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]