Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - On September 21, the four major index futures contracts for the current month showed mixed trends. IF rose 0.59%, IH rose 0.36%, IC rose 0.24%, and IM fell 0.02%. The total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of all index futures decreased [3][4]. - The stock market declined across the board, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 0.04%, and the ChiNext Index down 0.16%. The A - share market volume shrank, with over 3400 stocks closing lower [9]. 3. Summary by Catalog 3.1 Index Futures Data Tracking - **Closing Prices and Fluctuations**: - The closing prices of various index futures contracts showed different trends. For example, IF2509 closed at 4510, up 0.59%; IH2509 closed at 2918.4, up 0.36%; IC2509 closed at 7181.8, up 0.24%; and IM2509 closed at 7448, down 0.02% [3][5]. - **Basis**: - The basis of different index futures contracts also varied. For instance, the basis of IF2509 was 8.08, and that of IH2509 was 8.66 [3]. - **Trading Volume and Open Interest**: - The trading volume and open interest of each index futures contract changed. The total trading volume of IF, IH, IC, and IM decreased, and the total open interest also decreased. Specifically, IF's total trading volume decreased by 56943 lots, and its total open interest decreased by 31650 lots [3][4]. 3.2 Index Futures Member Positions - The long and short positions of the top 20 members in each index futures contract changed. For example, in IF2509, the long - position change was - 21047, and the short - position change was - 18377 [7]. 3.3 Trend Strength and Important Drivers - **Trend Strength**: - The trend strength of IF and IH was 1, and that of IC and IM was also 1. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [8]. - **Important Drivers**: - There was a phone call between Chinese President Xi Jinping and US President Trump, which was positive for Sino - US relations. Shanghai adjusted its personal housing property tax policy [8]. 3.4 Stock Market Conditions - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all closed lower, with the market volume shrinking. The real - estate stocks showed frequent fluctuations, and the technology stocks had intensified divergence. The sectors of excavators, coal, and lithography machines led the gains, while the robot, SPD, and Xiaomi car concepts led the losses [9].