Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating. The core logic lies in the game between the short - term profit - taking intention of funds and the long - and medium - term fermentation of policy - favorable expectations [1][5] Group 3: Summary According to Related Contents 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term funds' profit - taking intention and the fermentation of long - and medium - term policy - favorable expectations [1] 2. Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is that yesterday, each stock index oscillated widely and recovered after reaching the bottom. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 251.86 billion yuan, an increase of 37.6 billion yuan from the previous day. There is a certain divergence in market sentiment, focusing on the game between the profit - taking rhythm of funds and the fermentation of policy expectations. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy - favorable expectations and the net inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index. The fermentation of policy - favorable expectations depends on the October key meeting, and the increase in incremental funds can be seen from the fact that the margin trading balance has exceeded 2.4 trillion yuan and the year - on - year significant increase in new non - bank deposits in July and August. In general, the stock index is expected to oscillate widely in the short term [5]

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 wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating [1][5] - The core logic is the game between the short - term profit - taking willingness of funds and the long - and medium - term policy positive expectation fermentation [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking willingness of funds and long - and medium - term policy positive expectation fermentation [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation [5] - Yesterday, each stock index oscillated and sorted in a narrow range. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 214.25 billion yuan, a decrease of 20.69 billion yuan from the previous day [5] - The LPR interest rate in September remained unchanged, and the central bank made a net investment in the open market, indicating that the central bank kept the market liquidity stable before the long holiday [5] - There are certain differences in market sentiment. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy positive expectations and the inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index [5] - In terms of policy, the credit and inflation data in August were weak, and the consumption growth rate slowed down, indicating weak demand from the real sector. There is a strong expectation of introducing policies to stabilize demand in October, and policy positive expectations are gradually fermenting [5] - In terms of funds, there is a sign that residents' deposits are changing to non - bank deposits, indicating a change in investors' wealth allocation direction. Coupled with the high - level operation of the margin trading balance, it shows that the stock market continues to attract incremental funds [5] - In the future, focus on the game between the profit - taking rhythm of funds and the fermentation of policy expectations [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view of the stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating upward. The overall situation is affected by the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1][5] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is oscillating upward, and the reference view is wide - range oscillation. The core logic is the game between short - term capital profit - taking willingness and medium - and long - term policy positive expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Yesterday, each stock index oscillated and rebounded. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2402.9 billion yuan, an increase of 35.9 billion yuan compared with the previous day [5] - **News**: The Ministry of Commerce and other 9 departments recently issued "Several Policy Measures to Expand Service Consumption", proposing 19 specific measures from 5 aspects to boost consumption demand and promote the development of service consumption [5] - **Macro - aspect**: In August, the credit and inflation data were weak, and the consumption growth rate slowed down, indicating weak demand from the real sector. There is a strong expectation of introducing policies to stabilize demand in the future, and the key window period for policy introduction is expected to be October [5] - **Fund - aspect**: The non - bank deposits increased significantly in July and August, and the margin trading balance remained at a high level, indicating that the stock market continuously attracted incremental capital inflows. However, due to the significant increase in the valuation of some stocks in the early stage, there is still a willingness for profit - taking funds to stop profits, resulting in short - term technical adjustment pressure on the stock index [5] - **Conclusion**: In the short term, the stock index is expected to be mainly in wide - range oscillation, and the follow - up focus is on the game between the rhythm of capital profit - taking and the fermentation of policy expectations [5]