股市不改中期乐观逻辑，债市延续回暖

Group 1: Report Industry Investment Rating - The investment rating for stock index futures is "oscillating with a bullish bias" [7]. - The investment rating for stock index options is "oscillating with a bullish bias" [7]. - The investment rating for treasury bond futures is "oscillating" [8]. Group 2: Core Views of the Report - Stock index futures: The end of the 17 - day consecutive rise is due to capital release, but the mid - term optimistic logic remains unchanged. Short - term profit - taking pressure increases, but such corrections are normal capital release during the upward trend. The logic of betting on policy expectations and industrial prosperity before the Two Sessions continues, with a focus on IC long positions and双创ETF [1][7]. - Stock index options: Market sentiment cools slightly under market rotation. The trading volume of the options market decreases slightly, and the implied volatility of most varieties drops slightly. The strategy of buying call options on previously high - heat varieties during corrections can be changed to a bull spread combination [2][7]. - Treasury bond futures: The bond market continues to recover, but attention should be paid to changes in the capital side. The capital side shows a slight convergence, and the short - end may be affected by the capital side. The adjustment of the stock market may drive the long - end bond market, and institutional allocation motivation may support the bond market [3][8][10]. Group 3: Summary by Relevant Catalogs Stock Index Futures - Market performance: On Tuesday, the Shanghai Composite Index ended its 17 - day consecutive rise with a decline, and trading volume reached a new high. The basis, inter - period spread, and positions of IF, IH, IC, and IM changed [1][7]. - Logic: Short - term profit - taking pressure comes from historical patterns, abnormal trading inquiries, and contract premiums. However, the mid - term trading logic remains intact, with sector rotation [1][7]. - Operation suggestions: Allocate IC long positions and双创ETF [7]. Stock Index Options - Market performance: The underlying market took a high - level rest on Tuesday. The overall trading volume of the options market decreased slightly, and trading heat shifted to 50 and 300. The implied volatility of most varieties declined slightly [2][7]. - Logic: Market sentiment cooled under capital rotation, and relevant indicator changes were opposite to those on Monday [2][7]. - Operation suggestions: Hold bull spread positions [7]. Treasury Bond Futures - Market performance: Treasury bond futures rose across the board. T, TF, TS, and TL had different changes in trading volume, positions, inter - period spreads, cross - variety spreads, and basis. The central bank conducted reverse repurchase operations and had a net capital withdrawal [8][9]. - Logic: The short - end TS was relatively weak. The approaching tax period may cause capital side fluctuations, and the stock market adjustment may drive the bond market, especially the long - end. Institutional allocation motivation may support the bond market [3][8][10]. - Operation suggestions: Trend strategy is to oscillate. Hedging strategy is to pay attention to short - hedging at low basis levels. Basis strategy is basis oscillation. Curve strategy is to consider taking profits on short - term curve steepening [10].