Report Industry Investment Rating - Not provided in the content Core Viewpoints - On August 15, 2025, the main contracts of stock index futures IF2509, IH2509, IC2509, and IM2509 opened slightly lower. After the opening, IF2509 and IH2509 first declined and then rose, fluctuating upward; IC2509 and IM2509 also first declined and then rose, fluctuating upward and reaching new highs in nearly 3 years, with significantly larger increases than IF2509 and IH2509 [2]. - Through macro - fundamental and technical analysis, the market trend of the main futures contracts on this day is expected to be as follows: IF2509 will likely fluctuate strongly and attack resistance levels at 4200 and 4213 points; IH2509 will likely fluctuate strongly with resistance levels at 2838 and 2859 points; IC2509 will likely fluctuate strongly and attack resistance levels at 6530 and 6560 points; IM2509 will likely fluctuate strongly and attack resistance levels at 7050 and 7100 points [2][9][10][11]. - For the whole of August 2025, the IF, IH, IC, and IM main contracts of stock index futures are expected to fluctuate strongly and attack corresponding resistance levels [12]. Summary by Related Catalogs Market Outlook Points - On August 15, the main contracts of stock index futures opened slightly lower. After the opening, IF2509 and IH2509 first declined and then rose, fluctuating upward; IC2509 and IM2509 also first declined and then rose, fluctuating upward and reaching new highs in nearly 3 years, with significantly larger increases than IF2509 and IH2509 [2]. - The expected intraday trends and resistance and support levels of IF2509, IH2509, IC2509, and IM2509 are provided [2]. Macroeconomic and Stock Market News - In July 2025, affected by multiple factors, some economic indicators fluctuated, but the cumulative growth rates of major indicators remained generally stable, employment and prices were generally stable, and the economy maintained a steady - and - progressive development trend. The national industrial added value above designated size increased by 5.7% year - on - year and 0.38% month - on - month in July, and 6.3% year - on - year from January to July [3]. - In July, the national service production index increased by 5.8% year - on - year, and 5.9% year - on - year from January to July [3]. - In July, the total retail sales of consumer goods were 387.8 billion yuan, a year - on - year increase of 3.7% and a month - on - month decrease of 0.14%. From January to July, the total retail sales of consumer goods were 2.84238 trillion yuan, a year - on - year increase of 4.8%. The national online retail sales were 868.35 billion yuan, a year - on - year increase of 9.2% [4]. - From January to July, the service retail sales increased by 5.2% year - on - year [4]. - From January to July, the national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. Excluding real estate development investment, the national fixed - asset investment increased by 5.3%. In July, the fixed - asset investment (excluding rural households) decreased by 0.63% month - on - month [4]. - In July, the total volume of goods imports and exports was 391.02 billion yuan, a year - on - year increase of 6.7%. Among them, exports were 230.77 billion yuan, an increase of 8.0%; imports were 160.26 billion yuan, an increase of 4.8%. From January to July, the total volume of goods imports and exports was 2.56969 trillion yuan, a year - on - year increase of 3.5%. Among them, exports were 1.53048 trillion yuan, an increase of 7.3%; imports were 1.03922 trillion yuan, a decrease of 1.6% [6]. - From January to July, the average monthly surveyed urban unemployment rate nationwide was 5.2%. In July, the surveyed urban unemployment rate nationwide was 5.2%, an increase of 0.2 percentage points from the previous month and the same as the same month last year [6]. - In July, the national consumer price (CPI) was flat year - on - year and increased by 0.4% month - on - month. From January to July, the national consumer price decreased by 0.1% year - on - year [6]. - In July, the ex - factory prices of industrial producers nationwide decreased by 3.6% year - on - year and 0.2% month - on - month; the purchase prices of industrial producers nationwide decreased by 4.5% year - on - year and 0.3% month - on - month. From January to July, the ex - factory prices and purchase prices of industrial producers nationwide decreased by 2.9% and 3.2% year - on - year respectively [6]. - The central bank announced on August 15 that it would conduct a 500 - billion - yuan outright reverse - repurchase operation with a term of 6 months. Together with the 700 - billion - yuan 3 - month outright reverse - repurchase on August 8, the central bank has cumulatively over - renewed 30 billion yuan of outright reverse - repurchases this month, effectively injecting medium - term liquidity. The market expects that after the maturity of 300 billion yuan of MLF this month, the central bank may also over - renew it [7]. - In July, among 70 large and medium - sized cities in China, 6 cities saw a month - on - month increase in the prices of newly built commercial housing, compared with 14 cities in June. In terms of month - on - month changes, Urumqi and Shanghai led with a 0.3% increase, while Beijing remained flat, and Guangzhou and Shenzhen decreased by 0.3% and 0.6% respectively [7]. - On August 13, the number of investors participating in margin trading reached 523,400, a new high this year, exceeding the 521,400 on February 21. Compared with the previous trading day, the number of investors increased by 46,100, a month - on - month increase of 9.67%. As of August 13, the number of individual margin - trading investors was 7.5568 million, the number of institutional investors was 50,004, and the number of investors with margin - trading liabilities was 1.7218 million [7]. Technical Analysis and Market Outlook - Through macro - fundamental and technical analysis, the expected intraday and August trends of the main contracts of stock index futures IF2509, IH2509, IC2509, and IM2509 are provided, including opening trends, price movements, and resistance and support levels [8][9][10][11][12].