股市哑铃应对，债市表现分化

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the stock index futures market, use a dumbbell structure to cope with the market. The market is expected to be under pressure and stable before the main line becomes clear. December中下旬 may be a potential turning point. In the short term, use a dumbbell structure to deal with the market [1][7]. - In the stock index options market, adopt a covered call strategy for defense. The market style is rotating, and no capital main line has been formed yet. It is recommended to continue holding the covered call strategy [2][7]. - In the treasury bond futures market, the funding factor may support the bullish sentiment. The bond market is currently volatile, and the market space may not be opened yet. Towards the end of the year, the bond market allocation power may remain strong, and there is a possibility of further implementation of loose monetary policies. The bond market is expected to be volatile with a bullish bias [3][7][10]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - Viewpoint: Use a dumbbell structure to cope with the market. The IF, IH, IC, and IM contracts have different basis and spread changes, and the total positions have also changed. The market is expected to be under pressure and stable before the main line is clear. December中下旬 may be a potential turning point. Short - term strategy is to hold IM + dividend [7]. - Logic: The equity market on Thursday continued to be weak, with coal, new energy, and petrochemical sectors leading the decline. The trading volume of the price - increase chain is at a high level, and the divergence among funds has intensified. The trading volume is around 1.7 trillion, and the turnover rate is at the bottom, indicating low participation. After the overnight rebound of the US and Japanese stocks, the market preference continued to decline, implying a strong profit - taking demand [1][7]. Stock Index Options - Viewpoint: Adopt a covered call strategy for defense. The total turnover of each option variety decreased by 6.70%, and the liquidity is at a relatively low level since October. The trading volume decline indicates that the market is not overly pessimistic. It is recommended to continue holding the covered call strategy [2][7]. - Logic: The equity index fluctuated weakly yesterday, with the Shanghai Composite Index falling 0.40%. The market style is rotating, and no capital main line has been formed [2][7]. Treasury Bond Futures - Viewpoint: The funding factor may support the bullish sentiment. The trading volume, open interest, spreads, and basis of T, TF, TS, and TL contracts have changed. The bond market is currently volatile, and towards the end of the year, it is expected to be volatile with a bullish bias. Operational suggestions include trend strategy (volatile with a bullish bias), hedging strategy (pay attention to long - position substitution at high basis), basis strategy (pay attention to basis widening), and curve strategy (the curve may remain steep) [7][8][10]. - Logic: Treasury bond futures rose and fell differently yesterday. The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 10 billion yuan. Due to the weakening of tax - period factors, the funding situation has eased, and the funding rate has declined slightly, which may support the bullish sentiment, especially for the short - end. The long - end TL variety may be affected by the expectation of intensified real - estate policies [3][7][10]. 3.2 Economic Calendar - The report lists the economic data of the EU, China, and the US from November 19 - 20, 2025, including CPI, core CPI, LPR, unemployment claims, non - farm payrolls, and unemployment rate [11]. 3.3 Important Information and News Tracking - Chinese Vice Premier He Lifeng conducted research in Hubei and Hunan from November 18 - 20, emphasizing the promotion of foreign trade quality improvement, the construction of a high - standard logistics system, and the support of high - quality development of the manufacturing industry [12]. - Shenzhen will conduct a bond auction on November 24. The 2025 Shenzhen Special Bond (Sixty - fourth Issue) plans to issue 6.52 billion yuan with a 10 - year term, and the funds are intended for the Shenzhen government investment guidance fund. This year, many places have issued special bonds to local government investment funds, with a total scale exceeding 50 billion yuan [13][14]. - Since November, more than 15 bond funds have suffered large - scale redemptions, mainly pure - bond funds. The new - issue market for bond funds is also cold. In contrast, equity products have shown strong capital - attracting ability, with a net subscription of 143.623 billion yuan for equity ETFs since October [14]. 3.4 Derivatives Market Monitoring - The report mentions data monitoring of stock index futures, stock index options, and treasury bond futures, but no specific data content is provided in the text.