宝城期货股指期货早报（2025年12月22日）-20251222

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is that it is under pressure but also supported, showing a range - bound trend. The medium - term view is oscillatory. The intraday view is bullish. The reference view is range - bound [1][5] - Policy support leads to strong expectations for the macro - economy in 2026, and as policy expectations ferment, market risk appetite will gradually recover. When the stock index falls to the lower edge of the oscillation range, the willingness of medium - and long - term funds to allocate increases, providing strong support. However, there is insufficient motivation for policy to continue to increase this year, and the policy is expected to take effect in the first quarter of next year. There is still a wait - and - see sentiment in the capital market in the short term [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is bullish, and the reference view is range - bound. The core logic is that the policy support expectation and the net inflow trend of funds remain unchanged [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is oscillatory, and the reference view is range - bound. The core logic is that the stock indexes rebounded slightly last Friday. With policy support, there are strong expectations for the macro - economy in 2026. As policy expectations ferment, market risk appetite will recover. When the stock index falls to the lower edge of the oscillation range, the willingness of medium - and long - term funds to allocate increases, providing support. But there is insufficient motivation for policy to increase this year, and the policy is expected to take effect in the first quarter of next year. There is still a wait - and - see sentiment in the capital market in the short term [5]