宝城期货股指期货早报（2025年11月19日）-20251119

Group 1: Report's Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The short - term view of the stock index is range - bound, with intensified short - term long - short game. The medium - term view is strong. The intraday view is bullish. The overall situation is that the rhythm of policy - driven positive expectations and the rhythm of profit - taking by profit - making funds are in a short - term oscillation game. In the long - term, policy - driven positive expectations and the trend of capital inflow into the stock market strongly support the stock index [1][5]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillatory, the medium - term view is strong, the intraday view is bullish, and the reference view is range - bound. The core logic is the game between the willingness of funds to take profits and the expectation of policy benefits [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is strong, and the reference view is range - bound. The core logic is that the stock indexes pulled back slightly yesterday, with the three - market turnover of 194.6 billion yuan, an increase of 1.56 billion yuan from the previous day. In the short - term, policy signals are weakening, geopolitical factors are increasing risk - aversion sentiment, and profit - taking willingness is rising as the stock index approaches the previous high, so there is a need for technical consolidation. In the long - term, policy - driven positive expectations and capital inflow trends support the stock index [5].