Report Highlights 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Stock Index Futures**: The market showed a mixed trend with the three major indices rising and falling. Over 2,800 stocks in the Shanghai, Shenzhen, and Beijing markets closed higher, and the trading volume on this day was 2.71 trillion yuan. The Fed's dovish stance led to market expectations of multiple interest rate cuts this year, benefiting the A - share market. Shanghai's adjustment of housing policies boosted the real estate and banking sectors. The implementation of the childcare subsidy system is expected to be an important way to drive inflation back up. The liquidity - driven market will continue, but funds are concentrating on index components and technology stocks, with short - term volatility increasing and long - term upward potential [1]. - **Treasury Bond Futures**: On Tuesday, Treasury bond futures closed with gains across the board. The central bank conducted 405.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 474.5 billion yuan. Although there were no significant changes in the short - term capital and fundamental aspects, market risk appetite rebounded. The dovish remarks of the Fed Chairman increased expectations of a September interest rate cut in the US and domestic monetary policy easing, leading to a rebound in the bond market. However, the strong performance of the stock market will be a short - term negative factor for the bond market, and short - term Treasury bond futures are expected to fluctuate at high levels [1][2]. 3. Summary by Section 3.1 Daily Price Changes - **Stock Index Futures**: The IH contract decreased by 0.71% to 2,970.8; the IF contract remained unchanged at 4,474.6; the IC contract increased by 0.10% to 6,916.4; the IM contract increased by 0.04% to 7,415.4 [3]. - **Stock Indices**: The Shanghai Composite 50 Index decreased by 0.67% to 2,969.8; the CSI 300 Index decreased by 0.37% to 4,452.6; the CSI 500 Index increased by 0.18% to 6,964.1; the CSI 1000 Index decreased by 0.02% to 7,476.5 [3]. - **Treasury Bond Futures**: The TS contract decreased by 0.02% to 102.39; the TF contract increased by 0.02% to 105.56; the T contract increased by 0.04% to 108.00; the TL contract increased by 0.43% to 117.30 [3]. 3.2 Market News - On August 26, the Chinese Foreign Ministry spokesperson responded to Trump's expected visit to China. China adheres to the principles of mutual respect, peaceful coexistence, and win - win cooperation in handling Sino - US relations, hopes that the US will work together, and emphasizes the strategic leading role of head - of - state diplomacy in Sino - US relations [5]. 3.3 Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as the historical trends of the corresponding basis of these contracts [7][9][11]. - **Treasury Bond Futures**: The report shows the historical trends of Treasury bond futures main contracts, the historical trends of Treasury bond spot yields, the historical trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, the historical trends of the inter - delivery spreads of these Treasury bond futures, and the historical trends of cross - variety spreads and capital interest rates [14][16][18]. - **Exchange Rates**: The report provides the historical trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and the exchange rates between major currencies such as the euro, pound, and yen against the US dollar [21][22][25][27]. 3.4 Member Introduction - The report introduces two members: Zhu Jintao, the director of macro - financial research at Everbright Futures Research Institute, and Wang Dongying, an index analyst mainly responsible for stock index futures research [28].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - **Stock Index Futures**: The A-share market oscillated and rose, with the Wind All A index up 0.45% and a trading volume of 1.83 trillion yuan. The implementation of the childcare subsidy system is expected to boost inflation. The recent stock market rise is driven by long - term expectations of fiscal policy shift and inflation recovery, mid - term support for upstream cyclical sectors, and short - term capital inflows. The market is currently divided, and it is advisable to wait for clearer policies and market trends before adjusting positions [1]. - **Treasury Bond Futures**: On Tuesday, treasury bond futures closed lower. The central bank conducted 4492 billion yuan of 7 - day reverse repurchase operations, with a net injection of 2344 billion yuan. The start of the third round of Sino - US trade negotiations and the improvement in risk appetite led to bond market adjustments. However, the short - term bond market is expected to recover, and short - term treasury bonds may stop falling and stabilize [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Stock Index Futures**: The A - share market showed an upward trend, with different indices rising to varying degrees. The implementation of the childcare subsidy system is a significant policy move. The long - term logic for the stock market rise includes expectations of fiscal policy shift and inflation recovery, mid - term support for upstream cyclical sectors due to anti - involution and infrastructure investment, and short - term capital inflows from a weak US dollar and improved corporate deposit - loan data. The market is currently divided [1]. - **Treasury Bond Futures**: Treasury bond futures closed lower on Tuesday. The central bank's reverse repurchase operations and the start of Sino - US trade negotiations affected the bond market. Short - term bond market trends are expected to improve [2]. 3.2 Daily Price Changes - **Stock Index Futures**: IH rose 0.29%, IF rose 0.47%, IC rose 0.66%, and IM rose 0.91% [3]. - **Stock Indices**: The Shanghai Composite 50 index rose 0.21%, the CSI 300 index rose 0.39%, the CSI 500 index rose 0.52%, and the CSI 1000 index rose 0.65% [3]. - **Treasury Bond Futures**: TS fell 0.06%, TF fell 0.17%, T fell 0.24%, and TL fell 0.77% [3]. - **Treasury Bond Yields**: Yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds increased [3]. 3.3 Market News - The International Monetary Fund (IMF) raised its forecast for China's economic growth rate in 2025 to 4.8%, an increase of 0.8 percentage points from the April forecast, and also raised the 2026 forecast by 0.2 percentage points, mainly due to stronger - than - expected economic activities in the first half of 2025 and lower - than - expected Sino - US tariffs [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report presents the trends of IH, IF, IM, IC main contracts, and their corresponding basis trends [6][7][9]. - **Treasury Bond Futures**: It shows the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][18]. - **Exchange Rates**: The report includes the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [21][22][25][26].