Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The inter - bank market liquidity remains stable and loose, with the DR001 weighted average interest rate around 1.32%. The central bank carried out 5000 billion yuan of 1 - year MLF operations on March 25, 2026, to maintain sufficient liquidity in the banking system [3][4] - After Trump changed his tough stance, the market is trading the possibility of US - Iran negotiations. Iran's statement that non - belligerent vessels can pass through the Strait of Hormuz safely has further boosted risk appetite, and stock index continued to rebound. Although external shocks still exist, the probability of a short - term oversold rebound in the stock index has increased. In the long - term, the stock index is still bullish [5] 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.32%, down 0.23bp; DR007 closed at 1.44%, up 3.26bp; GC001 closed at 1.45%, down 0.50bp; GC007 closed at 1.56%, down 0.50bp; SHBOR 3M closed at 1.52%, down 0.05bp; LPR 5 - year remained at 3.50%; 1 - year treasury bond closed at 1.45%, down 0.50bp; 5 - year treasury bond closed at 1.67%, unchanged; 10 - year treasury bond closed at 1.97%, down 0.10bp; 10 - year US treasury bond closed at 4.39%, up 5.00bp [3] - **Central Bank Operations**: The central bank conducted 785 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. The net investment on the day was 580 billion yuan after deducting the 205 billion yuan of reverse repurchase due. Also, 4500 billion yuan of 1 - year MLF matured, and the central bank will conduct 5000 billion yuan of MLF operations [3] 3.2 Stock Index Data - **Stock Index Performance**: The Shanghai and Shenzhen 300 rose 1.4% to 4537.5; the Shanghai 50 rose 1.01% to 2859.5; the CSI 500 rose 2.24% to 7767.7; the CSI 1000 rose 1.98% to 7751.2. The trading volume of the Shanghai, Shenzhen and Beijing stock markets was 2.19 trillion yuan, an increase of 96.8 billion yuan from the previous day [5] - **Futures Contracts**: IF当月 closed at 4506, up 1.3%; IH当月 closed at 2848, up 0.8%; IC当月 closed at 7686, up 1.7%; IM当月 closed at 7650, up 1.3%. IF trading volume was 102,275, down 13.0%; IF open interest was 260,543, down 1.3%; IH trading volume was 51,519, down 12.9%; IH open interest was 103,242, down 3.0%; IC trading volume was 176,384, down 9.7%; IC open interest was 285,815, down 2.9%; IM trading volume was 223,852, down 23.5%; IM open interest was 375,608, down 6.8% [4] - **Futures Premium and Discount**: IF升贴水 for next - month, next - quarter, current - quarter and current - month contracts were 11.14%, 5.03%, 8.18% and 7.87% respectively; IH升贴水 were 6.40%, 2.89%, 4.38% and 4.78% respectively; IC升贴水 were 16.77%, 12.68%, 12.99% and 10.96% respectively; IM升贴水 were 20.72%, 15.23%, 14.99% and 13.25% respectively [6]

Report Industry Investment Rating No relevant information provided. Core View of the Report - After Trump's statement, the current war situation is shifting towards a low - intensity state, and risk assets generally continue the rebound trend. Domestic stock indices follow the rebound of risk assets, but are generally restricted by the lack of upward - driving factors in the fundamentals, and are expected to undergo a restorative adjustment within a range [3] Summary by Directory 1. Market Analysis - **Macroeconomic Data**: In the first two months of this year, China's total value of goods trade imports and exports was 7.73 trillion yuan, a year - on - year increase of 18.3%. Exports were 4.62 trillion yuan, an increase of 19.2%; imports were 3.11 trillion yuan, an increase of 17.1%. China's imports and exports to the United States decreased by 16.9%, while those to ASEAN and the EU increased by about 20% [1] - **Geopolitical Situation**: Trump said the war with Iran would end "soon" but not this week, and asked Israel to stop further air strikes on Iranian energy facilities. Israeli Prime Minister Netanyahu said the action against Iran was "not over", and an Iranian deputy foreign minister said Iran's priority was "decisive defense" and "the end of the war is in Iran's hands" [1] - **Stock Index Performance**: In the spot market, the three major A - share indices opened higher and closed higher. The Shanghai Composite Index rose 0.65% to 4123.14 points, and the ChiNext Index rose 3.04%. Most sector indices rose, with communication, electronics, machinery, and building materials industries leading the gains, while petroleum and petrochemical, coal, and steel industries led the declines. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the three major US stock indices closed mixed, with the S&P 500 index down 0.21% to 6781.48 points and the Nasdaq up 0.01% to 22697.1 points [1] - **Futures Market**: In the futures market, the basis of IC and IM declined. The trading volume and open interest of index futures decreased simultaneously [2] 2. Strategy - Given the current situation where the war situation is shifting to a low - intensity state and risk assets are rebounding, domestic stock indices are expected to have a restorative adjustment within a range due to the lack of upward - driving factors in the fundamentals [3] 3. Charts Summary - **Macroeconomic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US treasury bond yields and A - share trends, RMB exchange rate and A - share trends, and US treasury bond yields and A - share style trends [6][8][10] - **Spot Market Tracking Charts**: Present the daily performance of major domestic stock indices, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., as well as charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [6][13][14] - **Stock Index Futures Tracking Charts**: Provide data on the trading volume and open interest of stock index futures (IF, IH, IC, IM), their basis, and inter - period spreads, along with relevant charts [6][15][36]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoint of the Report - Geopolitical situation may change, and attention should be paid to the rebound opportunities of stock index. The current geopolitical situation may ease, which may drive the price rebound of other assets, but one should remain vigilant as there are still "aftershock" risks [2][3] 3. Summary According to Relevant Catalogs 3.1 Market Analysis - **Macroeconomic Indicators**: In China, the CPI in February increased by 1.3% year - on - year, the highest in nearly three years, and the core CPI excluding food and energy prices increased by 1.8% year - on - year. The national PPI decreased by 0.9% year - on - year, with the decline narrowing for three consecutive months. Overseas, Trump said the war between the US and Iran might end soon [2] - **Stock Market Performance**: A - share market: The three major A - share indexes opened lower and closed higher. The Shanghai Composite Index fell 0.67% to close at 4096.6 points, and the ChiNext Index fell 0.64%. Most sector indexes declined, with coal, computer, and power equipment industries leading the gains, and communication, transportation, beauty care, and national defense and military industries falling more than 2%. The market turnover on that day was about 2.7 trillion yuan. Overseas: The three major US stock indexes all closed higher, with the Nasdaq rising 1.38% to 22695.95 points [2] - **Futures Market**: In the futures market, the basis of all IC and IM contracts rebounded. The trading volume and open interest of stock index futures increased simultaneously [2] 3.2 Strategy - The seesaw effect between crude oil and other assets is prominent recently. The current geopolitical situation may ease, which may drive the price rebound of other assets, but one should remain vigilant as there are still "aftershock" risks [3] 3.3 Charts and Tables - **Macroeconomic Charts**: Include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [6][10][8] - **Spot Market Tracking Charts**: The daily performance of major domestic stock indexes on March 9, 2026, shows that all indexes declined to varying degrees. The Shanghai Composite Index fell 0.67%, the Shenzhen Component Index fell 0.74%, the ChiNext Index fell 0.64%, etc. Also include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13][14] - **Stock Index Futures Tracking Charts**: - **Open Interest and Trading Volume**: The open interest and trading volume of IF, IH, IC, and IM all increased. For example, the open interest of IF was 147,766, an increase of 53,708, and the trading volume was 290,004, an increase of 18,910 [17] - **Basis**: The basis of all contracts of IC and IM rebounded. For example, the basis of the current - month contract of IF was - 16.26, a decrease of 1.82 [34] - **Inter - period Spread**: The inter - period spreads of different contracts of IF, IH, IC, and IM are provided, including the spread between the next - month and current - month contracts, the next - quarter and current - month contracts, etc. [39][41]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The goals set in the Government Work Report are basically in line with market expectations, and there are no obvious incremental measures exceeding expectations at the policy level. The overall policy tone continues the previous one, and its boosting effect on the market is relatively limited. The market is expected to maintain a volatile repair pattern, and attention should be paid to the relevant content of the press conference on the economic theme during the Two Sessions [1][3] 3. Summary by Directory 3.1 Market Analysis - **Macro Aspect**: The Government Work Report sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target of creating over 12 million new urban jobs, a CPI increase of about 2%, and a reduction in carbon dioxide emissions per unit of GDP by about 3.8% [1] - **Middle East Situation**: Tensions are high, with Iran preparing for a potential US ground invasion and rejecting restarting negotiations with the US. Trump's remarks on determining Iran's next supreme leader were strongly refuted by Iran, and Israel launched the 13th round of air strikes on Tehran [1] - **US Domestic Situation**: 24 US states sued to block new tariff measures announced by the Trump administration [1] - **Stock Market**: A-shares continued to rebound, with the Shanghai Composite Index rising 0.64% to 4108.57 points and the ChiNext Index rising 1.68%. Most sector indices declined, with oil and petrochemicals, coal, transportation, and banking leading the gains, while national defense and military industry, electronics, computers, and media sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the US three major stock indices all closed down, with the Dow Jones Industrial Average falling 1.61% to 47954.74 points. The number of initial jobless claims in the US last week was 213,000, slightly lower than the expected 215,000 [2] - **Futures Market**: The basis of IF, IC, and IM futures contracts declined, and the trading volume and open interest of stock index futures increased simultaneously [2] 3.2 Strategy - Pay continuous attention to the positive signals that may be released during the Two Sessions. If there is no content exceeding expectations, the market is expected to maintain a volatile repair pattern. Focus on the relevant content of the press conference on the economic theme during the Two Sessions today [3] 3.3 Charts - **Macro Economic Charts**: Include the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A-share trends, and the relationship between US Treasury yields and A-share styles [6][8][10] - **Spot Market Tracking Charts**: Show the daily performance of major domestic stock indices, the trading volume of the Shanghai and Shenzhen stock markets, and the margin trading balance [6][13][14] - **Stock Index Futures Tracking Charts**: Provide information on the trading volume, open interest, basis, and inter - period spreads of IF, IH, IC, and IM futures contracts, as well as the open interest and net positions of foreign investors in these contracts [6][15][17]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The most impactful phase of Sino - US relations on the market may have passed, and market risk appetite is gradually recovering, driving the rebound of the CSI 500 and CSI 1000 indices, while the SSE 50 and SSE Composite 300 indices maintain a stable operation trend [2] 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro - economic situation**: The Fourth Plenary Session of the 20th Central Committee was held in Beijing on October 20. China's GDP grew 5.2% year - on - year in the first three quarters, with 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3. In September, the added value of industrial enterprises above designated size increased by 6.5% year - on - year, and total retail sales of consumer goods increased by 3%. Fixed asset investment decreased by 0.5% year - on - year in the first three quarters, but increased by 3% after excluding real estate development investment. Per capita disposable income of residents was 32,509 yuan, with a real growth of 5.2% after deducting price factors. Trump said the US would list rare earths, fentanyl, and soybeans as the three major issues to raise with China [1] - **Spot market**: A - share indices rose and then fell. The Shanghai Composite Index rose 0.63% to close at 3863.89 points, and the ChiNext Index rose 1.98%. Most sector indices rose, with communication, coal, power equipment, and machinery leading the gains, while non - ferrous metals, agriculture, forestry, animal husbandry, and beauty care sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.7 trillion yuan. Overseas, the three major US stock indices all closed higher, with the Nasdaq rising 1.37% to 22,990.54 points [1] - **Futures market**: In the futures market, the basis of stock index futures declined, and the trading volume and open interest of stock index futures decreased simultaneously [1] 3.2 Strategy - The most impactful phase of Sino - US relations on the market may have passed, and market risk appetite is gradually recovering, driving the rebound of the CSI 500 and CSI 1000 indices, while the SSE 50 and SSE Composite 300 indices maintain a stable operation trend [2] 3.3 Charts **3.3.1 Macroeconomic Charts** - Include charts showing the relationship between 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 [5][8][10] **3.3.2 Spot Market Tracking Charts** - **Stock index performance**: The Shanghai Composite Index rose 0.63%, the Shenzhen Component Index rose 0.98%, the ChiNext Index rose 1.98%, the SSE Composite 300 Index rose 0.53%, the SSE 50 Index was flat, the CSI 500 Index rose 0.76%, and the CSI 1000 Index rose 0.75% on October 20, 2025 [12] - Also include charts of trading volume in the Shanghai and Shenzhen stock markets and margin trading balance [5][13] **3.3.3 Stock Index Futures Tracking Charts** - **Trading volume and open interest**: The trading volume and open interest of IF, IH, IC, and IM contracts all decreased. For example, the trading volume of IF decreased by 57,144 to 112,287, and the open interest decreased by 8,343 to 257,451 [14] - **Basis**: The basis of stock index futures decreased. For example, the basis of the current - month IF contract decreased by 43.79 to - 18.42 [37] - **Inter - delivery spread**: The inter - delivery spreads of stock index futures showed different changes. For example, the spread between the next - month and current - month IF contracts increased by 30.80 to - 13.00 [42] - Also include charts of contract open interest, open - interest ratio, foreign - capital net open interest, basis, and inter - delivery spread of different contracts [5][15][17]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 28, 2025, all stock indices showed an N-shaped trend and closed higher after oscillating throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day. Due to the significant gains of some stocks, the dynamic price-to-earnings ratios of all stock indices were at the 80% quantile level in the past five years, and the willingness of profit-taking funds to take profits increased. Therefore, the stock indices had a need for technical adjustment. However, the trading volume of the stock market remained at a high level, indicating that the overall market sentiment was still optimistic. The rebound momentum of the stock indices mainly came from the positive policy expectations and the loose liquidity in the capital market. The anti-involution policy and the consumption-promotion policy promoted the optimization of the supply-demand structure from both the supply and demand sides, promoted a moderate recovery of the price index, and promoted the repair of corporate profits. Recently, the market interest rate has declined, the liquidity has been loose, and the willingness of funds to allocate to the stock market has increased. The significant increase in the margin trading balance and the obvious year-on-year increase in non-bank deposits reflected the signs of funds entering the market. In general, the stock indices will mainly oscillate and consolidate in the short term and still rise in the medium and long term. Currently, the implied volatility of options continues to rise. Considering the long-term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads to moderately bullish. [2] Summary According to Relevant Catalogs 1 Option Indicators - On August 28, 2025, the 50ETF rose 1.44% to close at 3.095; the 300ETF (Shanghai Stock Exchange) rose 1.88% to close at 4.559; the 300ETF (Shenzhen Stock Exchange) rose 1.95% to close at 4.708; the CSI 300 Index rose 1.77% to close at 4463.78; the CSI 1000 Index rose 1.51% to close at 7447.11; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.104; the 500ETF (Shenzhen Stock Exchange) rose 2.23% to close at 2.838; the ChiNext ETF rose 4.08% to close at 2.806; the Shenzhen 100ETF rose 2.60% to close at 3.319; the SSE 50 Index rose 1.45% to close at 2960.73; the STAR 50ETF rose 7.18% to close at 1.43; the E Fund STAR 50ETF rose 7.51% to close at 1.40. [5] - The trading volume PCR and holding volume PCR of various options on August 28, 2025, and the comparison with the previous trading day are provided in detail. For example, the trading volume PCR of the SSE 50ETF option was 79.99, compared with 73.04 on the previous trading day; the holding volume PCR was 91.38, compared with 90.15 on the previous trading day. [6] - The implied volatility of the at-the-money options in September 2025 and the 30-day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at-the-money options of the SSE 50ETF option in September 2025 was 22.21%, and the 30-day historical volatility of the underlying asset was 13.66%. [7][8] 2 Related Charts - Multiple charts are presented for different types of options, including the trend of the underlying asset, option volatility, trading volume PCR, holding volume PCR, implied volatility curve, and at-the-money implied volatility of different tenors. For example, for the SSE 50ETF option, there are charts such as the SSE 50ETF trend, SSE 50ETF option volatility, SSE 50ETF option trading volume PCR, etc. [9][10][11]

Group 1: Investment Ratings - No specific industry investment rating is provided in the report. Group 2: Core Views - For the IH2509 variety, the short - term view is "oscillation", the medium - term view is "upward", and the intraday view is "oscillation with a stronger bias", with the overall view being "oscillation with a stronger bias" due to strong support from positive policy expectations [1]. - For IF, IH, IC, and IM varieties, the intraday view is "oscillation with a stronger bias", the medium - term view is "upward", and the reference view is "oscillation with a stronger bias". In the short term, the stock index will mainly oscillate within a range, and continuous attention should be paid to the realization of positive policy expectations [4]. Group 3: Summary by Related Content Variety View Reference - Financial Futures Stock Index Sector - For the IH2509 variety, short - term is defined as within a week, medium - term is from two weeks to one month. The short - term is "oscillation", medium - term is "upward", intraday is "oscillation with a stronger bias", and the overall view is "oscillation with a stronger bias". The core logic is that positive policy expectations provide strong support [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Last Friday, each stock index oscillated and sorted, showing a trend of rising first and then falling. The total market turnover of the stock market was 1454.5 billion yuan, an increase of 121 billion yuan compared with the previous day. Due to the considerable increase in each stock index since late June, the upward momentum of the stock index has slowed down. From a macro and policy perspective, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to the impact of tariff factors. More positive policies to stabilize economic demand and market expectations are needed in the second half of the year, which is the main logic for this round of stock index rebound. Attention should be paid to the policy guidance of the Politburo meeting in July. In the short term, the liquidity at the beginning of the month is relatively loose, and the fading of overseas geopolitical factors and the easing of tariff factors have also boosted the risk appetite of the stock market [4].

Report Industry Investment Rating - Not provided in the content Core View - The adjustment expectation of the US tariff policy boosts market sentiment and drives the synchronous rebound of domestic and overseas stock indices. Although the US economic growth rate in Q1 is higher than the initial value, the overall situation is still in a contraction state, limiting the rebound of US stocks. The overseas macro - environment shows marginal improvement, and capital sentiment is repaired. However, there is still great uncertainty in the potential policy direction of the Trump administration. It is recommended to maintain an interval operation strategy in the short term [3] Summary by Directory 1. Market Analysis - **Domestic Situation**: The Ministry of Commerce responded to the new trends in China - US economic and trade consultations. Since the Geneva economic and trade talks, both sides have maintained communication at multiple levels. China has repeatedly negotiated with the US regarding its abuse of export control measures in the semiconductor field. China will closely monitor the EU's subsequent actions on the anti - dumping investigation against Chinese tire products and safeguard the legitimate rights and interests of Chinese enterprises [1] - **Overseas Situation**: The US Q1 GDP revised value shrank by 0.2% annually, slightly higher than the initial value of 0.3%. Consumption expenditure growth slowed down significantly, reaching the weakest growth in nearly two years. Corporate profits plunged 2.9%, the largest decline since 2020. The core PCE was slightly adjusted down to 3.4% [1] 2. Stock Index Rebound - **Spot Market**: A - share indices opened higher and closed higher. The Shanghai Composite Index rose 0.7% to 3363.45 points, and the ChiNext Index rose 1.37%. Most sector indices increased, with the computer, pharmaceutical, electronics, and national defense and military industries leading the gains. Only the beauty care, banking, food and beverage, and petroleum and petrochemical industries declined. The trading volume of the Shanghai and Shenzhen stock markets reached 1.2 trillion yuan. In overseas markets, the US Federal Appellate Court suspended a ruling blocking Trump's global tariff collection, and is considering whether to extend the suspension period. The US three major stock indices all rose slightly, with the Nasdaq rising 0.39% to 19175.87 points [2] - **Futures Market**: The basis of stock index futures rebounded, especially for IC and IM. The trading volume and open interest of stock index futures increased simultaneously [2] 3. Strategy - The adjustment expectation of the US tariff policy boosts market sentiment, driving the synchronous rebound of domestic and overseas stock indices. Although the US economic growth rate in Q1 is higher than the initial value, the overall contraction limits the rebound of US stocks. With marginal improvement in the overseas macro - environment and repaired capital sentiment, considering the uncertainty of the Trump administration's policy, it is recommended to maintain an interval operation strategy in the short term [3] 4. Macro - economic Charts - Include charts showing the relationship between 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 [6][7][9] 5. Spot Market Tracking Charts - **Stock Index Performance**: On May 29, 2025, the Shanghai Composite Index rose 0.70% to 3363.45, the Shenzhen Component Index rose 1.24% to 10127.20, the ChiNext Index rose 1.37% to 2012.55, the CSI 300 Index rose 0.59% to 3858.70, the SSE 50 Index fell 0.08% to 2690.89, the CSI 500 Index rose 1.47% to 5719.91, and the CSI 1000 Index rose 1.76% to 6089.58 [12] - Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [13] 6. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest of IF, IH, IC, and IM all increased. For example, the trading volume of IF increased by 36676 to 102154, and the open interest increased by 15516 to 247352 [14][15] - **Basis**: The basis of stock index futures rebounded. For instance, the basis of the current - month IF contract increased by 5.34 to - 25.90 [32] - **Inter - period Spread**: There are data on inter - period spreads such as the spread between the next - month and current - month contracts, the next - season and current - month contracts, etc., with corresponding changes in values [39][40][44]