Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view for stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly. The overall reference view is wide - range oscillation [1][5] - The short - term oscillation is due to the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1][5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices, but short - term attention should be paid to the intensity of profit - taking at the current position [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillating strongly, and the overall view is wide - range oscillation. The core logic is the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices rebounded unilaterally. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2464.6 billion yuan, an increase of 460.6 billion yuan from the previous day [5] - Since early September, due to the significant increase in the prices of some stocks and the notable improvement in the valuation side, some investors' willingness to chase the rise has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices [5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices. The finance minister pointed out that more active macro - policies will be implemented, and the weak inflation data in August means that demand - boosting policies will continue to be introduced. Meanwhile, incremental funds are continuously flowing into the stock market, with the margin balance exceeding 2.3 trillion yuan, and the trend of residents' transfer from fixed - deposits to the equity market is gradually forming. The expectation of the Fed's interest rate cut is also conducive to the inflow of funds into emerging economies [5] - In the short term, stock indices are expected to mainly show wide - range oscillation, and the subsequent market trend depends on the game between fund profit - taking and the fermentation of policy expectations [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall reference view for financial futures in the stock index sector is "up". The short - term view is "sideways to bullish", and the medium - term view is "up". The core logic is that policy - side positive expectations provide strong support, and factors such as increased trading volume, positive policies, loose liquidity, and the Fed's dovish turn drive the stock index's valuation repair [1][5]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is "sideways", the medium - term view is "up", the intraday view is "sideways to bullish", and the reference view is "up". The core logic is that policy - side positive expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Core Logic**: Yesterday, all stock indices fluctuated upwards. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.177 trillion yuan, an increase of 598.1 billion yuan from the previous day. The stock market trading volume exceeded 3 trillion yuan, attracting funds into the stock market and driving the stock index's valuation repair. Positive policies optimize the supply - demand structure, promote price index recovery, and boost corporate profit repair expectations. Loose domestic liquidity and the Fed's dovish turn also contribute to the inflow of funds into the stock market, making the short - term risk preference positive and the stock index running sideways to bullish [5].

Core Viewpoint - The AI Fund Nord New Energy Vehicles A (014829) reported a profit of 84,600 yuan for Q2 2025, with a weighted average profit per fund share of 0.0073 yuan, and a net asset value growth rate of 1.2% during the reporting period [3] Fund Performance - As of July 18, 2025, the fund's unit net value was 1.194 yuan [3] - The fund's performance over various time frames includes: - 3-month net value growth rate: 14.46%, ranking 54 out of 171 comparable funds [4] - 6-month net value growth rate: 20.80%, ranking 22 out of 171 comparable funds [4] - 1-year net value growth rate: 36.78%, ranking 27 out of 166 comparable funds [4] - 3-year net value growth rate: 12.30%, ranking 4 out of 125 comparable funds [4] Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.3189, ranking 6 out of 120 comparable funds [8] - The maximum drawdown over the past three years is 31.49%, ranking 119 out of 122 comparable funds [10] - The largest single-quarter drawdown occurred in Q2 2022, at 21.21% [10] Investment Strategy - The fund's average stock position over the past three years was 89.4%, compared to a peer average of 87.02% [13] - The fund reached its highest stock position of 93.04% at the end of H1 2024, while the lowest was 70.23% at the end of H1 2022 [13] Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 12.1135 million yuan [14] - The top ten holdings of the fund include: - Ganfeng Lithium - Sanhua Intelligent Control - Xinquan Co., Ltd. - China Automotive Engineering Research Institute - Baolong Technology - Top Group - China National Heavy Duty Truck Group - Ruihu Mold - Yutong Bus - Huace Testing [17]