Group 1 - The Hang Seng Index night futures (August) closed at 24,708 points, down 38 points or 0.154%, with a discount of 65 points [1] - The total number of open contracts was 126,804, a decrease of 16,437 contracts [1] - The net number of open contracts reported at 51,552, a decrease of 2,473 contracts [1]

Core Viewpoint - The performance of small-cap indices, specifically the CSI 2000 and CSI 1000, has shown significant growth, with respective increases of 47.33% and 35.33% since September 2022, indicating a strong market trend for small-cap stocks [1][5]. Group 1: Index Performance - The CSI 2000 Enhanced ETF (159552) and CSI 1000 Enhanced ETF (159680) have outperformed their respective indices, with gains of 61.75% and 49.45%, surpassing the CSI 2000 and CSI 1000 by 14.42% and 14.12% [3]. - Recent data shows a slight pullback in the CSI 1000 and 2000 indices, but fund managers are still optimistic about small-cap stocks, as evidenced by increased allocations to small-cap positions despite an overall decrease in equity fund holdings [5]. Group 2: Historical Trends and Future Outlook - An analysis of the past three years indicates that the CSI 1000 and 2000 indices have moved in close correlation, with the CSI 1000 still having room to rise towards its historical peak [8]. - The CSI 1000 Enhanced ETF (159680) has consistently delivered excess returns relative to its benchmark, achieving an annualized excess return of 11.07% since inception, demonstrating resilience even in down markets [10]. Group 3: Market Conditions and Policy Support - The current monetary policy, including recent reserve requirement ratio cuts by the central bank, has increased liquidity in the market, which historically benefits small-cap stocks due to their reliance on financing and sensitivity to interest rates [10]. - Government support for "new productive forces" such as AI, robotics, and domestic chips aligns well with the constituents of the CSI 1000 and 2000 indices, providing a favorable environment for growth [12]. Group 4: Investment Strategy - Investors are advised to stagger their investments over 3-5 months to mitigate the risk of market timing, suggesting a long-term holding strategy to maximize profit potential [14].