Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View On September 17, all four major stock index futures contracts for the current month rose, with IF up 0.8%, IH up 0.2%, IC up 1.26%, and IM up 1.25%. The total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The trends of different contracts in terms of trading volume, open interest, basis, and positions of the top 20 member institutions vary. The trend intensities of IF and IH are 1, while those of IC and IM are 1.68850. Important drivers include diplomatic news, Fed's interest - rate cut, and the performance of the A - share market [1][2][7]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **Trading Volume and Open Interest**: The total trading volume of IF increased by 8,988 lots, IH by 5,233 lots, IC by 2,247 lots, and IM by 23,931 lots. The total open interest of IF decreased by 2,680 lots, IH increased by 4,021 lots, IC decreased by 10,820 lots, and IM decreased by 579 lots [2]. - **Closing Price and Basis**: For example, the closing price of IF2509 was 4,553.2 with a basis of - 2.18 points; the closing price of IH2509 was 2,956.2 with a basis of 3.42 points; the closing price of IC2509 was 7,252.4 with a basis of - 7.64 points; the closing price of IM2509 was 7,547 with a basis of - 7.81 points [1]. - **Positions of the Top 20 Member Institutions**: The changes in long and short positions of different contracts vary. For instance, in IF2509, long positions decreased by 12,990 and short positions decreased by 13,237 [6]. 3.2 Trend Intensity - The trend intensities of IF and IH are 1, and those of IC and IM are 1.68850. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [7]. 3.3 Important Drivers - Diplomatic news: Regarding Sino - US high - level interactions and the TikTok ban, relevant departments have provided information [7]. - Fed's Interest - Rate Cut: The Fed cut interest rates by 25 basis points, emphasizing employment downside risks and expecting two more cuts this year [7]. - A - Share Market Performance: The Shanghai Composite Index rose 0.37% to 3,876.34 points, the Shenzhen Component Index rose 1.16%, and the ChiNext Index rose 1.95%. The A - share market had a total trading volume of 2.4 trillion yuan, up from 2.37 trillion yuan the previous day [7].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report On September 2, the closing prices of the four major stock index futures contracts showed mixed trends, with IF down 0.72%, IH up 0.35%, IC down 1.8%, and IM down 1.85%. The total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The total positions of all contracts also increased. The trend strength of IF and IH is 1, and that of IC and IM is also 1 [1][2][6]. 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **Closing Prices and Fluctuations**: On September 2, the closing price of CSI 300 was 4490.45, down 0.74%; IF2509 was 4481.2, down 0.72%. The closing price of SSE 50 was 2992.88, up 0.39%; IH2509 was 2992.8, up 0.35%. The closing price of CSI 500 was 6961.69, down 2.09%; IC2509 was 6896.2, down 1.80%. The closing price of CSI 1000 was 7313.88, down 2.50%; IM2509 was 7251.4, down 1.85% [1]. - **Trading Volume and Position Changes**: On the trading day, the total trading volume of IF increased by 51,069 lots, IH by 26,017 lots, IC by 46,175 lots, and IM by 85,941 lots. The total positions of IF increased by 21,717 lots, IH by 12,783 lots, IC by 18,794 lots, and IM by 26,043 lots [2]. - **Basis**: The basis of IF2509 was -9.25, IH2509 was -0.08, IC2509 was -65.49, and IM2509 was -62.48 [1]. - **Top 20 Member Position Changes**: The top 20 members' long - position and short - position changes varied among different contracts. For example, in IF2509, the long - position increased by 8,797 lots and the short - position by 7,564 lots [5]. 3.2. Trend Strength The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6]. 3.3. Important Drivers - **Overseas Market**: The Nasdaq fell 1.7%, with chip stocks leading the decline. The yields of long - term bonds soared, and the price of gold broke through the $3,500 mark. The three major US stock indexes opened lower, with the Dow down 0.9%, the S&P 500 down 1.25%, and the Nasdaq down 1.7%. The US ISM manufacturing PMI in August continued to contract for the sixth consecutive month, but new orders improved and the price index declined again [6]. - **Domestic Market**: In August, the central bank's MLF had a net investment of 300 billion yuan, PSL had a net withdrawal of 160.8 billion yuan, and the outright reverse repurchase in the open market had a net investment of 300 billion yuan. The Shanghai Composite Index fell 0.45% to 3,858.13 points, the Shenzhen Component Index fell 2.14%, and the ChiNext Index fell 2.85%. The A - share trading volume was 2.91 trillion yuan, up from 2.78 trillion yuan the previous day. Most sectors performed poorly, with only a few sectors such as banks, reducers, and gold showing strength [7].

Report Industry Investment Rating - Not provided Core Viewpoints - On August 13, all the current-month contracts of the four major stock index futures rose. IF increased by 0.97%, IH by 0.33%, IC by 1.57%, and IM by 1.63% [1] - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 23,189 lots, IH by 9,330 lots, IC by 27,828 lots, and IM by 55,257 lots. In terms of positions, the total positions of IF increased by 10,150 lots, IH by 6,610 lots, IC by 11,324 lots, and IM by 32,273 lots [2] Summary by Related Catalogs 1. Stock Index Futures Data Tracking - **Closing Prices and Fluctuations**: On August 13, the closing prices of various stock index futures and their underlying indexes showed different increases. For example, the CSI 300 index closed at 4,176.58, up 0.79%; IF2508 closed at 4,181.2, up 0.97% [1] - **Basis**: Different contracts of IF, IH, IC, and IM had different basis values. For example, the basis of IF2508 was 4.62, and that of IF2509 was -5.78 [1] - **Trading Volume and Turnover**: The trading volume and turnover of each contract also varied. For example, the turnover of IF2509 was 929.2 billion yuan, and the trading volume was 74,450 lots [1] - **Position Changes**: The positions of each contract changed. For example, the position of IF2508 decreased by 5,986 lots, while that of IF2509 increased by 11,069 lots [1] 2. Trend Intensity - The trend intensity of IF and IH is 1, and that 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. Important Drivers - The central bank announced that at the end of July, China's broad - money (M2) balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; narrow - money (M1) balance was 111.06 trillion yuan, an increase of 5.6%; currency in circulation (M0) balance was 13.28 trillion yuan, an increase of 11.8%. In the first seven months, the net cash injection was 465.1 billion yuan. In the first seven months, RMB loans increased by 12.87 trillion yuan, and RMB deposits increased by 18.44 trillion yuan. The cumulative increase in social financing scale in the first seven months was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year [6] - The Shanghai Composite Index rose 0.48%, the Shenzhen Component Index rose 1.76%, and the ChiNext Index rose 3.62%. The A - share trading volume throughout the day was 2.18 trillion yuan, reaching the second - highest level this year. The market volume exceeded 2 trillion yuan, and the Shanghai Composite Index had an eight - day consecutive increase [6] 4. Positions of the Top 20 Members in Futures - The positions of the top 20 members in different contracts of IF, IH, IC, and IM changed. For example, in IF2508, the long positions decreased by 4,663 lots, and the short positions decreased by 4,513 lots [5]

Report Summary 1. Report Industry Investment Rating - The investment rating for index futures is "shockingly bullish" [1] 2. Core View of the Report - On August 11, all the current - month contracts of the four major index futures rose. The trading volume of index futures increased, indicating that investors' trading enthusiasm has warmed up. The total positions of all types of index futures also increased [1][2] 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **CSI 300 and its Futures**: The CSI 300 index closed at 4122.51, up 0.43%. Among its futures contracts, IF2508 closed at 4116, up 0.37% with a basis of - 6.51; IF2509 closed at 4104.8, up 0.43% with a basis of - 17.71; IF2512 closed at 4075.2, up 0.48% with a basis of - 47.31; IF2603 closed at 4044.6, up 0.56% with a basis of - 77.91 [1] - **SSE 50 and its Futures**: The SSE 50 index closed at 2789.9, up 0.03%. Among its futures contracts, IH2508 closed at 2788.4, up 0.01% with a basis of - 1.5; IH2509 closed at 2789.4, up 0.01% with a basis of - 0.5; IH2512 closed at 2791, up 0.06% with a basis of 1.1; IH2603 closed at 2790.4, up 0.10% with a basis of 0.5 [1] - **CSI 500 and its Futures**: The CSI 500 index closed at 6391.76, up 1.08%. Among its futures contracts, IC2508 closed at 6368.2, up 1.02% with a basis of - 23.56; IC2509 closed at 6298.8, up 1.07% with a basis of - 92.96; IC2512 closed at 6144.6, up 1.18% with a basis of - 247.16; IC2603 closed at 6006, up 1.20% with a basis of - 385.76 [1] - **CSI 1000 and its Futures**: The CSI 1000 index closed at 6943.94, up 1.55%. Among its futures contracts, IM2508 closed at 6925.6, up 1.56% with a basis of - 18.34; IM2509 closed at 6851.2, up 1.61% with a basis of - 92.74; IM2512 closed at 6663.8, up 1.72% with a basis of - 280.14; IM2603 closed at 6478.8, up 1.71% with a basis of - 465.14 [1] 3.2 Trading Volume and Position Changes - **Trading Volume**: The total trading volume of IF increased by 29586 lots, IH increased by 9620 lots, IC increased by 23858 lots, and IM increased by 55757 lots [2] - **Positions**: The total positions of IF increased by 14212 lots, IH increased by 6800 lots, IC increased by 9202 lots, and IM increased by 25544 lots [2] 3.3 Top 20 Member Position Changes - For IF, the long - position changes of different contracts varied, such as 623 lots for IF2508, 8267 lots for IF2509, etc. The short - position changes also differed, like 1360 lots for IF2508 [5] - For IH, the long - position changes included 557 lots for IH2508, 3754 lots for IH2509, etc. The short - position changes were also distinct [5] - For IC, the long - position changes were - 549 lots for IC2508, 5137 lots for IC2509, etc. The short - position changes were also different [5] - For IM, the long - position changes were 1995 lots for IM2508, 11368 lots for IM2509, etc. The short - position changes were also distinct [5] 3.4 Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] - **Important Drivers**: Before the US CPI data, the market was cautious. The Nasdaq rose and then fell. Lithium mining stocks soared, and gold was under pressure. In the domestic market, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 1.46%, and the ChiNext Index rose 1.96%. The market was active with more than 4000 stocks rising [6]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that on August 7, the four major stock index futures contracts showed mixed trends. The overall trading volume of stock index futures increased, indicating a rise in investors' trading enthusiasm. The report also presents data on price, trading volume, open interest, basis, and the position changes of the top 20 members of the futures contracts, along with information on trend strength and important economic drivers [1][2]. 3. Summary by Relevant Content 3.1 Futures Index and Spot Data Tracking - **Index Futures Price and Change**: On August 7, the closing prices of the four major stock indexes showed different trends. The CSI 300 rose 0.03% to 4,114.67, the SSE 50 rose 0.03% to 2,798.31, the CSI 500 fell 0.31% to 6,337.54, and the CSI 1000 rose 0.01% to 6,862.15. Among the corresponding futures contracts, IF2508 fell 0.07%, IH2508 fell 0.01%, IC2508 fell 0.50%, and IM2508 fell 0.18% [1]. - **Trading Volume and Open Interest**: The total trading volume of all four major stock index futures increased. IF increased by 19,361 lots, IH by 11,776 lots, IC by 15,809 lots, and IM by 19,113 lots. The total open interest also increased, with IF up 7,431 lots, IH up 2,077 lots, IC up 3,443 lots, and IM up 4,114 lots [1][2]. 3.2 Basis Data The report provides the basis data of IF, IH, IC, and IM from July 14 to August 7, showing the basis changes of the current month, next month, current quarter, and next quarter contracts [4]. 3.3 Position Changes of Top 20 Members The report shows the long and short position changes of the top 20 members of each futures contract. For example, in the IF contracts, the long positions of IF2508 and IF2509 increased by 2,185 and 4,996 lots respectively, and the short positions increased by 1,562 and 3,282 lots respectively [5]. 3.4 Trend Strength The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [6]. 3.5 Important Drivers In July, China's exports (in RMB) increased by 8% year - on - year (previous value: 7.2%), imports increased by 4.8% (previous value: 2.4%), and the trade surplus was 705.1 billion yuan (previous value: 825.8 billion yuan). In US dollars, exports increased by 7.2% year - on - year (previous value: 5.9%), imports increased by 4.1% (previous value: 1.1%), and the trade surplus was 98.24 billion US dollars (previous value: 114.75 billion US dollars). In the first seven months, China's total goods trade value reached 25.7 trillion yuan, a year - on - year increase of 3.5%, with the growth rate accelerating by 0.6 percentage points compared to the first half of the year [6]. 3.6 Stock Market Performance The Shanghai Composite Index rose 0.16%, the Shenzhen Component Index fell 0.18%, and the ChiNext Index fell 0.68%. The total trading volume of A - shares was 1.85 trillion yuan, up from 1.76 trillion yuan the previous day. The rare earth permanent magnet concept led to a warming of cyclical stocks, and the military stocks maintained their popularity. The rare earth permanent magnet, rare earth, and IGBT concepts led the gains, while three pharmaceutical sub - sectors, CRO, weight - loss drugs, and innovative drugs, led the decline [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In the short - term, the upward speed of the stock index may slow down after the phased realization of macro - positive factors, and market fluctuations and adjustments should be watched out for. In the long run, the futures index market this year is mainly driven by valuation expansion, and the valuation factor is expected to continue to play a role. It is advisable to go long on the stock index opportunistically this week [7] 3. Summary According to Relevant Catalogs Interest Rate and Bond Market - The closing prices and changes of various interest rate varieties are as follows: DRO01 closed at 1.31, down 8.18bp; DR007 at 1.42, down 13.00bp; GC001 at 1.29, up 26.00bp; GC007 at 1.46, up 3.00bp; SHBOR 3M at 1.56, down 0.30bp; LPR 5 - year at 3.50, unchanged; 1 - year treasury bond at 1.37, down 0.73bp; 5 - year treasury bond at 1.57, down 0.23bp; 10 - year treasury bond at 1.71, up 0.60bp; 10 - year US treasury bond at 4.23, down 14.00bp [4] - Last week, the central bank conducted 1.6632 trillion yuan of reverse repurchase operations in the open market, with 1.6563 trillion yuan of reverse repurchases due, resulting in a net investment of 6.9 billion yuan. This week, 1.6632 trillion yuan of reverse repurchases will expire, with 495.8 billion, 449.2 billion, 309 billion, 283.2 billion, and 126 billion yuan expiring from Monday to Friday respectively [4][5] Stock Index Market - Stock index closing prices and changes compared to the previous day: CSI 300 closed at 4055, down 0.51%; SSE 50 at 2754, down 0.79%; CSI 500 at 6213, down 0.21%; CSI 1000 at 6670, up 0.14%. For index futures, IF当月 closed at 4043, down 0.7%; IH当月 at 2754, down 0.8%; IC当月 at 6166, down 0.4%; IM当月 at 6617, up 0.1% [6] - Last week, CSI 300 fell 1.75% to 4054.9; SSE 50 fell 1.48% to 2754.1; CSI 500 fell 1.37% to 6213.2; CSI 1000 fell 0.54% to 6670.5. In the Shenwan primary industry index, last week, the pharmaceutical and biological (2.9%), communication (2.5%), media (1.1%), electronics (0.3%), and social services (0.1%) sectors led the gains, while most sectors declined, with non - ferrous metals (-4.6%), real estate (-3.4%), transportation (-3.2%), agriculture, forestry, animal husbandry and fishery (-3%), and power equipment (-2.6%) leading the losses [6] - The IF, IH, IC, and IM index futures have different levels of premium and discount for different contracts. For example, IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are 9.10%, 0.00%, 0.01%, and 3.41% respectively [8]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The structural market in index futures continues and supports the market [1] - On July 21, all the current - month contracts of the four major index futures rose. IF increased by 0.68%, IH by 0.25%, IC by 0.99%, and IM by 0.89% [1] - On this trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF decreased by 24,940 lots, IH by 19,875 lots, IC by 9,461 lots, and IM by 1,381 lots [2] - In terms of positions, the total positions of IF decreased by 2,025 lots, IH by 634 lots, while IC increased by 5,196 lots and IM by 15,851 lots [2] 3. Summary by Related Catalogs 3.1期指期现数据跟踪 - **Index Futures Data**: Presented the closing prices, price changes, basis, trading volumes (in billions), trading volumes, and position changes of various index futures contracts such as IF, IH, IC, and IM on July 21, 2025 [1] - **Trading Volume and Position Changes**: The total trading volume of the four major index futures decreased, and the position changes of different index futures varied [2] - **20 - Member Position Changes**: Showed the long - and short - position changes of the top 20 members in different index futures contracts [5] - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [5] 3.2重要驱动 - **LPR Quote**: The LPR quote in July remained stable. The 1 - year LPR was reported at 3%, and the 5 - year - plus variety was reported at 3.5% [6] - **Sino - US Leaders' Meeting**: The Ministry of Foreign Affairs stated that there was no information available regarding the possible meeting between Chinese and US leaders in the next few months [6] - **US - EU Trade Tension**: The US Secretary of Commerce set August 1 as the "hard" deadline. If the EU fails to reach a new trade agreement by then, it will face at least a 30% tariff, and the EU is preparing a full - scale counterattack [6] - **Stock Market Performance**: The broader market opened higher and continued the upward trend in a volatile manner. The Shanghai Composite Index reached a new high for the year, and the ChiNext Index followed the upward trend in the afternoon. A - share trading volume increased to 1.73 trillion yuan [6][7]

Report Industry Investment Rating - Not provided Core Viewpoints - On June 23, all four major stock index futures contracts for the current month rose. IF increased by 0.54%, IH by 0.74%, IC by 0.64%, and IM by 1.01% [1] - On the trading day, the total trading volume of stock index futures decreased, indicating a decline in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 410 lots, IH increased by 132 lots, IC decreased by 19,140 lots, and IM decreased by 28,800 lots. In terms of positions, the total positions of IF increased by 18,334 lots, IH by 12,339 lots, IC by 6,879 lots, and IM by 12,238 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures Contracts**: The closing price of CSI 300 was 3,857.9, up 0.29%. Among its futures contracts, IF2507 closed at 3,823.4, up 0.54% with a basis of -34.5; IF2508 at 3,808.4, up 0.14% with a basis of -49.5; IF2509 at 3,797.4, up 0.68% with a basis of -60.5; IF2512 at 3,769.8, up 0.68% with a basis of -88.1 [1] - **SSE 50 and Related Futures Contracts**: The closing price of SSE 50 was 2,684.78, up 0.41%. Among its futures contracts, IH2507 closed at 2,654, up 0.74% with a basis of -30.78; IH2508 at 2,653.6, up 0.72% with a basis of -31.18; IH2509 at 2,652.8, up 0.74% with a basis of -31.98; IH2512 at 2,652.4, up 0.79% with a basis of -32.38 [1] - **CSI 500 and Related Futures Contracts**: The closing price of CSI 500 was 5,674.17, up 0.61%. Among its futures contracts, IC2507 closed at 5,625.8, up 0.64% with a basis of -48.37; IC2508 at 5,572.8, down 0.31% with a basis of -101.37; IC2509 at 5,524, up 0.70% with a basis of -150.17; IC2512 at 5,407.4, up 0.71% with a basis of -266.77 [1] - **CSI 1000 and Related Futures Contracts**: The closing price of CSI 1000 was 6,078.22, up 1.31%. Among its futures contracts, IM2507 closed at 6,001.4, up 1.01% with a basis of -76.82; IM2508 at 5,929.6, down 0.20% with a basis of -148.62; IM2509 at 5,851.2, up 1.01% with a basis of -227.02; IM2512 at 5,676, up 0.89% with a basis of -402.22 [1] 2. Positions of the Top 20 Members in Stock Index Futures - **IF Contracts**: For IF2507, the long - position increase was 4,133 (net change not disclosed), and the short - position increase was 4,906 (net change not disclosed). For IF2509, the long - position increase was 7,163, and the short - position increase was 8,591. For IF2512, the long - position increase was 1,398, and the short - position increase was 1,455 [5] - **IH Contracts**: For IH2507, the long - position increase was 2,980, and the short - position increase was 2,931. For IH2509, the long - position increase was 5,186, and the short - position increase was 6,487 [5] - **IC Contracts**: For IC2507, the long - position increase was 315, and the short - position increase was 407. For IC2509, the long - position increase was 4,021 (net change 4,258), and the short - position increase was 4,326 (net change 4,716). For IC2512, the long - position increase was -78, and the short - position increase was -17 [5] - **IM Contracts**: For IM2507, the long - position increase was 2,056, and the short - position increase was 1,398. For IM2509, the long - position increase was 6,529 (net change 8,585), and the short - position increase was 6,046 (net change 7,444) [5] 3. Important Drives - Premier Li Qiang will attend the 16th Summer Davos Forum in Tianjin from June 24 to 25 and deliver a special speech at the opening ceremony [6] - The All - China Federation of Industry and Commerce Auto Dealers Chamber of Commerce issued an initiative to optimize the rebate policy and shorten the rebate settlement period for automobile manufacturers [6] - The eurozone's June services PMI hit a new low this year, and the manufacturing PMI remained in contraction. The eurozone's composite PMI dropped from 52.2 in May to 50.8, a five - month low. Germany's composite PMI fell to 49.8, and France's economy unexpectedly contracted to 45.7 [6] - The Shanghai Composite Index closed up 0.65% at 3,381.58 points, the Shenzhen Component Index rose 0.43%, the ChiNext Index rose 0.39%, the Beijing Stock Exchange 50 rose 1.54%, the STAR 50 rose 0.38%, the Wind All - A rose 0.85%, the Wind A500 rose 0.35%, and the CSI A500 rose 0.39%. A - share trading volume was 1.15 trillion yuan, up from 1.09 trillion yuan the previous day. Sectors such as stablecoin concepts, cross - border payment concepts, oil and gas, port shipping, semiconductors, and military industries led the gains, while the large - consumption sector, especially the liquor sector, performed poorly [6]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report provides a comprehensive analysis of the futures index market on June 20, 2025, including data tracking, trading volume, open interest, and basis. It also highlights important geopolitical events and upcoming economic events that may impact the market, along with the performance of the A - share market [1][6]. 3. Summary by Relevant Catalogs 3.1 Futures Index Data Tracking - On June 20, the closing prices and price changes of the four major futures index contracts varied. IF rose 0.31%, IH rose 0.62%, IC fell 0.38%, and IM fell 0.52%. The trading volume, open interest, and basis of different contracts also showed different trends [1]. - The total trading volume of futures indices declined, indicating a decrease in investors' trading enthusiasm. The total trading volume of IF decreased by 24,231 lots, IH by 2,399 lots, IC by 10,030 lots, and IM by 16,453 lots. The total open interest of IF decreased by 29,611 lots, IH by 11,156 lots, IC by 19,814 lots, and IM by 28,914 lots [2]. 3.2 Futures Index Member Position Changes - The long and short positions of the top 20 members in different futures index contracts changed. For example, in the IF2506 contract, the long - position decreased by 19,273 lots and the net long - position decreased by 13,025 lots; the short - position decreased by 14,620 lots and the net short - position decreased by 8,319 lots [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the trend intensity ranging from - 2 to 2, where - 2 represents the most bearish and 2 represents the most bullish [6]. 3.4 Important Drivers - Geopolitical events: Iran's parliament approved the closure of the Strait of Hormuz, and the US claimed to have destroyed Iran's nuclear program [6]. - Upcoming economic events: The 2025 Summer Davos will open in Tianjin, Powell will give semi - annual monetary policy testimony, and many countries will release June PMI data. Additionally, China will announce the profit growth rate of industrial enterprises above a designated size in May [6]. - A - share market performance: The A - share market declined in the afternoon, with the ChiNext Index leading the decline. The market volume shrank to a one - month low, and most stocks closed lower [6].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - On June 19, all four major index futures contracts for the current month declined. IF dropped by 0.8%, IH by 0.63%, IC by 1.03%, and IM by 1.16% [1]. - On the trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF, IH, IC, and IM increased by 11,841, 8,507, 16,933, and 40,215 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 4,729, 2,290, 8,682, and 14,528 lots respectively [1][2]. - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The range of trend intensity is an integer within the [-2, 2] interval [6]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **Closing Prices and Fluctuations**: The closing prices of various index futures contracts declined. For example, the closing price of the CSI 300 was 3,843.09, down 0.82%; IF2506 closed at 3,840.4, down 0.80% [1]. - **Basis**: The basis of different contracts varies. For instance, the basis of IF2506 was -2.69, and that of IH2506 was -6.32 [1]. - **Trading Volume and Turnover**: The trading volume and turnover of each contract also showed different trends. For example, the trading volume of IF2506 was 43,781 lots, with a decrease of 8,584 lots, and the turnover was 50.57 billion [1]. 3.2 Positions of the Top 20 Members - The top 20 members' long and short positions in different index futures contracts changed. For example, in IF2506, the long - position change was -10,890, and the short - position change was -11,117 [5]. 3.3 Important Driving Factors - The US may intervene in the Israel - Iran conflict, leading to a decline in US stock futures and European stocks, and a more than 3% increase in crude oil prices during trading. The Nasdaq 100 futures fell by more than 1%, and the pan - European stock index hit a new low in more than a month [6]. - The Chinese Ministry of Commerce stated that it will continuously accelerate the review of rare - earth related export license applications in accordance with laws and regulations [6]. - The A - share market declined, with the ChiNext Index falling by more than 1%. More than 4,600 stocks in the market declined, and the trading volume reached 1.28 trillion yuan, compared with 1.22 trillion yuan the previous day [7].