短期压力有所缓解，市场进入温和修复阶段

• The report predicts the dividend points for the next year for the CSI 500, CSI 300, SSE 50, and CSI 1000 indices as 83.74, 84.59, 66.18, and 63.72, respectively[9][10][11][12] - The dividend points for the current month contracts IC2512, IF2512, IH2512, and IM2512 are estimated at 0.69, 1.28, 0.54, and 0.67, respectively[9][10][11][12] - The dividend points for the next month contracts IC2601, IF2601, IH2601, and IM2601 are estimated at 0.69, 1.28, 0.54, and 0.67, respectively[9][10][11][12] - The dividend points for the current season contracts IC2603, IF2603, IH2603, and IM2603 are estimated at 0.69, 1.28, 0.54, and 0.67, respectively[9][10][11][12] - The dividend points for the next season contracts IC2606, IF2606, IH2606, and IM2606 are estimated at 50.04, 27.67, 14.96, and 41.08, respectively[9][10][11][12] - The annualized basis for the IC, IF, IH, and IM contracts after dividend adjustment are -9.03%, -3.52%, -1.52%, and -11.81%, respectively[4][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45] - The continuous hedging strategy for the CSI 500 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of -3.38%, volatility of 3.81%, maximum drawdown of -11.02%, and net value of 0.8911[46][47][48][49][50] - The minimum discount strategy for the CSI 500 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of -1.89%, volatility of 4.52%, maximum drawdown of -8.53%, and net value of 0.9378[46][47][48][49][50] - The continuous hedging strategy for the CSI 300 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of 0.37%, volatility of 2.90%, maximum drawdown of -3.95%, and net value of 1.0124[51][52][53][54][55] - The minimum discount strategy for the CSI 300 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of 1.10%, volatility of 3.02%, maximum drawdown of -4.06%, and net value of 1.0374[51][52][53][54][55] - The continuous hedging strategy for the SSE 50 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of 1.06%, volatility of 2.97%, maximum drawdown of -4.22%, and net value of 1.0360[56][57][58][59] - The minimum discount strategy for the SSE 50 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of 1.67%, volatility of 2.99%, maximum drawdown of -3.91%, and net value of 1.0573[56][57][58][59] - The continuous hedging strategy for the CSI 1000 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of -6.42%, volatility of 4.74%, maximum drawdown of -14.00%, and net value of 0.8327[60][61][62][63] - The minimum discount strategy for the CSI 1000 index futures from July 22, 2022, to December 5, 2025, shows an annualized return of -4.37%, volatility of 5.51%, maximum drawdown of -11.11%, and net value of 0.8700[60][61][62][63] - The Cinda-VIX indices for the 30-day period for SSE 50, CSI 300, CSI 500, and CSI 1000 are 15.95, 16.61, 23.09, and 20.50, respectively[64][65][66][67][68][69][70][71][72][73][74][75][76][77][78][79] - The Cinda-SKEW indices for SSE 50, CSI 300, CSI 500, and CSI 1000 are 104.35, 106.49, 101.91, and 106.75, respectively[74][75][76][77][78][79][80]