宝城期货股指期货早报-20251020

Group 1: Report's Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy - positive expectations. In the short term, stock index futures are expected to maintain wide - range fluctuations. The short - term view of IH2512 is shock, the medium - term view is rising, and the intraday view is shock - biased upward, with a wide - range shock as the reference view. For IF, IH, IC, and IM, the intraday view is shock - biased upward, the medium - term view is rising, and the reference view is wide - range shock [1][4]. Group 3: Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Section - For IH2512, the short - term is shock, the medium - term is rising, the intraday is shock - biased upward, and the view reference is wide - range shock. The core logic is the conflict between the short - term capital's profit - taking willingness and the medium - and long - term policy positive expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Section - Last Friday, each stock index fluctuated and declined, showing weakness throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 195.44 billion yuan, an increase of 570 million yuan compared with the previous day. Recently, overseas uncertain risk factors have increased, the risk - aversion sentiment has risen, and stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing policies, which provides medium - and long - term support for the stock index. A major policy meeting will be held this week, and it is highly certain that the policy will stabilize demand and expectations. Overall, the future market trend depends on the game between profit - taking sentiment and policy - positive expectations, and the stock index is expected to maintain wide - range fluctuations in the short term [4].