股指期货：温和上，债市曲线平

Report Summary Investment Rating - The investment ratings for stock index futures, stock index options, and bond futures are "oscillating bullish", "oscillating", and "oscillating" respectively [7][8][9]. Core Viewpoints - Stock index futures are expected to rise moderately, with growth stocks outperforming value stocks. Incremental funds come from leveraged funds, long - term institutional funds, and quantitative funds. The recommended configuration is to continue holding IM long positions [1][7]. - Stock index option sentiment has strengthened again. The trading volume of the option market has rebounded, the proportion of call options has increased, and implied volatility has risen. Consider reducing short - option positions if volatility continues to rise [2][7]. - Bond futures show a flattening yield curve. Although the short - end is affected by tightened funds and the stock - bond seesaw effect, the market's expectation of the central bank's restart of Treasury bond trading operations boosts bullish sentiment. Short - term opportunities for long - end arbitrage and curve steepening can be focused on [2][8][9]. Summary by Section Market Views - Stock Index Futures: The basis, spread, and total positions of IF, IH, IC, and IM contracts have changed. The market shows a moderately upward trend, with the GEM, STAR 50, and CSI 1000 being relatively strong. The recommended operation is to hold IM [7]. - Stock Index Options: The trading volume of the option market is 12939 million yuan, a 25.89% increase from the previous trading day. The proportion of call options has increased, and the PCR of open interest remains high. Consider reducing short - option positions if volatility continues to rise. The recommended strategy is a covered call [2][7]. - Bond Futures: The trading volume and positions of T, TF, TS, and TL contracts have changed. The central bank's net injection is 1145 million yuan, but the tax period affects the short - end negatively. The stock - bond seesaw effect also has a negative impact, but the expectation of the central bank's operations boosts bullish sentiment. Different strategies are recommended for trends, hedging, basis, and curve [7][8][9]. Economic Calendar - Data on China's social consumer goods retail sales, industrial added value, eurozone economic sentiment index, US retail sales, import price index, federal funds rate target, and Japan's CPI are presented, including previous values, predicted values, and announced values [10]. Important Information and News Tracking - The US President has extended the TikTok ban for three months until December 16. From January to August, China's general public budget revenue increased by 0.3% year - on - year, with tax revenue slightly increasing and non - tax revenue growing by 1.5%. The general public budget expenditure increased by 3.1% year - on - year [11]. Derivatives Market Monitoring - Data on stock index futures, stock index options, and bond futures are monitored, but specific data details are not fully presented in the given text [12][16][28].