Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Overseas: Last week, US economic data rebounded, with both the August services PMI and manufacturing PMI exceeding expectations, and the manufacturing PMI rising above the boom - bust line. Powell signaled a neutral - dovish stance at the Jackson Hole central bank symposium, suggesting a possible policy adjustment and hinting at a rate cut. However, the long - term inflation target remains at 2%. The market's expectation of a rate cut this year has increased, leading to a decline in the US dollar index, a fall in US Treasury yields, a rise in gold prices, and an increase in the Dow and S&P, while the Nasdaq slightly declined. Attention should be paid to the July PCE data and economic data to be released this week, as an economic recovery may increase the expectation of no rate cut in September [1]. - Domestic: Despite the July economic data (industrial added value, retail sales, and fixed - asset investment) falling short of expectations, the A - share market rebounded last week, reaching a new high since September 24, 2024. The market's expectation of increased economic policies supported the A - share market. Although the fundamentals are still weak, the A - share market has the basis for a slow - bull market. In the short term, if the market can break through the 3900 - point pressure level, it may continue to rise to 4000 points; otherwise, there may be short - term changes. The strategy is to focus on technology growth stocks and maintain long positions in the Shanghai 50 and CSI 1000 indices [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Tracking - The report presents various charts showing the basis of different contracts (such as CSI 300, Shanghai 50, and CSI 500) and their inter - period spreads, including the basis of each contract and the spreads between the current month and the next month, the current month and the current quarter, and the next month and the current quarter [5][6][12]. 3.2 Spot Market Tracking - Charts display important index valuations (including Shanghai Composite Index, Shenzhen Component Index, etc.), Shenwan valuations, market weekly average trading volume, market weekly average turnover rate, the number of rising and falling stocks in the two markets, index trading volume changes, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balances, and margin trading net purchase amounts and their proportions in A - share trading volume [17][19][21]. 3.3 Liquidity Tracking - Charts show central bank open - market operations (including currency injection, currency withdrawal, and net currency injection) and Shibor interest rate levels [28][29][30]. 3.4 Research Team Introduction - The report introduces the members of the Chuangyuan Research team, including their positions, educational backgrounds, professional experiences, and relevant qualifications in different research groups such as macro - finance, non - ferrous metals, black building materials, energy chemicals, and agricultural and sideline products [33][34].