1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The futures index is in a volatile pattern with support at the bottom [3]. 3. Summary by Relevant Catalogs 3.1. Futures Index Data Tracking - On July 26, 2025, the current - month contracts of the four major futures indices showed mixed performance. IF fell 0.48%, IH fell 0.58%, IC fell 0.02%, and IM rose 0.03% [1]. - In terms of closing prices, index values were as follows: CSI 300 was 4127.16, SSE 50 was 2795.51, CSI 500 was 6299.59, and CSI 1000 was 6706.61 [1]. - In terms of trading volume, the total trading volume of futures indices declined, indicating a decrease in investors' trading enthusiasm. IF's total trading volume decreased by 21687 lots, IH's by 6615 lots, IC's by 18535 lots, and IM's by 45693 lots [2]. - In terms of positions, IF's total position decreased by 11192 lots, IH's by 3451 lots, IC's by 4233 lots, and IM's by 11290 lots [2]. 3.2. Futures Index Member Position Changes - For IF contracts, the long - order changes of IF2508, IF2509, and IF2512 were - 3625, - 5795, and 532 respectively; the short - order changes were - 4398, - 6036, and 881 respectively [5]. - For IH contracts, the long - order changes of IH2508, IH2509, and IH2512 were - 8, - 2468, and - 154 respectively; the short - order changes were - 508, - 2599, and - 51 respectively [5]. - For IC contracts, the long - order changes of IC2508, IC2509, and IC2512 were - 2215, - 1875, and - 182 respectively; the short - order changes were - 2087, - 2628, and 298 respectively [5]. - For IM contracts, the long - order changes of IM2508, IM2509, and IM2512 were - 2637, - 6387, and - 540 respectively; the short - order changes were - 3420, - 7360, and 142 respectively [5]. 3.3. Trend Intensity and Important Drivers - 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 different levels of strength classification [6]. - The CSRC held a mid - year work meeting, emphasizing the basis and conditions for maintaining the stable and healthy operation of the capital market [6]. - In the first half of 2025, the national general public budget expenditure was 1.41271 trillion yuan, a year - on - year increase of 3.4%. Expenditures in key areas such as social security and employment, science and technology, education, and health increased [6]. - The US Secretary of Commerce said that the tariff increase deadline on August 1 would not be extended [6]. - A high - level US business delegation is set to visit China [6]. 3.4. Stock Market Performance - The Shanghai Composite Index fell 0.33%, the Shenzhen Component Index fell 0.22%, and the ChiNext Index fell 0.23%. The A - share market's full - day trading volume was 1.82 trillion yuan, down from 1.87 trillion yuan the previous day [7]. - Last week, the Shanghai Composite Index rose 1.67%, the Shenzhen Component Index rose 2.33%, and the ChiNext Index rose 2.76%, with all three major indices rising for five consecutive weeks [7]. - In the afternoon session, funds flowed out of cyclical stocks and back into the technology sector. Lithography machines and STAR Market chip stocks were in high demand, and Cambricon once rose 16%. The film and television and rare earth sectors were also active [7].

Group 1: Investment Rating - There is no information provided about the industry investment rating in the report. Group 2: Core View - The stock index futures may shift to a volatile pattern [3] Group 3: Summary of Key Information 1. Index Futures Data - On July 23, the monthly contracts of the four major index futures showed mixed trends. IF rose 0.27%, IH rose 0.46%, IC rose 0.07%, and IM rose 0.01% [1] - In terms of trading volume, the total trading volume of index futures rebounded. IF increased by 13,706 lots, IH by 7,078 lots, IC by 12,645 lots, and IM by 19,443 lots. In terms of positions, IF's total position increased by 1,510 lots, IH decreased by 1,022 lots, IC increased by 2,910 lots, and IM increased by 9,947 lots [1][2] 2. Basis of Index Futures - The report presents the basis trends of IF, IH, IC, and IM from June 27 to July 23 through charts [4] 3. Positions of the Top 20 Futures Members - In the IF series, IF2508's long - position decreased by 56 lots, and short - position decreased by 892 lots; IF2509's long - position decreased by 1,337 lots, and short - position decreased by 515 lots; IF2512's long - position increased by 515 lots, and short - position increased by 553 lots [5] - In the IH series, IH2508's long - position decreased by 569 lots, and short - position decreased by 476 lots; IH2509's long - position decreased by 1,610 lots, and short - position decreased by 1,337 lots; IH2512's long - position increased by 110 lots, and short - position increased by 137 lots [5] - In the IC series, IC2508's long - position decreased by 2,175 lots, and short - position decreased by 1,925 lots; IC2509's long - position increased by 997 lots, and short - position increased by 870 lots; IC2512's long - position increased by 1,088 lots, and short - position increased by 1,539 lots [5] - In the IM series, IM2508's long - position increased by 2,420 lots, and short - position increased by 2,410 lots; IM2509's long - position increased by 4,084 lots, and short - position increased by 2,791 lots; IM2512's long - position increased by 1,568 lots, and short - position increased by 2,056 lots [5] 4. Trend Intensity and Important Drivers - 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] - Important drivers include: He Lifeng will go to Sweden to hold economic and trade talks with the US from July 27 to 30; the spot price of industrial silicon rose significantly this week, with the main contract's closing price rising from 8,745 yuan/ton to 9,525 yuan/ton, an increase of 8.92%. The Shanghai Composite Index rose 0.01%, the Shenzhen Component Index fell 0.37%, and the ChiNext Index fell 0.01%. A - share trading volume was 1.9 trillion yuan [6]

| | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 3892.2 | ↓0.06 | | 2602.4 | | | | | | IF2506 | 3883.6 | ↑0.06 | -8.6 | 604 | 51953 | ↓17049 | 102508 | ↓12832 | | IF2507 | 3841.6 | ↑0.01 | -50.6 | 74.7 | 6497 | ↓3910 | 22652 | ↓40 | | IF2509 | 3812.2 | ↓0.07 | -80 | 223 | 19525 | ↓6013 | 85009 | ↓3491 | | IF2512 | 3781.2 | ↓ ...