Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report On July 31, all the current - month contracts of the four major stock index futures declined. The trading enthusiasm of investors has increased, with the total trading volume of each index futures rising. In terms of positions, the total positions of IF, IH, and IC decreased, while that of IM increased. The trend intensities of IF, IH, IC, and IM are all 1 [1][2][6]. 3) Summary by Relevant Catalogs a. Stock Index Futures Data Tracking - On July 31, all current - month contracts of the four major stock index futures declined: IF fell 1.68%, IH fell 1.42%, IC fell 1.26%, and IM fell 0.8% [1]. - In terms of trading volume, the total trading volume of IF increased by 18,165 lots, IH by 4,976 lots, IC by 14,305 lots, and IM by 36,495 lots. In terms of positions, the total positions of IF decreased by 3,716 lots, IH by 3,315 lots, IC by 2,760 lots, and IM increased by 1,767 lots [1][2]. b. Positions of the Top 20 Member Institutions - For IF: In IF2508, long - positions decreased by 686 and short - positions by 1950; in IF2509, long - positions decreased by 4,695 and short - positions by 3,905; in IF2512, long - positions increased by 2,332 and short - positions by 2,681; in IF2603, long - positions increased by 268 and short - positions by 519 [5]. - For IH: In IH2508, long - positions decreased by 161 and short - positions by 600; in IH2509, long - positions decreased by 873 and short - positions by 1,372; in IH2512, long - positions decreased by 274 and short - positions by 165; IH2603 data was not released [5]. - For IC: In IC2508, long - positions decreased by 2,004 and short - positions by 1,928; in IC2509, long - positions increased by 912 and short - positions decreased by 1,078; in IC2512, long - positions increased by 696 and short - positions by 399; in IC2603, long - positions increased by 598 and short - positions by 713 [5]. - For IM: In IM2508, long - positions decreased by 2,083 and short - positions by 2,302; in IM2509, long - positions decreased by 564 and short - positions by 928; in IM2512, long - positions increased by 3,094 and short - positions by 2,320; IM2603 data was not released [5]. c. Trend Intensity The trend intensities of IF and IH are 1, and those of IC and IM are also 1. The trend intensity ranges from - 2 to 2, with - 2 representing the most bearish view [6]. d. A - share Market Review The A - share market declined in the afternoon. The Shanghai Composite Index closed below the 10 - day moving average for the first time since regaining 3,400 points on June 24. The Shanghai Composite Index fell 1.18% to 3,573.21 points, the Shenzhen Component Index fell 1.73%, the ChiNext Index fell 1.66%, the North Securities 50 fell 1.16%, the Science and Technology Innovation 50 fell 1.01%, the Wind All - A fell 1.36%, the Wind A500 fell 1.89%, and the CSI A500 fell 1.75%. The total trading volume of A - shares was 1.96 trillion yuan, compared with 1.87 trillion yuan the previous day. In July, the Shanghai Composite Index rose 3.74%, the Shenzhen Component Index rose 5.2%, and the ChiNext Index rose 8.14% [6].

Report Industry Investment Rating - Not provided in the given content Core View - On June 24, all four major index futures contracts for the current month rose, with IF up 1.21%, IH up 1.07%, IC up 1.7%, and IM up 2.15%. The total trading volume of index futures rebounded on the trading day, indicating increased trading enthusiasm among investors. The total trading volume of IF, IH, IC, and IM increased by 20,978 lots, 8,162 lots, 17,867 lots, and 30,475 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 9,891 lots, 2,748 lots, 6,727 lots, and 5,080 lots respectively [1][2] Summary by Related Catalogs 1. Index Futures Data Tracking - **CSI 300 and Related Contracts**: The closing price of CSI 300 was 3,904.03, up 1.20%. Among its futures contracts, IF2507 closed at 3,872.2, up 1.21% with a basis of -31.83; IF2508 closed at 3,859, up 1.25% with a basis of -45.03; IF2509 closed at 3,852.4, up 1.38% with a basis of -51.63; IF2512 closed at 3,821.8, up 1.35% with a basis of -82.23 [1] - **SSE 50 and Related Contracts**: The closing price of SSE 50 was 2,715.92, up 1.16%. Among its futures contracts, IH2507 closed at 2,683.6, up 1.07% with a basis of -32.32; IH2508 closed at 2,681.4, up 1.07% with a basis of -34.52; IH2509 closed at 2,682, up 1.02% with a basis of -33.92; IH2512 closed at 2,682, up 1.08% with a basis of -33.92 [1] - **CSI 500 and Related Contracts**: The closing price of CSI 500 was 5,765.84, up 1.62%. Among its futures contracts, IC2507 closed at 5,726.4, up 1.70% with a basis of -39.44; IC2508 closed at 5,678.6, up 1.80% with a basis of -87.24; IC2509 closed at 5,632.6, up 1.86% with a basis of -133.24; IC2512 closed at 5,515.6, up 1.93% with a basis of -250.24 [1] - **CSI 1000 and Related Contracts**: The closing price of CSI 1000 was 6,194.67, up 1.92%. Among its futures contracts, IM2507 closed at 6,134.2, up 2.15% with a basis of -60.47; IM2508 closed at 6,065.6, up 2.27% with a basis of -129.07; IM2509 closed at 5,995, up 2.37% with a basis of -199.67; IM2512 closed at 5,819, up 2.40% with a basis of -375.67 [1] 2. Top 20 Member Position Changes - For IF contracts, the long - position changes of IF2507, IF2509, and IF2512 were 996, 2,597, and 1,847 respectively, and the short - position changes were 2,936, 3,969, and 2,334 respectively. The net long - position change of IF2508 was 5,440, and the net short - position change was 9,239 [5] - For IH contracts, the long - position changes of IH2507 and IH2509 were 958 and - 193 respectively, and the short - position changes were 1,335 and 1,462 respectively. The net long - position change of IH2508 was 765, and the net short - position change was 2,797 [5] - For IC contracts, the long - position changes of IC2507 and IC2512 were 1,710 and 1,374 respectively, and the short - position changes were 3,016 and 1,885 respectively. The net long - position change of IC2509 was 2,459, and the net short - position change was 5,747 [5] - For IM contracts, the long - position change of IM2507 was - 1,293, and the short - position change was - 125. The net long - position change of IM2509 was - 230, and the net short - position change was 1,515 [5] 3. Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] - **Important Drivers**: A cease - fire between Israel and Iran took effect, the US stock market soared, the Nasdaq 100 reached a new high, crude oil prices dropped for two days, Powell discussed the prospect of interest rate cuts, and US Treasury bonds generally rose. In China, six departments including the central bank issued a document on promoting consumption through finance, with a service consumption and pension re - loan quota of 500 billion yuan. The three major A - share indexes rebounded strongly, with the Shanghai Composite Index rising more than 1% and regaining the 3,400 - point mark, and over 4,700 stocks rising [6]

Group 1 - The A-share market experienced a slowdown in upward momentum, with the Shanghai Composite Index retreating after reaching 3400 points, ultimately closing at 3377 points, down 0.25% for the week [1] - The main futures contracts IF and IC saw slight increases of 0.07% and 0.15% respectively, while IH and IM contracts decreased by 0.28% and 0.16% [1] - There was a significant increase in futures positions, with a total increase of 67,798 contracts across four varieties, bringing total positions to 896,308 contracts [1] Group 2 - All major futures contracts showed an increase in positions among the top 20 holders, indicating a bullish sentiment [2] - Specifically, the IF long positions increased by 20,933 contracts, while short positions rose by 17,456 contracts, resulting in a net short position decrease to 21,692 contracts [2] - The market showed a notable divergence in positions, with significant increases in long positions from various firms, indicating a potential shift in market sentiment [2] Group 3 - Overall, the futures market exhibited relatively flat movements, but there was a substantial increase in main contract holdings, suggesting heightened trading activity [3] - The resurgence of geopolitical tensions in the Middle East is expected to increase short-term volatility in the futures market [3]