郭晨凯 制图

GuoChenKai drawing 　　史丽 资料图 ShiLi material figure

　　90474 手 90474 hand

　　昨日期指四大合约总持仓量再创历史新高，达到90474手。业内人士表示，这意味着多空博弈加剧，后市期指反弹阻力加大。 Yesterday to four big contract of total amount again open a record high，Up to 90474 hand。People in the industry say，This means that the empty game intensified，Market outlook period refers to rebound resistance increase。

　　⊙记者 叶苗 见习记者 董铮铮

YeMiao trainee reporter DongZhengZheng ⊙ reporters

　　○编辑 李剑锋

○ editor LiJianFeng

　　周一，期指大幅下挫，主力合约高开低走，尾盘15分钟小幅下跌，最终收报2417点，下跌1.58%。从期现价差看，主力合约升水幅度再攀高点，达17.27点，显示期指较为抗跌，多方死杠心态明显。但与此同时，多方的抵抗也给空方留下了大量的套利空间，从而让总持仓量大幅上升，昨日期指四大合约总持仓量再创历史新高，达到90474手。业内人士表示，多空博弈的激烈，使得期指出现反弹的包袱加大了。同时，目前宏观经济低迷的现状或难以支撑期指出现反弹，将延续弱势行情。

On Monday，Phase refers to sharply，Main contract highs，End dish 15 minutes a modest decline，Finally at 2417 points，Fall 1.58%。Now look at the price from period，Main contract premium rate the point again，Of 17.27 points，That means more resistance to fall period，Many poles death attitude obvious。But at the same time，Many resistance to empty left party and a large number of arbitrage space，So that the total amount open to rise sharply，Yesterday to four big contract of total amount again open a record high，Up to 90474 hand。People in the industry say，Empty game of fierce，That is the bounce of the burden of points out more。At the same time，At present the present situation of the macro economic downturn or difficult to support period pointed out that now bounce，Will continue the weak market。

　　四大合约总持仓创新高 Four big contract always open innovation high

　　昨日，股指期货主力合约IF1207高开低走，最高上攀至2464.8点，最低下探至2413.6点，最终报收于2417点，较上一交易日结算价下跌38.8点，下跌1.58%。IF1208收报2422.8点，下跌40点，跌幅1.62%；季月合约IF1209收报2434.4点，下跌39.2点，跌幅1.58%；隔季合约IF1212收盘报2464.8点，下跌38.2点，跌幅1.53%。

yesterday，Main stock index futures contract IF1207 highs，The highest climb to 2464.8 points，Minimum dip to 2413.6 points，At the end of 2417 points，A previous day settlement price down 38.8 points，Fall 1.58%。IF1208 at 2422.8 points，Down 40 points，Fall 1.62%；Season at 2434.4 PM on IF1209 contract，Down 39.2 points，Fall 1.58%；Every season IF1212 contract closed at 2464.8 points for，Down 38.2 points，Fall 1.53%。

　　国内方面，宏观经济低迷等多重利空因素影响引发市场担忧情绪。监管层明确指出当前经济还没形成稳定回升态势，经济困难可能持续一段时间；A股市场人气接近冰点，空仓账户比重持续上升，反映出投资者入市意愿非常薄弱；本周八支新股接连发行，将冻结一大批资金，给短期的资金面造成明显的压力；证监会5天受理39家IPO申请，据预测下半年或有数只超级大盘股登陆A股市场；新三板方案取得实质性进展，4-5家园区入围，这将给主板市场资金造成明显的分流。

Domestic aspects，Macro economic downturn multiple bad factors cause market fear。Regulatory explicitly pointed out that the current economic hasn't rebounded to form stable state，Economic difficulty may last for a period of time；The A share market popularity close to the freezing point，An empty warehouse account proportion continued to rise，Reflect investors entering the market will is very weak；This week a new shares issued for eight，Will freeze a large number of funds，Short-term financing side to the cause apparent pressure；CSRC 5 days accept 39 home for IPO，According to the forecast for the second half or super bulk lots stock on A share market；New SanBan scheme substantial progress，4-5 at home park，This will give the mainboard market funds have obvious tap。

　　从期现价差来看，主力合约升水幅度再现高点。截至收盘，IF1207和现货沪深300指数间正溢价17.27点，显示虽然现货市场出现下挫，但是期指市场并没有跟跌。值得注意的是，昨日期指四大合约总持仓量再创历史新高，达到90474手。对此，专家表示，期现价差呈现逐渐扩大的态势，说明多方在死扛的同时，也给空方的套利留下了很大空间，持仓量出现了明显增加也是必然的。总体来看，多空博弈的激烈，也使得期指出现反弹的包袱加大了。

Now to see the price from the period，Main contract premium rate high reappearance。By the closing，IF1207 and spot csi 300 index was 17.27 point between premium，Show that although the spot market fell，But period refers to the market and not to fall。Note the，Yesterday to four big contract of total amount again open a record high，Up to 90474 hand。this，Experts say，Now the price of a gradually expand the situation，Many in death that carry at the same time，Also to empty party arbitrage left plenty of space，There is an obvious increase of the open is inevitable。overall，Empty game of fierce，Also pointed out that the resilience of the burden of is increased。

　　多头主力顽强抵抗 Bull main stiff resistance

　　中金所盘后持仓排名显示，1207合约前20名多头席位合计持有3.19万手，持仓量减少676手，前20名空头主力合计持有3.79万手，持仓量减少1297手，多空双方均有减仓行为。昨日，IF1208合约的持仓量也大增，显示主力资金减仓行为的目的在于移仓换月。由于本周是交割周，因此较难从主力席位的动向中看出其态度。

The dish in the open after cicc display，1207 the contract of top 20 seats more than 31900 total hold hands，676 open reduction of the hand，Top 20 players hold 37900 total short hand，1297 open reduction of the hand，Empty both sides are decrease a storehouse behavior。yesterday，IF1208 contract open quantity also soars，Main funds that reduced the behavior of the storehouse aim is to move warehouse for months。Because of this week is delivery weeks，So the main force of the seats are difficult to see the trends of attitude。

　　中期研究院金融研究部负责人宋楚平认为，目前低迷的经济形势与日渐宽松的货币政策使多空双方都有据守的理由，从盘面看，超百股大面积跌停显示了空方正进行最后的冲刺，短期内股指期货触底反弹可期。

Middle SongChuPing think of financial research institute，At present the doldrums of the economic situation and increasingly easy monetary policy make empty, both sides are JuShou reason，Look from the disk，The hundred shares drop stop large area shows the empty in the final sprint founder，The short term stock index futures hit bottom rebound but period。

　　上海中期分析师陶勤英认为，从最新公布的经济数据来看，宏观经济仍处于下行通道，目前的经济现状不足以支撑股指反弹，政策的预期又迟迟不能兑现，因此现在抄底言之过早，建议投资者暂且观望。

Shanghai middle TaoQinYing analysts think，From the latest economic data to see，The macro economy still in downlink channel，The present economic situation is not enough to support the stock index rebounded，Policy expected and can't cash，So now the premature to copy，Investors looking for advice。

　　瑞达期货(博客,微博)表示，技术面看，股指昨日收出一根稍有放量的大阴线，多条均线继续呈空头态势。总体上看，市场目前关注的重心在于中国经济未来能否企稳，在目前还没有任何迹象显示经济已探底的情况下，市场任何利空将对股指产生压力，未来除非有较大的利好政策配合，否则股指还将延续这种弱势态势。

Rita futures(blog,Micro bo)said，Technology face look，I received the stock index a root of peatlands slightly Yin line，Many are a short line continue to trend。On the whole，Market are focused on China's economic future centered on whether stabilising，At present can no signs that the economy has the agent，Market any bad will create pressure to stock index，The future unless there is greater with good policy，Otherwise the stock index will continue this weak momentum。