股、债多头情绪均有所回落

1. Report Industry Investment Ratings - The investment ratings for stock index futures, stock index options, and treasury bond futures are all "Oscillation" [7][8] 2. Core Views of the Report - The sentiment of both stock and bond bulls has declined. Stock index futures are releasing capital congestion, stock index option selling strategies need to wait for a decline in volatility, and the bullish sentiment in the treasury bond market has weakened [1][2] 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - View: Capital congestion is being released. The Shanghai Composite Index fluctuated lower on Thursday with slightly increased trading volume. Over 4,600 stocks in the entire market closed lower. Only the petroleum and petrochemical sectors among the primary industries closed higher. Market sentiment declined, the number of stocks hitting the daily limit increased, and there was a gap in the 4 - board stocks in the consecutive - limit ladder. High - beta styles retreated more significantly. The positions of IM increased by 14,500 lots compared to the previous day. There is no clear main line in the small - cap stocks in the future, so the operation should continue to be defensive [1][7] - Operation Suggestion: Wait and see [7] Stock Index Options - View: Selling options still need to wait and see, waiting for the inflection point of volatility decline. Due to the deeper adjustment of the underlying assets, the liquidity of the option market improved yesterday. Volatility continued to rise. Although the 500ETF options and MO are still at a relatively low percentile, considering that volatility may be in an upward range, the selling option strategy still needs to wait and see. The sentiment indicators show that the willingness to buy options to bottom - fish increased in a falling environment. Therefore, it is recommended to take profit on the long - volatility strategy intraday and use a light - position bullish spread strategy to bet on a short - term technical rebound [2][7] - Operation Suggestion: Dual - buying on the main line, light - position bullish spread [7] Treasury Bond Futures - View: The bullish sentiment in the bond market declined. Treasury bond futures mostly closed lower yesterday. For spot bonds, the yields of medium - and short - term treasury bonds mostly increased, while the yields of ultra - long - term treasury bonds decreased, and the yield curve flattened. The central bank's net injection of 84.2 billion yuan through open - market operations had a negative impact on the short - end as the inter - bank funding rates mostly increased slightly. The conflict between Israel and Iran and the Fed's hawkish stance reduced risk appetite, which was beneficial to the long - end of bonds. In the future, the central bank's care for the funding side and large banks' continuous buying of short - term bonds are beneficial to the short - end, while the 10 - year treasury bond yield has dropped to around the previous low of 1.6%, and there may be insufficient momentum for further significant decline in the short term. Attention should be paid to the steepening of the yield curve [2][8][9] - Operation Suggestion: For the trend strategy, maintain caution; for the hedging strategy, pay attention to short - selling hedging at low basis levels; for the basis strategy, pay appropriate attention to the widening of the basis; for the curve strategy, the odds of steepening the curve in the medium term are higher [9] 3.2 Economic Calendar - The economic calendar includes data on fixed - asset investment, social consumer goods retail sales, industrial added value, unemployment rate, etc. in China, as well as data on manufacturing indices, retail sales, CPI, and unemployment claims in the United States and the eurozone [10] 3.3 Important Information and News Tracking - The first batch of projects using the risk - sharing tool for science and technology innovation bonds have been officially launched, which can enhance the bond - financing availability and convenience of relevant enterprises and institutions and initially connect the "equity - bond - loan" linkage [11] - During the period from May 16 to June 18, the consumption of home appliances and 3C products with trade - in services at Suning易购 was booming, with significant increases in store traffic, trade - in orders, and high - end product sales [11] - The Fed kept the federal funds rate target range unchanged at 4.25% - 4.50%, maintained the IOR at 4.40%, the discount rate at 4.50%, and the pace of quantitative tightening unchanged [12] - The Bank of England kept the policy rate unchanged at 4.25% [13] 3.4 Derivatives Market Monitoring - The report also includes data on stock index futures, stock index options, and treasury bond futures, but specific data summaries are not provided in the given text [14][18][30]