1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - As of the end of Q4 2025, the total positions of public - funds in stock index futures decreased after two consecutive quarters of growth. The long positions were 24,202 contracts, a 6.97% decrease from the previous quarter, with a market value of 32.569 billion yuan, down 4.92% quarter - on - quarter. The short positions were 5,651 contracts, a 12.78% decrease, with a market value of 8.138 billion yuan, down 12.75% quarter - on - quarter. The net long positions were 18,551 contracts, a decrease of 987 contracts from the end of the previous quarter, and the net long market value was 24.43 billion yuan, a decrease of 496 million yuan from the previous quarter [2][41]. - The long - position reductions were mainly concentrated in the IH and IF contracts, with the number of contracts decreasing by 5.1% and 28.02% respectively. The short - position reductions were mainly in the IM contract, with a 13.4% decrease, indicating that public - funds were more optimistic about small - and medium - cap index futures in the future and more cautious about large - cap index futures [2][41]. - The number of participating products was 433, slightly less than at the end of the previous quarter. The number of index - enhanced products increased the most, from 131 to 144. Meanwhile, the number of partial - stock hybrid and flexible - allocation products decreased, from 42 and 43 to 37 and 34 respectively [2][41]. - In terms of the overall participation market value, most products' participation market values decreased to varying degrees. Among long positions, the passive index - type products decreased the most significantly, from 29.5 billion yuan to 28.05 billion yuan. The index - enhanced products, although the number of participating products increased significantly, did not see a synchronous increase in participation market value, with long positions decreasing from 3.265 billion yuan to 3.17 billion yuan. Among short positions, the participation market value of neutral products decreased significantly, from 3.214 billion yuan to 2.38 billion yuan. The simultaneous decrease in long and short positions of stock index futures indicated an increase in divergence regarding future index trends [2][42]. - A total of 61 public - fund companies participated in stock index futures. The total positions of the top ten managers reached 25,845 contracts, with a total market value of 35.05 billion yuan, a decrease of 8.2% and 6.4% respectively from the end of the previous quarter. Among them, Harvest Fund and China Asset Management reduced their positions most significantly, with significant long - position reductions of 2,391 and 1,382 contracts respectively in stock index futures [2][42]. 3. Summary by Directory 3.1 Market Overall Situation - Stock Index Futures Positions Begin to Fall - As of the end of Q4 2025, public - funds held a total of 29,853 contracts of stock index futures, a decrease of 8.13% from the end of the previous quarter. The decline in positions mainly came from short - position adjustments. Specifically, long positions were 24,202 contracts, a 6.97% decrease, and short positions were 5,651 contracts, a 12.78% decrease [6]. - In terms of position market value, public - funds held a total stock index futures market value of 40.707 billion yuan, a decrease of 6.59% from the previous quarter. Long - position market value was 32.569 billion yuan, a 4.92% decrease, and short - position market value was 8.138 billion yuan, a 12.75% decrease [6]. - In terms of net positions, public - funds held a net long position of 18,551 contracts, a decrease of 987 contracts from the end of the previous quarter, and the net long market value was 24.43 billion yuan, a decrease of 496 million yuan from the previous quarter [7]. - In terms of participating entities, 61 public - fund companies participated in stock index futures, 2 more than at the end of the previous quarter. The number of participating products was 433, 1 less than at the end of the previous quarter. Specifically, 59 companies participated in long positions of stock index futures, 26 in short positions. The number of fund products with long positions was 372, and the number of short - position products was 62. The number of long - position products began to decline after six consecutive quarters of growth [8][11]. 3.2 Position Variety and Month Analysis 3.2.1 Position Variety Indicates Public - Funds Are More Optimistic about Small - and Medium - Cap Index Futures in the Future - In terms of position variety, the positions of each variety of public - funds continued to diverge this quarter. Long positions in IH and IF decreased to varying degrees, with the number of contracts decreasing by 524 and 1,545 respectively, a 5.1% and 28.02% decrease. IC and IM had a slight increase, with the number of contracts increasing by 193 and 61 respectively, a 3.07% and 1.54% increase. At the same time, short positions in all four varieties decreased to a certain extent, and the reduction in IM was the most obvious, with 532 contracts, a 13.4% decrease. The main short - position variety was still concentrated in the IM contract, accounting for 62.55% of the total short - hedge ratio. The reduction in long positions of IH and IF indicated that public - funds were more optimistic about small - and medium - cap index futures in the first quarter and more cautious about large - cap index futures [11]. - Specifically, the total position of the IF contract was 11,193 contracts, with long positions of 9,736 contracts, a 5.1% decrease, and short positions of 1,457 contracts, a 12.12% decrease. The position of the IH contract was 4,122 contracts, with long positions of 3,969 contracts, a 28% decrease, and short positions of 153 contracts, a 34.9% decrease. The position of the IC contract was 7,084 contracts, with long positions of 6,480 contracts, a 3.07% increase, and short positions of 604 contracts, a 2.1% decrease. The position of the IM contract was 7,454 contracts, with long positions of 4,017 contracts, a 1.54% increase, and short positions of 3,437 contracts, a 13.4% decrease [18]. 3.2.2 The Proportion of Short Positions in the Current Month Decreased Slightly - In terms of the position contract months, the proportion of public - funds' short positions in the current - month contract decreased this quarter, but the proportion of long positions in the quarterly - month contract was still at a historical high. This indicated that although the futures market basis had converged significantly, there were still many public - funds using quarterly - month contracts for long - position substitution, and the futures market basis might remain at a low level for some time [19]. - Specifically, the proportions of long positions in the current - month, next - month, current - quarter, and next - quarter contracts were 14.98%, 1.11%, 78.72%, and 5.18% respectively, an increase of 0.6, 0.5, 0.4, and - 1.38 percentage points respectively from the end of the previous quarter. The proportions of short positions were 27.35%, 0.4%, 56.1%, and 16.12% respectively, an increase of - 6, - 1.1, - 2.9, and 10 percentage points respectively from the end of the previous quarter [19]. 3.3 Position Situations of Various Fund Products 3.3.1 The Hedging Market Value of Neutral Products Decreased Significantly - In terms of the position situations of various fund products, the number of public - fund products participating in stock index futures decreased slightly this quarter, with a total of 433. Among them, the number of index - enhanced products increased the most, from 131 to 144. Meanwhile, the number of partial - stock hybrid and flexible - allocation products decreased, from 42 and 43 to 37 and 34 respectively [21]. - In terms of the overall participation market value, most products' participation market values decreased to varying degrees. Among long positions, the passive index - type products decreased the most significantly, from 29.5 billion yuan to 28.05 billion yuan. The index - enhanced products, although the number of participating products increased significantly, did not see a synchronous increase in participation market value, with long positions decreasing from 3.265 billion yuan to 3.17 billion yuan. Among short positions, the participation market value of neutral products decreased significantly, from 3.214 billion yuan to 2.38 billion yuan. The simultaneous decrease in long and short positions of stock index futures indicated an increase in divergence regarding future index trends [22]. 3.3.2 The Short Positions of Small - and Medium - Cap Index Futures Decreased Significantly - In terms of the stock index futures varieties held by different products, on the one hand, the passive index - type products, which were the main force in public - funds' long positions, showed a decrease in IH and IF long positions and an increase in IC and IM long positions this quarter. The long positions of IH and IF decreased from 4.9 billion yuan and 13 billion yuan to 3.594 billion yuan and 12.17 billion yuan respectively, while the long positions of IC and IM increased from 7.355 billion yuan and 4.166 billion yuan to 8 billion yuan and 4.287 billion yuan respectively. On the other hand, due to the continuous convergence of the basis of IC and IM, the long positions of index - enhanced products in IC and IM decreased slightly [33]. - In terms of the types of public - funds' short positions, traditional neutral products, partial - stock hybrid, and flexible - allocation products all had varying degrees of decrease in short positions, and the decrease in IM was more obvious. The increase in long positions and decrease in short positions in small - and medium - cap index futures indicated that public - funds were still relatively optimistic about the medium - term market of IC and IM [33]. 3.4 The Total Positions of the Top Ten Managers Begin to Fall - This quarter, the total positions of the top ten managers reached 25,845 contracts, with a total market value of 35.05 billion yuan, a decrease of 8.2% and 6.4% respectively from the end of the previous quarter. Among them, Harvest Fund and China Asset Management reduced their positions most significantly, with significant long - position reductions of 2,391 and 1,382 contracts respectively in stock index futures. Specifically, the long positions of the top ten managers were 20,900 contracts, with a long - position market value of 27.84 billion yuan, a decrease of 7.7% and 5.5% respectively from the end of the previous quarter. The short positions were 4,945 contracts, with a short - position market value of 7.207 billion yuan, a decrease of 10.07% and 10.5% respectively from the end of the previous quarter [35]. 3.5 Summary - Overall, this quarter, the total positions of public - funds in stock index futures decreased after two consecutive quarters of growth. Specifically, long positions were 24,202 contracts, a 6.97% decrease, with a market value of 32.569 billion yuan, a 4.92% decrease. Short positions were 5,651 contracts, a 12.78% decrease, with a market value of 8.138 billion yuan, a 12.75% decrease. The net long positions were 18,551 contracts, a decrease of 987 contracts from the end of the previous quarter, and the net long market value was 24.43 billion yuan, a decrease of 496 million yuan from the previous quarter. Long - position reductions were mainly concentrated in the IH and IF contracts, with the number of contracts decreasing by 5.1% and 28.02% respectively. Short - position reductions were mainly in the IM contract, with a 13.4% decrease, indicating that public - funds were more optimistic about small - and medium - cap index futures in the first quarter and more cautious about large - cap index futures [41]. - In terms of the number of participating products, the number of participating products was 433, 1 less than at the end of the previous quarter. The number of index - enhanced products increased the most, from 131 to 144. Meanwhile, the number of partial - stock hybrid and flexible - allocation products decreased, from 42 and 43 to 37 and 34 respectively [41]. - In terms of the overall participation market value, most products' participation market values decreased to varying degrees. Among long positions, the passive index - type products decreased the most significantly, from 29.5 billion yuan to 28.05 billion yuan. The index - enhanced products, although the number of participating products increased significantly, did not see a synchronous increase in participation market value, with long positions decreasing from 3.265 billion yuan to 3.17 billion yuan. Among short positions, the participation market value of neutral products decreased significantly, from 3.214 billion yuan to 2.38 billion yuan. The simultaneous decrease in long and short positions of stock index futures indicated an increase in divergence regarding future index trends [42]. - In terms of participating entities, a total of 61 public - fund companies participated in stock index futures. The total positions of the top ten managers reached 25,845 contracts, with a total market value of 35.05 billion yuan, a decrease of 8.2% and 6.4% respectively from the end of the previous quarter. Among them, Harvest Fund and China Asset Management reduced their positions most significantly, with significant long - position reductions of 2,391 and 1,382 contracts respectively in stock index futures [42].