股市偏成?，债市偏谨慎

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - In the stock index futures market, the strong style is narrowing towards technology - growth stocks. The market should actively adhere to the growth style and allocate long positions in IM [1][8]. - For stock index options, a double - buying strategy should be deployed before the holiday. If there are equity holdings, the options still maintain a defensive mindset, and the double - selling strategy is not recommended before the holiday [2][8]. - Regarding treasury bond futures, in the short term, monetary policy may still mainly use structural tools, and the bond market remains cautious [3][10]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - Market Situation: On Monday, the Shanghai Composite Index fluctuated narrowly, and the market volume shrank to 2.14 trillion yuan. Funds concentrated on the technology sector. The STAR 50 continued to outperform, driven by three factors: positive technology events, the continuous outperformance of heavy - weight stocks in the STAR 50 and ChiNext Index, and increased enthusiasm for theme - based industry fund allocations [1][8]. - Suggestions: Allocate long positions in IM [8]. 3.1.2 Stock Index Options - Market Situation: The equity market oscillated, with the Shanghai Composite Index rising slightly by 0.22%. The option market turnover dropped significantly below 10 billion yuan, and the PCR of open interest showed mixed trends. Some options' implied volatility increased instead of decreasing [2][8]. - Suggestions: Adopt a hedging and defensive strategy. A double - buying strategy may be used before the holiday, and the double - selling strategy is not recommended [2][8]. 3.1.3 Treasury Bond Futures - Market Situation: Treasury bond futures rose across the board. The T, TF, TS, and TL main contracts increased by 0.20%, 0.13%, 0.04%, and 0.22% respectively. The central bank's reverse - repurchase operations and market expectations for loose monetary policy boosted bullish sentiment [3][9]. - Suggestions: Adopt a cautious approach for trend strategies; pay attention to short - hedging at low basis levels for hedging strategies; appropriately focus on basis widening for basis strategies; expect the yield curve to remain steep [10]. 3.2 Economic Calendar - It lists economic data release schedules from September 22 to 25, 2025, including China's one - year loan prime rate, the eurozone's September manufacturing PMI flash estimate, the US August new home sales annualized total, and the US initial jobless claims for the week ending September 20 [12]. 3.3 Important Information and News Tracking - Overseas macro news: On September 19, President Xi Jinping had a phone call with President Trump, reaching important consensus, which laid a strategic foundation for the stable development of China - US relations [12]. 3.4 Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided text.