Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Last week, the market showed a relatively strong performance. The power equipment, non - ferrous metals, and electronics sectors led the gains, while the social services, comprehensive, and commercial retail sectors led the losses. Despite different interpretations of the financial system leaders' press conference at the beginning of the week and no release of favorable policies, the index soon recovered from the adjustment and continued to rise in the middle of the week. The message environment remained stable over the weekend with improved corporate profit data last month and the central bank's third - quarter monetary policy meeting, which is beneficial for the pre - holiday market to pass smoothly. - This week has only two trading days, followed by an 8 - day holiday. Although the expected impact of events such as the US government shutdown and US non - farm payroll data during the holiday is limited, due to the long holiday and many uncertainties, investors are advised to hold light positions during the holiday. [3] 3. Summary by Directory 3.1 Market Review and Outlook - **Stock Index Performance**: - Global stock indices showed mixed performance last week. In the US, the Dow Jones index fell 0.15%, the S&P 500 index fell 0.31%, and the Nasdaq index fell 0.65%. In Europe, the UK FTSE 100 index rose 0.74%, the German DAX index rose 0.42%, and the French CAC40 index rose 0.22%. In the Asia - Pacific market, the Nikkei 225 index rose 0.69%, and the Hang Seng index fell 1.57%. The Shanghai Composite Index rose 0.21%. [10][16][17] - Among domestic major indices, most rose last week. The CSI 300, CSI 500, and other indices also had different performances. [15] - In terms of industries in the CSI 300 and CSI 500 indices, there were also mixed gains and losses. For example, in the CSI 300 index, the information sector rose 5.25%, while the consumer sector fell 2.67%. [19] - **Futures Market**: - Among the futures contracts last week, the IM2509 contract had the largest increase, and the IC2509 contract had the largest amplitude. - The trading volume of stock index futures declined, while the open interest increased. - The basis (futures - spot) of stock index futures and the cross - variety ratio also showed certain trends. [21][25][26] - **Index Valuation**: - As of September 26, the price - to - earnings ratio (TTM) of the CSI 300 index was 14.04 times, and that of the SSE 50 index was 11.68 times. The price - to - earnings ratio (TTM) of the CSI 500 index was 34.45 times, and that of the CSI 1000 index was 46.86 times. [27][28] - **Market Liquidity**: - The two - market margin trading balance and the share of newly established equity - biased funds are presented in the figures. - The capital interest rate price rebounded last week, and the central bank had net investment. [30][31] 3.2 Strategy Recommendations - **Short - term Strategy**: The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels for IF, IH, IC, and IM can be set at 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively. [5] - **Trend Strategy**: Go long on dips. It is expected that the core operating range of the IF2510 main contract is between 4407 and 4634 points; the IH2510 main contract is between 2872 and 3004 points; the IC2510 main contract is between 6987 and 7455 points; the IM2510 main contract is between 7100 and 7578 points. [5] - **Cross - variety Strategy**: Hold the strategy of shorting IF (or IH) and going long on IC (or IM). [6] 3.3 Factors to Watch Domestic PMI data and US non - farm payroll data. [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week, the market continued to rise. The cyclical sectors driven by the expectation of supply - side reform, such as building materials, steel, and coal, led the gains, pushing the index back to 3600 points [2]. - This week, due to the exchange's restrictive measures after the short - term rally, the commodity market may enter a wide - range shock period, and the strong performance of cyclical sectors may take a break. If there is no new strong sector, the short - term index may turn to a shock trend. However, as long as there is no overall negative news, the bullish pattern of the stock market is expected to continue, but it needs to consolidate at the 3600 - point level [2]. - Pay attention to the Politburo meeting before the end of July for the policy tone on the second - half economic work, especially the statements on supply - side policies and demand - side policies after the recent price increases. Also, focus on the China - US - Sweden negotiations, non - Chinese tariff negotiations, and China's July PMI data [2]. 3. Summary by Directory 3.1 Spot Market Review - Last week, most sectors of the CSI 300 index rose, with energy, materials, and industry sectors leading the gains, while telecommunications, utilities, and finance sectors declined. Most sectors of the CSI 500 index also rose, with energy, raw materials, and industry sectors having significant increases [9]. 3.2 Stock Index Futures Market Review - Last week, the main contract IC of stock index futures had the largest increase, and also the largest amplitude. The trading volume and open interest of stock index futures declined [11][15][19]. 3.3 Index Valuation Tracking - The TTM price - to - earnings ratios of the Shanghai Composite Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index are 15.38 times, 13.38 times, 11.38 times, 27.66 times, and 36.02 times respectively [22][23]. 3.4 Market Capital Flow Review - The share of newly established equity - biased funds and the number of new investors in the two markets are presented in relevant charts. The capital interest rate price rebounded last week, and the central bank had a net capital withdrawal [26]. 4. Strategy Recommendations 4.1 Short - term Strategy - The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set at 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4]. 4.2 Trend Strategy - Buy on dips. The core operating ranges of the main contracts IF2508, IH2508, IC2508, and IM2508 are expected to be between 3999 - 4205 points, 2726 - 2852 points, 6073 - 6480 points, and 6435 - 6868 points respectively [4]. 4.3 Cross - variety Strategy - Adopt the strategy of shorting IF (or IH) and going long on IC (or IM) [4].

Group 1 - The core concept of trading index futures involves understanding the rules and market dynamics, akin to navigating a ship, requiring both foundational knowledge and strategic adjustments based on market trends [1] - Familiarity with contract details such as underlying index characteristics, contract multipliers, and expiration months is essential for formulating a trading plan [1] - Analyzing macroeconomic data, technical patterns, and market sentiment is crucial for determining market trends and making informed trading decisions [1] Group 2 - Risk management is highlighted through the establishment of position strategies that balance risk and opportunity, ensuring a stable trading approach [1] - The importance of timing entry points based on key breakout levels and volume signals is emphasized to enhance the probability of successful trades [1] - Setting profit and loss limits acts as a protective mechanism, allowing traders to manage risks effectively during unexpected market conditions [2] Group 3 - The ability to adjust positions in response to market changes is vital, allowing traders to capitalize on favorable conditions or mitigate risks when trends deviate from expectations [4] - Recognizing the right moments to close positions reflects an understanding of market trends, enabling traders to secure profits or avoid losses [4] - Continuous learning and reflection on past trades are essential for improving trading skills and adapting strategies based on market behavior [5]