Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - As of the end of Q2 2025, the total position of public funds in stock index futures reached a new high since 2015, mainly due to long - position increases, indicating that public funds are optimistic about the future market [2][6][40]. - The increase in long positions is mainly concentrated in IF, IC, and IH contracts, mainly due to the increase in passive index - type products, while the increase in short positions is mainly in the IM contract of partial - stock hybrid products [2][40]. - In terms of contract months, public funds believe that using the current - month contract is better for hedging, while using the quarterly - month contract is better for going long, which is related to the large historical basis of the futures index market [2][16][40]. Summary by Relevant Catalogs Market Overall Situation - Significant Increase in Long Positions of Stock Index Futures - As of the end of Q2 2025, public funds held 30,097 lots of stock index futures, a significant increase of 37.4% quarter - on - quarter, with the total position reaching a new high since 2015. Long positions were 25,167 lots, a 39.13% increase, and short positions were 4,930 lots, a 29.36% increase [6]. - The market value of public funds' stock index futures holdings was 33.88 billion yuan, a 37.05% increase. The long - position market value was 28.042 billion yuan, a 38.34% increase, and the short - position market value was 5.838 billion yuan, a 31.21% increase [6]. - The net long position was 20,237 lots, an increase of 5,960 lots from the previous quarter, and the net long - position market value was 22.204 billion yuan, an increase of 6.38 billion yuan [6]. - There were 66 public fund companies participating in stock index futures, 1 less than the previous quarter, and 418 participating products, 24 more than the previous quarter [7][10]. Position Variety and Month Analysis 2.1 Position Variety Shows Public Funds are Optimistic about the Future Market - This quarter, public funds increased positions in various varieties. Long - position increases were mainly concentrated in IF, IC, and IH contracts, with increased market values of 2.94 billion yuan, 2.3 billion yuan, and 1.608 billion yuan, and quarter - on - quarter increases of 30.33%, 48.2%, and 84.5% respectively. Short - position increases were mainly in the IM contract, with an increased market value of 1.26 billion yuan, an 81.5% increase [11]. - For different contracts, the total positions of IF, IH, IC, and IM contracts were 12,580 lots, 4,615 lots, 6,767 lots, and 6,135 lots respectively, with varying degrees of long - and short - position increases [13][15]. 2.2 The Proportion of Long Positions in Quarterly - Month Contracts Increased Significantly - This quarter, the proportion of public funds' long positions in quarterly - month contracts increased significantly, while the proportion in current - month contracts decreased significantly. The proportion of short positions in current - month contracts increased slightly [16]. - Specifically, the proportions of long positions in current - month, next - month, current - quarter, and next - quarter contracts were 27.08%, 1.52%, 60.4%, and 10.99% respectively, with quarter - on - quarter changes of - 13.4, 1.33, 3.68, and 8.36 percentage points. The proportions of short positions were 44.57%, 0.23%, 52.48%, and 2.72% respectively, with quarter - on - quarter changes of 2.44, - 0.75, - 1.67, and - 0.01 percentage points [16]. Position Situation of Various Fund Products 3.1 The Number of Index - Enhanced Products Increased Significantly - The total number of public fund products participating in stock index futures continued to increase, reaching 418, a 22 - lot increase. The number of index - enhanced and partial - stock hybrid products increased the most, from 109 and 42 to 120 and 49 respectively, while the number of partial - debt hybrid products decreased from 16 to 12 [19]. - Passive index - type products were still the main participants in the long positions of public funds' stock index futures, with a significant increase in long positions. Partial - stock hybrid products had a more obvious increase in short positions. The hedging ratio of neutral products decreased slightly from 91.44% to 89.07% [20]. 3.2 Passive Index - Type Products Significantly Increased Long Positions in the Four Major Futures Indexes - Passive index - type products, the main force in public funds' long positions, significantly increased long positions in the four major futures indexes this quarter. The long positions of IH and IF increased from 1.893 billion yuan and 8.96 billion yuan to 3.501 billion yuan and 11.63 billion yuan respectively, and the long positions of IC and IM increased from 3.79 billion yuan and 2.656 billion yuan to 5.57 billion yuan and 3.572 billion yuan respectively [31]. - In terms of short - position types, in addition to traditional neutral products still holding a large proportion of positions in IF, partial - stock hybrid products significantly increased short positions in IM, from 350 million yuan to 1.404 billion yuan. Flexible - allocation products still held about 700 million yuan in IM short positions [31]. The Top Ten Managers Significantly Increased Long Positions - This quarter, the total position of the top ten managers reached 25,412 lots, and the total position market value reached 28.42 billion yuan, a significant increase of 39.7% and 38.2% quarter - on - quarter respectively. Most managers increased positions to varying degrees, with China Asset Management and Southern Asset Management having the most obvious increases, with long - position increases of 4,269 lots and 1,729 lots, and quarter - on - quarter increases of 97.07% and 51.52% respectively [33]. - The long positions of the top ten managers were 21,737 lots, and the long - position market value was 24.023 billion yuan, an increase of 37.94% and 35.79% quarter - on - quarter respectively. The short positions were 3,675 lots, and the short - position market value was 4.396 billion yuan, an increase of 51.2% and 56.16% quarter - on - quarter respectively [33]. Summary - Overall, this quarter, the total position of public funds in stock index futures reached a new high since 2015, mainly due to long - position increases. Long positions were 25,167 lots, a 39.13% increase, and short positions were 4,930 lots, a 29.36% increase [40]. - The net long position was 20,237 lots, an increase of 5,960 lots from the previous quarter, and the net long - position market value was 22.204 billion yuan, an increase of 6.38 billion yuan [40]. - The increase in long positions was mainly concentrated in IF, IC, and IH contracts, mainly due to the increase in passive index - type products, while the increase in short positions was mainly in the IM contract of partial - stock hybrid products [40]. - In terms of contract months, the proportion of long positions in quarterly - month contracts increased significantly, while the proportion in current - month contracts decreased significantly. The proportion of short positions in current - month contracts increased slightly [40]. - The total number of participating products increased to 418, with the number of index - enhanced and partial - stock hybrid products increasing the most, and the number of partial - debt hybrid products decreasing. Passive index - type products had a significant increase in long positions, and partial - stock hybrid products had a more obvious increase in short positions. The hedging ratio of neutral products decreased slightly [41]. - There were 66 public fund companies participating, 1 less than the previous quarter. The total position of the top ten managers increased significantly, with China Asset Management and Southern Asset Management having the most obvious long - position increases [41].

1. Report Industry Investment Rating - The investment rating for the stock index is "Oscillation" [1] 2. Core Viewpoints of the Report - In the short - term, market sentiment remains strong. Although there is hesitation during the market upswing, the willingness of funds to support the market is strong, and the retracement of the stock index is less than expected. Some funds are rushing ahead due to short - term pricing of medium - term factors. However, investors have significant differences at the current level, and a market consensus has not been formed. Considering the strong technical resistance at the March high and the expected weakening of China's economic data in the second half of the year, the timing for a new full - scale bull market has not arrived. Overall, the short - term baseline prediction is the preparation period for a bull market. Given the early entry of some funds, it is recommended to be cautious when going long this week (either wait and see or conduct intraday short - term long positions). If there is a sharp decline later, it can be regarded as a good opportunity to re - enter the market with long positions. In terms of style, a light - position left - hand layout for IH - IM can be started this week [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - From 1998 to the end of the second quarter of 2025, Chinese public funds created a profit of 5.94 trillion yuan for holders. At the end of the second quarter, the market scale of public funds reached a new high of 33.73 trillion yuan. China's LPR in July remained unchanged for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year variety at 3.5%. Monetary policy has entered an observation period, and the unchanged LPR quote is in line with market expectations [4] 3.2 Stock Index Disk Review 3.2.1 Disk Tracking - In the previous trading day, the A - share market oscillated upwards. Among the four major indices, the Shanghai Composite 50 Index rose 0.28%, the CSI 300 Index rose 0.67%, the CSI 500 Index rose 1.01%, and the CSI 1000 Index rose 0.92%. In terms of sectors, building materials (+5.45%) and construction machinery (+4.00%) led the gains, while education (-0.79%) and banking (-0.77%) lagged. More than 4,000 stocks rose, and 130 stocks hit the daily limit, indicating a good profit - making effect [4] 3.2.2 Technical Tracking - The stock indices generally approached the March high. The daily and weekly lines have turned into a bullish trend, indicating short - term market strength, while the monthly line remains in an oscillating market [4] 3.2.3 Fund Flow - The trading volume of the A - share market yesterday increased to around 1.7 trillion yuan, and investor sentiment was moderately bullish [4] 3.3 Core Logic Summary - Short - term market sentiment is strong, but there are differences among investors. The start of a new full - scale bull market is not yet due to technical resistance and economic data expectations. It is recommended to be cautious when going long in the short - term, and a sharp decline can be an opportunity to re - enter the market. A light - position left - hand layout for IH - IM can be started this week [3] 3.4 Operation Suggestions 3.4.1 Futures Operation - In the short - term, the market is in a strong oscillation. Pay attention to the resistance at the March high. It is recommended that investors wait and see or conduct intraday short - term long positions. The styles of large - and small - cap stocks alternate, and a left - hand layout for IH - IM can be started this week [3] 3.4.2 Options Operation - The implied volatility of stock index options has slightly declined, with the at - the - money IV of the CSI 300 for the current month fluctuating between 13 - 14%. During the oscillation period, it is recommended to wait for the volatility to rise before intervening in short - term double - selling [3]

Group 1 - The semiconductor and domestic computing power sectors are benefiting from favorable conditions for IM and IC contracts, indicating a strong short-term trading opportunity [1][4] - The stock index has shown strong performance, with the Shanghai Composite Index reaching a high of 3555.22 points, supported by multiple factors, including the recent approval of the "Stablecoin Regulation" in Hong Kong [1][2] - The "anti-involution" sector is becoming active, with the central government's emphasis on promoting product quality and orderly competition, positively impacting various industries [2] Group 2 - The approval of the H20 chip sales to China by the U.S. is expected to alleviate previous supply restrictions, potentially leading to a recovery in the AI sector as demand increases [4] - The long-term outlook for the stock index remains optimistic, despite uncertainties surrounding U.S.-China tariffs, with expectations of improved market sentiment and potential fiscal policy support in the fall [3][4] - The stablecoin market is anticipated to grow, with the U.S. pushing for legislation that could enhance the dominance of the U.S. dollar, while the development of the RMB stablecoin is seen as inevitable, starting with trials in Hong Kong [2]

1. Report Industry Investment Rating - The investment rating for the stock index is "Oscillation" [1] 2. Core Viewpoints of the Report - Last week, the stock index market declined due to the escalation of geopolitical conflicts, which increased global risk - aversion sentiment. European and American stock indices mostly fell, and A - share sentiment cooled down. This week, the stock index is still at a relatively over - valued position within the oscillation range and is expected to continue to bottom out. The impact of short - term foreign capital sentiment fluctuations on A - shares is limited, and there are no clear domestic trading events in the short term. The market will continue the decline trend under the characteristics of shrinking volume and low volatility, and it is recommended that investors mainly wait and see. The next breakthrough window may appear in early July, with attention paid to the new round of tariff disturbances caused by the expiration of Trump's 90 - day exemption policy and possible hedging policies from the domestic Politburo meeting. In the medium - to - long - term, the current discounts of IC and IM have reached the highest level in the past two years. The annualized discount rate of the current - quarter IC contract is 11 - 12%, and that of the IM contract is 15 - 16%. These two types of contracts can bring more substantial excess returns in the allocation level compared to index products such as ETFs, and it is still valuable and potential for long - term index investment investors to hold long positions [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - The 2025 Lujiazui Forum will be held from June 18th to 19th, with the theme of "Financial Opening - up, Cooperation and High - quality Development in the Changing Global Economic Landscape". Central financial management department leaders will give speeches and release major financial policies. US President Trump's pressure on Iran makes the market speculate that the US may directly participate in Israel's attack on Iran [5] 3.2 Stock Index Disk Review - **Disk Tracking**: In the previous trading day, A - shares fluctuated narrowly. Among the four major indices, the Shanghai 50 Index fell 0.04%, the CSI 300 Index fell 0.09%, the CSI 500 Index fell 0.29%, and the CSI 1000 Index fell 0.10%. The shipping (+2.44%) and energy equipment (+2.01%) sectors led the gains, while the office supplies (-3.45%) and soft drink (-2.80%) sectors lagged. More than 2,200 stocks rose, and 61 stocks hit the daily limit, with a poor profit - making effect [5] - **Technical Tracking**: After the previous oversold rebound, the stock indices generally approached the upper edge of the gap, with stronger pressure at the daily and weekly levels, and the monthly - line trend is still oscillating [5] - **Fund Flow**: Recently, the trading volume of A - shares has been hovering at a low level, staying at the 1.2 - trillion - yuan level yesterday. The short - term market has a strong wait - and - see sentiment and insufficient upward momentum [5] 3.3 Core Logic Summary - The decline in the stock index market last week was due to geopolitical conflicts. This week, the stock index is over - valued and may continue to decline. The impact of foreign capital is limited, and there are no clear trading events. The market will decline with shrinking volume and low volatility. The next breakthrough may be in early July. In the long - term, IC and IM contracts have high allocation value [3] 3.4 Operation Suggestions - **Futures Operation**: In the short term, it is recommended to mainly wait and see, with the lower support level seen at the position on April 9th. For monthly operations, maintain the idea of band trading [4] - **Option Operation**: The implied volatility of stock index options continues to flatten, with the weekly IV of the current - month at - the - money CSI 300 option remaining at 12 - 13%. Given the low - level oscillation of volatility, the cost of buying options during the waiting - for - breakthrough stage is expected to be high, and the premium recovered from selling options is limited. It is recommended to wait for the second wave of rising volatility before engaging in double - selling operations [4]

Group 1: Interest Rates and Central Bank Operations - DRO01 closed at 1.45 with a -6.33bp change, DR007 at 1.62 with a -3.59bp change, GC001 at 1.77 with a 15.00bp change, and GC007 at 1.76 with a 4.00bp change [4] - SHBOR 3M closed at 1.64 with a 0.10bp change, LPR 5 - year at 3.60 with a 0.00bp change [4] - 1 - year, 5 - year, and 10 - year Chinese treasury bonds closed at 1.46, 1.54, and 1.72 respectively, with changes of 0.76bp, 1.12bp, and 0.51bp; 10 - year US treasury bonds closed at 4.51 with a -3.00bp change [4] - The central bank conducted 4480 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%, and a net investment of 910 billion yuan after 3570 billion yuan of reverse repurchases matured [4] - There will be 9460 billion yuan of reverse repurchases maturing in the central bank's open market this week, with 1570 billion, 1545 billion, and 1425 billion yuan maturing from Wednesday to Friday [5] - On May 20, the 1 - year LPR was 3.0% (down from 3.1%), and the 5 - year LPR was 3.5% (down from 3.6%); state - owned and some joint - stock banks cut deposit rates [5] Group 2: Stock Indexes and Market Conditions - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 3839, 2685, 5652, and 6008 respectively, with changes of -0.54%, -0.52%, -0.31%, and -0.34% [6] - IF, IH, IC, and IM of the current - month contracts closed at 3809, 2669, 5578, and an unspecified value respectively, with changes of -0.6%, -0.6%, -0.3%, and -0.2% [6] - IF, IH, IC, and IM trading volumes were 75774, 39115, 74989, and 195063 respectively, with changes of -12.6%, -15.2%, -10.3%, and 5.2%; their positions were 240995, 81979, 209867, and 329034 respectively, with changes of 2.3%, 2.0%, 0.4%, and 3.2% [6] - The trading volume of the Shanghai and Shenzhen stock markets was 9989 billion yuan, a decrease of 110 billion yuan; the pesticide and veterinary medicine sector rose significantly, while consumer sectors led the gains, and precious metals, semiconductors and other sectors led the losses [6] - The market volume shrank again, and the stock indexes oscillated weakly; the US postponed the implementation of a 50% tariff on EU imports to July 9 [7] - Stock indexes may continue to oscillate weakly; the probability of incremental policies and strong capital intervention in the short - term is low, and the market may enter a policy vacuum period [7] - Macro - level core indicators showed a decline in April, indicating that the effectiveness of previous growth - stabilizing policies was not obvious; it is advisable to observe stock indexes cautiously and pay attention to macro - incremental signals [7] Group 3: Futures Premium and Discount - The premium and discount rates of IF for the current - month, next - month, current - quarter, and next - quarter contracts were 11.96%, 12.43%, 0.02%, and 6.10% respectively [8] - The premium and discount rates of IH for the current - month, next - month, current - quarter, and next - quarter contracts were 9.45%, 12.20%, 6.30%, and 3.70% respectively [8] - The premium and discount rates of IC for the current - month, next - month, current - quarter, and next - quarter contracts were 19.95%, 18.47%, 14.81%, and 12.26% respectively [8] - The premium and discount rates of IM for the current - month, next - month, current - quarter, and next - quarter contracts were 23.66%, 21.62%, 18.05%, and 15.38% respectively [8]

Key Points - The article discusses the dividend progress of constituent stocks in major indices as of May 13, 2025, highlighting the number of companies in different stages of dividend announcements and distributions [1][3][8] - It provides a comparison of dividend yields across various industries, noting that coal, banking, and steel sectors have the highest yields [4] - The realized and remaining dividend yields for different indices are presented, with the Shanghai 50 Index having a realized yield of 0.12% and a remaining yield of 2.22% [6] - The article tracks the premium and discount of stock index futures, indicating that the IH main contract has an annualized premium of 0.34%, while the IF, IC, and IM contracts show significant discounts [1][3][17] Group 1: Dividend Progress of Constituent Stocks - As of May 13, 2025, in the Shanghai 50 Index, 37 companies are in the proposal stage, 4 in the decision stage, 0 in the implementation stage, 4 have paid dividends, and 4 do not pay dividends [1] - In the CSI 300 Index, 206 companies are in the proposal stage, 36 in the decision stage, 7 in the implementation stage, 23 have paid dividends, and 27 do not pay dividends [1] - The CSI 500 Index has 281 companies in the proposal stage, 97 in the decision stage, 17 in the implementation stage, 14 have paid dividends, and 91 do not pay dividends [1][8] - The CSI 1000 Index shows 505 companies in the proposal stage, 188 in the decision stage, 39 in the implementation stage, 43 have paid dividends, and 224 do not pay dividends [1][8] Group 2: Dividend Yield Comparison - The article presents the median dividend yields of stocks with disclosed dividend proposals, with coal, banking, and steel industries ranking the highest [4] - The realized dividend yields as of May 13, 2025, are 0.12% for the Shanghai 50 Index, 0.18% for the CSI 300 Index, 0.05% for the CSI 500 Index, and 0.07% for the CSI 1000 Index [6] Group 3: Stock Index Futures Premium and Discount Tracking - The article tracks the annualized premium and discount of stock index futures, with the IH main contract at a premium of 0.34%, while the IF, IC, and IM contracts show discounts of 4.15%, 13.18%, and 18.20% respectively [1][3][17] - The article emphasizes the importance of considering dividend impacts when calculating the premium and discount of stock index futures [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - As of the end of Q1 2025, the total holdings of public funds in stock index futures dropped significantly by 27.9% quarter-on-quarter after five consecutive quarters of growth, mainly due to long position reduction. The increase in short positions of IM by active management products indicates that public funds are more cautious about small and medium-cap indexes. The changes in the proportion of long and short positions in different contract months show that public funds have differences in the short-term target market and are still optimistic about the long-term market [2][6][40]. Summary by Relevant Catalog Market Overall Situation - Significant Reduction in Long Positions of Stock Index Futures - As of the end of Q1 2025, public funds held 18,390 lots of stock index futures, a significant 27.9% decrease quarter-on-quarter. Long positions were 14,579 lots, down 31.4% quarter-on-quarter, and short positions were 3,811 lots, down 14.6% quarter-on-quarter. In terms of market value, the total market value of stock index futures held was 20.64 billion yuan, a 27.4% decrease quarter-on-quarter. The long position market value was 16.19 billion yuan, down 30.9% quarter-on-quarter, and the short position market value was 4.45 billion yuan, down 14.4% quarter-on-quarter. The net long position was 10,768 lots, a decrease of 4,015 lots from the end of the previous quarter, and the net long market value was 11.74 billion yuan, a decrease of 4.37 billion yuan from the end of the previous quarter. There were 68 public fund companies participating in stock index futures, an increase of 6 from the end of the previous quarter, and 394 participating products, a significant increase of 44 from the end of the previous quarter [6][7][9]. Analysis of Holdings by Variety and Month Holdings by Variety Indicate Public Funds' Caution about the Future Market - In this quarter, the reduction of long positions by public funds was mainly concentrated in IF and IH contracts, with the reduction in market value reaching 4.867 billion yuan and 746 million yuan respectively, a significant 86.8% and 39.4% decrease quarter-on-quarter. The reduction of short positions was mainly in the IF contract, with a reduction in market value of 570 million yuan, a 19.05% decrease quarter-on-quarter. Meanwhile, both long and short positions in the IM contract increased significantly, with the former increasing by 15.6% quarter-on-quarter and the latter by 20.56% quarter-on-quarter. The main hedging variety continued to shift from IF to IM, but IF remained the main short hedging variety, with its proportion in all short hedging dropping to around 54.9% [10]. Holdings by Month Indicate Public Funds' Significant Differences in the Short-Term Market - In terms of the contract month of holdings, the proportion of short positions of public funds in the current-month contract increased significantly, while the proportion in the current-quarter contract decreased significantly. Long positions showed a sign of shifting from the next-quarter contract to the current-month contract. The increase in the proportion of both long and short positions in the current month indicates that public funds have differences in the short-term target market. The significant decrease in the proportion of short positions in the current-quarter contract while the proportion of long positions changed little indicates that they are still optimistic about the long-term market. Specifically, the proportions of long positions in the current-month, next-month, current-quarter, and next-quarter contracts were 30.86%, 0.22%, 65.59%, and 3.31% respectively, with a quarter-on-quarter increase of 7.89 percentage points, -0.4 percentage points, 0.1 percentage points, and -7.57 percentage points respectively. The proportions of short positions were 42.13%, 0.97%, 54.16%, and 2.73% respectively, with a quarter-on-quarter increase of 20.13 percentage points, 0.63 percentage points, -22.51 percentage points, and 1.75 percentage points respectively [16]. Holdings of Various Fund Products Significant Decrease in the Long Position Market Value of Passive Index Funds - In this quarter, the total number of public fund products participating in stock index futures increased significantly to 394, a quarter-on-quarter increase of 54. The products with the largest increase were passive index products, index enhancement products, and flexible allocation products, with the number increasing from 132, 93, and 27 to 148, 108, and 35 respectively. Although the number of passive index products increased significantly, the long position market value decreased significantly from 18.458 billion yuan to 13.223 billion yuan. Passive index products remained the main participants in the long positions of stock index futures, followed by index enhancement products. Neutral products were still the main participants in short positions, and the hedging ratio increased significantly from 88.88% in the previous quarter to 91.44% in this quarter [18][19]. Significant Reduction in Long Positions of Passive Index Products in IF - Among different products' holdings of stock index futures varieties, passive index products, which are the main force in long positions of public funds, significantly reduced their positions in IF this quarter and increased their positions in IM to some extent. The long positions in IF decreased significantly from 9.771 billion yuan to 4.89 billion yuan, and the long positions in IM increased from 2.196 billion yuan to 2.656 billion yuan. Neutral products, the main force in short positions of public funds, reduced their short positions in IF, IC, and IM to some extent. The short positions in these three varieties were 2.38 billion yuan, 136 million yuan, and 447 million yuan respectively, a decrease of 465 million yuan, 487 million yuan, and 174 million yuan respectively compared with the end of the previous quarter. In addition, the increase in short positions of IM was mainly in partial stock hybrid and flexible allocation products, increasing from 720 million yuan and 454 million yuan in the previous quarter to 3.51 billion yuan and 7.1 billion yuan respectively, indicating that active management products of stock funds are generally more cautious about IM [26][31]. Most of the Top Ten Managers Reduced Their Holdings to Varying Degrees - In this quarter, the total holdings of the top ten managers reached 14,917 lots, with a total market value of 16.62 billion yuan, a significant decrease of 5,375 lots and 6.024 billion yuan respectively compared with the end of the previous quarter. Most managers showed varying degrees of position reduction, with Huatai-PineBridge and China Asset Management reducing their positions most significantly, with their holdings in stock index futures decreasing by 3,093 lots and 1,548 lots respectively. Specifically, the long positions of the top ten managers were 12,203 lots, with a long position market value of 13.446 billion yuan, a decrease of 4,832 lots and 5.374 billion yuan respectively compared with the end of the previous quarter. The short positions were 2,714 lots, with a short position market value of 3.157 billion yuan, a decrease of 543 lots and 663 million yuan respectively compared with the end of the previous quarter [33]. Summary - Overall, in this quarter, the total holdings of public funds in stock index futures dropped significantly after five consecutive quarters of growth, mainly due to long position reduction. Long positions were 14,579 lots, a 31.4% decrease quarter-on-quarter, with a market value of 16.19 billion yuan, a 30.9% decrease quarter-on-quarter. Short positions were 3,811 lots, a 14.6% decrease quarter-on-quarter, with a market value of 4.45 billion yuan, a 14.4% decrease quarter-on-quarter. The net long position was 10,768 lots, a decrease of 4,015 lots from the end of the previous quarter, and the net long market value was 11.74 billion yuan, a decrease of 4.37 billion yuan from the end of the previous quarter. In terms of holdings by variety, the reduction of long positions was mainly concentrated in IF and IH contracts, mainly due to the reduction of positions by passive index funds, with the reduction in market value reaching 4.867 billion yuan and 746 million yuan respectively, a significant 86.8% and 39.4% decrease quarter-on-quarter. The increase in short positions of IM was mainly in partial stock hybrid and flexible allocation products, increasing from 720 million yuan and 454 million yuan in the previous quarter to 3.51 billion yuan and 7.1 billion yuan respectively. The increase in short positions of IM by active management products indicates that public funds are more cautious about small and medium-cap indexes. In terms of holdings by month, the proportion of short positions in the current-month contract increased significantly, while the proportion in the current-quarter contract decreased significantly. Long positions showed a sign of shifting from the next-quarter contract to the current-month contract. The increase in the proportion of both long and short positions in the current month indicates that public funds have differences in the short-term target market. The significant decrease in the proportion of short positions in the current-quarter contract while the proportion of long positions changed little indicates that they are still optimistic about the long-term market [40][41].