The first understanding is that behind the stock price index is a basket of constituent stocks, and the point of the index is the data formed by the current price of these stocks according to a certain algorithm. If you must compare it with the real thing, stocks are valuable.

The second understanding is that the contract value of stock index futures is the multiplier of stock index multiplied by stock index futures, that is, the Shanghai and Shenzhen 300 index points multiplied by 300. For example, when the Shanghai and Shenzhen 300 Index is at 4000 points, the value of each contract is 4000 * 300 =1.2000.

The third understanding is that futures is a contract, and its subject matter may or may not be valuable. For example, we can design a futures contract to bet on the average temperature in northern China. If the bullish temperature rises, we will buy, and if the bearish temperature drops, we will sell. Look at the right direction, win 300 yuan every degree Celsius, or lose 300 yuan. Trading rules are consistent with commodity futures, so the subject matter behind such futures will not have similar value factors. Even for commodity futures, a contract is not the same as a commodity, but a promise to buy and sell the price and quantity of the commodity.