1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In March 2026, the domestic stock index futures market weakened overall, with all major futures contracts closing down. Small and medium - cap related index futures declined more significantly than large - cap blue - chip varieties. The market sentiment remained weak throughout the month, and the index futures were under pressure [4]. - The full - bond futures showed a differentiated trend last month. The 30 - year Treasury bond futures declined, while the 10 - year, 5 - year, and 2 - year Treasury bond futures showed slight increases [5]. - In March, the manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose above the critical point, indicating an improvement in the overall business climate [8][11][15]. - The overall market valuation is at a relatively high level, and the valuation pressure of small and medium - cap varieties is more prominent. The high valuation restricts the upward space of the market, and if the performance fails to meet expectations, there will be greater valuation adjustment pressure [33][34]. - The trend of index futures deviates from the repair of the domestic economic fundamentals. The core suppression factors are the high overall valuation and the overseas geopolitical conflicts, which lead to a decline in market risk preference. The size - style differentiation is significant, with small and medium - cap varieties adjusting more than large - cap blue - chip varieties [34]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Stock Index Futures**: In March, the domestic stock index futures market weakened. The CSI 300 futures (IF) closed at 4,375.8 with a monthly decline of 7.17% (-338.0); the SSE 50 futures (IH) closed at 2,804.0 with a monthly decline of 7.93% (-241.4); the CSI 500 futures (IC) closed at 7,425.0 with a monthly decline of 14.12% (-1220.4); the CSI 1000 futures (IM) closed at 7,379.4 with a monthly decline of 13.50% (-1152.0) [4]. - **Bond Futures**: The 30 - year Treasury bond futures closed at 111.690 with a monthly decline of 0.38% (-0.43); the 10 - year Treasury bond futures closed at 108.400 with a monthly increase of 0.01% (0.010); the 5 - year Treasury bond futures closed at 106.025 with a monthly increase of 0.11% (0.120); the 2 - year Treasury bond futures closed at 102.538 with a monthly increase of 0.09% (0.090) [5]. 3.2 Valuation Analysis - As of March 31, the PE of the CSI 300 index was 13.96 times, the quantile was 77.69%, and the PB was 1.44 times; the PE of the SSE 50 index was 11.30 times, the quantile was 75.34%, and the PB was 1.22 times; the PE of the CSI 500 index was 35.15 times, the quantile was 86.69%, and the PB was 2.42 times; the PE of the CSI 1000 index was 46.94 times, the quantile was 75.54%, and the PB was 2.55 times [18]. 3.3 Other Data - **Stock - Bond Spread**: There are two formulas for calculating the stock - bond spread. One is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [26]. - **China - Buffett Indicator**: The reasonable valuation range of A - shares is about 70% - 100%. As of March 30, 2026, the "total market value/GDP" was 88.43%, the quantile in historical data was 87.55%, and the quantile in the last 10 - year data was 91.34% [29][30]. 3.4 Comprehensive Analysis - **Policy**: The policy maintains a loose tone. The market liquidity environment is stable and loose, and the policy emphasizes the implementation of active fiscal policy and moderately loose monetary policy [32]. - **Domestic Fundamentals**: After the Spring Festival, enterprises resumed work and production, and the market activity increased. The manufacturing and non - manufacturing business climate improved, and the comprehensive economic climate returned to the expansion range [32]. - **Overseas Situation**: Geopolitical conflicts continued to ferment, leading to an increase in global risk - aversion sentiment, rising commodity prices, and increased production costs for domestic enterprises, which may affect the global supply chain and inflation expectations and disturb the policy rhythm [32]. 3.5 Operation Suggestions - **Single - Side Trading**: Be cautious and participate in bottom - fishing. Large - cap blue - chip index futures have a relatively higher safety margin. Pay attention to the layout opportunities after the shock correction. For small and medium - cap varieties, do not blindly chase the high and strictly control the position to prevent volatility risks [35]. - **Arbitrage**: Participate in the spread convergence strategy of going long on IH and short on IM/IC. Pay close attention to the progress of geopolitical conflicts and market style switching signals. If the risk - aversion sentiment continues to rise, the defensive attribute of the large - cap style will be dominant in the short term, and set stop - losses strictly [35]. - **Options**: In the context of expected market volatility, use the covered call strategy to increase the holding income. To prevent the downside risks caused by valuation decline and geopolitical conflicts, consider buying out - of - the - money put options for hedging [35].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The short - term and medium - term trends of the stock index futures are expected to be range - bound, with a weak intraday view. The core logic is the balance between policy - side benefits and the Middle East geopolitical crisis [1][5] Group 3: Summary by Related Content For IH2606 - Short - term: The trend is expected to be volatile [1] - Medium - term: The trend is expected to be volatile [1] - Intraday: The trend is expected to be weak, with an overall view of range - bound movement. The core logic is the contrast between policy - side benefits and the Middle East geopolitical crisis [1] For IF, IH, IC, IM - Intraday view: Weak [5] - Medium - term view: Volatile [5] - Reference view: Range - bound [5] - Core logic: Yesterday, all stock indices oscillated and pulled back. The Middle East geopolitical situation has high uncertainty, with a risk of escalation. In this context, investors' risk preference is cautious, as shown by the low trading volume in the Shanghai and Shenzhen stock markets. Domestically, the export, social retail, and industrial added - value data from January to February were better than expected, and policies are more focused on structural adjustment, providing long - term support for the stock index. Overall, the stock index is expected to be range - bound in the short term [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The short - term and medium - term views of the index futures are range - bound, with an intraday view of being weak [1][5] - The core logic is the balance between continuous policy support and the uncertainty of the Middle - East geopolitical crisis, with investors showing weak trading willingness but limited downside for the index due to macro - economic resilience and policy benefits [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the IH2606 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is weak, and the overall view is range - bound. The core logic is the contrast between continuous policy benefits and the Middle - East geopolitical crisis [1] Main Variety Price Market Driving Logic - For IF, IH, IC, and IM varieties, the intraday view is weak, the medium - term view is oscillatory, and the reference view is range - bound. Yesterday, the stock indices were oscillating, showing a trend of hitting bottom and then rebounding. The Middle - East geopolitical situation is highly uncertain, leading investors to be risk - averse. However, the impact of external risks on China's macro - economy has been digested, and with strong economic resilience and continuous policy benefits, the downside of the index is limited [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report presents the daily market data of four stock index futures, including IM, IF, IC, and IH, covering closing prices, trading volumes, open interests, basis, and positions of major seats [3][21][42][61]. 3. Summary by Related Catalogs IM Futures - **Daily Quotes**: The closing price of the CSI 1000 index was 7,767.93, up 0.28%. The main contract IM2606 rose 0.1% to close at 7,509.4 points. The total trading volume of the four contracts was 236,925 lots, an increase of 10,930 lots from the previous day; the total open interest was 386,822 lots, an increase of 3,733 lots [3][5]. - **Basis**: The main contract was at a discount of 258.53 points, a decrease of 36.02 points from the previous day; the annualized basis rate was -14.78%. The dividend impacts of the four contracts were 0.17 points, 5.26 points, 37.65 points, and 58.75 points respectively [5]. - **Positions of Major Seats**: The positions and trading volumes of major seats in IM2604, IM2605, IM2606, and IM2609 are presented, including details of the top five, top ten, and top twenty seats [16][18][20]. IF Futures - **Daily Quotes**: The closing price of the CSI 300 index was 4,491.95, down 0.24%. The main contract IF2606 fell 0.33% to close at 4,414 points. The total trading volume of the four contracts was 94,739 lots, an increase of 4,728 lots from the previous day; the total open interest was 253,648 lots, a decrease of 5,068 lots [21][23]. - **Basis**: The main contract was at a discount of 77.95 points, a decrease of 2.78 points from the previous day; the annualized basis rate was -7.58%. The dividend impacts of the four contracts were 0.51 points, 6.95 points, 26.79 points, and 72.35 points respectively [23]. - **Positions of Major Seats**: The positions and trading volumes of major seats in IF2604, IF2605, IF2606, and IF2609 are presented, including details of the top five, top ten, and top twenty seats [37][39][40]. IC Futures - **Daily Quotes**: The closing price of the CSI 500 index was 7,753.72, up 0.21%. The main contract IC2606 rose 0.26% to close at 7,560.6 points. The total trading volume of the four contracts was 159,513 lots, an increase of 3,084 lots from the previous day; the total open interest was 281,424 lots, a decrease of 6,186 lots [42][43]. - **Basis**: The main contract was at a discount of 193.12 points, a decrease of 14.71 points from the previous day; the annualized basis rate was -10.97%. The dividend impacts of the four contracts were 6.67 points, 11.07 points, 56.18 points, and 91.2 points respectively [43]. - **Positions of Major Seats**: The positions and trading volumes of major seats in IC2604, IC2606, and IC2609 are presented, including details of the top five, top ten, and top twenty seats [56][57][59]. IH Futures - **Daily Quotes**: The closing price of the SSE 50 index was 2,833.21, down 0.14%. The main contract IH2606 fell 0.16% to close at 2,812.4 points. The total trading volume of the four contracts was 45,981 lots, an increase of 1,629 lots from the previous day; the total open interest was 101,512 lots, a decrease of 427 lots [61]. - **Basis**: The main contract was at a discount of 20.81 points, an increase of 2.1 points from the previous day; the annualized basis rate was -3.18%. The dividend impacts of the four contracts were 0 points, 2.31 points, 14.32 points, and 51.5 points respectively [62]. - **Positions of Major Seats**: The positions and trading volumes of major seats in IH2604, IH2606, and IH2609 are presented, including details of the top five, top ten, and top twenty seats [75][77][79].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The short - term view of IF, IH, IC, and IM is weak, the medium - term view is oscillatory, and the reference view is range - bound. It is expected that the stock index will mainly fluctuate in a range in the short term [5]. Group 3: Summary According to the Catalog 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2606, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is weak, and the reference view is range - bound. The core logic is the contrast between continuous policy benefits and the Middle East geopolitical crisis [1]. 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Last Friday, each stock index rebounded oscillatory. The Middle East geopolitical situation is the main factor affecting the short - term trend of the stock index. The information released by the US and Iran on the US - Iran peace talks has a huge difference, with high uncertainty in reaching an agreement. Although the Middle East geopolitical risk has cooled to some extent, investors' risk preference is cautious. The trading volume of the Shanghai and Shenzhen stock markets has continued to shrink. From the perspective of the stock market's own fundamentals, domestic policies are continuously beneficial to the economic fundamentals, and there is still support for the stock index in the medium and long term [5].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The stock market is affected by the geopolitical situation in the Middle East. The ongoing war has put increasing inflation pressure on the US and other economies, and the US needs to solve the energy transportation problem urgently. There are several possible outcomes, which may lead to different market trends. Overall, the stock market may continue to fluctuate, but there is still support below after a significant correction due to the stable recovery of the domestic economy, the continuous decline of the risk - free interest rate, and the shift of residents' wealth allocation to the stock market [1][2] - Key factors to watch include geopolitical trends and inflation expectations [3] Summary by Directory 1. Market Review and Outlook - **Stock Market Performance**: Last week, the A - share market continued to adjust, with the Shanghai Composite Index briefly falling below 3800 points on Monday. In terms of sectors, non - ferrous metals, public utilities, and basic chemicals led the gains, while non - banking finance, computer, and agriculture, forestry, and fishery led the losses. In the global market, US stocks declined (Dow Jones down 0.9%, S&P 500 down 2.12%, Nasdaq down 3.23%), European stocks showed mixed performance (UK FTSE 100 up 0.49%, German DAX down 0.35%, French CAC40 up 0.47%), and in the Asia - Pacific market, the Nikkei 225 was flat and the Hang Seng Index was down 1.29% [1][9] - **Oil Price Impact**: The escalation of the Middle East geopolitical conflict pushed up international oil prices, with Brent crude closing at $112.57 per barrel on Friday, the highest closing price since July 2022. This has increased market concerns about energy supply disruptions, inflation rebounds, and potential tightening of Fed policies [1] 2. Strategy Recommendations - **Short - term Strategy**: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 93/70 points, 74/44 points, 205/246 points, and 246/205 points respectively [4] - **Trend Strategy**: Adopt an interval approach. The core operating intervals for IF2604, IH2604, IC2604, and IM2604 are 4369 - 4571 points, 2762 - 2889 points, 7395 - 7973 points, and 7429 - 8006 points respectively [4] - **Cross - variety Strategy**: Adopt a wait - and - see approach [5] 3. Spot Market Review - **Global Index Performance**: Different global stock indices showed mixed performance last week. US indices generally declined, European indices had mixed results, and Asia - Pacific indices also showed different trends [9] - **Domestic Index Performance**: Since 2025, major domestic indices have shown different degrees of increase. Last week, all major domestic indices declined [11] - **Industry Performance**: In the CSI 300 index, sectors such as materials and public utilities had gains, while information and telecommunications sectors had losses. In the CSI 500 index, public utilities and raw materials sectors had gains, while financial real - estate sectors had losses [13] 4. Stock Index Futures Market Review - **Contract Performance**: Last week, the IH futures contract had the largest decline among the main contracts, and the IC contract had the largest amplitude [18] - **Volume and Position**: The trading volume and open interest of stock index futures rebounded [18] - **Basis and Cross - variety Ratio**: The basis of the main stock index futures contracts and the cross - variety ratio showed certain trends [18] 5. Index Valuation Tracking - As of March 20, the P/E (TTM) of the Shanghai Composite Index was 16.61 times, the CSI 300 index was 14.03 times, the SSE 50 index was 11.43 times, the CSI 500 index was 35.36 times, and the CSI 1000 index was 48.11 times [19][21] 6. Market Capital Flow Review - **Financing Balance**: The financing balance of the two markets and the proportion of margin trading balance to the A - share floating market value showed certain trends [21] - **New Fund Share**: The share of newly established equity - biased funds was presented [21] - **Funding Rate and Central Bank Operations**: The funding rate rebounded last week, and the central bank had net injections [22]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The core contradiction in the market this week lies in the tug - of - war between external macro - environmental suppression and internal profit support. Overseas, geopolitical risks are repeated, high oil prices and global liquidity tightening expectations continue to ferment, suppressing overall market risk appetite. Domestically, although the transmission efficiency of macro - liquidity to the stock market is limited, the industrial enterprise profit data from January to February 2026 exceeded expectations, providing a solid profit bottom support for stock indices [4]. - The profit of industrial enterprises above the national scale from January to February 2026 increased by 15.2% year - on - year, with the growth rate accelerating by 14.6 percentage points compared to the whole of last year. This improvement is due to the low - base effect of the same period last year and the substantial boost from improved corporate revenues, providing obvious support for the stock indices at the fundamental level [4]. - The uncertainty of the external environment is the main risk in the current market. The repeated Middle East situation keeps international oil prices high, and combined with the existing global inflation expectations, the expectation of liquidity tightening continues to heat up, suppressing global risk appetite and significantly inhibiting the small - cap growth style. Although Chinese assets have shown some resilience in this global fluctuation, external pressure has not been substantially relieved [4]. - In late March, the A - share market enters the intensive earnings disclosure window, and the core trading logic may gradually shift to performance verification. The large - cap value style with stable cash flow, high - dividend advantages, and profit certainty will further enhance its defensive and relative advantages. In contrast, the small - cap growth style faces greater uncertainty under the dual tests of external liquidity suppression and internal performance verification. The valuation ratio of CSI 300 to CSI 1000 is still at a relatively low historical level, providing potential momentum for the mean reversion of the large - cap style [4]. - Currently, the A - share market is in the stage of profit bottom confirmation and suppressed risk appetite. The improvement of profit data provides support for the market, but external uncertainties and the liquidity environment limit the upside space. Strategically, it is recommended to maintain a defensive mindset and continue to focus on the cross - variety arbitrage opportunity of going long on CSI 300 and short on CSI 1000 to capture the structural market where large - cap value is relatively dominant [4]. 3. Summary by Directory 3.1 Macro Data Tracking - **Economic Kinetic Energy**: Not elaborated in the provided content - **Financing Demand**: Not elaborated in the provided content - **Scissors Difference**: Not elaborated in the provided content - **Liquidity Observation**: Not elaborated in the provided content - **Industrial Production**: Not elaborated in the provided content - **Investment and Consumption**: Not elaborated in the provided content - **Interest Rate Difference**: Not elaborated in the provided content 3.2 Stock Index Futures Data Tracking - **Stock Market Barometer**: Not elaborated in the provided content - **Stock Market Capital Flow**: Not elaborated in the provided content - **Futures Market Capital Flow**: Not elaborated in the provided content - **Spot - Futures Price Difference**: Not elaborated in the provided content - **Cross - Variety Price Difference**: Not elaborated in the provided content - **Cross - Period Price Difference**: Not elaborated in the provided content

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - A - share major indices declined collectively this week, and the four stock - index futures also weakened. Large - cap blue - chip stocks were weaker than small and medium - cap stocks, with CSI 500 being the most resilient. The market was in a macro - data vacuum period and showed wide - range fluctuations due to the changing overseas geopolitical conflict situation. Market trading activity further declined compared to last week [6][98]. - Overseas, Trump postponed the strike on Iranian energy facilities by 10 days and denied being eager to reach an agreement with Iran. Iran has organized over a million people for ground combat, and the Iranian situation remains severe with mixed news [98]. - Domestically, in January - February 2026, China's industrial added value above designated size, fixed - asset investment, social retail sales, imports and exports, and inflation data all significantly rebounded compared to the previous period, and the national economy had a good start. From the disclosed 2025 annual reports of listed companies, among the four broad - based indices, except for the Shanghai 50 where the net - profit growth rate accelerated while the revenue growth rate declined, the revenue and net - profit growth rates of the CSI 300, CSI 500, and CSI 1000 all accelerated [98]. 3. Summary According to Relevant Catalogs 3.1 Market Review - The weekly and Friday price changes, and closing prices of four stock - index futures (IF2606, IH2606, IC2606, IM2606) and four spot indices (CSI 300, Shanghai 50, CSI 500, CSI 1000) are presented. For example, IF2606 had a weekly decline of 1.32% and a Friday increase of 0.72%, with a closing price of 4427.4 [9]. 3.2 News Overview - Trump threatened to attack Iranian power plants, and Iran responded with counter - measures, which would lead to a long - term increase in oil prices and was considered a negative factor for the market. The US proposed a 15 - condition conflict - ending plan to Iran, which was seen as a positive factor. Iran stated that there was no negotiation with the US and put forward its own 5 - condition cease - fire requirements, a negative factor. Trump postponed the strike on Iranian energy facilities by 10 days, a positive factor. Iran organized over a million people for ground combat, a negative factor [12]. 3.3 Weekly Market Data 3.3.1 Domestic and Foreign Indices - Domestic major indices such as the Shanghai Composite Index, Shenzhen Component Index, etc. showed different degrees of decline this week. For example, the Shanghai Composite Index had a weekly decline of 1.09% and a Friday increase of 0.63%, with a closing price of 3913.72. Among foreign indices, the S&P 500 had a weekly decline of 0.45% and a Thursday decline of 1.74%, with a closing price of 6477.16 [15][16]. 3.3.2 Industry Sector Performance - Most industry sectors declined. Non - bank finance, computer and other sectors weakened significantly, while non - ferrous metals, public utilities and other sectors led the gains. Industry main - force funds generally had a net outflow, with significant net outflows in the electronics, computer, and power equipment sectors, and only the building materials and non - ferrous metals sectors had a slight net inflow [19][23]. 3.3.3 SHIBOR Short - term Interest Rate - SHIBOR short - term interest rates declined, indicating a relatively loose overall capital situation [27]. 3.3.4 Other Data - This week, major shareholders had a net reduction of 2.161 billion yuan in the secondary market, the market value of restricted - share unlock was 81.626 billion yuan, and the total trading volume of northbound funds was 1.164626 trillion yuan. The basis of the IF and IC main contracts fluctuated and converged, the basis of the IH main contract fluctuated and widened, and the basis of the IM main contract fluctuated [31][39][42][45][48]. 3.4 Market Outlook and Strategy - Although the domestic economic fundamentals in February were strong and the disclosed 2025 annual reports of listed companies were generally good, the overseas geopolitical situation remained uncertain. The US frequently signaled to end the war but was repeatedly denied by Iran, adding great uncertainty to the market. Therefore, caution is still needed before the war officially ends [98].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is that it will be in a range - bound oscillation, with the short - term being "oscillation", the medium - term being "oscillation", and the intraday being "weak". The core logic is the conflict between continuous policy benefits and the Middle East geopolitical crisis [1][5] Group 3: Summary by Related Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2606 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak", and the reference view is "range - bound oscillation". The core logic is the conflict between continuous policy benefits and the Middle East geopolitical crisis [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "weak", the medium - term view is "oscillation", and the reference view is "range - bound oscillation". The main factor affecting the short - term trend of the stock index is the evolution path of the Middle East geopolitical situation. Due to the large differences between the US and Iran in the negotiation, there is high uncertainty. The market sentiment is cautious, and the trading volume of the Shanghai and Shenzhen stock markets is low. Before the Middle East geopolitical risk is settled, the global macro - economy faces a recession risk, and the risk preference of the stock market is low. However, in the long - term, due to continuous policy benefits in China, the stock index has support. Overall, the stock index is expected to be in a range - bound oscillation in the short - term [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the daily data of stock index futures, including the IM, IF, IC, and IH contracts, covering aspects such as closing prices, trading volumes, open interests, basis, and the positions of major seats. 3. Summary by Relevant Catalogs IM Contracts - **Daily Quotes**: The closing price of the CSI 1000 index was 7,639.38 points, down 1.44%. The main contract of IM fell 1.53% to close at 7,375.6 points. The total trading volume of the four IM contracts was 197,047 lots, a decrease of 26,805 lots from the previous day, and the total open interest was 381,532 lots, an increase of 5,924 lots [4][5][9]. - **Basis**: The main contract of IM was at a discount of 263.78 points, an increase of 10 points from the previous day, and the annualized basis rate was -14.67%. The dividend impacts of the four IM contracts were 0.17 points, 5.24 points, 38.14 points, and 59.4 points respectively [5][14]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IM contract, along with their changes from the previous day [18][20][22]. IF Contracts - **Daily Quotes**: The closing price of the CSI 300 index was 4,477.53 points, down 1.32%. The main contract of IF fell 1.2% to close at 4,396 points. The total trading volume of the four IF contracts was 85,527 lots, a decrease of 16,748 lots from the previous day, and the total open interest was 253,805 lots, a decrease of 6,738 lots [23][24]. - **Basis**: The main contract of IF was at a discount of 81.53 points, an increase of 5.94 points from the previous day, and the annualized basis rate was -7.61%. The dividend impacts of the four IF contracts were 0.5 points, 7.65 points, 29.08 points, and 82.2 points respectively [24][34]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IF contract, along with their changes from the previous day [38][40][41]. IC Contracts - **Daily Quotes**: The closing price of the CSI 500 index was 7,642.13 points, down 1.62%. The main contract of IC fell 1.8% to close at 7,413.8 points. The total trading volume of the four IC contracts was 137,371 lots, a decrease of 39,013 lots from the previous day, and the total open interest was 279,817 lots, a decrease of 5,998 lots [43][44]. - **Basis**: The main contract of IC was at a discount of 228.33 points, an increase of 9.34 points from the previous day, and the annualized basis rate was -12.63%. The dividend impacts of the four IC contracts were 6.77 points, 11.72 points, 56.85 points, and 92.18 points respectively [44][55]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IC contract, along with their changes from the previous day [60][61][63]. IH Contracts - **Daily Quotes**: The closing price of the SSE 50 index was 2,824.67 points, down 1.22%. The main contract of IH fell 0.97% to close at 2,804.8 points. The total trading volume of the four IH contracts was 42,373 lots, a decrease of 9,146 lots from the previous day, and the total open interest was 101,133 lots, a decrease of 2,109 lots [65]. - **Basis**: The main contract of IH was at a discount of 19.87 points, an increase of 9.66 points from the previous day, and the annualized basis rate was -2.91%. The dividend impacts of the four IH contracts were 0 points, 3.03 points, 17.43 points, and 61.45 points respectively [66][74]. - **Positions of Major Seats**: The report details the trading volumes, long positions, and short positions of the top 20 seats for each IH contract, along with their changes from the previous day [79][81][83].