| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） | 4578.2 | +83.6↑ IF次主力合约（2603） | 4532.0 | +84.2↑ | | | IH主力合约（2512） IC主力合约（2512） | 2987.2 7146.8 | +42.2↑ IH次主力合约（2603） +141.4↑ IC次主力合约（2603） | 2980.6 6996.0 | +43.2↑ +161.8↑ | | | IM主力合约（2512） | 7295.0 | +110.8↑ IM次主力合约（2603） | 7074.0 | +120.4↑ | | 期货盘面 | IF-IH当月合约价差 | 1591.0 | +43.0↑ IC-IF当月合约价差 | 2568.6 | +57.8↑ | | | IM-IC当月合约价差 | 148.2 | -30.6↓ IC-IH当月合约价差 | 4159.6 | +100.8↑ | | | IM-IF当月合约价差 | 2716.8 | +27 ...

股指期货全景日报 2025/12/16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） | 4499.4 | -52.8↓ IF次主力合约（2603） | 4451.4 | -57.0↓ | | | IH主力合约（2512） | 2951.4 | -36.8↓ IH次主力合约（2603） | 2943.8 | -37.6↓ | | | IC主力合约（2512） | 7010.2 | -113.2↓ IC次主力合约（2603） | 6843.4 | -108.0↓ | | | IM主力合约（2512） | 7189.0 | -127.0↓ IM次主力合约（2603） | 6960.2 | -118.0↓ | | | IF-IH当月合约价差 | 1548.0 | -13.8↓ IC-IF当月合约价差 | 2510.8 | -59.4↓ | | 期货盘面 | IM-IC当月合约价差 | 178.8 | -13.4↓ IC-IH当月合约价差 | 4058.8 | -73.2↓ ...

股指期货全景日报 2025/12/9 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 免责声明：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况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注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。 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） 4543.8 IH主力合约（2512） 2981.8 | 458 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to remain in a random - walk state, and stock index futures will maintain volatility. [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **Futures Contracts**: All main and secondary main contracts of IF, IH, IC, and IM declined. For example, the IF main contract (2512) was at 4518.2, down 13.6; the IH main contract (2512) was at 2958.4, down 10.4; the IC main contract (2512) was at 6950.4, down 28.8; the IM main contract (2512) was at 7195.4, down 41.8. [2] - **Contract Spreads**: All spreads between different contracts declined, such as the IF - IH monthly contract spread was 1559.8, down 4.6; the IC - IF monthly contract spread was 2432.2, down 14.2. [2] - **Quarter - to - Month Spreads**: Most quarter - to - month spreads of IF, IH, IC, and IM increased, e.g., IF quarter - to - month was - 35.8, up 3.0; IH quarter - to - month was - 7.2, up 0.4. [2] - **Top 20 Net Positions**: The net positions of IF and IM among the top 20 increased, while those of IH and IC decreased. The IF top 20 net position was - 18,212.00, up 96.0; the IH top 20 net position was - 11,672.00, down 207.0. [2] 3.2 Spot Price and Basis - **Spot Prices**: The spot prices of the Shanghai - Shenzhen 300, Shanghai Stock Exchange 50, CSI 500, and CSI 1000 all declined. The Shanghai - Shenzhen 300 was at 4531.05, down 23.3; the Shanghai Stock Exchange 50 was at 2963.1, down 15.4. [2] - **Basis**: The basis of all main contracts increased. The IF main contract basis was - 12.9, up 5.7; the IH main contract basis was - 4.7, up 2.4. [2] 3.3 Market Sentiment - **Turnover and Balance**: A - share turnover and margin trading balance increased. A - share turnover was 16,835.56 billion yuan, up 762.89 billion yuan; the margin trading balance was 24,864.54 billion yuan, up 21.43 billion yuan. [2] - **North - bound Trading and Others**: North - bound trading volume decreased, while reverse repurchase operation volume increased. North - bound trading volume was 1797.60 billion yuan, down 500.03 billion yuan; reverse repurchase operation volume was - 2133.0 billion yuan, up 793.0 billion yuan. [2] - **Option Data**: The closing price of the IO at - the - money call option decreased, while that of the put option increased. The closing price of the IO at - the - money call option (2512) was 63.40, down 11.80; the closing price of the IO at - the - money put option (2512) was 44.20, up 5.20. [2] 3.4 Market Strength - Weakness Analysis - **Overall A - shares**: The overall A - share market was weak, with the overall A - share score at 3.40, down 0.10; the technical aspect score was 2.60, down 0.20; the capital aspect score was 4.20, unchanged. [2] 3.5 Industry News - **PMI Data**: In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. [2] - **Stock Market Performance**: A - share major indices closed down. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 0.78%, and the ChiNext Index fell 1.12%. Most industry sectors declined, with media and computer sectors weakening significantly, and transportation and non - ferrous metals sectors leading the gains. [2] 3.6 Key Data to Watch - On December 3 at 21:15, the US November ADP employment data; on December 4 at 20:30, the US November Challenger job - cut data; at 21:30, the US initial jobless claims for the week of November 29; on December 5 at 23:00, the US November PCE and core PCE data. [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - A股 major indices closed with a mixed performance, with the market showing a pattern where large - cap blue - chip stocks outperformed small and medium - cap stocks. The overall economic fundamentals in China were weak in October, and the LPR remained unchanged for six consecutive months, indicating a prudent monetary policy. Although the phone call between the Chinese and US presidents on the 24th boosted short - term market risk appetite, the market will maintain a random - walk state and the stock index will remain volatile due to the lack of continuous upward momentum [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Contract Prices - IF (2512) was at 4493.0, up 18.6; IH (2512) was at 2964.6, up 4.2; IC (2512) was at 6909.4, unchanged; IM (2512) was at 7176.2, down 6.6. The prices of their respective secondary contracts also showed different changes [2]. 3.1.2 Futures Price Spreads - IF - IH spread was 1528.4, up 14.6; IC - IF spread was 2416.4, down 10.6; IM - IC spread was 266.8, down 5.2, etc. The spreads between different contracts and different quarters also had various changes [2]. 3.1.3 Futures Open Interest - The net positions of the top 20 in IF, IH, IC, and IM all decreased, with decreases of 1104.0, 64.0, 460.0, and 998.0 respectively [2]. 3.2 Spot Market - The spot prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4517.63 (up 27.2), 2971.8 (up 3.6), 6965.1 (up 10.4), and 7248.5 (down 1.5) respectively. The basis of their corresponding futures contracts also changed accordingly [2]. 3.3 Market Sentiment - A - share trading volume was 17,971.90 billion yuan, down 289.79 billion yuan; margin trading balance was 24,630.32 billion yuan, up 43.63 billion yuan; north - bound trading volume was 2153.06 billion yuan, down 210.01 billion yuan, etc. The market sentiment indicators showed different trends [2]. 3.4 Industry News - A - share major indices ended with a mixed performance, with most industry sectors falling. The defense and military industry sector led the decline, while the communication sector strengthened significantly. China's economic fundamentals were weak in October, and the LPR remained unchanged for six consecutive months [2]. 3.5 Key Data to Watch - On November 26 at 21:30, the US initial jobless claims for the week ending November 22 were to be released; at 23:00, the US October PCE and core PCE were due. On November 27 at 9:30, China's October industrial profits of large - scale enterprises were to be announced; on November 30 at 9:30, China's November manufacturing, non - manufacturing, and composite PMI were to be released [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A - share major indices closed down collectively, with small - and medium - cap stocks weaker than large - cap blue - chips. The Shanghai Composite Index fell 0.4%, the Shenzhen Component Index fell 0.76%, and the ChiNext Index fell 1.12%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 3800 stocks fell. The economic fundamentals in October showed a significant decline in domestic imports and exports, fixed investment, social retail, and industrial added value above designated size. The fixed investment declined for 7 consecutive months, and social retail declined for 5 consecutive months. The real estate market continued to decline rapidly. The M1 - M2 scissors gap ended its 5 - month upward trend. The 11 - month LPR remained unchanged for the 6th consecutive month, indicating a prudent monetary policy and a low possibility of significant reserve requirement ratio cuts and interest rate cuts this year. In the current macro - data, performance, and policy vacuum period, the market is expected to show a random walk, and stock index futures will remain volatile [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Price and Spread - IF main contract (2512) was at 4539.2, down 31.6; IF sub - main contract (2511) was at 4558.0, down 28.8. IH main contract (2512) was at 3002.6, down 14.8; IH sub - main contract (2511) was at 3008.6, down 14.8. IC main contract (2512) was at 7000.0, down 59.6; IC sub - main contract (2511) was at 7063.4, down 63.0. IM main contract (2512) was at 7263.6, down 35.2; IM sub - main contract (2511) was at 7347.6, down 41.6. The IF - IH current - month contract spread was 1549.4, down 16.0; the IC - IF current - month contract spread was 2505.4, down 27.8. The IM - IC current - month contract spread was 284.2, up 10.4; the IC - IH current - month contract spread was 4054.8, down 43.8. The IM - IF current - month contract spread was 2789.6, down 17.4; the IM - IH current - month contract spread was 4339.0, down 33.4 [2] 3.2 Futures Seasonal Spread - IF current - quarter minus current - month was - 51.8, down 0.6; IF next - quarter minus current - month was - 97, down 2.6. IH current - quarter minus current - month was - 13.0, down 1.4; IH next - quarter minus current - month was - 23.4, down 1.6. IC current - quarter minus current - month was - 242.0, down 0.8; IC next - quarter minus current - month was - 448.4, up 4.2. IM current - quarter minus current - month was - 312.4, up 9.2; IM next - quarter minus current - month was - 540.6, up 11.2 [2] 3.3 Futures Net Positions of Top 20 Holders - IF top 20 net positions were - 22,242.00, down 2488.0; IH top 20 net positions were - 13,615.00, down 598.0. IC top 20 net positions were - 24,823.00, up 1777.0; IM top 20 net positions were - 34,271.00, up 1773.0 [2] 3.4 Spot Price and Basis - The spot price of CSI 300 was 4564.95, down 23.3; the IF main contract basis was - 25.8, down 2.7. The spot price of SSE 50 was 3008.3, down 12.1; the IH main contract basis was - 5.7, up 3.7. The spot price of CSI 500 was 7062.0, down 60.8; the IC main contract basis was - 61.9, up 6.0. The spot price of CSI 1000 was 7340.4, down 46.8; the IM main contract basis was - 76.8, up 12.2 [2] 3.5 Market Sentiment Indicators - A - share trading volume was 17,226.35 billion yuan, down 200.31 billion yuan. Margin trading balance was 24,979.40 billion yuan, down 47.70 billion yuan. North - bound trading volume was 1912.86 billion yuan, down 268.87 billion yuan. Reverse repurchase had a maturity of - 1900.0 billion yuan and an operation volume of + 3000.0 billion yuan. Main funds were - 513.07 billion yuan, down 592.44 billion yuan. The proportion of rising stocks was 22.66%, up 0.69%. Shibor was 1.364%, down 0.056%. IO at - the - money call option closing price was 25.00, down 16.40; IO at - the - money call option implied volatility was 15.55%, up 1.19%. IO at - the - money put option closing price was 12.60, up 0.60; IO at - the - money put option implied volatility was 15.55%, up 1.06%. CSI 300 index 20 - day volatility was 14.42%, up 0.06%. Volume PCR was 60.45%, down 11.30. Position PCR was 78.46%, down 1.21. The Wind market strength of all A - shares was 3.40, up 0.10; the technical aspect was 2.70, up 0.60. The capital aspect was 4.20, down 0.30 [2] 3.6 Industry News - The Fed's October policy meeting minutes showed serious differences among policymakers when cutting interest rates last month. Many officials thought it "might be appropriate" to keep interest rates unchanged for the rest of 2025, while some officials said another rate cut in December "was likely appropriate" if the economy performed as expected. There was almost unanimous agreement to stop the quantitative tightening (QT) of balance - sheet reduction. Some were worried about the disorderly decline of the stock market. The People's Bank of China announced on November 20 that the 1 - year LPR was 3.0% (unchanged from the previous time), and the over - 5 - year LPR was 3.5% (unchanged from the previous time) [2] 3.7 Key Data to Focus On - At 21:30 on November 20, pay attention to the US September non - farm payroll data, unemployment rate, and labor participation rate [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the significant decline in external demand in October, which supported GDP in the first three quarters, is expected to drag down the economic fundamentals in Q4 and have a negative impact on stock market sentiment. Currently, after the disclosure of A-share Q3 reports and with no important domestic meetings scheduled this month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to move randomly, and stock indices will remain volatile. It is recommended to wait and see for now [2] Group 3: Summary by Relevant Catalogs Futures Disk - IF, IH, IC, and IM main and secondary contracts all increased, with price increases ranging from +24.6 to +122.8. Most spreads between different contracts also changed, with some increasing and some decreasing. For example, the IF-IH current-month contract spread increased by +22.8, while the IM-IC current-month contract spread decreased by -3.6. The spreads between different quarters and the current month for various contracts also changed, with some widening and some narrowing [2] Futures Position - Among the top 20 net positions, the net positions of IF and IC decreased by -1012.0 and -247.0 respectively, while the net position of IH increased by +699.0, and the net position of IM decreased by -1819.0 [2] Spot Price - The spot prices of the Shanghai and Shenzhen 300, Shanghai Stock Exchange 50, China Securities 500, and China Securities 1000 all increased, with increases of +56.2, +29.4, +112.0, and +104.2 respectively. The basis of the main contracts of IF, IH, IC, and IM also changed, with some narrowing and some widening [2] Market Sentiment - A-share trading volume increased by +1008.68 billion yuan, while margin trading balance decreased by -31.00 billion yuan. Northbound trading volume increased by +26.98 billion yuan, and reverse repurchase operation volume increased by +1900.0 billion yuan. The proportion of rising stocks increased by +40.35%, and Shibor decreased by -0.100%. The closing prices and implied volatilities of IO at-the-money call and put options also changed, with some increasing and some decreasing [2] Wind Market Strength and Weakness Analysis - The strength and weakness indicators of all A-shares in terms of technology and funds increased by +3.50 and +3.00 respectively, with technology increasing by +4.10 [2] Industry News - A-share major indices closed up collectively, with the Shanghai Composite Index hitting a new high. The trading volume of the Shanghai and Shenzhen stock markets rebounded significantly, with nearly 4000 stocks rising. Industry sectors generally rose, with the power equipment and non-ferrous metals sectors strengthening significantly. In October, domestic CPI and PPI increased both year-on-year and month-on-month compared to the previous month, while external demand weakened significantly, and the new export orders index in the previously announced manufacturing PMI dropped by 1.9 percentage points compared to September [2] Key Data to Watch - Pending Chinese October financial data; US October CPI and core CPI at 21:30 on 11/13; Chinese October industrial added value above designated size, fixed asset investment, total retail sales of consumer goods, real estate data, and unemployment rate at 10:00 on 11/14 [3]

免责声明：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况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注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。 股指期货全景日报 2025/10/13 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） IH主力合约（2512） | 4562.6 2961.6 | ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - Recently, there have been few domestic and international news disturbances, and the market as a whole shows a random walk pattern. With the approaching of the National Day and Mid - Autumn Festival holidays, market trading is relatively dull. The profit data of industrial enterprises above a designated size shows improvement, indicating that the anti - involution policy has achieved initial results, but further policy efforts are needed for consolidation. Before the policy is implemented, the market is expected to remain volatile. Attention should be paid to the September PMI data released on Tuesday before the holiday. Strategically, it is recommended to wait and see for the time being [2]. 3. Summary by Relevant Contents Futures Contract Data - IF主力合约（2512）最新价4604.6，环比+69.4；IF次主力合约（2510）最新价4623.6，环比+67.8. IH主力合约（2512）最新价2976.0，环比+26.2；IH次主力合约（2510）最新价2974.0，环比+23.8. IC主力合约（2512）最新价7232.2，环比+134.6；IC次主力合约（2510）最新价7342.8，环比+123.2. IM主力合约（2512）最新价7337.4，环比+144.0；IM次主力合约（2510）最新价7484.2，环比+123.4 [2]. - IF - IH当月合约价差1649.6，环比+51.6；IC - IF当月合约价差2719.2，环比+59.8；IM - IC当月合约价差141.4，环比 - 13.0；IC - IH当月合约价差4368.8，环比+111.4；IM - IF当月合约价差2860.6，环比+46.8；IM - IH当月合约价差4510.2，环比+98.4 [2]. - IF当季 - 当月为 - 19.0，环比 - 0.8；IF下季 - 当月为 - 44.4，环比 - 1.4；IH当季 - 当月为2.0，环比+2.8；IH下季 - 当月为3.8，环比+7.4；IC当季 - 当月为 - 110.6，环比+12.0；IC下季 - 当月为 - 284，环比+12.6；IM当季 - 当月为 - 146.8，环比+21.0；IM下季 - 当月为 - 369.8，环比+15.0 [2]. Futures Position Data - IF前20名净持仓为 - 31,248.00，环比+3046.0；IH前20名净持仓为 - 18,596.00，环比+1120.0；IC前20名净持仓为 - 24,879.00，环比+1103.0；IM前20名净持仓为 - 41,984.00，环比+189.0 [2]. Spot Price Data - 沪深300为4620.05，环比+70.0，IF主力合约基差为 - 15.4，环比+9.6；上证50为2,973.0，环比+32.0，IH主力合约基差为3.0，环比 - 0.4；中证500为7,350.6，环比+109.7，IC主力合约基差为 - 118.4，环比+42.5；中证1000为7,497.8，环比+100.2，IM主力合约基差为 - 160.4，环比+48.0 [2]. Market Sentiment Data - A股成交额（日，亿元）为21,781.43，环比+120.35；两融余额（前一交易日，亿元）为24,244.58，环比 - 199.09；北向成交合计（前一交易日，亿元）为2789.12，环比 - 195.13；逆回购（到期量，操作量，亿元）为 - 2405.0，环比+2886.0；主力资金（昨日，今日，亿元）为 - 946.98，环比+18.06 [2]. - 上涨股票比例（日，%）为65.83，环比+32.66；Shibor（日，%）为1.315，环比+0.001；IO平值看涨期权收盘价（2510）为75.80，环比+31.80；IO平值看涨期权隐含波动率（%）为18.60，环比 - 0.50；IO平值看跌期权收盘价（2510）为50.00，环比 - 46.00；IO平值看跌期权隐含波动率（%）为18.59，环比 - 0.34；沪深300指数20日波动率（%）为17.09，环比+0.70；成交量PCR（%）为54.62，环比 - 21.31；持仓量PCR（%）为91.89，环比+4.82 [2]. Wind Market Strength - Weakness Analysis - 全部A股评分为7.00，环比+3.40；技术面评分为6.60，环比+3.30；资金面评分为7.40，环比+3.50 [2]. Industry News - From January to August, the total profit of industrial enterprises above a designated size in China reached 4692.97 billion yuan, a year - on - year increase of 0.9%. In August, the profit of industrial enterprises above a designated size increased by 20.4% year - on - year, turning from a 1.5% decline in the previous month. A - share major indices closed higher. The three major indices fluctuated upwards, accelerated the rise in the afternoon, and slightly declined at the end of the session. Overseas, the year - on - year and month - on - month increases of the US core PCE price index in August met expectations and were flat with the previous value, which consolidated the market's expectation of the Fed's interest rate cut [2]. Key Events to Watch - September 30th, 9:30 - 9:45: China's official manufacturing, non - manufacturing, and composite PMI for September; China's SPGI manufacturing and services PMI for September. - September 30th, 12:30: RBA interest rate decision. - September 30th, 22:00: US JOLTs job openings in August. - October 1st, 20:45: US ADP employment in September; 22:00: US ISM manufacturing PMI in September. - October 2nd, 19:30: US Challenger job cuts in September. - October 3rd, 20:30: US non - farm payrolls, unemployment rate, and labor force participation rate in September [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stock index still has long - term upward potential, but poor economic data exerts short - term pressure on the market. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices - IF主力合约（2509）price is 4516.8, down 11.2; IH主力合约（2509）is 2950.6, down 10.6; IC主力合约（2509）is 7165.2, up 39.4; IM主力合约（2509）is 7462.0, up 75.6 [2] - IF次主力合约（2512）price is 4489.2, down 7.2; IH次主力合约（2512）is 2951.6, down 10.8; IC次主力合约（2512）is 6996.8, up 45.4; IM次主力合约（2512）is 7242.4, up 81.0 [2] 3.2 Futures Price Spreads - IF - IH当月合约价差is 1566.2, up 0.8; IC - IF当月合约价差is 2648.4, up 62.0; IM - IC当月合约价差is 296.8, up 42.4; IC - IH当月合约价差is 4214.6, up 62.8; IM - IF当月合约价差is 2945.2, up 104.4; IM - IH当月合约价差is 4511.4, up 105.2 [2] - IF当季 - 当月is - 27.6, up 3.2; IF下季 - 当月is - 50.8, up 6.8; IH当季 - 当月is 1.0, up 0.8; IH下季 - 当月is 4.4, up 2.8; IC当季 - 当月is - 168.4, up 6.4; IC下季 - 当月is - 333.2, up 0.8; IM当季 - 当月is - 219.6, up 5.8; IM下季 - 当月is - 428, up 5.8 [2] 3.3 Futures Net Positions - IF前20名净持仓is - 28,193.00, down 426.0; IH前20名净持仓is - 17,632.00, down 264.0; IC前20名净持仓is - 27,595.00, up 566.0; IM前20名净持仓is - 45,328.00, down 2252.0 [2] 3.4 Spot Prices and Basis - 沪深300price is 4523.34, down 9.7; IF主力合约基差is - 6.5, down 1.3; 上证50price is 2,947.8, down 14.8; IH主力合约基差is 2.8, up 3.0; 中证500price is 7,191.0, up 53.6; IC主力合约基差is - 25.8, down 2.6; 中证1000price is 7,483.6, up 68.1; IM主力合约基差is - 21.6, up 25.3 [2] 3.5 Market Sentiment - A股成交额（日，亿元）is 23,670.69, up 638.89; 两融余额（前一交易日，亿元）is 23,699.99, up 184.29; 北向成交合计（前一交易日，亿元）is 2873.06, down 239.77; 逆回购（到期量，操作量，亿元）is - 2470.0, up 2870.0; 主力资金（昨日，今日，亿元）is - 646.67, down 449.20; 上涨股票比例（日，%）is 66.84, up 31.56; Shibor（日，%）is 1.437, up 0.029; IO平值看涨期权收盘价（2509）is 45.60, down 8.00; IO平值看涨期权隐含波动率（%）is 17.78, up 1.28; IO平值看跌期权收盘价（2509）is 27.00, up 1.00; IO平值看跌期权隐含波动率（%）is 17.78, up 1.20; 沪深300指数20日波动率（%）is 19.75, down 0.07; 成交量PCR（%）is 62.89, up 7.92; 持仓量PCR（%）is 80.25, down 2.60 [2] 3.6 Wind Market Strength - Weakness Analysis - 全部A股is 6.70, up 2.10; 技术面is 6.70, up 3.20; 资金面is 6.60, up 0.90 [2] 3.7 Industry News - In August, the year - on - year actual growth of the added value of industrial enterprises above designated size was 5.2%, expected to be 5.7%, and the previous value was 5.7%. From a month - on - month perspective, it increased by 0.37% [2] - In August, the total retail sales of consumer goods were 39668 billion yuan, a year - on - year increase of 3.4%, expected to be 3.8%, and the previous value was 3.7%. From January to August, the total retail sales of consumer goods were 323906 billion yuan, an increase of 4.6% [2] - From January to August 2025, the national fixed - asset investment (excluding rural households) was 326111 billion yuan, a year - on - year increase of 0.5%. Among them, private fixed - asset investment decreased by 2.3% year - on - year. From a month - on - month perspective, fixed - asset investment (excluding rural households) in August decreased by 0.20% [2] - From January to August, China's real estate development investment was 60309 billion yuan, a year - on - year decrease of 12.9%; the sales volume of newly built commercial housing was 55015 billion yuan, a decrease of 7.3%, among which the sales volume of residential housing decreased by 7.0%; the funds in place for real estate development enterprises were 64318 billion yuan, a year - on - year decrease of 8.0%. In August, the real estate development climate index was 93.05 [2] - In August, the national urban surveyed unemployment rate was 5.3%, an increase of 0.1 percentage points from the previous month, the same as the same month last year [2] - A - share major indexes closed generally higher. The three major indexes opened higher in the morning and showed wide - range fluctuations. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. As of the close, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index rose 0.45%, and the ChiNext Index rose 0.68%. The trading volume of the Shanghai and Shenzhen stock markets increased slightly. More than 3600 stocks in the whole market rose. Most industry sectors rose, with the comprehensive, computer, and machinery equipment sectors leading the gains, and the agriculture, forestry, animal husbandry, and fishery, and banking sectors leading the losses [2] - The Fed will hold an interest - rate meeting on September 16 - 17, Eastern Time. Affected by the weakening labor market, the market has fully priced in a Fed rate cut in September, and the external environmental constraints faced by A - shares are loosening [2] - Domestically, in terms of the economic fundamentals, in August, the growth rates of domestic social retail, fixed - asset investment, imports and exports, and the added value of industrial enterprises above designated size all declined significantly compared with the previous values and were weaker than market expectations. The real estate market also showed an accelerating weakening trend. In terms of financial data, at the end of August, M2 increased by 8.8% year - on - year, M1 increased by 6% year - on - year, and the M1 - M2 gap narrowed significantly, reaching the lowest value since June 2021, which may reflect the continuous improvement of residents' consumption willingness. In the trade sector, China and the US will hold talks on economic and trade issues in Madrid, Spain, from September 14 to 17 [2] 3.8 Key Data to Focus On - September 16, 20:30: US import and export price indexes, retail sales, and core retail sales for August [3] - September 18, 2:00: Fed interest - rate decision [3] - September 18, 19:00: Bank of England interest - rate decision [3] - September 19, 10:47: Bank of Japan interest - rate decision [3]