股市哑铃配置，债市震荡持平

1. Report Industry Investment Rating - The trend of the stock index futures market is expected to be moderately bullish; the stock index options market is expected to be volatile; the Treasury bond futures market is expected to be volatile in the short - term and moderately bullish in the long - term [7][8][9] 2. Core View of the Report - In the stock index futures market, under the condition of shrinking trading volume, the market risk preference continues to converge. It is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style asset allocation. In the stock index options market, as the market style rotates and no clear capital main line has been formed, it is recommended to continue to hold covered options to increase returns. In the Treasury bond futures market, the market lacks a clear direction in the short - term and is in a volatile consolidation phase, but is expected to be moderately bullish in the long - term [7][8][9] 3. Summary by Relevant Catalogs 3.1 Market Outlook 3.1.1 Stock Index Futures - On Tuesday, the Shanghai Composite Index opened high and closed low, barely holding above 4000 points, with trading volume shrinking to 2 trillion yuan. The ChiNext and STAR Market indices retreated, and the TMT sectors led the decline. The coal sector also led the decline due to concerns about a potential reduction in pit - mouth coal prices. Low - position sectors such as commerce and retail, real estate, and steel led the gains. The central bank's Q3 2025 monetary policy report may support the fundamentals of bank stocks and increase the expectation of counter - cyclical monetary policy adjustment. It is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation. The operation suggestion is to hold dividend ETFs and long positions in IM contracts [7] 3.1.2 Stock Index Options - The trading volume of each option variety showed a slight weakening trend, and the option sentiment index was weak. The PCR of technology - sector options decreased significantly on Monday, and the PCR of option positions of all varieties declined on Tuesday, indicating a cold market sentiment. The implied volatility of options showed mixed trends. It is recommended to continue to hold covered options to increase returns [8] 3.1.3 Treasury Bond Futures - On Tuesday, the prices of Treasury bond futures were volatile and unchanged. The yields of most interest - rate bonds declined, and the 5 - year and 7 - year China Development Bank bonds performed well. The central bank significantly increased net investment in the open market, and the supply and demand of funds in the inter - bank market tended to balance, but interest rates remained firm. In the short - term, the bond market lacks a clear direction and is in a volatile consolidation phase, but is expected to be moderately bullish in the long - term. Operation suggestions include maintaining caution in trend strategies, paying attention to short - hedging at low basis levels in hedging strategies, appropriately paying attention to basis widening in basis strategies, and appropriately paying attention to curve steepening in curve strategies [8][9] 3.2 Economic Calendar - The economic data to be released this week include China's new RMB loans, social financing scale, M2 money supply growth rate in October, the US CPI annual rate in October, China's year - on - year growth rate of total retail sales of consumer goods in October, and the year - on - year growth rate of industrial added value above designated size in October [10] 3.3 Important Information and News Tracking - The central bank released the Q3 2025 China Monetary Policy Implementation Report, proposing to deepen financial reform and opening - up, and improve the macro - economic governance effectiveness. The US has suspended the implementation of the export - control penetration rule, and the two sides will continue to discuss the arrangement after one - year suspension. As of now, the National Development and Reform Commission has recommended 105 infrastructure REITs projects to the CSRC, of which 83 have been issued and listed, with a total issuance fund of 207 billion yuan, expected to drive new project investment of over 1 trillion yuan [11][12] 3.4 Derivatives Market Monitoring - The report mentions the need to monitor data in the stock index futures, stock index options, and Treasury bond futures markets, but specific data are not detailed [13][17][29]