Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current market trading volume is approximately 2 trillion yuan, showing a significant contraction. The market adjustment trend has not ended, the current index adjustment is insufficient, and it will take time for market risks to be released. During this period, it is not advisable to rush to bottom - fishing, and hedging risks through stock index futures can be considered [3]. 3. Summary by Directory Macro - economic Charts - In China, in August, CPI was flat month - on - month and decreased by 0.4% year - on - year, while core CPI increased by 0.9% year - on - year with the growth rate expanding for the 4th consecutive month. PPI decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points from the previous month, and was flat month - on - month, ending the 8 - month downward trend. In the US, in August, PPI decreased by 0.1% month - on - month, turning negative for the first time in four months, and increased by 2.6% year - on - year, lower than the expected 3.3%. The US Labor Department's Inspector General's Office is launching a review focusing on CPI and PPI information collection and employment data issues [1]. Spot Market Tracking Charts - A - share major indices fluctuated and closed in the positive territory. The Shanghai Composite Index rose 0.13% to close at 3812.22 points, and the ChiNext Index rose 1.27%. Sector indices showed mixed performance, with communication, electronics, media, and social services sectors leading the gains, and power equipment, basic chemicals, non - ferrous metals, and coal sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets decreased to 2 trillion yuan. Overseas, the three major US stock indices closed mixed, with the S&P 500 and Nasdaq hitting new highs [2][12]. Stock Index Futures Tracking Charts - In the futures market, the basis of IH rebounded. In terms of trading volume and open interest, the trading volumes of IH, IF, and IM increased, and the open interests of IF, IC, and IM rose. The specific trading volume and open interest data are as follows: IF trading volume was 130,680 (an increase of 9,016), open interest was 275,475 (an increase of 7,307); IH trading volume was 53,249 (an increase of 550), open interest was 95,887 (a decrease of 93); IC trading volume was 134,597 (a decrease of 3,849), open interest was 247,388 (an increase of 1,732); IM trading volume was 275,094 (an increase of 21,363), open interest was 383,703 (an increase of 3,043) [2][14]. - The basis data of stock index futures are also provided. For example, the current - month contract basis of IF was - 12.96 (a decrease of 2.90), and that of IH was - 1.79 (an increase of 1.44) [39]. - The inter - period spread data of stock index futures are presented. For instance, the spread between the next - month and current - month contracts of IF was - 9.60 (a decrease of 2.60), and that of IH was - 1.60 (a decrease of 2.00) [43].