Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The stock index futures are expected to experience wide - range fluctuations after the release of new policy signals [1]. 3. Summary by Relevant Content 3.1 Stock Index Futures Data Tracking - On September 22, all the current - month contracts of the four major stock index futures rose. IF rose 0.25%, IH rose 0.18%, IC rose 0.36%, and IM rose 0.47% [1]. - On the trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 52,955 lots, IH by 16,499 lots, IC by 72,929 lots, and IM by 105,450 lots. In terms of positions, the total position of IF decreased by 745 lots, IH increased by 3,869 lots, IC decreased by 7,430 lots, and IM decreased by 10,197 lots [1][2]. - The base differences and trading data of different contracts of IF, IH, IC, and IM are presented in detail in the table, including closing prices, price changes, base differences, trading volumes, and position changes [1]. 3.2 Top 20 Member Position Changes - The changes in long and short positions of the top 20 members of different contracts of IF, IH, IC, and IM are provided, with some data not disclosed [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4 Important Drivers - Central Bank Governor Pan Gongsheng introduced that during the "14th Five - Year Plan" period, China's financial industry achieved new major achievements. By the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the scale of the stock and bond markets ranked second in the world; and the foreign exchange reserve scale ranked first in the world for 20 consecutive years. China is also at the forefront in green finance, inclusive finance, and digital finance. The RMB cross - border payment and settlement network is basically established, and mobile payment is internationally leading. In addition, the number of financing platforms decreased by 60% compared with March 2023, and the financial debt scale decreased by more than 50%. At the end of July, overseas institutions and individuals held 10 trillion yuan of domestic stocks, bonds, and deposits and loans. The issuance scale of panda bonds by overseas institutions exceeded 1 trillion yuan. In terms of financial support for real - estate risk resolution, policies such as the down - payment ratio and mortgage interest rates were optimized, and the stock mortgage interest rates were reduced, saving over 300 billion yuan in interest expenses for over 50 million households annually [6][7]. - Financial Regulatory Administration Director Li Yunze stated that since the "14th Five - Year Plan", the financial operation has been generally stable, with major regulatory indicators such as non - performing loans, capital adequacy, and solvency improving steadily and being in a healthy range. Over the past five years, the disposal of non - performing assets increased by more than 40% compared with the "13th Five - Year Plan" period. The total scale of capital and provisions for the industry to resist risks exceeded 50 trillion yuan. Currently, the total assets of the banking and insurance industries exceed 500 trillion yuan, with an average growth of nearly 9% in five years. The number and scale of high - risk institutions and assets have dropped significantly from their peaks, and the risks are fully controllable. During the "14th Five - Year Plan" period, the Financial Regulatory Administration cracked down on financial irregularities, punished illegal shareholders, and guided financial resources to the real economy [8]. - CSRC Chairman Wu Qing said that during the "14th Five - Year Plan" period, the CSRC issued 2,214 administrative penalties for cases such as financial fraud, market manipulation, and insider trading, with fines and confiscations totaling 41.4 billion yuan, an increase of 58% and 30% respectively compared with the "13th Five - Year Plan" period. The A - share market's resilience and risk - resistance ability have been significantly enhanced, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared with the "13th Five - Year Plan" period. In August this year, the total market value of the A - share market exceeded 100 trillion yuan for the first time. Listed companies' awareness of rewarding investors has increased significantly, with a total of 10.6 trillion yuan distributed through dividends and share buybacks in the past five years, an increase of more than 80% compared with the "13th Five - Year Plan" period. During the "14th Five - Year Plan" period, 13 foreign - controlled securities, fund, and futures institutions were newly approved to operate in China. Foreign investors held 3.4 trillion yuan of A - share market value, and 269 enterprises were listed overseas. The default rate of exchange - traded bonds has been maintained at a low level of about 1% [9].

Core Viewpoint - The domestic A-share market experienced a slowdown in upward momentum, with the Shanghai Composite Index fluctuating around 3775 points and closing at 3771.1 points [1] Group 1: Market Performance - The four main futures contracts showed mixed performance, with IF and IH both rising by 0.66% and 0.84% respectively, while IC and IM fell by 0.06% and 0.43% [1] - The basis for IF, IC, and IM contracts widened to 5.9, 47.8, and 51.1 points respectively, while IH's basis narrowed to 3.2 points [1] Group 2: Trading Volume and Positions - Total positions in futures contracts significantly decreased, with a reduction of 21,647 contracts, bringing total positions down to 980,987 contracts [1] - The changes in positions varied across different futures contracts, with IF decreasing by 8,791 contracts to 258,227, IH down by 3,273 to 103,360, IC increasing by 694 to 229,052, and IM decreasing by 10,277 to 390,348 [1] Group 3: Major Players' Positions - The top 20 positions in futures contracts showed different changes, with IF's long positions decreasing by 7,758 contracts and short positions down by 8,316, resulting in a net short position of 26,807 [2] - For IH, long positions decreased by 2,210 contracts and short positions by 3,820, leading to a net short position of 16,320 [2] - In the case of IC, long positions fell by 129 contracts and short positions by 427, resulting in a net short position of 15,035, while IM saw long positions increase by 1,347 and short positions by 1,484, raising the net short position to 51,768 [2] Group 4: Overall Market Sentiment - Overall, the significant decline in total futures positions indicates a potential slowdown in the previously accumulated upward momentum, suggesting that short-term gains may continue to decelerate [3]

Group 1 - The A-share market has slowed down after reaching new highs, with the Shanghai Composite Index peaking at 3746.67 points on August 19, ultimately closing at 3727.29 points [1] - All four main futures contracts (IF, IH, IC, IM) closed in the red, with declines of 0.5%, 1.19%, 0.13%, and 0.03% respectively [1] - The total open interest in futures has decreased, with a reduction of 39,668 contracts, bringing the total open interest down to 959,681 contracts [1] Group 2 - The top 20 positions in each futures category have also seen a decline in open interest, indicating a general trend of reduced positions among major players [2] - In the IF market, significant changes were noted in the positions of various seats, with major reductions in both long and short positions [2] - Overall, the total open interest in futures and the open interest of major positions are both on a downward trend, suggesting that some funds are taking profits and exiting the market [2]

Group 1 - The A-share market experienced wide fluctuations on July 23, with the Shanghai Composite Index reaching a year-high of 3613.02 points before closing at 3582.3 points [1] - All four main contracts of the futures index (IF, IH, IC, IM) saw gains, with increases of 0.31%, 0.48%, 0.13%, and 0.06% respectively [1] - The total open interest in the futures market increased by 13,345 contracts, reaching 936,327 contracts, indicating a growing interest in futures trading [1] Group 2 - The performance of the top 20 positions in futures contracts showed mixed results, with IF's net short position rising to 25,505 contracts, while IH's net short position slightly decreased to 16,153 contracts [2] - Specific changes in positions included significant increases in long positions for IM, which saw an increase of 16,839 contracts, while IC's net short position rose to 14,381 contracts [2] - The overall analysis suggests that market divergence is increasing, and the short-term upward momentum in futures indices may slow down [2]

Core Points - The A-share market continued its upward trend last week, with the Shanghai Composite Index reaching a new high of 3555.22 points before closing at 3510.18 points [1] - All four futures contracts saw gains, with IM and IC performing particularly well, rising by 3.48% and 2.61% respectively, while IF and IH increased by 1.61% and 1.49% [1] - The basis for futures contracts narrowed significantly, with the main contracts for IF, IH, IC, and IM showing discounts of 21.4, 5.2, 4.1, and 141.3 points respectively [1] Trading Volume and Positions - The total open interest for futures contracts increased by 38,663 contracts last week, bringing the total open interest to 990,159 contracts [1] - Each futures contract saw varying degrees of increase in open interest, with IF up by 16,602 contracts to 282,628, IH up by 12,899 contracts to 110,637, IC up by 5,445 contracts to 241,973, and IM up by 3,717 contracts to 354,921 [1] - The top 20 positions for each futures contract saw significant increases, with notable changes in long and short positions across all contracts [2] Position Details - For the IF contract, long positions increased by 15,860 contracts and short positions by 19,446 contracts, resulting in a net short position of 29,525 contracts [2] - The IH contract saw long positions rise by 15,688 contracts and short positions by 19,173 contracts, leading to a net short position of 16,132 contracts [2] - The IC contract had long positions increase by 9,676 contracts and short positions by 12,573 contracts, resulting in a net short position of 12,828 contracts [2] - The IM contract experienced a rise in long positions by 1,434 contracts and short positions by 4,604 contracts, leading to a net short position of 38,822 contracts [2] Market Activity - The overall increase in total open interest indicates heightened market activity, suggesting a more active trading environment [2] - The short-term gains in futures contracts may lead to a potential slowdown in upward momentum in the near future [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On July 5th, the current-month contracts of the four major stock index futures showed mixed performance. IF rose 0.44%, IH rose 0.61%, IC fell 0.01%, and IM fell 0.29%. The total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The trend intensities of IF and IH are 1, and those of IC and IM are also 1. There are important news including the resumption of product exports from the US to China and local measures for population development. The three major stock indices showed a pattern of rising and then falling [1][2][6] Group 3: Summary According to Related Catalogs 3.1 Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 all rose, with increases of 0.44%, 0.40%, 0.46%, and 0.47% respectively. The trading volumes and open interests of these contracts also increased. For example, the trading volume of IF2509 increased by 28,804, and the open interest increased by 14,488 [1] - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 all rose, with increases of 0.61%, 0.58%, 0.62%, and 0.59% respectively. The trading volumes and open interests also increased. For instance, the trading volume of IH2509 increased by 19,867, and the open interest increased by 9,229 [1] - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 all fell slightly, with decreases of 0.01%, 0.01%, 0.08%, and 0.04% respectively. The trading volumes and open interests increased. For example, the trading volume of IC2509 increased by 13,772, and the open interest increased by 6,230 [1] - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 all fell, with decreases of 0.29%, 0.36%, 0.43%, and 0.47% respectively. The trading volumes and open interests increased. For instance, the trading volume of IM2509 increased by 55,982, and the open interest increased by 16,019 [1] 3.2 Changes in the Top 20 Member Positions of Stock Index Futures - For most contracts, the long and short positions of the top 20 members showed increases. For example, in the IF2509 contract, the long positions increased by 11,728, and the short positions increased by 11,807 [5] 3.3 Important Driving Factors - There are reports that the US has resumed exports of products such as EDA software, ethane, and aircraft engines to China. Relevant departments in multiple regions are about to introduce measures for population development. The three major stock indices had a performance of rising and then falling, with some sectors showing strong performance and others weakening [6]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report provides a comprehensive analysis of the futures index market on June 20, 2025, including data tracking, trading volume, open interest, and basis. It also highlights important geopolitical events and upcoming economic events that may impact the market, along with the performance of the A - share market [1][6]. 3. Summary by Relevant Catalogs 3.1 Futures Index Data Tracking - On June 20, the closing prices and price changes of the four major futures index contracts varied. IF rose 0.31%, IH rose 0.62%, IC fell 0.38%, and IM fell 0.52%. The trading volume, open interest, and basis of different contracts also showed different trends [1]. - The total trading volume of futures indices declined, indicating a decrease in investors' trading enthusiasm. The total trading volume of IF decreased by 24,231 lots, IH by 2,399 lots, IC by 10,030 lots, and IM by 16,453 lots. The total open interest of IF decreased by 29,611 lots, IH by 11,156 lots, IC by 19,814 lots, and IM by 28,914 lots [2]. 3.2 Futures Index Member Position Changes - The long and short positions of the top 20 members in different futures index contracts changed. For example, in the IF2506 contract, the long - position decreased by 19,273 lots and the net long - position decreased by 13,025 lots; the short - position decreased by 14,620 lots and the net short - position decreased by 8,319 lots [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1, with the trend intensity ranging from - 2 to 2, where - 2 represents the most bearish and 2 represents the most bullish [6]. 3.4 Important Drivers - Geopolitical events: Iran's parliament approved the closure of the Strait of Hormuz, and the US claimed to have destroyed Iran's nuclear program [6]. - Upcoming economic events: The 2025 Summer Davos will open in Tianjin, Powell will give semi - annual monetary policy testimony, and many countries will release June PMI data. Additionally, China will announce the profit growth rate of industrial enterprises above a designated size in May [6]. - A - share market performance: The A - share market declined in the afternoon, with the ChiNext Index leading the decline. The market volume shrank to a one - month low, and most stocks closed lower [6].