Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The preventive interest rate cut by the Federal Reserve will boost subsequent risk assets and equity markets. A-shares rebounded on Wednesday, with the Shenzhen market performing significantly stronger than the broader market, and a clear structural market in technology stocks. In the short term, stock index futures may seek to break through the upper limit of the trading range. The strategy remains unchanged, focusing on technology growth and large financial sectors, such as computing power and robotics in specific sectors, and maintaining a long position in the SSE 50 and CSI 1000 in stock index futures [2][3][5]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Overseas Market**: In August, the annualized total of new housing starts in the US was 1.307 million units, lower than the expected 1.365 million and the previous value of 1.429 million. The total number of building permits was 1.312 million units, lower than the expected 1.37 million and the previous value of 1.362 million, indicating a weakening of the US real estate market. The Federal Reserve announced a 25 - basis - point interest rate cut at its September meeting, and the market's expectation for the number of subsequent interest rate cuts this year increased from 1 to 2. The Fed's statement showed a dovish stance, but Powell's speech was hawkish, leading to significant fluctuations in overnight assets [2][7]. - **Domestic Market**: On Wednesday, the broader market opened lower, fluctuated, and then rose 0.37%. The Shenzhen Component Index rose 1.16%, and the ChiNext Index rose 1.95%. The market showed a pattern of index rebound but stock differentiation. Traditional heavy - weight stocks pressured the index, while technology stocks supported the market, with a clear structural market in technology stocks. Among sectors, power equipment, automobiles, household appliances, coal, and machinery had the highest gains, while agriculture, forestry, animal husbandry, and fishery, commerce and retail, social services, food and beverages, and textile and apparel had the largest losses [3][8]. 3.2 Important News - **Federal Reserve Meeting**: The Fed cut interest rates by 25 basis points in September, with only Milan opposing and supporting a 50 - basis - point cut. Powell said the labor market risk was skewed downward, and this rate cut could be seen as a risk - management measure. The median of the dot - plot implied a total of 3 interest rate cuts (75 basis points) this year and 1 cut next year. Milan hoped for a total of 150 basis points of cuts this year. Powell also implicitly expressed concerns about stagflation [9][10]. - **Other News**: The EU announced sanctions against Israel; the US Treasury Secretary's property issue was similar to the reason for Cook's removal; the Bank of Canada cut the benchmark interest rate by 25 basis points to 2.50%; the State - owned Assets Supervision and Administration Commission will promote strategic and specialized restructuring and integration of state - owned enterprises; from January to August, the securities transaction stamp duty revenue increased by 81.7% year - on - year, and the national general public budget revenue was 14.8198 trillion yuan, up 0.3% year - on - year; Li Jiachao aims to make Hong Kong an international gold trading market; the Ministry of Industry and Information Technology solicited opinions on standards for intelligent connected vehicle combined driving assistance [11][12]. 3.3 Today's Strategy - The Federal Reserve cut interest rates by 25 basis points as expected, and there will be 2 more cuts in the second half of the year. Although overnight asset prices fluctuated significantly due to Powell's hawkish remarks, the preventive interest rate cut will boost the subsequent equity market. The strategy remains unchanged, focusing on technology growth and large financial sectors, such as computing power and robotics in specific sectors, and maintaining a long position in the SSE 50 and CSI 1000 in stock index futures [2][5][13]. 3.4 Futures Market Tracking - **Futures Performance**: Data on the closing prices, settlement prices, price changes, price change rates, basis, and other indicators of various stock index futures contracts such as the SSE 50, CSI 300, CSI 500, and CSI 1000 are provided, showing the performance of different contracts on a specific day [15]. - **Trading Volume and Open Interest**: Data on the trading volume, trading volume changes, turnover, turnover changes, open interest, open interest changes, and other indicators of various stock index futures contracts are provided, as well as the changes in the net positions of the top 20 member institutions [16]. 3.5 Spot Market Tracking - **Market Index Performance**: Information on the current points, daily, weekly, monthly, and annual price changes, trading volume, price - to - earnings ratios, and other indicators of major market indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided [39]. - **Sector Performance**: The performance of various sectors, including upstream, mid - stream, consumer, TMT, finance, and public utilities sectors, is presented, including price changes, trading volume, and price - to - earnings ratios [39]. - **Market Style Impact**: The impact of different market styles (cyclical, consumer, growth, financial, and stable) on major market indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 is analyzed, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions [40][41]. 3.6 Liquidity Tracking - **Central Bank Operations**: Information on the central bank's open - market operations, including money injection, money withdrawal, and net money injection, is presented [52][53]. - **Shibor Rates**: The levels of Shibor rates for different tenors (overnight, 1 - week, 2 - week, and 1 - month) are shown [52][53].