | 12.1134 | 5.9612 | 12.1463 | 29.1091 | | Trading volume change compared to the previous period (10,000 lots) | - 0.9534 | - 0.3502 | 0.2219 | - 0.7631 | | Open interest (10,000 lots) | 25.8227 | 10.336 | 22.9052 | 39.0348 | | Open interest change compared to the previous period (10,000 lots) | - 0.8791 | - 0.3273 | 0.0694 | - 1.0277 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.13 | | Shenzhen Component Index change (%) | - 0.06 | | Ratio of rising to falling stocks | 0.72 | | Trading volume of the two markets (billion yuan) | 242.4057 | | Trading volume change compared to the previous period (billion yuan) | 15.823 | [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - A-share mid - term dividends are increasing, and the stock index has rebounded. The spot market shows that the three major A - share indexes opened lower and closed higher, with the Shanghai Composite Index rising 1.04% to 3766.21 points, reaching a ten - year high, and the ChiNext Index rising 0.23%. The number of listed companies announcing mid - term dividend plans has significantly increased, with over 140 companies announcing plans and the total proposed dividend amount exceeding 100 billion yuan. In the overseas market, the three major US stock indexes closed mixed [1]. - In the futures market, the basis of stock index futures has significantly narrowed, and both the trading volume and open interest of stock index futures have increased [2]. - In recent days, the A - share market has shown a pattern of low - opening reversals and high - opening pullbacks. With the continuous increase in market expectations, washing behavior is mostly carried out through intensified intraday fluctuations. The technology sector has shown catalytic effects, the semiconductor market has exploded, and foreign capital inflows have also boosted the consumer sector. The market has shown obvious high - low switching characteristics, and attention should be paid to the risks after the low - level weighted stocks make up for losses [3]. Summary by Directory Market Analysis - **Domestic Focus**: President Xi Jinping emphasized that Tibet should continue to focus on stability, development, ecology, and border strengthening. Major projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway should be promoted in an orderly manner [1]. - **Overseas Focus**: The minutes of the Fed's July monetary policy meeting showed that most officials thought it appropriate to keep the benchmark interest rate unchanged, and only two officials advocated for a rate cut. The use of payment - type stablecoins may accelerate expansion, which could increase the demand for reserve assets, including treasury bonds [1]. - **Stock Market Performance**: In the A - share spot market, most sector indexes were up, with beauty care, petroleum and petrochemicals, electronics, and the automotive industry leading the gains, while only the pharmaceutical and biological industry closed slightly lower. The trading volume of the Shanghai and Shenzhen stock markets on that day was 2.4 trillion yuan. In the overseas market, the Dow Jones Industrial Average rose 0.04% to 44938.31 points, and the Nasdaq Composite Index fell 0.67% to 21172.86 points [1]. - **Futures Market Performance**: In the futures market, the basis of stock index futures has significantly narrowed, and both the trading volume and open interest have increased [2]. Strategy - The A - share market has shown a pattern of low - opening reversals and high - opening pullbacks. With the continuous increase in market expectations, washing behavior is mostly carried out through intensified intraday fluctuations. The technology sector has shown catalytic effects, the semiconductor market has exploded, and foreign capital inflows have also boosted the consumer sector. The market has shown obvious high - low switching characteristics, and attention should be paid to the risks after the low - level weighted stocks make up for losses [3]. Charts - **Macroeconomic Charts**: Include the relationship between the US dollar index and A - share trends, the relationship between US treasury bond yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US treasury bond yields and A - share style trends [6][8][10]. - **Spot Market Tracking Charts**: Show the daily performance of major domestic stock indexes, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index. Also include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][13][14]. - **Stock Index Futures Tracking Charts**: Include the open interest and trading volume of IF, IH, IC, and IM contracts, the latest open interest ratios of these contracts, the net open interest of foreign capital in these contracts, the basis of these contracts, and the inter - delivery spread of these contracts [6][15][36].

Market Performance - On Wednesday, August 20, the S&P 500 futures declined by 0.24% [1] - The Dow Jones futures increased by 0.03% [1] - The Nasdaq 100 futures fell by 0.61% [1] - The Russell 2000 futures decreased by 0.34% [1]

沪深股通今日合计成交3170.9亿，其中药明康德和中际旭创分居沪股通和深股通个股成交额首位。板块主力 资金方面，电子板块主力资金净流入居首。ETF成交方面，芯片ETF(512760)成交额环比增长143%。期指持 仓方面，四大期指主力合约多头加仓数量均大于空头。龙虎榜方面，利欧股份获机构买入4.71亿；酒鬼酒获 机构买入1.65亿；大智慧遭机构卖出2.13亿；艾为电子遭机构卖出1.21亿；芯原股份遭机构卖出1.38亿；成飞 集成获三家一线游资席位合计买入超2.8亿；海立股份遭银河证券大连黄河路营业部净卖出1.5亿；华胜天成 获一家量化席位买入1.19亿，同时遭一家量化席位卖出超8000万。 一、沪深股通前十大成交 今日沪股通总成交金额为1562.81亿，深股通总成交金额为1608.08亿。 | | | | 沪股通( 8月20日 ) | | | | --- | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成父金額 (亿元) | 前一交易日净买入额 (亿元) | 涨幅(%) | | 1 | 603259 | 药明康德 | 28.34 | | | | 2 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Overnight US stocks tumbled and the stock market corrected yesterday, leading to a subdued market sentiment at today's opening. After the mid - session, optimism resurfaced, possibly influenced by some positive interim report data and the expectation of eased Sino - US relations. Short - term market sentiment remains volatile, with shrinking trading volume, indicating that some funds have become cautious. The market is expected to fluctuate near the pressure line for some time, awaiting signals of the Fed's monetary policy adjustment at the Jackson Hole meeting. Currently, maintain positions and be prepared to hedge against downside risks. Given the continuous rise of futures basis boosted by sentiment, using options for hedging may be a better choice [4]. 3. Summary by Related Catalogs Market Review - Today, the stock index rose with shrinking volume, and the small and medium - cap stocks performed relatively strongly, while the gap between large and small - cap stocks narrowed. In terms of funds, the trading volume of the two markets decreased by 180.1 billion yuan. In the futures index market, all varieties rose with increasing volume [2]. Important Information - The US Treasury Secretary said that the US and China had a "very good dialogue" on economic and trade issues, and the current work is progressing smoothly. - The parade will last about 70 minutes and will showcase some strategic heavy weapons, high - precision strike equipment, and unmanned and anti - unmanned equipment from the land, sea, and air for the first time [3]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 1.16 | 1.08 | 1.40 | 1.23 | | Trading volume (10,000 lots) | 13.0668 | 6.3114 | 11.9244 | 29.8722 | | Trading volume change compared to the previous day (10,000 lots) | 2.1399 | 0.0678 | 1.6892 | 6.2534 | | Open interest (10,000 lots) | 26.7018 | 10.6633 | 22.8358 | 40.0625 | | Open interest change compared to the previous day (10,000 lots) | 0.8761 | 0.2909 | 0.7608 | 2.3675 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 1.04 | | Shenzhen Component Index change (%) | 0.89 | | Ratio of rising to falling stocks | 2.35 | | Trading volume of the two markets (billion yuan) | 2408.234 | | Trading volume change compared to the previous day (billion yuan) | - 180.135 | [6]