宝城期货股指期货早报（2025年12月4日）-20251204

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term view for the stock index futures is that they will be in a range - bound oscillation. The policy利好预期 continues to ferment, but the willingness of funds to take profits is rising. In the short term, the market is waiting for policy guidance from the Central Economic Work Conference and lacks a clear main line. However, in the long run, the positive policy expectations and the trend of long - term funds entering the market remain unchanged, providing strong support for the stock index [1][5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillation, the medium - term view is oscillation, the intraday view is bullish, and the overall view is range - bound oscillation. The core logic is the conflict between the fermentation of policy利好预期 and the rising willingness of funds to take profits [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is bullish, and the medium - term view is oscillation, with a reference view of range - bound oscillation. The core logic is that the stock indexes oscillated and slightly回调 yesterday. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 168.36 billion yuan, an increase of 7.63 billion yuan from the previous day. Currently, the trading atmosphere in the stock market has cooled down, the margin trading amount and margin balance have declined, and the willingness of funds to take profits has risen. The stock index is in a stage of oscillation and consolidation. The policy side has strong expectations for stabilizing macro - demand and supporting technological innovation, which provides strong support for the stock index. However, in the short term, the market is waiting for policy guidance from the Central Economic Work Conference and lacks a main line. In general, the stock index will mainly oscillate in the short term [5].