Report Industry Investment Rating - No relevant content provided Core Viewpoints - The weak US housing market data led to concerns about the economic outlook, causing the three major US stock indexes to close lower, and the market is focused on the PCE data to be released on Friday [2] - In the domestic market, the large-cap growth stocks made up for losses, driving the Shanghai Composite Index to rise rapidly, and short-term overbought signals appeared. The current market maintains a rotation between sectors and a high-low switch within sectors. Considering the approaching important time nodes, it is expected that the market will not experience a significant adjustment before the military parade [2] Summary by Directory Market Analysis - Shanghai introduced a series of real estate policies, including relaxed housing purchase restrictions, increased housing provident fund loan limits for green buildings, unified mortgage interest rates for first and second homes, and fine-tuning of property tax policies [1] - In July, the annualized sales volume of new homes in the US decreased by 0.6% to 652,000 units, exceeding the market expectation of 630,000 units, and the median price of new homes fell by 5.9% year-on-year to $403,800 [1] - In the spot market, the three major A-share indexes opened higher and closed higher. The Shanghai Composite Index rose 1.51% to close at 3,883.56 points, and the ChiNext Index rose 3%. All sector indexes closed higher, with the communication, non-ferrous metals, and real estate sectors rising more than 3%. The trading volume of the Shanghai and Shenzhen stock markets reached 3.1 trillion yuan on the day. Overseas, the three major US stock indexes closed lower, with the Dow Jones Industrial Average falling 0.77% to 45,282.47 points [1] - In the futures market, the basis of the current-month futures contracts declined, and the IH and IF contracts maintained a premium. The trading volume and open interest of stock index futures increased simultaneously [1] Strategy - The weak US housing market data triggered concerns about the economic outlook, leading to a collective decline in the three major US stock indexes. The market is awaiting the PCE data to be released on Friday. In the domestic market, large-cap growth stocks made up for losses, driving the Shanghai Composite Index to rise rapidly, and short-term overbought signals emerged. The current market features sector rotation and high-low switching within sectors. With important time nodes approaching, it is expected that the market will not experience a significant correction before the military parade [2] Macroeconomic Charts - The report includes charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A-share trends and styles [5][10][15] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on August 25, 2025, is presented, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index, along with their respective daily changes [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures (IF, IH, IC, IM) are provided, along with their changes [16] - The basis of stock index futures contracts (current month, next month, current quarter, next quarter) is reported [34] - The inter - period spreads of stock index futures are presented, including various combinations such as next month - current month, next quarter - current month, etc. [42][43]