政策在短期对市场影响有限

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - Policy has limited short - term impact on the market. For stock index futures, the Lujiazui Forum focuses on new stocks on the Sci - tech Innovation Board, and policies are difficult to accelerate the recovery. For stock index options, the market is resilient, and short - term sentiment is positive. For treasury bond futures, the bond market shows a differentiated trend [1]. 3. Summary by Related Catalogs 3.1 Market Conditions and Views 3.1.1 Stock Index Futures - The Lujiazui Forum introduced "1 + 6" policy measures to deepen the reform of the Sci - tech Innovation Board, which may lower the listing threshold for high - quality enterprises, accelerate the listing process, and increase the number of new stocks. However, the expected policy tools in the order of tens of billions did not appear, and there is no substantial policy to improve industrial profit distribution. The market lacks a clear long - term main line, and operations should be defensive. The IF, IH, IC, and IM contracts' basis, spreads, and positions changed. It is recommended to wait and see [2][7]. 3.1.2 Stock Index Options - Most underlying assets showed a trend of falling first and then rising. The overall trading volume of the option market increased slightly, with the main increase in 500ETF options and 300 - related varieties. Most varieties had a slight increase in volatility. The buying option strategy performed well in the morning. Sentiment indicators suggest that both buyers and sellers are short - term optimistic. It is recommended to deploy long - volatility strategies and short - term bullish spread strategies on dips, and be cautious with short - volatility strategies [3][8]. 3.1.3 Treasury Bond Futures - Treasury bond futures closed with a differentiated performance. The central bank's open - market operations slightly withdrew liquidity, but the DR001 rate remained low, and the short - end was favored. The expected loose monetary policy did not materialize, which was negative for the bond market. The central bank still cares about the capital market, and large banks are continuously buying short - term bonds, which is beneficial for the short - end. The long - end 10Y treasury bond rate is close to the previous low, and there may be limited downward momentum in the short term. It is recommended to be cautious in trend strategies, pay attention to short - hedging at low basis levels, appropriately focus on basis widening, and the mid - term strategy of steepening the yield curve has higher odds [4][9]. 3.2 Economic Calendar - The economic calendar shows data on fixed - asset investment, social consumer goods retail sales, industrial added value, unemployment rates, and other indicators in China, the United States, the eurozone, and Japan from June 16 - 20, 2025, including previous values, predicted values, and published values [10]. 3.3 Important Information and News Tracking - China Securities Regulatory Commission Chairman Wu Qing announced to deepen the reform of the Sci - tech Innovation Board and the Growth Enterprise Market to build a more attractive and competitive market system. People's Bank of China Governor Pan Gongsheng announced pilot structural monetary policy tool innovations in Shanghai [11]. 3.4 Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not provided in the given content.