1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The current market is in a phase of volume - shrinking adjustment with relatively limited overall selling pressure. Due to the lack of clear driving factors, it may continue the range - bound oscillation pattern in the short term, waiting for new catalytic signals [3] 3. Summary by Relevant Catalogs Market Analysis - **Macro Aspect**: The National Development and Reform Commission is organizing the application for national - level iconic major application scenario projects with a list to be released to the public. Eligible projects will be given priority support in existing funding channels. Around 100 iconic scenario projects will be determined nationwide, covering scenarios like multi - provincial clean energy corridors, full - space unmanned systems, and elderly care services in aging - prone areas [2] - **Geopolitical Aspect**: US President Trump expressed dissatisfaction with NATO as his invitation for allies to participate in escorting in the Strait of Hormuz was cold - shouldered. He said that whether the US should withdraw from NATO is "something we should consider", as most NATO allies are reluctant to get involved in US military operations against Iran [2] - **Index Adjustment**: In the spot market, the three major A - share indices rose and then fell. The Shanghai Composite Index dropped 0.85% to close at 4049.91 points, and the ChiNext Index dropped 2.29%. Most sector indices declined, with only non - bank finance, banking, food and beverage, and real estate sectors closing in the green. Communication, electronics, national defense and military industry, and machinery sectors led the decline. The daily market turnover was 2.2 trillion yuan. Overseas, the three major US stock indices closed slightly higher, with the Nasdaq rising 0.47% to 22479.53 points [2] - **Basis Convergence**: In the futures market, with the Friday delivery of the current - month contract, the basis tended to converge. In terms of trading volume and open interest, the trading volume and open interest of IF and IM increased simultaneously [2] Strategy - The market is in a volume - shrinking adjustment phase. With limited selling pressure but lacking clear driving factors, it may continue to oscillate within a range in the short term, awaiting new catalysts [3] Macro Economic Charts - The report includes charts on 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][8][10] Spot Market Tracking Charts - **Stock Index Performance**: The Shanghai Composite Index closed at 4049.91 on March 17, 2026, down 0.85% from the previous day; the Shenzhen Component Index closed at 14039.73, down 1.87%; the ChiNext Index closed at 3280.06, down 2.29%; the CSI 300 Index closed at 4637.44, down 0.73%; the SSE 50 Index closed at 2963.58, up 0.32%; the CSI 500 Index closed at 8016.03, down 2.07%; the CSI 1000 Index closed at 8019.86, down 2.33% [13] - **Other Charts**: There are also charts on the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Futures Market Tracking Charts - **Trading Volume and Open Interest**: The trading volume of IF was 146045, an increase of 21683; the open interest was 280450, an increase of 6776. The trading volume of IH was 69141, an increase of 8837; the open interest was 106613, a decrease of 3547. The trading volume of IC was 170339, an increase of 560; the open interest was 281417, a decrease of 7462. The trading volume of IM was 235540, an increase of 16761; the open interest was 382072, an increase of 508 [17] - **Basis**: The basis of IF, IH, IC, and IM for different contracts (current - month, next - month, current - quarter, and next - quarter) and their changes are presented [40] - **Inter - period Spread**: The inter - period spreads (next - month minus current - month, next - quarter minus current - month, etc.) of IH, IF, IC, and IM and their changes are provided [48][49]

Group 1 - The stock index continues to decline, with technology, finance, and new energy sectors leading the drop, indicating fewer opportunities in these sectors but a rotation in performance [1] - Low-position sectors such as coal and oil & gas are performing well, showing a high-low switching trend [1] - The strategy suggests continuing to select individual stocks carefully, with a past case example of "Duo Flu Duo" demonstrating a 70% increase using specific trading strategies [1] Group 2 - The article presents a mixed outlook, mentioning both the decline in stock indices and the reduction of opportunities in certain sectors, while also highlighting the potential for individual stock selection [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The market shows a co - existence of shrinking - volume rise and expanding - volume adjustment, indicating heavy selling pressure and potential short - term adjustment pressure. Investors are advised to avoid chasing high and wait for re - entry opportunities. As the performance disclosure window nears the end, stocks and sectors with under - expected performance should be avoided [2]. Summary by Related Catalogs Market Analysis - Sino - US meeting reached a consensus. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, continue to suspend the 24% reciprocal tariff on Chinese goods for one year, and suspend the implementation of the 50% penetration rule of export control and the 301 investigation measures on China's maritime, logistics and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly [1]. - Index callback: In the spot market, A - share major indices showed mixed performance. The Shanghai Composite Index fell 0.73% to 3986.9 points, and the ChiNext Index fell 1.84%. Sector indices mostly declined, with steel, non - ferrous metals, and public utilities leading the gains, while communication, electronics, national defense and military industry, and media sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the three major US stock indices all closed lower, with the Nasdaq falling 1.57% to 23581.144 points [1]. - Futures index position increase: In the futures market, the basis of IC and IM continued to rise. There was a divergence in trading volume and open interest, with both the trading volume and open interest of stock index futures increasing [1]. Strategy - The market presents a situation where shrinking - volume rise and expanding - volume adjustment co - exist, suggesting heavy selling pressure and potential short - term adjustment pressure. Investors should avoid chasing high and wait for re - entry opportunities. As the performance disclosure window nears the end, stocks and sectors with under - expected performance should be avoided [2]. Macro - economic Charts No specific chart analysis content provided, only chart names such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, etc. [4][5] Spot Market Tracking Charts - The daily performance of major domestic stock indices on October 30, 2025: The Shanghai Composite Index was 3986.90 (down 0.73% from the previous day), the Shenzhen Component Index was 13691.38 (up 1.95% from the previous day), the ChiNext Index was 3263.02 (down 1.84% from the previous day), the CSI 300 Index was 4709.91 (down 0.80% from the previous day), the SSE 50 Index was 3046.61 (down 0.54% from the previous day), the CSI 500 Index was 7385.71 (down 1.27% from the previous day), and the CSI 1000 Index was 7485.08 (down 1.11% from the previous day) [11]. Futures Index Tracking Charts - Futures index trading volume and open interest: For IF, the trading volume was 137376 (up 36443 from the previous day), and the open interest was 270734 (up 12176 from the previous day); for IH, the trading volume was 63949 (up 18844 from the previous day), and the open interest was 102044 (up 7069 from the previous day); for IC, the trading volume was 168288 (up 33521 from the previous day), and the open interest was 260211 (up 7396 from the previous day); for IM, the trading volume was 248653 (up 61017 from the previous day), and the open interest was 369079 (up 20311 from the previous day) [13][14]. - Futures index basis: The basis of IF, IH, IC, and IM in different contracts (monthly, quarterly) showed different changes. For example, the current - month contract basis of IF was - 8.51 (down 4.07 from the previous day) [36]. - Futures index inter - period spreads: The spreads between different periods (such as next - month minus current - month, next - quarter minus current - month, etc.) of IF, IH, IC, and IM showed different changes. For example, the next - month minus current - month spread of IF was - 11.40 (down 0.60 from the previous day) [43][44].