1. Report Industry Investment Rating - The investment rating for stock index futures is "Bullish" [1] - The investment rating for treasury bond futures is "Range - bound" [1] 2. Core Viewpoints - For stock indices, on September 15, the A - share market had a narrow - range fluctuation, with the Wind All - A index rising 0.09% and a trading volume of 2.3 trillion yuan. In the long term, the Fed is likely to start a rate - cut cycle in September, and the A - share rate - cut channel may open simultaneously, which is beneficial to the medium - and long - term stock indices. The implementation of the parenting subsidy system is expected to directly increase residents' income. The liquidity market is expected to continue but will show obvious structural characteristics, and sector rotation may accelerate [1] - For treasury bonds, on September 15, treasury bond futures closed with gains. The central bank conducted 280 billion yuan of 7 - day reverse repurchase operations, with a net injection of 88.5 billion yuan. In the short term, with mixed fundamentals, there is no clear inflection point signal in the bond market, which is expected to remain in a wide - range oscillation [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes - **Stock Index Futures**: On September 10, IH was at 2,937.8, up 0.42% from the previous day; IF was at 4,432.4, up 0.14%; IC was at 6,863.4, down 0.14%; IM was at 7,151.0, down 0.21% [3] - **Stock Indices**: On September 10, the Shanghai Composite 50 was at 2,939.6, up 0.37%; the CSI 300 was at 4,445.4, up 0.21%; the CSI 500 was at 6,932.1, up 0.05%; the CSI 1000 was at 7,230.2, up 0.06% [3] - **Treasury Bond Futures**: On September 10, TS was at 102.35, down 0.03%; TF was at 105.43, down 0.14%; T was at 107.49, down 0.26%; TL was at 114.76, down 0.83% [3] 3.2 Market News - In August, the month - on - month decline of PPI ended after 8 consecutive months, turning flat from a 0.2% decline in the previous month. The year - on - year decline was 2.9%, with the decline narrowing by 0.7 percentage points compared to the previous month, the first narrowing since March [4] 3.3 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM main contracts, as well as the trends of the Shanghai Composite 50, CSI 300, CSI 500, and CSI 1000 stock indices [6][7][9] - **Treasury Bond Futures**: The report includes charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [12][15][17] - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - Japanese yen exchange rates [20][21][24]