1, stock index futures (hereinafter referred to as stock index futures) are financial futures contracts with the stock price index as the subject matter. One difference between stock index futures and stocks is the different delivery methods.

Although the futures market is a derivative market based on the stock market, it is delivered in cash, that is, only the profit and loss are calculated at the time of delivery, and the physical object is not transferred. During the delivery of futures contracts, investors do not have to buy or sell the corresponding stocks to fulfill their contractual obligations, thus avoiding the phenomenon of "crowding" in the stock market during the delivery period.

This problem is obviously the same in the stock market. The securities market is a zero-sum game, just like the futures market. Not everyone who buys more earns, and the total market is balanced. In other words, if someone gains N, someone will inevitably lose N. When investors push up the market, if they don't move the funds, then the profit has not been realized; When investors, especially institutional investors, withdraw their funds, the market will fall sharply and the trapped investors will lose money.

In futures, this question is easier to answer. Futures are different from stocks. Futures is a margin lever, and the margin is settled daily. Control the risk, when the margin is not enough, it will force the liquidation.