Report Industry Investment Rating No relevant information provided. Core Viewpoints - The communication industry is booming, and the stock index is recovering. Domestically, policies aim for high - quality urban development by 2030 and 2035. Overseas, the US Q2 GDP shows better - than - expected growth, and the number of initial jobless claims is slightly lower than expected. In the A - share market, the three major indices rebounded, with communication, electronics and other sectors rising, and coal and other sectors falling. The trading volume of the two markets was 3 trillion yuan. US stock indices also rose slightly. In the futures market, the basis of stock index futures declined, and the trading volume increased with increased positions in IF and IM [1]. - In a bull - market expectation, market adjustments are often presented through intensified intraday fluctuations, and this feature is expected to continue until the parade. A more sufficient short - term adjustment is beneficial for the long - term market trend [2]. Summary of Sections Market Analysis - **Macro - economic situation**: Domestically, the policy is to promote high - quality urban development, with key progress by 2030 and basic completion by 2035. Overseas, the US Q2 real GDP annualized revised value increased by 3.3% quarter - on - quarter, higher than the expected 3.1% and the initial value of 3%. The number of initial jobless claims last week was 229,000, slightly lower than the expected 230,000 [1]. - **Spot market**: A - share indices rebounded. The Shanghai Composite Index rose 1.14% to 3,843.6 points, and the ChiNext Index rose 3.82%. The communication, electronics and other sectors led the gains, while coal and other sectors led the losses. The trading volume of the two markets was 3 trillion yuan. US stock indices rose slightly, with the S&P 500 rising 0.32% to 6,501.86 points [1]. - **Futures market**: The basis of stock index futures declined again, with near - month contracts in contango. The trading volume of stock index futures increased, and the positions of IF and IM increased [1]. Strategy - Market adjustments are likely to continue to show intensified intraday fluctuations until the parade. A more thorough short - term adjustment is favorable for the long - term market [2]. Chart References - **Macro - economic charts**: Include charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends [4][5]. - **Spot market tracking charts**: Present the daily performance of major domestic stock indices, trading volume of the two markets and margin trading balance [4][5][12]. - **Stock index futures tracking charts**: Provide data on the trading volume, positions, basis and inter - period spreads of stock index futures [4][5][14].

1. Report Industry Investment Rating - The investment rating for the stock index is "volatile" [5] 2. Core View of the Report - In the short term, the overall stock market remains bullish, but attention should be paid to the risks of some over - rising companies during the interim report season. Although there are fundamental pressures in the short term, the stock market does not price them more. After Powell's dovish speech, the expectation of loose liquidity may further boost risk appetite, and the bullish pattern of the stock index will be maintained in the short term [3][11] 3. Summary According to the Directory 3.1 One - week View and Overview of Macro Key Events 3.1.1 Next - week View - The overall stock market remains bullish in the short term, but attention should be paid to the performance of interim reports. The Shanghai Composite Index has reached the third - highest level in history, and the trading volume has reached an average daily level of 2.5 trillion yuan. The "bull market expectation" has gained more consensus. Powell's dovish speech may boost risk appetite, but risks of over - rising companies during the interim report season should be noted [3][11] 3.1.2 This - week Key Event Concerns - **August 18th**: The central bank aims to stimulate the vitality of the movable property financing market; the China Index Academy reported that in July, the second - hand housing price dropped by 0.77% month - on - month; the State Council emphasized measures to consolidate the stabilization of the real estate market [12][13][14] - **August 19th**: From January to July, the national general public budget revenue increased by 0.1% year - on - year; Shanghai's private enterprises' exports increased significantly; the central bank added 100 billion yuan in re - loans for supporting agriculture and small businesses [15][17][18] - **August 20th**: The LPR remained unchanged in August; the national leaders emphasized promoting major projects such as the Yaxia Hydropower Project and the Sichuan - Tibet Railway [19][20] - **August 21st**: The total electricity consumption in July reached 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6%; 500 billion yuan in new policy - based financial instruments are expected to be implemented [21][23] - **August 22nd**: The national leaders will attend relevant activities of the SCO Summit; the State Council executive meeting heard a report on the implementation of equipment renewal and consumer goods replacement policies [24][25] 3.2 One - week Market Quotes Overview 3.2.1 Global Stock Market Weekly Overview - From August 18th to 22nd, the global stock market denominated in US dollars rose. The MSCI Global Index rose 0.34%, with developed markets (+0.44%) > frontier markets (-0.24%) > emerging markets (-0.46%). The Swiss stock market led the world with a 2.14% increase, while the Taiwanese stock market had the worst performance with a 4.93% decline [2][26] 3.2.2 Chinese Stock Market Weekly Overview - Chinese equity assets rose significantly. A - shares > Chinese concept stocks > Hong Kong stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2.588 trillion yuan, an increase of 485.8 billion yuan from last week. Most indices rose by more than 3%, with the STAR 50 rising 13.31% and the SSE 50 rising 3.38% [2][29] 3.2.3 Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets - Most GICS primary industries in the global market rose, with the energy sector leading (+2.16%) and the information technology sector performing poorly (-1.62%). In the Chinese market, the information technology sector led the rise (+8.68%), and the real estate sector lagged (+0.75%) [33] 3.2.4 Weekly Overview of China A - share CITIC Primary Industries - Among A - share CITIC primary industries, 30 rose (22 last week) and 0 fell (8 last week). The leading industry][ was communication (+10.47%), and the industry that underperformed the most was real estate (+0.98%) [34] 3.2.5 Weekly Overview of China A - share Styles - The large - cap growth style was dominant. The growth style outperformed the value style, and the market - cap style favored large - caps [39] 3.2.6 Overview of Stock Index Futures Basis - Relevant charts show the basis of IH, IF, IC, and IM in the past 6 months [43][44] 3.3 Index Valuation and Earnings Forecast Overview 3.3.1 Broad - based Index Valuation - Valuation data of various broad - based indices such as the SSE 50, CSI 100, etc., including PE, PB, and their changes during the year are presented [46] 3.3.2 Primary Industry Valuation - Valuation data of various primary industries such as petroleum and petrochemicals, coal, etc., including PE, PB, and their changes during the year are presented [47] 3.3.3 Equity Risk Premium of Broad - based Indices - The ERP of the CSI 300, CSI 500, and CSI 1000 declined rapidly this week [48][53] 3.3.4 Consensus Earnings Growth Forecast of Broad - based Indices - The expected earnings growth rate of the CSI 300 in 2025 was adjusted down to 7.90%, and in 2026, it was adjusted up to 8.20%; for the CSI 500, the 2025 expected earnings growth rate was adjusted up to 32.41%, and in 2026, it was adjusted up to 16.68%; for the CSI 1000, the 2025 expected earnings growth rate was adjusted up to 41.82%, and in 2026, it was adjusted down to 18.04% [54] 3.4 Liquidity and Capital Flow Tracking 3.4.1 Interest Rates and Exchange Rates - This week, the 10 - year and 1 - year bond yields rose, and the spread widened. The US dollar index was 97.7, and the offshore RMB exchange rate was 7.17 [62] 3.4.2 Tracking of Trading - type Funds - The average daily northbound trading volume increased by 66.8 billion yuan compared with last week, and the margin trading balance increased by 83.2 billion yuan [65] 3.4.3 Tracking of Funds Flowing in through ETFs - There are 29 on - market ETFs tracking the CSI 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 39 tracking the CSI A500. This week, the share of ETFs tracking the CSI 300 decreased by 1 billion shares, the share of ETFs tracking the CSI 500 increased by 760 million shares, the share of ETFs tracking the CSI 1000 increased by 80 million shares, and the share of ETFs tracking the CSI A500 decreased by 2.4 billion shares [67][68][70] 3.5 Tracking of Domestic Macro High - frequency Data 3.5.1 Supply Side - The coking start - up rate rebounded [73] 3.5.2 Consumption Side - Real estate transactions remained sluggish, but the year - on - year growth rate of passenger car wholesale sales rebounded, and the crude oil price dropped to around $68 per barrel [81][89] 3.5.3 Inflation Observation - The price of production materials rebounded from a low level, while agricultural product prices reached a new low for the year [91][92]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As the equity market continues to break through and rise, a positive cycle is formed between the market's profit - making effect and the continuous influx of funds, solidifying the "bull market expectation". Convertible bonds rise in tandem with the underlying stocks. Due to the supply - demand mismatch in the convertible bond market, the number of convertible bonds redeemed early in the bull market increases, leading to a decrease in supply, while the continuous expansion of the "fixed - income +" strategy boosts the demand for convertible bonds, driving up the valuation of convertible bonds. Currently, the 100 - yuan valuation of convertible bonds is approaching the historical high of around 40%. Low - price convertible bonds have limited upside potential, while high - price and low - premium convertible bonds are expected to fully release their bull - market elasticity, and equity - like convertible bonds may become the key focus of the market [2][7]. 3. Summary by Directory 3.1 Weekly Views and Outlooks - With the equity market's upward trend, the "bull market expectation" is strengthened. Convertible bonds follow the underlying stocks. The supply - demand imbalance in the convertible bond market, with reduced supply due to early redemptions and increased demand from "fixed - income +" expansion, pushes up valuations. Low - price convertible bonds face challenges in breaking through price ceilings, while high - price and low - premium convertible bonds are more promising [2][7]. 3.2 Convertible Bond Valuation - This week, convertible bonds and underlying stocks continued to rise strongly, with similar涨幅. The 100 - yuan valuation has exceeded 35% and is approaching the historical high. The market - wide 100 - yuan premium rate of convertible bonds is 37%, up 2.11% from last week, and the latest percentile is at the 95.10% level since 2017. The valuations of high - and low - rated convertible bonds both increased by about 2%. After removing outliers, the 100 - yuan valuations of high - and low - rated convertible bonds are at extreme levels since 2017 [6][8]. - The yield to maturity of convertible bonds reached a new low since 2017, reporting - 7.21%. As of now, the conversion premium rate index, pure - bond premium rate index, and yield to maturity are 43.18%, 47.58%, and - 7.21% respectively, with week - on - week changes of +1.10%, +4.26%, and - 0.93%. Their current percentile levels since 2017 are 63.70, 86.20, and 0.00 respectively [6][13]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Rongtai Convertible Bond, Dongjie Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Chongda Convertible Bond 2, and Dayuan Convertible Bond issued early redemption announcements. Currently, there are 26 convertible bonds that have issued early redemption or maturity redemption announcements but have not yet delisted, with a potential conversion or maturity balance of 4.7 billion yuan for the non - delisted convertible bonds subject to early redemption or maturity redemption [6][18]. - There are currently 45 convertible bonds in the redemption process, and 16 are expected to meet the redemption conditions next week, which should be closely monitored [22]. - Seven convertible bonds issued non - redemption announcements this week [25]. 3.3.2 Downward Revision - Qifan Convertible Bond proposed a downward revision this week. As of now, 132 convertible bonds are in the non - downward - revision period, 23 cannot be downward - revised due to net asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price without an announcement, 25 are accumulating days for downward revision, and 4 have issued downward - revision board proposals but have not yet held a general meeting of shareholders [26]. 3.3.3 Put Option - No convertible bonds issued put - option announcements this week. As of now, 5 convertible bonds are accumulating days to trigger the put - option condition, among which 4 are in the non - downward - revision period and 1 is accumulating days for downward revision [29]. 3.4 Primary Issuance - Jinwei Convertible Bond was issued this week. As of now, Kaizhong Convertible Bond and Jinwei Convertible Bond have been issued but not yet listed, and Weidao Convertible Bond will be listed on August 27th. There are 4 convertible bonds in the approval - for - registration process, with a to - be - issued scale of 4.1 billion yuan, and 4 in the listing - committee - approved process, with a to - be - issued scale of 9 billion yuan [6][31].

Group 1 - Jerome Powell's speech at the Jackson Hole meeting indicated a potential adjustment in monetary policy, leading to significant market volatility [1] - The dollar index experienced its largest single-day drop since April, while major indices like the Dow Jones and Nasdaq saw substantial gains [1] - Market expectations for a rate cut rose sharply after Powell's remarks, with historical data suggesting a high likelihood of rate cuts when pre-meeting expectations exceed 90% [1][2] Group 2 - Powell highlighted challenges in achieving dual goals of employment and inflation, suggesting a downtrend risk in the labor market [2] - The dovish stance from Powell positively impacted both U.S. and Hong Kong stock markets, with the Hang Seng Tech Index futures rising by 2.07% [2] - Following Powell's comments, there was a notable increase in ETF investments in Hong Kong stocks, with significant net inflows observed [3] Group 3 - The A-share market is experiencing accelerated growth, with trading volumes exceeding 2 trillion RMB for eight consecutive days, marking a historical record [4] - Investor sentiment in A-shares is becoming more active, with a notable increase in the "bull market" sentiment index [4] - Predictions suggest that A-shares could potentially break the 4000-point mark by year-end, with a long-term target of 5000 points if asset securitization rates reach 100% [4]

Core Viewpoint - The Shanghai Composite Index has continuously broken through nearly 10-year highs, with the market's margin financing and securities lending balance exceeding 2.1 trillion, indicating a sustained bullish sentiment in the market [1] Group 1: Market Trends - The bullish sentiment has led to increased capital exploration in low-performing sectors of A-shares, with previously lagging areas gradually becoming focal points for investment [1] - The Food and Beverage ETF (515170) has shown a continuous upward trend, with the stock of Jiu Gui Jiu experiencing a significant increase of nearly 7% after two consecutive trading limits, highlighting the market's enthusiasm for the liquor sector [1] Group 2: Sector Analysis - The liquor sector is expected to continue attracting capital attention due to its stable fundamentals and potential for valuation recovery [1] - As bullish expectations strengthen, the heat in low-valuation sectors is likely to rise, with the Food and Beverage ETF (515170), heavily invested in liquor and dairy products, poised to capitalize on the market's positive sentiment and become a driving force in the next round of rebound [1]

Report Industry Investment Rating - The industry investment rating is "Oscillation" [1] Core Viewpoints of the Report - The bull market sentiment continued to ferment last week, with the stock index hitting a new high for the year. The Shanghai Composite Index broke through the 3,700 - point mark during the week, and the small - cap growth style outperformed. The overseas market sentiment returned to caution, and the US stock market was basically flat. The market is expected to oscillate at a high level this week, and the one - sided trading strategy should focus on short - term long positions within the day [1][2] Summary According to Relevant Catalogs I. Last Week's Stock Index Operation Review 1. Bull Market Atmosphere Continued to Ferment, and A - shares Reached a New High - The bull market atmosphere continued to ferment last week, and the stock index hit a new high for the year. The Shanghai Composite Index broke through 3,700 points. Among the four broad - based indexes, CSI 1000 (+4.09%) > CSI 500 (+3.88%) > SSE 50 (+2.37%) > SSE 50 (+1.57%). Overseas, the international market sentiment became cautious, and US stocks were basically flat, with the Nasdaq rising 0.81% [1][8] 2. Communications and Electronics Led the Rise, and Trading Volume Increased Rapidly - From the perspective of Shenwan's primary industry classification, most sectors rose last week. Communications (+7.66%) and electronics (+7.02%) led the gains, while banks (-3.19%) and steel (-2.04%) lagged. The A - share trading volume increased rapidly and exceeded 2 trillion at the end of the week [2][9] 3. The Premium of Stock Index Futures Narrowed Rapidly, and the Option Volatility Increased Rapidly - In the futures market, the basis of each stock index futures (spot - futures) declined last week. In operation, short - term long positions within the day are appropriate, and it is an opportunity to lay out long - term long positions when there is a sharp decline. In the options market, the implied volatility of stock index options increased, and the at - the - money IV of the current - month SSE 300 Index reached around 18%. One can try short - term double - selling to reduce volatility [3][10] II. Fundamental Elements Review and Market Outlook 1. The Central Bank Conducted a Net Withdrawal of 41.49 Billion Yuan in the Open Market Last Week - In terms of inter - bank liquidity, the central bank conducted a net withdrawal of 41.49 billion yuan in the open market last week, with 71.18 billion yuan in reverse repurchase operations and 112.67 billion yuan in reverse repurchase maturities. Inter - bank interest rates changed little, with Shibor overnight rising 8.36bp, Shibor one - week rising 2.94bp, etc. [69] 2. Short - Term Sentiment Remained Strong, and One - Sided Operations Became More Difficult - In the short term, investor sentiment remained strong. The brokerage sector related to the bull market expectation performed well. However, the rotation of sectors continued, indicating that the main line of the bull market has not been established. The market showed some fear of high prices, but the willingness of funds to enter the market was strong. It is expected that the market will oscillate at a high level this week, and one - sided trading strategies should focus on short - term long positions within the day [2][70] III. Economic Data & Financial Event Forecast 1. Macroeconomic Data Release - On August 19th (20:30), the data of new housing starts in the US in July will be released [101] 2. Key Financial Events - There are no major financial events [101]

Group 1 - The securities industry is undergoing significant changes due to reforms and mergers, leading to turbulence for both buy-side (funds) and sell-side (brokerage research) entities [1][2] - There is a notable talent migration within the industry, with several chief analysts from Guolian Minsheng leaving for other firms, particularly Guojin Securities [2][4] - Guojin Securities is actively recruiting talent from other firms, including former analysts from Minsheng Securities and other brokerages, indicating a strategic shift in its research and sales teams [4][5][6] Group 2 - Guojin Securities aims to regain its former glory by enhancing its research capabilities and has set ambitious goals to return to the top ten in the industry within five years [14][15] - The firm has undergone a transformation from a profit center to a cost center, focusing on increasing research investment and improving its external influence [14][16] - Guojin Securities has received multiple accolades in external evaluations from 2022 to 2024, indicating progress in its research reputation [17] Group 3 - Huajin Securities is also expanding its research capabilities by hiring key personnel from Minsheng and Guolian, signaling its intent to strengthen its position in the market [19][20] - The firm is leveraging its backing from Zhuhai Huafa Group to enhance its securities business, which has been under pressure due to the real estate sector's challenges [20][21] - Huajin Securities is planning to develop a research brand focused on "finance and new productive forces," aiming to create a think tank service platform for various stakeholders [22][23]

Core Viewpoint - The recent adjustment in A-shares is a result of profit-taking pressure and changes in expectations after a period of continuous gains, leading to a cooling of market sentiment, which is expected to stabilize and support a slow bull market in the long run [1] Group 1: Market Conditions - The current environment of global monetary easing and ample liquidity in A-shares remains unchanged, supporting investor bullish expectations and structural prosperity in new sectors [2][3] - The political bureau meeting emphasized maintaining liquidity and promoting a decline in comprehensive financing costs, which will continue to support the equity market [2] Group 2: Policy and Economic Outlook - There is a cooling expectation regarding incremental policies and pro-cyclical measures, as the July Politburo meeting did not deploy new policies but focused on detailed macroeconomic efforts [2] - The uncertainty regarding the Federal Reserve's interest rate cut schedule has increased, with market expectations for a rate cut in September dropping from 63% to 38% after the July non-farm payroll data, before rising to 80% following the data release [2] Group 3: Sector Focus - Key sectors to watch include semiconductors, AI applications, humanoid robots, innovative pharmaceuticals, non-ferrous metals, defense and military industry, transportation, and non-bank financials [1] - The structural prosperity in new sectors remains unchanged, with positive performance forecasts in industries such as non-bank financials, non-ferrous metals, electronics, and agriculture as of August 1 [3]

Group 1 - The convertible bond market continues to see rising valuations, with prices reaching new highs, supported by strong demand in the fixed income market and low positions in convertible bonds [5][8][19] - The absolute price median of convertible bonds has reached 128 yuan, indicating a significant increase in valuation levels [8][19] - The market sentiment is bolstered by various events, including the commencement of construction on the Yashan Hydropower Station and the AI conference, which have strengthened bullish expectations [8][11] Group 2 - From July 21 to July 25, the equity market experienced a continuous upward trend, with the Shanghai Composite Index rising by 1.67% and the ChiNext Index increasing by 2.67% [11] - The average daily trading volume increased significantly to 1.84 trillion yuan, indicating heightened market activity [11] - The trading volume of convertible bonds reached 80.674 billion yuan, with the China Convertible Bond Index rising by 2.14% [19][29] Group 3 - The report suggests that the systemic risk for convertible bonds remains low, with a strong expectation for performance until September [5][8] - The report recommends focusing on low-priced and equity-oriented individual bonds, as the difficulty in selecting bonds increases under the current price structure [5][19] - The report highlights that high-priced and mid-high rated convertible bonds performed well, while AAA-rated and large-cap bonds showed relative weakness [19]

Report Industry Investment Rating - No information provided Core Viewpoints - The domestic "anti-involution" policy continues to advance, and the related themes remain hot, but short-term hot trading fluctuates repeatedly. The market completed a washout in a low-open and high-go trend, and the Shanghai Composite Index successfully regained 3600 points. As the market's consensus on the "bull market" expectation gradually strengthens, margin trading funds and equity funds, as important incremental sources for this round of the market, are continuously injecting vitality into the market and promoting the spread of the profit-making effect [1][2][3] Summary by Directory 1. Market Analysis - **Domestic Policy**: The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the revised draft of the Price Law, improving the standards for identifying dumping at low prices, regulating market price order, and governing "involution-style" competition [1] - **Overseas Economy**: In July, the preliminary value of the US S&P Global Manufacturing PMI dropped to 49.5, the lowest since December 2024, while the preliminary value of the Services PMI was 55.2, and the preliminary value of the Composite PMI was 54.6, both hitting new highs since December 2024. The number of initial jobless claims last week was 217,000, the lowest level since mid-April, lower than the market expectation of 226,000 and the previous value of 221,000 [1] - **Spot Market**: A-share's three major indexes opened low and closed high, with the Shanghai Composite Index rising 0.65% to close at 3605.73 points, and the ChiNext Index rising 1.50%. Most sector indexes rose, with beauty care, non-ferrous metals, steel, and commercial retail industries leading the gains, while only the banking, communication, and public utilities industries closed down. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.84 trillion yuan. Overseas, the three major US stock indexes closed mixed, with the Dow Jones Industrial Average falling 0.7% and the Nasdaq rising 0.18% to 21057.96 points [2] - **Futures Market**: In the futures market, the basis of stock index futures was repaired. In terms of trading volume and open interest, the trading volume of stock index futures decreased, while the open interest increased [2] 2. Strategy - The domestic "anti-involution" policy continues to advance, and the related themes remain hot. The market completed a washout in a low-open and high-go trend, and the Shanghai Composite Index successfully regained 3600 points. As the market's consensus on the "bull market" expectation gradually strengthens, margin trading funds and equity funds are continuously injecting vitality into the market and promoting the spread of the profit-making effect [3] 3. Macro Economic Charts - The report includes charts on the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends, with data sources from Flush and Huatai Futures Research Institute [6][8][10] 4. Spot Market Tracking Charts - **Stock Index Performance**: The daily performance of major domestic stock indexes on July 24, 2025, shows that the Shanghai Composite Index rose 0.65%, the Shenzhen Component Index rose 1.21%, the ChiNext Index rose 1.50%, the CSI 300 Index rose 0.71%, the SSE 50 Index rose 0.32%, the CSI 500 Index rose 1.56%, and the CSI 1000 Index rose 1.42% [13] - **Market Data**: The report also includes charts on the trading volume of the Shanghai and Shenzhen stock markets and the margin balance, with data sources from Flush and Huatai Futures Research Institute [12][13] 5. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume of stock index futures decreased, while the open interest increased. Specifically, the trading volume of IF was 114,133 (a decrease of 16,976), the open interest was 271,368 (an increase of 2,311); the trading volume of IH was 53,842 (a decrease of 13,034), the open interest was 100,891 (an increase of 135); the trading volume of IC was 95,468 (a decrease of 9,753), the open interest was 229,789 (an increase of 1,553); the trading volume of IM was 205,106 (a decrease of 6,634), the open interest was 338,313 (an increase of 35) [16] - **Basis**: The basis of stock index futures was repaired. The report provides the basis data for different contracts of IF, IH, IC, and IM, including the current month, next month, current quarter, and next quarter contracts [38] - **Inter - delivery Spread**: The report provides the inter - delivery spread data for different contracts of IF, IH, IC, and IM, including the next month - current month, next quarter - current month, etc., and their changes [45] - **Charts**: The report includes charts on the open interest of different contracts, the latest open interest ratio, foreign investors' net open interest, basis, and inter - delivery spread, with data sources from Flush and Huatai Futures Research Institute [6][16][38]