日内再现探底回升，短多单建议日平

1. Report Industry Investment Rating - The trend rating of the stock index is "volatile" [1] 2. Core Viewpoints of the Report - In the short - term, investor sentiment remains strong, and sectors such as securities brokers related to bull - market expectations have performed well. However, the main line of the bull market has not been established, and it will take time to form a structural slow - bull market. The market has shown some fear of high prices, but the willingness of funds to enter the market is strong. The callback depth and space are limited, and the profit margin of unilateral operations is relatively narrow. It is expected that the market will mainly fluctuate at a high level this week [3]. - For futures operations, short - term long within a day is advisable, and it is an opportunity to lay out long - term long orders when there is a sharp decline. There is still an expectation of regression for IH - IM, and it is still in the left - hand trading area in the short term, with preset stop - profit and stop - loss recommended. For option operations, the implied volatility of stock index options rebounded after hitting the bottom yesterday. This week, one can try short - term double - selling to narrow the volatility, with preset stop - profit and stop - loss. Investors with a conservative preference can wait for the volatility of CSI 300 options to rise to 20% before intervening [3]. 3. Summary According to Relevant Catalogs 3.1 Macro Stock Market Information - The Ministry of Finance and the State Taxation Administration announced that child - rearing subsidies issued in accordance with the child - rearing subsidy system are exempt from personal income tax, effective January 1, 2025 [4]. - The Fed's July meeting minutes showed that almost all policymakers supported not cutting interest rates, with only two opposing. There are differences among Fed officials regarding the risks of inflation, employment, and the impact of tariffs on inflation, but most think the risk of rising inflation is higher than the risk of declining employment [4]. 3.2 Stock Index盘面 Review - Market Performance: In the previous trading day, the A - share market opened lower and closed higher. Among the four major indexes, the Shanghai 50 Index rose 1.23%, the CSI 300 Index rose 1.14%, the CSI 500 Index rose 1.09%, and the CSI 1000 Index rose 0.86%. In terms of sectors, computer hardware (+3.59%) and petrochemicals (+3.54%) led the gains, while highways (-0.41%) and biotechnology (-0.15%) lagged. More than 3,600 stocks rose, and 104 stocks hit the daily limit, indicating a good profit - making effect [4]. - Technical Analysis: The daily and weekly lines of the four major stock indexes maintain an upward trend, and they have generally broken through the 2023 high, showing a strong technical pattern [4]. - Fund Flow: The trading volume of the A - share market slightly declined to around 2.4 trillion yuan, indicating a relatively high trading enthusiasm [4]. 3.3 Core Logic Summary - Short - term investor sentiment is strong, and sectors related to bull - market expectations have performed well. However, the main line of the bull market is not clear, and the market shows fear of high prices. Although the short - term sentiment is still optimistic, the callback space is limited, and the profit margin of unilateral operations is narrow. It is expected that the market will fluctuate at a high level this week [3]. 3.4 Operation Suggestions - Futures: Short - term long within a day is advisable, and it is an opportunity to lay out long - term long orders when there is a sharp decline. For IH - IM, there is an expectation of regression, and it is in the left - hand trading area in the short term, with preset stop - profit and stop - loss recommended [3]. - Options: Try short - term double - selling to narrow the volatility this week, with preset stop - profit and stop - loss. Conservative investors can wait for the volatility of CSI 300 options to rise to 20% before intervening [3].