股指期货：情绪偏积极，顺势而为

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Last week after the Dragon Boat Festival holiday, the market rebounded. The holiday news was stable, and the potential positive news of Sino - US trade and the cooling of US small non - farm data supported risk assets. The stock market sentiment was active, and the index was strong. Over the weekend, positive news continued to emerge [1]. - This week, a series of economic data will be released, which may reveal the impact of the trade friction on the real economy and affect the expectation of policy easing. Overall, the disturbing force may not be large, and under the weak expectation of the real economy, the policy easing expectation is strong, providing a neutral - to - positive support to the market. Without major negative events, the stock market is expected to be driven by structural hot topics. It is recommended to adopt a long - position strategy on dips [2]. - Factors to watch include domestic economic data, Sino - US negotiation progress, and US inflation data [3]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Global Stock Index Performance: Last week, US stocks rose, with the Dow Jones up 1.17%, the S&P 500 up 1.5%, and the Nasdaq up 2.18%. European stocks also generally rose, with the UK FTSE 100 up 0.75%, the German DAX up 1.28%, and the French CAC40 up 0.68%. In the Asia - Pacific market, the Nikkei 225 fell 0.59%, while the Hang Seng Index rose 2.16% [7]. - Domestic Stock Index Performance: Most domestic major indexes rose last week. The Shanghai Composite Index rose 1.13%, and the Hang Seng Index rose 2.16%. Since 2025, most major indexes have declined [7]. - Industry Performance: In the CSI 300 Index, the telecommunications and information sectors rose, while the consumer and optional consumption sectors fell. In the CSI 500 Index, most industries rose [8]. 3.2 Strategy Recommendations - Short - term Strategy: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [4]. - Trend Strategy: Adopt a long - position strategy on dips. The core operating ranges of IF2506, IH2506, IC2506, and IM2506 are 3740 - 3933 points, 2607 - 2727 points, 5554 - 5926 points, and 5887 - 6283 points respectively [4]. - Cross - variety Strategy: Cautiously hold the strategy of shorting IF (or IH) and going long on IC (or IM) [4]. 3.3 Index Valuation Tracking - The TTM price - to - earnings ratios of the Shanghai Composite Index, CSI 300 Index, and SSE 50 Index are 14.49 times, 12.46 times, and 10.85 times respectively. The TTM price - to - earnings ratios of the CSI 500 Index and CSI 1000 Index are 27.66 times and 36.02 times respectively [17][18]. 3.4 Market Fundamentals Review - The number of new investors in the two markets and the share of newly established equity - biased funds are presented in the report. The capital interest rate declined last week, and the central bank had a net capital withdrawal [21].