Report Overview - Report Type: Stock Index Daily Review [1] - Date: September 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core View - Mid - term, the stock market valuation is high but not at an absolute high, and the stock index still has room to rise, but the upward slope is expected to slow down. Short - term, after the September 3rd expectation is fulfilled, market volatility intensifies, showing a volatile consolidation trend. Holding CSI 300 (IF) contracts can reduce volatility risk, and one can also try to go long on IF and short on IM to resist market corrections [8] 3. Summary by Directory 3.1 Market Review and Future Outlook 3.1.1 Market Review - On September 3, the Wind All - A index opened with a volatile decline, closing down 1.19%, with more than 4,500 stocks falling. In terms of index spot, the CSI 300, SSE 50, CSI 500, and CSI 1000 closed down 0.68%, 1.07%, 1.34%, and 1.46% respectively. Index futures performed weaker than the spot market. The main contracts of IF, IH, IC, and IM closed down 1.14%, 1.46%, 1.56%, and 1.50% respectively (calculated based on the previous trading day's closing price) [6] 3.1.2 Future Outlook - External market: The US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal. Although tariffs can still be legally collected until October 14 and the final cancellation is uncertain, short - term market sentiment will be boosted. The increasing expectation of the Fed to restart interest rate cuts in September is also beneficial to the domestic capital market. - Domestic situation: The economic data in July showed a weakening in both supply and demand, but the expectation of economic fundamental repair is strong. In terms of liquidity, the margin trading balance fell after reaching a record high yesterday, and the subsequent changes in margin trading funds need to be observed [8] 3.2 Data Overview - The report presents multiple data charts, including the performance of domestic main indexes, market style performance, industry sector performance (Shenwan Primary Index), trading volume of Wind All - A, trading volume of stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, share statistics of major ETF funds, and trading volume statistics of major ETFs. All data sources are from Wind and the Research and Development Department of CCB Futures [9][14][15] 3.3 Industry News - On September 2, data released by ISM showed that US manufacturing activity contracted for the sixth consecutive month in August due to output decline, indicating that the manufacturing industry remains in trouble. However, the new orders index expanded for the first time since the beginning of this year, and the price index reached the lowest level since February, suggesting that price fluctuations caused by tariffs are subsiding [30]