股市震荡轮动，债市情绪转暖

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The stock market shows a pattern of oscillating rotation, while the bond market sentiment has turned positive. In the stock index futures market, events have catalyzed the rotation from large - financial sectors to TMT sectors. For stock index options, a covered - call defense strategy is recommended. In the treasury bond futures market, the sentiment has improved, with different impacts on long - and short - term bonds [1][2] 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - The event has catalyzed the rotation from large - financial sectors to TMT sectors. The IF, IH, IC, and IM basis and spread data have changed compared to the previous trading day, and their positions have also changed. The market is affected by events such as NVIDIA's sales plan in China and the Central Urban Work Conference. The anti - involution trading is expected to continue until the Politburo meeting in July. It is recommended to configure IM long positions before the meeting [7][8] 3.1.2 Stock Index Options - A covered - call defense strategy is recommended. The trading volume of each option variety has increased by 78.86%, while the implied volatility has decreased by an average of 0.27%. The decline in implied volatility is mainly due to the weakening of far - month implied volatility, and the short - term market trend is oscillating and weak [2][8] 3.1.3 Treasury Bond Futures - The bond market sentiment has turned positive. The treasury bond futures closed higher across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.47%, 0.18%, 0.13%, and 0.04% respectively. The central bank made a large - scale net investment, but the capital market was still tight during the tax - payment period. The GDP growth in the first half of the year was 5.3%, which the bond market had already priced in. The stock - bond seesaw effect supported the bond market. The improvement of risk preference is negative for the long - term bonds, while the central bank's care for the capital market and large banks' purchase of short - term bonds are positive for short - term bonds. It is recommended to pay attention to the steepening of the yield curve [2][9][10] 3.2 Economic Calendar - The economic data of China and the US in June are presented, including China's export amount, new RMB loans, industrial added value, and the US CPI. The actual values of some data deviate from the predicted values [12] 3.3 Important Information and News Tracking - Important Meetings: The Central Urban Work Conference was held, emphasizing the transformation of urban development from large - scale incremental expansion to stock quality improvement and efficiency enhancement [12] - Economic Data: The GDP in the first half of the year was 66.0536 trillion yuan, with a year - on - year growth of 5.3%. The social consumer goods retail sales and industrial added value data in June are also provided [13] - AI Computing Power: NVIDIA has obtained approval to sell H20 chips to China and will launch RTXpro GPU [13] 3.4 Derivatives Market Monitoring - Stock Index Futures Data: The basis, spread, and position data of IF, IH, IC, and IM are provided [7] - Stock Index Options Data: No specific data content provided - Treasury Bond Futures Data: The trading volume, open interest, spread, and basis data of T, TF, TS, and TL are provided, along with the central bank's open - market operations [9]