股指期货：企稳修复中

Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week, stock index futures first declined and then rose, showing an overall volatile trend. The decline was due to the continuous fall of the US stocks at the beginning of the week under the adjustment of the AI sector, which put pressure on the risk appetite of global stock markets. The subsequent rise was driven by local hot concepts, such as the merger plan of CICC and the expectation of consumption - boosting policies for commercial department stores. The significantly lower - than - expected US CPI data also contributed to the rebound of US stocks, and the resonance of positive internal and external news pushed the market to stop falling and rebound [1]. - In the later stage, the Fed's easing expectation has re - heated up, bringing a positive impact on global risk assets. The US stock market will enter the Christmas season this week with expected lighter trading, and the domestic market will face a relatively quiet news period. If the news - driven changes are small, the market may continue its recent positive state. Some funds may start to gradually layout for 2026, improving the market capital situation. It is expected that the market will be mainly volatile and strong this week, but the upward revision of the Fed's easing expectation may not be enough to trigger a new upward offensive, and the later general trend may still be in a range - bound pattern [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Global Stock Index Performance: Last week, the Dow Jones Index dropped 0.67% weekly, the S&P 500 Index rose 0.1% weekly, and the Nasdaq Index rose 0.48% weekly. In Europe, the UK FTSE 100 Index rose 2.57% weekly, the German DAX Index rose 0.42% weekly, and the French CAC40 Index rose 1.03% weekly. In the Asia - Pacific market, the Nikkei 225 Index dropped 2.61% weekly, and the Hang Seng Index dropped 1.1% weekly [9]. - Domestic Index Performance: Since 2025, major domestic indices have generally risen. Last week, most domestic major indices declined. The Shanghai Composite Index rose 0.03%, and the ChiNext Index dropped 2.26% [11]. - Industry Performance: In the CSI 300 Index, sectors such as materials and finance had gains, while information and industry sectors had losses. In the CSI 500 Index, raw materials, consumption and other sectors had gains, and the energy sector had losses [12]. 3.2 Strategy Recommendations - Short - term Strategy: The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set at 91 points/114 points, 74 points/45 points, 179 points/251 points, 221 points/294 points respectively [4]. - Trend Strategy: Adopt a long - on - dips strategy. It is expected that the core operating range of the IF main contract IF2601 is between 4435 and 4663 points; the IH main contract IH2601 is between 2929 and 3064 points; the IC main contract IC2601 is between 6955 and 7422 points; the IM main contract IM2601 is between 7078 and 7555 points [4]. - Cross - variety Strategy: Hold the strategy of shorting IF (or IH) and going long on IC (or IM) [5]. 3.3 Index Valuation Tracking - As of December 12th, the P/E ratio (TTM) of the Shanghai Composite Index was 16.25 times, the CSI 300 Index was 13.92 times, the SSE 50 Index was 11.73 times, the CSI 500 Index was 32.74 times, and the CSI 1000 Index was 47.13 times [14][16]. 3.4 Market Capital Review - The financing balance of the two markets and the share of newly established equity - biased funds are presented in relevant figures. The capital interest rate was stable at a low level last week, and the central bank had a net injection of funds [16][17].