明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 | | | | 集运指数（欧线）期货日报 | | | 2025/9/23 | | --- | --- | --- | --- | --- | --- | --- | | 项目类别 数据指标 | 环比 | 最新 | | 数据指标 | 最新 | 环比 | | EC主力收盘价 | | 1100.000 | | -2.0↓ EC次主力收盘价 | 1623.4 | -45.80↓ | | 期货盘面 EC2510-EC2512价差 | | -523.40 | | +36.80↑ EC2510-EC2602价差 | -435.60 | +44.30↑ | | EC合约基差 | | 154.92 | -6.30↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | | 41508 | -4522↓ | | | | | SCF ...

Core Viewpoint - The Ministry of Education emphasizes the importance of "health first" during the 14th Five-Year Plan, promoting comprehensive physical activities in schools and fostering a collaborative educational environment [1] Group 1 - The implementation of 2 hours of comprehensive physical activities daily in primary and secondary schools is a key initiative [1] - Local governments are exploring the implementation of 15-minute breaks between classes to enhance student well-being [1] - The phrase "sweaty bodies and bright eyes" reflects the positive changes in students' health and engagement [1] Group 2 - The construction of a "home-school-community" educational alliance is being prioritized to create a supportive ecosystem for student development [1] - The initiative aims to foster a collaborative environment for education, enhancing the overall quality of schooling [1]

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].

Group 1 - The State Council Information Office will hold a press conference on September 8, 2025, focusing on the high-quality completion of the "14th Five-Year Plan" [1] - The Minister of Justice, He Rong, will introduce the progress of socialist rule of law construction and judicial administration during the "14th Five-Year Plan" period [1] - The conference aims to discuss how these efforts will serve the high-quality development of the economy and society [1]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, energy investment in China is characterized by rapid growth, improved structure, and strong vitality [1] - Energy investment has a significant impact on the growth of fixed asset investment, indicating a robust contribution to the overall economy [1] - China has established the world's most comprehensive and largest energy system, highlighting the scale and extensive chain of the energy industry [1]

Group 1 - The State Council Information Office held a press conference on August 18 to discuss the high-quality completion of the "14th Five-Year Plan" [1] - Officials from various government departments provided insights into the development of socialist democracy during the "14th Five-Year Plan" period [1] - Key figures from the Central United Front Work Department, National People's Congress, and National Committee of the Chinese People's Political Consultative Conference participated in the event [1]

Group 1 - The State Council Information Office will hold a press conference on July 23, 2025, at 3 PM to discuss the high-quality completion of the "14th Five-Year Plan" [1] - The conference will feature Deputy Minister Qi Yanjun from the Public Security Department, who will provide insights on ensuring high-level security for the successful implementation of the "14th Five-Year Plan" [1] - The event will include a Q&A session for journalists to inquire about related topics [1]