There exists long-run and stable cointegration between stock index of futures market and spot market,spot market has certain interpretative power on futures market and the rise of spot index is a unidirectional Granger causality of the rise of futures market index.From the long-term period,stock index of futures market has a stable positive guidance on spot market,however,stock index of futures market has different effects on Shanghai A-share stock market and Shenzhen A-share stock market. 更多还原