宝城期货股指期货早报（2025年10月23日）-20251023

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The short - term trend of stock index futures is expected to be mainly wide - range fluctuations. The mid - term view is upward, and the intraday view is oscillating and strengthening. The main reason is that the willingness of funds to take profits and the expectation of policy benefits are in a game, and the rhythm change of this game will dominate the intraday and annual trends of the stock index [4]. Group 3: Summary According to Relevant Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillating, the mid - term is rising, the intraday is oscillating and strengthening, and the overall view is wide - range fluctuations. The core logic is the game between the willingness of funds to take profits and the expectation of policy benefits [1]. Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillating and strengthening, the mid - term view is rising, and the reference view is wide - range fluctuations. Yesterday, each stock index was in a narrow - range oscillating arrangement. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1690.3 billion yuan, a reduction of 202.4 billion yuan compared with the previous day. The shrinking trading volume indicates that the market sentiment is cautious. The uncertainty risk of Sino - US tariffs has cooled, but there is still a possibility of changes in the medium and long term. The valuation level of stocks has increased significantly, the marginal expectation of incremental policy benefits at the end of the year has slowed down, and there is still a demand for taking profits. In the short term, the game between the willingness of funds to take profits and the expectation of policy benefits will dominate the stock index trend within the year [4].