Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On July 28, all the current - month contracts of the four major stock index futures rose. IF rose 0.18%, IH rose 0.39%, IC rose 0.18%, and IM rose 0.11% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating that investors' trading enthusiasm increased. Specifically, the total trading volume of IF increased by 547 lots, IH decreased by 870 lots, IC increased by 11,258 lots, and IM increased by 26,844 lots. In terms of positions, the total position of IF increased by 3,663 lots, IH decreased by 1,993 lots, IC increased by 3,134 lots, and IM increased by 11,728 lots [2]. 3. Summary by Relevant Catalogs 3.1期指期现数据跟踪 - **IF Futures**: The closing prices of IF2508, IF2509, IF2512, and IF2603 were 4131.2, 4122, 4090.8, and 4057 respectively, with increases of 0.18%, 0.16%, 0.11%, and 0.07%. The trading volumes were 23,316, 54,638, 10,792, and 4,247 respectively, and the position changes were +1,739, +1,331, +620, and +1,213 respectively [1]. - **IH Futures**: The closing prices of IH2508, IH2509, IH2512, and IH2603 were 2806, 2805.8, 2807.4, and 2809.6 respectively, with increases of 0.39%, 0.36%, 0.34%, and 0.34%. The trading volumes were 12,722, 28,883, 3,824, and 928 respectively, and the position changes were -1,590, +403, -111, and +111 respectively [1]. - **IC Futures**: The closing prices of IC2508, IC2509, IC2512, and IC2603 were 6274, 6222, 6091.4, and 5973 respectively, with increases of 0.18%, 0.09%, 0.01%, and 0.00%. The trading volumes were 23,810, 46,353, 13,923, and 4,105 respectively, and the position changes were +504, +1,256, +655, and +719 respectively [1]. - **IM Futures**: The closing prices of IM2508, IM2509, IM2512, and IM2603 were 6674.6, 6602, 6419.4, and 6256.2 respectively, with increases of 0.11%, -0.04%, -0.03%, and -0.06%. The trading volumes were 39,355, 116,079, 24,230, and 6,593 respectively, and the position changes were +2,878, +73,550, +311, and +1,017 respectively [1]. 3.2期指前20大会员持仓增减 - **IF Contracts**: For IF2508, long - order increase was 1629, short - order increase was 1637; for IF2509, long - order increase was 2353, short - order increase was 586; for IF2512, long - order decrease was 387, short - order decrease was 632 [5]. - **IH Contracts**: For IH2508, long - order decrease was 1014, short - order decrease was 1318; for IH2509, long - order increase was 232, short - order decrease was 20; for IH2512, long - order decrease was 79, short - order increase was 335 [5]. - **IC Contracts**: For IC2508, long - order increase was 459, short - order increase was 8; for IC2509, long - order increase was 2181, short - order increase was 1272; for IC2512, long - order increase was 147, short - order increase was 413 [5]. - **IM Contracts**: For IM2508, long - order increase was 3017, short - order increase was 2265; for IM2509, long - order increase was 6181, short - order increase was 7275; for IM2512, long - order increase was 683, short - order increase was 623 [5]. 3.3 趋势强度 - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4 重要驱动 - On July 28, the China - US economic and trade teams held talks in Stockholm, Sweden [7]. - The State Council Information Office will hold a press conference on the child - rearing subsidy system and fertility support measures on July 30 [7]. - The National Conference of Heads of Industry and Information Technology Departments emphasized measures to consolidate the industrial economy, including implementing a new round of stable - growth actions in ten key industries, promoting the development and application of technologies such as AI terminals, and continuing to maintain the stable development of the tobacco industry [7].