Report Summary 1. Investment Ratings - Financial Futures and Options: - Stock Index Futures: Mid - term outlook is bullish [1] - Treasury Bond Futures: Mid - term outlook is bullish [2] - Commodity Futures and Options: - Black and Building Materials Sector: Mid - term steel prices are under pressure [4] 2. Core Views - Stock Index Futures: In the short - term, the equity market lacks upward momentum after the positive news of Sino - US tariff relaxation is realized, but policies are favorable for the A - share market in the medium and short - term, and funds may increase the allocation of weighted sectors such as CSI 300 [1] - Treasury Bond Futures: Due to weak economic data, loose monetary policy expectations, improved liquidity, and upcoming deposit rate cuts, the bond market is expected to be bullish [2][3] - Black and Building Materials Sector: Although short - term demand for steel products has improved, high raw material inventory and weak downstream demand will put pressure on steel prices in the medium term [4][5] 3. Summary by Category Financial Futures and Options Stock Index Futures - Varieties: IF, IH, IC, IM [1] - Intraday View: Range - bound, with the CSI 300 Index showing relative resilience [1] - Mid - term View: Bullish [1] - Reference Strategy: Hold long positions in IF2506 and a hedging portfolio of long IF2506 and short IM2506 [1] - Core Logic: Sino - US tariff relaxation boosts short - term risk appetite, but there is still uncertainty in trade negotiations; policies to stabilize and activate the capital market are beneficial for the A - share market [1] Treasury Bond Futures - Varieties: TS, TF, T, TL [2] - Intraday View: Bullish with a sideways trend [2] - Mid - term View: Bullish [2] - Reference Strategy: Hold long positions in T2509 or TL2509 [2] - Core Logic: Weak economic data in April indicates weak domestic demand, leading to expectations of further monetary policy easing; improved liquidity and upcoming deposit rate cuts are favorable for the bond market [2][3] Commodity Futures and Options Black and Building Materials Sector - Varieties: Rebar, Hot - rolled Coil [4] - Intraday View: Short - term drivers are improving [4] - Mid - term View: Steel prices are under pressure [4] - Reference Strategy: Continue to sell call options on rebar RB2510 (strike price: 3300 - 3450) [4] - Core Logic: Short - term demand for steel products has increased due to Sino - US tariff negotiations, but high raw material inventory and weak downstream demand will limit the upward movement of steel prices [4][5]
股指期货策略早餐-20250521
Guang Jin Qi Huo·2025-05-21 10:02