股指期货：温和上攻，股指期权：红利及小盘情绪上方空间更高

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - The risk appetite in the market has increased. The stock index futures are expected to rise moderately, the stock index options show more upside potential for dividend and small - cap sentiment, and the risk preference improvement suppresses the performance of the bond market [1]. - For stock index futures, the market rose moderately on Monday, with anti - involution trading as the main line. The bank sector has been falling recently, and the possibility of a shift to the scenario of "funds flowing into sectors with improved or reversed prosperity" is more likely. It is recommended to hold IM long positions [1][7]. - For stock index options, the trading volume decreased but remained highly liquid. Some sentiment indicators are at high levels. The dividend + small - cap dumbbell configuration has prominent value. It is recommended to use the dumbbell configuration idea to layout bull spreads and consider covered calls for other varieties [2][8][9]. - For treasury bond futures, they closed down across the board yesterday. The weak performance of the bond market may be due to the improvement of risk preference. It is necessary to be cautious about the bond market, especially the long - end bonds, and appropriate attention can be paid to long - end short - hedging operations [3][8][10]. 3. Summary by Relevant Catalogs (1) Market Views Stock Index Futures - View: Moderate upward movement. The basis of IF, IH, IC, IM contracts changed, and the spread between current and next - month contracts also changed. The total positions of IF and IH decreased, while those of IC and IM increased. The market rose moderately on Monday, with anti - involution trading as the main line. The bank sector's decline may be due to the shift of funds. It is recommended to hold IM long positions [7]. Stock Index Options - View: Higher upside potential for dividend and small - cap sentiment. The trading volume decreased by 14.72% to 53.98 billion yuan but remained highly liquid. Some sentiment indicators are at high levels. The dividend + small - cap dumbbell configuration has prominent value. It is recommended to use the dumbbell configuration idea to layout bull spreads and consider covered calls for other varieties [2][8][9]. Treasury Bond Futures - View: Risk preference improvement suppresses the bond market performance. The trading volume and positions of T, TF, TS, TL contracts changed. The long - end TL performance was relatively weak. The bond market closed down across the board, and the 10Y and 30Y bond yields increased. The weak performance may be due to the improvement of risk preference. It is recommended to be cautious about the trend, pay attention to short - hedging at low basis, basis widening, and curve steepening [3][8][10]. (2) Economic Calendar - On July 21, 2025, China's 1 - year and 5 - year loan market quoted interest rates (LPR) remained unchanged at 3.00% and 3.50% respectively. China's June全社会 electricity consumption annual rate was 5.4%, higher than the previous value of 4.4% [11]. (3) Important Information and News Tracking - The 1 - year and 5 - year LPR remained unchanged. The State Council announced the "Housing Rental Regulations". Shangwei New Materials had 9 consecutive daily limit up, rising more than 410% [11]. (4) Derivatives Market Monitoring - Stock Index Futures Data: Not detailed in the provided content [12]. - Stock Index Options Data: Not detailed in the provided content [16]. - Treasury Bond Futures Data: Not detailed in the provided content [28].