宝城期货股指期货早报（2025年12月23日）-20251223

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view for股指期货 is that the IH2603 contract will have an interval - shock pattern, with a short - term outlook of shock, a medium - term outlook of shock, and an intraday outlook of being on the stronger side. The core logic is the unchanged policy - favorable expectations and the trend of capital inflow [1]. - For IF, IH, IC, and IM, the intraday view is on the stronger side, the medium - term view is shock, and the reference view is interval shock. Although the stock market trading volume is still at a low level in the short term and investors' risk preferences are still divided, in the long run, policy - favorable expectations and the capital inflow trend are positive, so the stock index will maintain an interval - shock pattern in the short term [5]. 3. Summary by Related Content 3.1品种观点参考—金融期货股指板块 - For the IH2603 contract, the short - term is shock, the medium - term is shock, the intraday is on the stronger side, and the view is interval shock. The core logic is the unchanged policy - favorable expectations and capital inflow trend [1]. 3.2主要品种价格行情驱动逻辑—金融期货股指板块 - The intraday view for IF, IH, IC, and IM is on the stronger side, the medium - term view is shock, and the reference view is interval shock. Yesterday, all stock indexes fluctuated and rose. The total market trading volume of the stock market was 186.5 billion yuan, an increase of 11.63 billion yuan from the previous day. Policy - favorable expectations for 2026 are fermenting, which drives up the market's risk preference and the willingness of medium - and long - term capital allocation, providing strong support for the stock index. However, the short - term trading volume is still at a low level, indicating that investors' risk preferences are divided, and most are in a wait - and - see state. In the long run, the stock index has strong support [5].