Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On March 30, the contracts of the four major index futures in the current month showed mixed trends. IF fell by 0.21%, IH by 0.16%, IC rose by 0.19%, and IM by 0.22% [1] - On this trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 4,728 lots, IH by 1,629 lots, IC by 3,084 lots, and IM by 10,930 lots. In terms of positions, the total positions of IF decreased by 5,068 lots, IH by 427 lots, IC by 6,186 lots, while IM increased by 3,733 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1 [6] - The A - share market bottomed out and rebounded. The Shanghai Composite Index closed up 0.24% at 3,923.29 points, the Shenzhen Component Index fell 0.25%, the ChiNext Index fell 0.68%, and the Wind All - A Index rose 0.05%. The market turnover was 1.93 trillion yuan, compared with 1.86 trillion yuan the previous day [7] - The Hong Kong Hang Seng Index closed down 0.81% at 24,750.79 points; the Hang Seng Technology Index dropped 1.84%, hitting a new low since early April last year; the Hang Seng China Enterprises Index fell 0.65%. Four new stocks were listed on the same day, with PolarView up 150%, Deshizhang 111%, and Han Tian Tian Cheng up 35%. Southbound funds sold a net of nearly HK$2.5 billion [8] - The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.11% to 45,216.14 points, the S&P 500 Index fell 0.39% to 6,343.72 points, and the Nasdaq Composite Index fell 0.73% to 20,794.64 points [8] Group 3: Summary by Related Catalogs 1. Index Futures Data Tracking - **IF Contracts**: The closing price of IF2604 was 4,472.4, down 0.21%, with a basis of - 19.55, a turnover of 36.26 billion yuan, a trading volume of 27,179 lots (up 1,689 lots), and an open interest of 49,894 lots (down 442 lots). Similar data are provided for IF2605, IF2606, and IF2609 [1] - **IH Contracts**: The closing price of IH2604 was 2,829, down 0.16%, with a basis of - 4.21, a turnover of 1.059 billion yuan, a trading volume of 12,534 lots (up 940 lots), and an open interest of 20,218 lots (down 240 lots). Similar data are provided for IH2605, IH2606, and IH2609 [1] - **IC Contracts**: The closing price of IC2604 was 7,706.8, up 0.19%, with a basis of - 46.92, a turnover of 5.728 billion yuan, a trading volume of 37,502 lots (down 1,329 lots), and an open interest of 56,827 lots (down 3,413 lots). Similar data are provided for IC2605, IC2606, and IC2609 [1] - **IM Contracts**: The closing price of IM2604 was 7,695.8, up 0.22%, with a basis of - 72.13, a turnover of 8.387 billion yuan, a trading volume of 55,003 lots (up 2,157 lots), and an open interest of 80,186 lots (down 11 lots). Similar data are provided for IM2605, IM2606, and IM2609 [1] 2. Top 20 Member Position Changes - **IF Contracts**: For IF2604 and IF2605, the long - order increase was 341 (not announced for some), and the short - order increase was 698 (not announced for some). For IF2606, the long - order decrease was 2,480, and the short - order decrease was 2,997. For IF2609, the long - order decrease was 733, and the short - order decrease was 895 [5] - **IH Contracts**: For IH2604, the long - order decrease was 36, and the short - order decrease was 226. For IH2606, the long - order increase was 72, and the short - order increase was 276. For IH2609, the long - order increase was 537, and the short - order increase was 393 [5] - **IC Contracts**: For IC2604, the long - order decrease was 2,647, and the short - order decrease was 2,430. For IC2606, the long - order decrease was 2,165, and the short - order decrease was 1,504. For IC2609, the long - order decrease was 1,000, and the short - order decrease was 909 [5] - **IM Contracts**: For IM2604, the long - order increase was 1,257, and the short - order increase was 233. For IM2605, the long - order net change was 1,614, and the short - order net change was 74. For IM2606, the long - order increase was 357, and the short - order decrease was 159 [5] 3. Important Drivers - U.S. President Trump stated that Iran has agreed to "most of the content" in the "15 - point cease - fire plan". The U.S. is in serious consultations with Iran to end the military operation in Iran. Trump threatened to destroy all of Iran's power plants, oil wells, and Kharg Island, and possibly all desalination plants if an agreement cannot be reached in the short term. The White House Press Secretary said Trump hopes to reach an agreement with Iran by April 6 and intends to call on Arab countries to bear the cost of the U.S. military operation against Iran [6] - Iran stated that if its power facilities are attacked, it will cause a power outage in the entire region. The Iranian President said that ending the war will be based on safeguarding national dignity, interests, and security. The Iranian Foreign Ministry spokesman said that Iran has not had any direct negotiations with the U.S. so far, and the so - called "15 - point cease - fire plan" of the U.S. is "excessive and unreasonable" [6] - The Iranian Parliament's National Security and Foreign Policy Commission passed a bill to charge fees for ships passing through the Strait of Hormuz, including implementing a financial arrangement and charging system in Iranian rials, banning U.S. and Israeli ships from passing through, and cooperating with Oman to formulate relevant legal frameworks [7] - Federal Reserve Chairman Powell said that in the context of the energy shock caused by the U.S. and Israel's war against Iran, the Fed tends to keep interest rates unchanged and temporarily "ignore" the impact. But he also warned that if price increases start to change the public's long - term inflation expectations, the Fed may not be able to stand by [7]

Report Industry Investment Rating - No information provided Core Viewpoints - On March 24, all four major index futures contracts for the current month rose, with IF up 1.4%, IH up 1.49%, IC up 2.42%, and IM up 2.85%. The total trading volume of index futures decreased, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM decreased by 39,333, 19,258, 22,348, and 32,679 lots respectively. The total positions of IF, IH, IC, and IM decreased by 12,902, 9,026, 4,523, and 5,904 lots respectively. The trend strength of IF and IH is 1, and that of IC and IM is also 1. A-shares rebounded strongly, with over 5,100 stocks rising. The Hong Kong stock market also rebounded significantly [1][2][6]. Summary by Directory 1. Index Futures Data Tracking - **IF Contracts**: The closing price of IF2604 was 4,449.4, up 1.40%, with a basis of -25.32, a trading volume of 35,281 lots (down 9,716 lots), and an open interest of 55,538 lots (down 2,490 lots). Other contracts also had corresponding price changes, trading volumes, and open interest changes [1]. - **IH Contracts**: The closing price of IH2604 was 2,826.2, up 1.49%, with a basis of -4.65, a trading volume of 16,671 lots (down 5,486 lots), and an open interest of 22,685 lots (down 3,481 lots). Other contracts also had corresponding price changes, trading volumes, and open interest changes [1]. - **IC Contracts**: The closing price of IC2604 was 7,554.8, up 2.42%, with a basis of -42.57, a trading volume of 49,931 lots (down 5,963 lots), and an open interest of 65,970 lots (up 1,007 lots). Other contracts also had corresponding price changes, trading volumes, and open interest changes [1]. - **IM Contracts**: The closing price of IM2604 was 7,552.6, up 2.85%, with a basis of -48.26, a trading volume of 69,285 lots (down 10,503 lots), and an open interest of 92,698 lots (up 1,532 lots). Other contracts also had corresponding price changes, trading volumes, and open interest changes [1]. 2. Index Futures Trading Volume and Open Interest Changes - On the trading day, the total trading volume of index futures decreased, with IF, IH, IC, and IM decreasing by 39,333, 19,258, 22,348, and 32,679 lots respectively. The total positions of IF, IH, IC, and IM decreased by 12,902, 9,026, 4,523, and 5,904 lots respectively [2]. 3. Index Futures Basis - The basis of IF, IH, IC, and IM contracts at different time points from February 26 to March 24 is presented graphically [4]. 4. Top 20 Member Positions Changes - For IF contracts, the long positions of IF2604 decreased by 1,759 lots, and the short positions decreased by 2,210 lots. For other contracts, there were corresponding long and short position changes [5]. - For IH contracts, the long positions of IH2604 decreased by 3,320 lots, and the short positions decreased by 3,288 lots. For other contracts, there were corresponding long and short position changes [5]. - For IC contracts, the long positions of IC2604 increased by 1,642 lots, and the short positions increased by 1,936 lots. For other contracts, there were corresponding long and short position changes [5]. - For IM contracts, the long positions of IM2604 increased by 1,636 lots, and the short positions increased by 1,748 lots. For other contracts, there were corresponding long and short position changes [5]. 5. Market Trends and Driving Factors - **A-shares**: A-shares rebounded strongly, with the Shanghai Composite Index up 1.78% to 3,881.28 points, the Shenzhen Component Index up 1.43%, the ChiNext Index up 0.5%, the North Star 50 up 1.94%, the Science and Technology Innovation 50 up 2.33%, the Wind All A up 2.11%, the Wind A500 up 1.34%, and the CSI A500 up 1.38%. The daily trading volume was 2.1 trillion yuan, compared with 2.45 trillion yuan the previous day. Military stocks soared due to global instability, green power concept stocks were active, and some technology growth stocks and shipping stocks were strong, while the oil and gas sector declined [6]. - **Hong Kong Stocks**: The Hang Seng Index rose 2.79% to 25,063.71 points, the Hang Seng Tech Index rose 2.51% to 4,830.89 points, and the Hang Seng China Enterprises Index rose 2.31% to 8,499.53 points. The daily trading volume was HK$303.073 billion, down from the previous trading day [7]. 6. International News - An Israeli official said on March 24 that the possibility of the US and Iran reaching an agreement was "extremely slim" due to differences in requirements from both sides [8].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On March 23rd, all four major stock index futures contracts for the current month declined. IF dropped by 3.52%, IH by 3.3%, IC by 4.6%, and IM by 5.28%. The total trading volume of stock index futures rebounded on the trading day, indicating increased trading enthusiasm among investors. Multiple institutions remain optimistic about the long - term trend of A - shares [1][2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The CSI 300 index closed at 4418, down 3.26%. Among its futures contracts, IF2604 closed at 4398, down 3.52% with a basis of - 20, IF2605 at 4385.2, down 3.80% with a basis of - 32.8, IF2606 at 4344.4, down 3.56% with a basis of - 73.6, and IF2609 at 4258.8, down 3.66% with a basis of - 159.2 [1]. - **SSE 50 and Related Futures**: The SSE 50 index closed at 2792.3, down 3.17%. Among its futures contracts, IH2604 closed at 2793.6, down 3.30% with a basis of 1.27, IH2605 at 2791.6, down 3.36% with a basis of - 0.73, IH2606 at 2776, down 3.43% with a basis of - 16.33, and IH2609 at 2741.2, down 3.50% with a basis of - 51.13 [1]. - **CSI 500 and Related Futures**: The CSI 500 index closed at 7440.8, down 4.11%. Among its futures contracts, IC2604 closed at 7387.6, down 4.60% with a basis of - 53.15, IC2605 at 7337.6, down 5.25% with a basis of - 103.2, IC2606 at 7235, down 4.88% with a basis of - 205.8, and IC2609 at 7049, down 5.13% with a basis of - 391.8 [1]. - **CSI 1000 and Related Futures**: The CSI 1000 index closed at 7409.1, down 4.81%. Among its futures contracts, IM2604 closed at 7364, down 5.28% with a basis of - 45.11, IM2605 at 7298, down 6.13% with a basis of - 111.1, IM2606 at 7190, down 5.55% with a basis of - 219.1, and IM2609 at 6970, down 5.76% with a basis of - 439.1 [1]. 3.2 Trading Volume and Open Interest - **Trading Volume**: The total trading volume of IF increased by 16389 lots, IH by 9616 lots, IC by 17588 lots, and IM by 34579 lots [2]. - **Open Interest**: The total open interest of IF increased by 15821 lots, IH by 15894 lots, IC by 12068 lots, and IM by 22412 lots [2]. 3.3 Top 20 Member Positions Changes - **IF Contracts**: For IF2604, long positions increased by 4217 with a net change of 11416, and short positions increased by 2653 with a net change of 10103; for IF2606, long positions increased by 5627 and short positions by 5993; for IF2609, long positions increased by 1572 and short positions by 1457 [5]. - **IH Contracts**: For IH2604, long positions increased by 5086 with a net change of 13287, and short positions increased by 5132 with a net change of 13530; for IH2606, long positions increased by 6270 and short positions by 6234; for IH2609, long positions increased by 1931 and short positions by 2164 [5]. - **IC Contracts**: For IC2604, long positions increased by 1193 with a net change of 8447, and short positions increased by 67 with a net change of 7894; for IC2606, long positions increased by 6439 and short positions by 6844; for IC2609, long positions increased by 815 and short positions by 983 [5]. - **IM Contracts**: For IM2604, long positions increased by 769 with a net change of 11879, and short positions increased by 365 with a net change of 11391; for IM2606, long positions increased by 11110 and short positions by 11026 [5]. 3.4 Trend Strength - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5]. 3.5 Important Drivers - Key events include China's emphasis on the development of Xiongan New Area, domestic refined oil price control, the deadlock in US - Iran negotiations, a more than 9% drop in international oil prices, sharp fluctuations in precious metal prices, and a significant decline in Asia - Pacific stock markets. A - shares and Hong Kong stocks also experienced significant drops, but multiple institutions are optimistic about the long - term trend of A - shares [6][7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - On March 19, 2026, the four major stock index futures contracts all declined. The market is in a continuous shock pattern due to the frustration of loose expectations [1]. 3. Summary by Relevant Catalogs 3.1. Futures Index and Spot Data Tracking - **Futures Index Data**: On March 19, the closing prices of the four major stock index futures contracts all declined. IF fell 1.31%, IH fell 1.29%, IC fell 2.37%, and IM fell 1.9%. The trading volume of some contracts increased, and the positions of some contracts also changed. For example, the total trading volume of IF increased by 12,184 lots, and the total position increased by 6,721 lots [1][2]. 3.2. Basis of Futures Index - The basis of IF, IH, IC, and IM futures contracts is presented in the form of a graph, showing the changes in the basis of the current month, next month, current quarter, and next - quarter contracts over a period of time [4]. 3.3. Changes in Positions of the Top 20 Members of Futures Index - The changes in long and short positions of the top 20 members of IF, IH, IC, and IM futures contracts are provided. For example, in the IF2603 contract, long positions decreased by 16,112 lots, and short positions decreased by 16,933 lots [5]. 3.4. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The range of trend intensity is an integer in the [-2, 2] interval [6]. 3.5. Important Drivers - **Geopolitical Tensions**: The conflict between the US, Israel, and Iran has continued to escalate. Iran has carried out missile attacks on Israeli targets, and the US President has made statements regarding the conflict and oil - related issues [7][8]. - **Central Bank Decisions**: During the "Super Central Bank Week," the European Central Bank, Bank of Japan, Bank of England, Swiss National Bank, and Swedish Central Bank all announced to keep interest rates unchanged. Market expectations of interest rate hikes have increased [8]. 3.6. Market Conditions of A - shares and Hong Kong Stocks - **A - shares**: The A - share market fluctuated and adjusted. The Shanghai Composite Index fell 1.39% to 4,006.55 points. The market turnover was 2.06 trillion yuan, and more than 4,900 stocks declined. Some sectors such as non - ferrous metals, fertilizers, and pesticides fell, while oil and gas, coal, and CPO concepts strengthened [9]. - **Hong Kong Stocks**: Hong Kong stocks fell sharply with increased trading volume. The Hang Seng Index fell 2.02% to 25,500.58 points. The Hang Seng Tech Index fell 2.19%, and the Hang Seng China Enterprises Index fell 1.58%. Southbound funds had a net purchase of more than HK$26 billion [9]. 3.7. Regulatory and Policy - related Information - The central bank has deployed key tasks for this year, including continuing to implement a moderately loose monetary policy, maintaining market liquidity, and promoting the resolution of debt risks of financing platforms. The China Securities Regulatory Commission held a symposium on the "15th Five - Year Plan" for the capital market [9][10].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - On March 17, 2026, the monthly contracts of the four major index futures showed mixed trends. IF fell 0.71%, IH rose 0.3%, IC fell 2.05%, and IM fell 2.02%. The total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 21,683, 8,837, 560, and 16,761 lots respectively. In terms of positions, the total positions of IF and IM increased by 6,776 and 508 lots respectively, while the total positions of IH and IC decreased by 3,547 and 8,120 lots respectively. The trend strength of IF and IH is 1, and that of IC and IM is also 1 [1][2][6]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **IF Series**: The closing price of IF2603 was 4,628.8, down 0.71%, with a basis of -8.64, a trading volume of 101.47 billion, a trading volume of 72,312 lots (up 4,747 lots), and an open interest of 78,883 lots (down 10,452 lots). Similar data is provided for IF2604, IF2606, and IF2609 [1]. - **IH Series**: The closing price of IH2603 was 2,962, up 0.30%, with a basis of -1.58, a trading volume of 30.4 billion, a trading volume of 34,019 lots (up 1,218 lots), and an open interest of 33,412 lots (down 9,337 lots). Similar data is provided for IH2604, IH2606, and IH2609 [1]. - **IC Series**: The closing price of IC2603 was 8,000, down 2.05%, with a basis of -16.03, a trading volume of 116.99 billion, a trading volume of 72,130 lots (down 9,865 lots), and an open interest of 69,093 lots (down 15,355 lots). Similar data is provided for IC2604, IC2606, and IC2609 [1]. - **IM Series**: The closing price of IM2603 was 8,014, down 2.02%, with a basis of -5.86, a trading volume of 177.54 billion, a trading volume of 109,515 lots (down 3,322 lots), and an open interest of 100,638 lots (down 14,329 lots). Similar data is provided for IM2604, IM2606, and IM2609 [1]. 3.2 Index Futures Basis - The basis data of IF, IH, IC, and IM from February 11 to March 17, 2026, are presented in graphical form, showing the basis changes of the current month, next month, current quarter, and next quarter contracts [4]. 3.3 Top 20 Member Positions - The changes in long and short positions of the top 20 members in each contract of IF, IH, IC, and IM are provided. For example, in IF2603, the long positions decreased by 6,966 lots, and the short positions decreased by 8,912 lots [5]. 3.4 Market Trends and Drivers - A-shares showed a trend of rising and then falling. The Shanghai Composite Index fell 0.85% to 4,049.91 points, the Shenzhen Component Index fell 1.87%, the ChiNext Index fell 2.29%, and other major indices also declined. The market turnover was 2.22 trillion yuan, and more than 4,500 stocks fell. The computing power hardware industry chain and super-hard material concepts fell sharply, while the sub - new stocks and large - financial sectors strengthened [6]. - Hong Kong stocks also showed a trend of rising and then falling. The Hang Seng Index rose 0.13% to 25,868.54 points, the Hang Seng Tech Index fell 0.08%, and the Hang Seng China Enterprises Index rose 0.12%. The semiconductor, electrical equipment, and energy chemical sectors fell, while the real estate, automobile, and financial stocks strengthened. The market turnover was HK$268.26 billion, and the southbound funds had a net selling of more than HK$11 billion [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The futures index maintains a volatile pattern, and attention should be paid to domestic economic data [1] 3. Summary According to Relevant Catalogs 3.1 Futures Index Data Tracking - On March 14, all four major futures index contracts for the current month declined. IF fell 0.08%, IH fell 0.38%, IC fell 1.14%, and IM fell 1.11% [1] - On the trading day, the total trading volume of futures indices rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 7,329 lots, IH decreased by 1,858 lots, IC increased by 1,682 lots, and IM increased by 14,209 lots. In terms of positions, the total positions of IF increased by 2,435 lots, IH decreased by 3,081 lots, IC decreased by 2,929 lots, and IM increased by 769 lots [2] 3.2 Futures Index Basis - The report provides the basis data of IF, IH, IC, and IM, including the basis values of current month, next month, current quarter, and next quarter contracts [1][4] 3.3 Futures Index Top 20 Member Position Changes - The report shows the changes in long and short positions of the top 20 members of each futures index contract, including IF, IH, IC, and IM [5] 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6] 3.5 Important Drivers - The "15th Five-Year Plan" outline was officially released on March 13, which is a "construction drawing" for China's economic and social development in the next five years. The Fourth Session of the 14th National People's Congress voted and passed the resolution on the 15th Five-Year Plan for National Economic and Social Development on March 12, deciding to approve this plan outline [6] - Vice Premier He Lifeng will lead a delegation to France to hold the sixth round of China-US economic and trade consultations with the US from March 14 to 17. In response to the US's plan to launch a 301 investigation against China and other economies, the spokesperson of the Ministry of Commerce stated that China reserves the right to take all necessary measures to firmly safeguard its legitimate rights and interests [6] 3.6 Market Performance - A-shares fluctuated lower, with technology stocks adjusting across the board. More than 3,800 stocks in the market declined. The Shanghai Composite Index fell 0.82% to close at 4,095.45 points, the Shenzhen Component Index fell 0.65%, the ChiNext Index fell 0.22%, and the Wind All A Index fell 0.94%. The market turnover was 2.42 trillion yuan, compared with 2.46 trillion yuan the previous day [8] - Hong Kong stocks fluctuated lower. The Hang Seng Index fell 0.98% to close at 25,465.6 points, falling for three consecutive days. The Hang Seng Tech Index fell 0.99%, and the Hang Seng China Enterprises Index fell 0.32%. Gold stocks and airline stocks generally declined, while lithium battery and brain-computer interface concepts strengthened. Southbound funds had a net purchase of more than HK$18.4 billion [8] - The three major US stock indices closed lower. The Dow Jones Industrial Average fell 0.26% to close at 46,558.47 points, the S&P 500 Index fell 0.61% to close at 6,632.19 points, and the Nasdaq Composite Index fell 0.93% to close at 22,105.36 points. Salesforce fell more than 3%, and Apple fell more than 2%, leading the decline in the Dow. The Wind US Technology Seven Giants Index fell 1.59%, Facebook fell nearly 4%, and NVIDIA fell more than 1%. The Nasdaq Golden Dragon China Index rose 0.76%, NIO rose more than 5%, and Tencent Music rose nearly 4%. The economic data showed differentiation, inflation remained sticky, the Fed's interest rate cut expectations continued to cool, and the Middle East geopolitical conflict pushed up energy prices and inflation concerns, leading to a significant increase in market risk aversion [8]

Report Industry Investment Rating - The report indicates that the stock index futures may stabilize and rebound [3] Core Viewpoints - On March 9, all the current-month contracts of the four major stock index futures declined. IF dropped by 1.09%, IH by 0.97%, IC by 0.75%, and IM by 0.28% [1] - On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 53,708 lots, IH by 21,193 lots, IC by 66,844 lots, and IM by 98,751 lots. In terms of positions, the total positions of IF increased by 18,910 lots, IH by 4,497 lots, IC by 17,558 lots, and IM by 31,272 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1 [6] Summary by Relevant Catalogs Stock Index Futures Data - **IF Contracts**: The closing price of IF2603 was 4,599.2, down 1.09% with a basis of -16.26, and the trading volume was 91,988 lots, an increase of 31,825 lots. The closing price of IF2604 was 4,580.2, down 1.20% with a basis of -35.26, and the trading volume was 7,350 lots, an increase of 1,890 lots. The closing price of IF2606 was 4,537, down 1.10% with a basis of -78.46, and the trading volume was 35,932 lots, an increase of 15,625 lots. The closing price of IF2609 was 4,464.6, down 1.13% with a basis of -150.86, and the trading volume was 12,496 lots, an increase of 4,368 lots [1] - **IH Contracts**: The closing price of IH2603 was 2,962.4, down 0.97% with a basis of -0.59, and the trading volume was 41,318 lots, an increase of 13,354 lots. The closing price of IH2604 was 2,958, down 1.04% with a basis of -4.99, and the trading volume was 3,430 lots, an increase of 878 lots. The closing price of IH2606 was 2,951.8, down 0.94% with a basis of -11.19, and the trading volume was 14,731 lots, an increase of 5,709 lots. The closing price of IH2609 was 2,912.6, down 0.94% with a basis of -50.39, and the trading volume was 5,209 lots, an increase of 1,252 lots [1] - **IC Contracts**: The closing price of IC2603 was 8,267, down 0.75% with a basis of -12.48, and the trading volume was 116,276 lots, an increase of 34,835 lots. The closing price of IC2604 was 8,220, down 0.79% with a basis of -59.48, and the trading volume was 10,054 lots, an increase of 2,530 lots. The closing price of IC2606 was 8,081.8, down 0.88% with a basis of -197.68, and the trading volume was 58,224 lots, an increase of 23,707 lots. The closing price of IC2609 was 7,901.8, down 0.96% with a basis of -377.68, and the trading volume was 18,813 lots, an increase of 5,772 lots [1] - **IM Contracts**: The closing price of IM2603 was 8,191, down 0.28% with a basis of -12.87, and the trading volume was 168,105 lots, an increase of 58,898 lots. The closing price of IM2604 was 8,130.2, down 0.37% with a basis of -73.67, and the trading volume was 12,516 lots, an increase of 4,293 lots. The closing price of IM2606 was 7,970.8, down 0.40% with a basis of -233.07, and the trading volume was 69,412 lots, an increase of 27,351 lots. The closing price of IM2609 was 7,765, down 0.48% with a basis of -438.87, and the trading volume was 24,377 lots, an increase of 8,209 lots [1] Position Changes of the Top 20 Members in Stock Index Futures - For IF contracts, the long positions of IF2603 increased by 9,079 lots, and the short positions increased by 8,528 lots. The long positions of IF2604 increased by 1,749 lots, and the short positions increased by 1,961 lots. The long positions of IF2606 increased by 4,578 lots, and the short positions increased by 5,414 lots. The long positions of IF2609 increased by 1,626 lots, and the short positions increased by 2,167 lots [5] - For IH contracts, the long positions of IH2603 and IH2604 increased by 2,295 lots, and the short positions increased by 1,549 lots. The long positions of IH2606 increased by 1,049 lots, and the short positions increased by 1,002 lots. The long positions of IH2609 increased by 312 lots, and the short positions increased by 186 lots [5] - For IC contracts, the long positions of IC2603 increased by 7,753 lots, and the short positions increased by 5,452 lots. The long positions of IC2604 increased by 872 lots, and the short positions increased by 802 lots. The long positions of IC2606 increased by 7,914 lots, and the short positions increased by 7,034 lots. The long positions of IC2609 increased by 2,228 lots, and the short positions increased by 2,322 lots [5] - For IM contracts, the long positions of IM2603 increased by 13,227 lots, and the short positions increased by 9,080 lots. The long positions of IM2604 increased by 2,032 lots, and the short positions increased by 2,059 lots. The long positions of IM2606 increased by 9,733 lots, and the short positions increased by 8,606 lots [5] Market Conditions in Other Areas and Their Influences - The statement of US President Trump that the war against Iran may end soon led to a rapid decline in US oil prices, which once dropped by more than 10%. The G7 finance ministers held a phone conference to discuss how to deal with the soaring oil prices caused by the war between the US, Israel and Iran. They basically reached a consensus not to release strategic oil reserves for the time being [7] - Affected by the blocked shipping in the Strait of Hormuz and the production cuts of major oil-producing countries, international oil prices soared again. WTI crude oil futures once rose by more than 31%, and Brent crude oil once soared by nearly 29%, both approaching $120 per barrel. The A-share market was affected by the tense situation in the Middle East and the soaring oil prices. The Shanghai Composite Index fell by 0.67%, and the total trading volume was 2.67 trillion yuan [8] - The Hong Kong stock market fluctuated and declined. The Hang Seng Index fell by 1.35%, and the trading volume was 392.33 billion Hong Kong dollars. The net purchase amount of southbound funds reached 37.213 billion Hong Kong dollars, setting a record high [9] - The three major US stock indexes closed higher. The Dow Jones Industrial Average rose by 0.5%, the S&P 500 Index rose by 0.83%, and the Nasdaq Composite Index rose by 1.38% [9] - The three major European stock indexes closed lower. The German DAX Index fell by 0.77%, the French CAC40 Index fell by 0.98%, and the UK FTSE 100 Index fell by 0.34% [10] - Affected by the tense situation in the Middle East, the Asia-Pacific stock markets experienced a "Black Monday". The South Korean Composite Index fell by 5.96%, and the Nikkei 225 Index fell by 5.2% [10]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - On March 3, the current - month contracts of the four major index futures all declined. IF fell 1.29%, IH fell 0.83%, IC fell 4.24%, and IM fell 3.57% [2] - On this trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF increased by 37,821 lots, IH by 17,839 lots, IC by 82,526 lots, and IM by 67,713 lots. In terms of positions, the total positions of IF increased by 384 lots, IH by 1,678 lots, IC by 20,482 lots, and IM by 18,912 lots [3] - Tuesday's market shows that the Shanghai Composite Index fell 1.43% to 4,122.68 points, the Shenzhen Component Index fell 3.07%, the ChiNext Index fell 2.57%, and the Wind All - A Index fell 2.97%. The Hong Kong Hang Seng Index fell 1.12% to 25,768.08 points. U.S. stocks also declined, with the Dow Jones Industrial Average falling 0.83%, the S&P 500 Index falling 0.94%, and the NASDAQ Composite Index falling 1.02% [9][10] Group 3: Summary by Related Catalogs 1. Index Futures Data - **CSI 300 and Related Futures**: The closing price of CSI 300 was 4,655.9, down 1.54%. IF2603 closed at 4,651.4, down 1.29% with a basis of - 4.5, and so on for different contracts [2] - **SSE 50 and Related Futures**: The closing price of SSE 50 was 3,014.27, down 1.06%. IH2603 closed at 3,019, down 0.83% with a basis of 4.73 [2] - **CSI 500 and Related Futures**: The closing price of CSI 500 was 8,281.61, down 4.35%. IC2603 closed at 8,266.2, down 4.24% with a basis of - 15.41 [2] - **CSI 1000 and Related Futures**: The closing price of CSI 1000 was 8,142.45, down 3.95%. IM2603 closed at 8,129.4, down 3.57% with a basis of - 13.05 [2] 2. Top 20 Member Position Changes - For different contracts of IF, IH, IC, and IM, the changes in long and short positions of the top 20 member institutions are provided. For example, in IF2603, long positions decreased by 2,507 and short positions decreased by 4,717 [6] 3. Trend Strength - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The range of trend strength is an integer in the interval [- 2,2], with - 2 being the most bearish and 2 being the most bullish [7] 4. Important Drivers - The 2026 National Two Sessions are about to start. The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4 to 11, and the Fourth Session of the 14th National People's Congress will open on March 5 [8] - Kevin Warsh, the nominee for Federal Reserve Chairman, will slowly advance the Fed's balance - sheet reduction, aiming to restore the Fed's balance - sheet size to the pre - 2008 crisis level [8] - U.S. President Trump made tough statements during his meeting with German Chancellor Merz, covering issues such as the Iranian situation, relations with European allies, and oil price trends [8] 5. Market Performance - The A - share market showed a general decline on Tuesday. The market turnover reached 3.16 trillion yuan. The oil, gas, and shipping sectors rose due to the closure of the Strait of Hormuz, while the military, non - ferrous metals, semiconductor, and computing hardware sectors declined [9] - The Hong Kong stock market also declined. The energy sectors such as gas and oil rose, while technology, non - ferrous metals, semiconductor, military, and photovoltaic sectors were weak [9] - U.S. stocks fell across the board. Multiple negative factors such as cautious expectations of Fed policy, tense Middle East situation, and concerns about inflation rebound and economic growth prospects put pressure on the market [10]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - On February 27, all the current - month contracts of the four major index futures rose. IF rose 0.09%, IH rose 0.44%, IC rose 1.31%, and IM rose 1.06% [1] - On the trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 3,767 lots, IH decreased by 345 lots, IC increased by 14,803 lots, and IM increased by 10,243 lots. In terms of positions, the total positions of IF increased by 4,518 lots, IH increased by 2,716 lots, IC increased by 8,855 lots, and IM increased by 7,794 lots [2] 3. Summary by Relevant Catalogs 3.1 Index Futures Data - **CSI 300 and Related Futures**: The closing price of CSI 300 was 4,710.65, down 0.34%. Among its futures, IF2603 closed at 4,713.8, up 0.09%, with a basis of 3.15, trading volume of 77.07 billion, and the number of contracts traded was 54,648, an increase of 1,242. The open interest was 146,645, an increase of 1,168 [1] - **SSE 50 and Related Futures**: The closing price of SSE 50 was 3,039.43, up 0.14%. IH2603 closed at 3,045.4, up 0.44%, with a basis of 5.97, trading volume of 25.76 billion, and the number of contracts traded was 28,262, a decrease of 442. The open interest was 59,512, an increase of 697 [1] - **CSI 500 and Related Futures**: The closing price of CSI 500 was 8,658.45, up 1.18%. IC2603 closed at 8,645.4, up 1.31%, with a basis of - 13.05, trading volume of 134.94 billion, and the number of contracts traded was 78,564, an increase of 10,313. The open interest was 138,970, an increase of 2,284 [1] - **CSI 1000 and Related Futures**: The closing price of CSI 1000 was 8,560.84, up 0.83%. IM2603 closed at 8,531.4, up 1.06%, with a basis of - 29.44, trading volume of 171.3 billion, and the number of contracts traded was 100,970, an increase of 3,516. The open interest was 177,180, an increase of 1,084 [1] 3.2 Index Futures' Top 20 Member Position Changes - For IF2603, long - position increased by 1,190, and short - position increased by 1,229, with a short - position net change of 3,889 [6] - For IH2603, long - position decreased by 132, and short - position decreased by 153, with a long - position net change of 2,444 and a short - position net change of 2,581 [6] - For IC2603, long - position increased by 1,930, and short - position increased by 1,381, with a short - position net change of 5,543 [6] - For IM2603, long - position increased by 197, and short - position increased by 163, with a long - position net change of 3,813 and a short - position net change of 2,401 [6] 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1.68850. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] 3.4 Important Drivers - On February 28, local time, the US and Israel launched an air strike on Iran. US President Trump said the attack aimed to destroy Iran's missile industry, eliminate its navy, and prevent it from obtaining nuclear weapons. Israeli Prime Minister Netanyahu announced that the goal was to overthrow the Iranian regime, and Israeli officials said the strike might last at least a week. On March 1, it was reported that Iran's Supreme Leader Khamenei was killed [8] - The Political Bureau held a meeting to discuss the draft of the 15th Five - Year Plan and the government work report. It emphasized implementing more proactive and effective macro - policies, expanding domestic demand, optimizing supply, and promoting high - quality economic development [9] - The People's Bank of China decided to lower the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0 starting from March 2, 2026, aiming to promote the return of foreign exchange policies to neutrality [10] 3.5 Stock Market Performance - In the A - share market, the Shanghai Composite Index rose 0.39% to 4,162.88 points, the Shenzhen Component Index fell 0.06%, the ChiNext Index fell 1.04%, and the Wind All - A Index rose 0.41%. The trading volume was 2.51 trillion yuan, compared with 2.56 trillion yuan the previous day [10] - The Hong Kong Hang Seng Index rose 0.95% to 26,630.54 points, the Hang Seng Technology Index rose 0.56%, and the Hang Seng China Enterprises Index rose 0.51%. The market trading volume was HK$288.42 billion, and southbound funds had a net purchase of more than HK$14 billion [10] - The three major US stock indexes all closed down. The Dow Jones Industrial Average fell 1.05% to 48,977.92 points, the S&P 500 Index fell 0.43% to 6,878.88 points, and the Nasdaq Composite Index fell 0.92% to 22,668.21 points [10]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core View - Uncertainty in index futures remains high, and attention should be paid to position management [1] Group 3: Summary of Related Catalogs 1. Index Futures Data Tracking - On February 12, the closing prices of the four major index futures contracts showed mixed trends: IF rose 0.07%, IH fell 0.29%, IC rose 1.24%, and IM rose 1% [1] - The total trading volume of index futures increased, indicating that investors' trading enthusiasm has increased. Specifically, the total trading volume of IF increased by 6,363 lots, IH by 2,280 lots, IC by 12,192 lots, and IM by 21,933 lots [2] - In terms of positions, the total positions of IF decreased by 945 lots, IH by 133 lots, while IC increased by 3,605 lots, and IM increased by 4,216 lots [2] 2. Top 20 Member Position Changes - The position changes of the top 20 members in each index futures contract vary. For example, in the IF2602 contract, long positions increased by 1,825 lots with a net change of 82 lots, and short positions increased by 2,886 lots with a net change of 1,042 lots [5] 3. Trend Strength - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 the most bullish [6] 4. Important Drivers - Concerns about AI eroding corporate profits led to a sharp decline in the US stock market, causing a broad decline in risk assets. Technology stocks led the decline, with the Nasdaq falling more than 2%, and the Nasdaq Golden Dragon China Index falling 3% [6] - Trump's tariff policies face major uncertainties. The US House of Representatives passed a resolution against Trump's tariff on Canada, and the future of the USMCA also faces significant uncertainties [7] - The Chinese central bank will conduct a 1 - trillion - yuan six - month outright reverse repurchase operation on February 13, with an incremental scale of 500 billion yuan [6] 5. Market Performance - A - shares showed narrow - range fluctuations, with the Shanghai Composite Index rising 0.05% to 4,134.02 points. Power stocks strengthened, while consumer stocks such as film and television, retail, and food underperformed [7] - Hong Kong stocks fluctuated and declined. The Hang Seng Index fell 0.86% to 27,032.54 points, and the Hang Seng Tech Index fell 1.65% to 5,408.98 points [8]