Why is the forward contract price of stock index futures higher than the recent price?
If you mean the stock index futures price, it means that the market expects the medium-term trend to be better than the short-term trend.
If you mean the margin ratio, it is because the CSRC's task forward contract has a long time span and high risk, so the margin to be paid will be higher (18%), and the margin will be lower (15%) because the short-term time and low risk.