Core Points - The A-share market continued its upward trend last week, with the Shanghai Composite Index reaching a new high of 3555.22 points before closing at 3510.18 points [1] - All four futures contracts saw gains, with IM and IC performing particularly well, rising by 3.48% and 2.61% respectively, while IF and IH increased by 1.61% and 1.49% [1] - The basis for futures contracts narrowed significantly, with the main contracts for IF, IH, IC, and IM showing discounts of 21.4, 5.2, 4.1, and 141.3 points respectively [1] Trading Volume and Positions - The total open interest for futures contracts increased by 38,663 contracts last week, bringing the total open interest to 990,159 contracts [1] - Each futures contract saw varying degrees of increase in open interest, with IF up by 16,602 contracts to 282,628, IH up by 12,899 contracts to 110,637, IC up by 5,445 contracts to 241,973, and IM up by 3,717 contracts to 354,921 [1] - The top 20 positions for each futures contract saw significant increases, with notable changes in long and short positions across all contracts [2] Position Details - For the IF contract, long positions increased by 15,860 contracts and short positions by 19,446 contracts, resulting in a net short position of 29,525 contracts [2] - The IH contract saw long positions rise by 15,688 contracts and short positions by 19,173 contracts, leading to a net short position of 16,132 contracts [2] - The IC contract had long positions increase by 9,676 contracts and short positions by 12,573 contracts, resulting in a net short position of 12,828 contracts [2] - The IM contract experienced a rise in long positions by 1,434 contracts and short positions by 4,604 contracts, leading to a net short position of 38,822 contracts [2] Market Activity - The overall increase in total open interest indicates heightened market activity, suggesting a more active trading environment [2] - The short-term gains in futures contracts may lead to a potential slowdown in upward momentum in the near future [2]

Group 1 - The A-share market experienced a slowdown in upward momentum, with the Shanghai Composite Index retreating after reaching 3400 points, ultimately closing at 3377 points, down 0.25% for the week [1] - The main futures contracts IF and IC saw slight increases of 0.07% and 0.15% respectively, while IH and IM contracts decreased by 0.28% and 0.16% [1] - There was a significant increase in futures positions, with a total increase of 67,798 contracts across four varieties, bringing total positions to 896,308 contracts [1] Group 2 - All major futures contracts showed an increase in positions among the top 20 holders, indicating a bullish sentiment [2] - Specifically, the IF long positions increased by 20,933 contracts, while short positions rose by 17,456 contracts, resulting in a net short position decrease to 21,692 contracts [2] - The market showed a notable divergence in positions, with significant increases in long positions from various firms, indicating a potential shift in market sentiment [2] Group 3 - Overall, the futures market exhibited relatively flat movements, but there was a substantial increase in main contract holdings, suggesting heightened trading activity [3] - The resurgence of geopolitical tensions in the Middle East is expected to increase short-term volatility in the futures market [3]