宝城期货股指期货早报-20250725

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoints - The short - term view of the stock index futures market is optimistic, with short - term intraday being volatile and strong, and medium - term being on an upward trend. The reference view is an upward trend, mainly supported by positive policy expectations [1][5]. 3. Summary by Related Content 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term trend is volatile, the medium - term is upward, the intraday trend is volatile and strong, and the reference view is an upward trend. The core logic is that the positive policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Regarding IF, IH, IC, and IM, the intraday view is volatile and strong, the medium - term view is upward, and the reference view is an upward trend. The core logic is that the stock indexes oscillated and rose yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1873.9 billion yuan, a decrease of 24.5 billion yuan from the previous day. The current high trading volume indicates investors' positive risk preference. The rebound momentum of the stock index comes from positive policy expectations, and the anti - involution policy helps drive the performance repair expectations of related industries. The market liquidity was loose at the beginning of July, which increased the stock index valuation. After the continuous rebound since June, some stocks have risen significantly. With the tightening of market liquidity recently, the capital market may enter a rotation state. Attention should be paid to domestic policy guidance [5].