宝城期货股指期货早报-20250506

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The overall view for the financial futures stock index sector is that the index futures are expected to operate with a bias towards strength in an oscillatory manner. The short - term view for IH2506 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a bias towards strength, with an overall view of range - bound oscillation. For IF, IH, IC, and IM, the intraday view is oscillatory with a bias towards strength, and the medium - term view is oscillatory [1][4]. - The core logic is that the 4 - month manufacturing PMI released last Wednesday was 49.0%, down 1.5 percentage points from the previous month, indicating that external demand decline has disturbed the macro - economy. The policy expectation is expected to heat up after the May Day holiday, and the market's cautious sentiment will fade, with trading volume in the stock market expected to pick up. It is expected that the index futures will break through the gap in early April and continue to rebound [4]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory with a bias towards strength, and the overall view is range - bound oscillation. The core logic is the co - existence of positive policy expectations and external uncertainties [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillatory with a bias towards strength, and the medium - term view is oscillatory, with an overall view of range - bound oscillation. The 4 - month manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating external demand decline disturbing the macro - economy. Policy expectation is expected to heat up after the May Day holiday, and market sentiment is expected to recover, with index futures expected to operate with a bias towards strength in an oscillatory manner [4].