股指期货：进一步夯实3600

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week, the market continued to rise. The cyclical sectors driven by the expectation of supply - side reform, such as building materials, steel, and coal, led the gains, pushing the index back to 3600 points [2]. - This week, due to the exchange's restrictive measures after the short - term rally, the commodity market may enter a wide - range shock period, and the strong performance of cyclical sectors may take a break. If there is no new strong sector, the short - term index may turn to a shock trend. However, as long as there is no overall negative news, the bullish pattern of the stock market is expected to continue, but it needs to consolidate at the 3600 - point level [2]. - Pay attention to the Politburo meeting before the end of July for the policy tone on the second - half economic work, especially the statements on supply - side policies and demand - side policies after the recent price increases. Also, focus on the China - US - Sweden negotiations, non - Chinese tariff negotiations, and China's July PMI data [2]. 3. Summary by Directory 3.1 Spot Market Review - Last week, most sectors of the CSI 300 index rose, with energy, materials, and industry sectors leading the gains, while telecommunications, utilities, and finance sectors declined. Most sectors of the CSI 500 index also rose, with energy, raw materials, and industry sectors having significant increases [9]. 3.2 Stock Index Futures Market Review - Last week, the main contract IC of stock index futures had the largest increase, and also the largest amplitude. The trading volume and open interest of stock index futures declined [11][15][19]. 3.3 Index Valuation Tracking - The TTM price - to - earnings ratios of the Shanghai Composite Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index are 15.38 times, 13.38 times, 11.38 times, 27.66 times, and 36.02 times respectively [22][23]. 3.4 Market Capital Flow Review - The share of newly established equity - biased funds and the number of new investors in the two markets are presented in relevant charts. The capital interest rate price rebounded last week, and the central bank had a net capital withdrawal [26]. 4. Strategy Recommendations 4.1 Short - term Strategy - The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set at 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4]. 4.2 Trend Strategy - Buy on dips. The core operating ranges of the main contracts IF2508, IH2508, IC2508, and IM2508 are expected to be between 3999 - 4205 points, 2726 - 2852 points, 6073 - 6480 points, and 6435 - 6868 points respectively [4]. 4.3 Cross - variety Strategy - Adopt the strategy of shorting IF (or IH) and going long on IC (or IM) [4].