It is understood that the Shanghai and Shenzhen 300 Index has become the target of stock index futures. The relevant departments have put forward three schemes for the selection of the target of stock index futures: first, the Shanghai and Shenzhen 300 index goes first; Second, the first CSI 100 index; Third, the SSE 50 Index and the SZSE 100 Index were launched at the same time. Among them, the simulated trading of stock index futures conducted by Shanghai Futures Exchange adopted the SSE 50 Index. The main reason why the Shanghai and Shenzhen 300 Index stands out is that it has good popularity and market recognition, its constituent stocks have good liquidity, strong anti-manipulation ability, good hedging effect, and the index compilation and management methods meet the requirements. Hu, director of the Securities and Futures Research Institute of Beijing Technology and Business University, strongly agrees that the CSI 300 will become the target of stock index futures. He pointed out that the Shanghai and Shenzhen 300 Index is the first unified index with listed companies in Shanghai and Shenzhen stock markets as the target. Since it was officially released in April last year, after more than a year's operation, the Shanghai and Shenzhen 300 Index, which covers most of the market value, has shown its authority. With the promotion of share reform and the increase of circulation market value, the authority of this index will be further improved. And investors are becoming more and more familiar with this index. "I believe that it is also the general trend for the Shanghai and Shenzhen 300 Index to replace the Shanghai Composite Index and become the' spokesperson' of the A-share market." He pointed out that the selection of sample stocks of the Shanghai and Shenzhen 300 Index fully considered market factors. Among the 300 sample stocks, 92 sample stocks from Shenzhen Stock Exchange 12 1 00 and Shanghai Stock Exchange 14 1 0/80 are from Shanghai Stock Exchange, with the selection rates of 92% and 78.3 respectively. Mainly large-cap stocks, the overall performance is good and the market is representative. Therefore, the Shanghai and Shenzhen 300 Index should be the first choice for stock index futures products. Jiang Changwu, general manager of jinrui futures, thinks that the Shanghai and Shenzhen 300 Index is more suitable to be the target of stock index futures in terms of liquidity and manipulation difficulty. For the Shanghai and Shenzhen 300 Index, it will be an inevitable choice to constantly adjust and join some large listed companies, such as the state-owned banks that will be listed soon. It is understood that the current design scheme of stock index futures contracts is: the trading target is the Shanghai and Shenzhen 300 Index; The trading time is 15 minutes earlier than the spot market in the morning and 15 minutes later than the spot market in the afternoon; The contract value is RMB 100 per index point; The contract month is the last two consecutive months plus two quarterly months from the trading month; The daily fluctuation is based on the fluctuation limit of individual stocks in the spot market 10%, and the "fuse" system is introduced (when the fluctuation reaches 6%, fuse 10 minute); The minimum fluctuation unit is 0.5 index points; The last trading day and final settlement date are set in the middle of the month; The performance delivery method is cash settlement.