股市回撤，仍建议配置

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The short - term trend of the stock market is still positive despite the recent pullback. In the stock index futures market, it is recommended to hold IC long positions. In the stock index options market, it is advisable to buy call options. For the bond market, the short - term strategy is mainly arbitrage, focusing on the convergence opportunity of the 30 - 10Y Treasury bond term spread [1][6][7]. Summary by Related Catalogs Market Views Stock Index Futures - The market had a small pullback on Monday due to the general decline in the Asia - Pacific market. The defensive dividend index led, and the inflation - related sectors such as non - ferrous metals and oil and gas were relatively strong. The pullback was related to the unstable external environment and the profit - taking demand of some funds. It is recommended to hold IC long positions as the financial indicators of CSI 500 are more closely related to PPI [1][6]. Stock Index Options - The style of the underlying market was differentiated, with large - cap dividend stocks rising and small - and medium - cap indices falling. Option trading volume increased, and the volatility of each variety generally rose. The sentiment indicators showed different trends, and the put - call ratio of some varieties rebounded from the bottom while others declined from the high. The skewness index was generally low, indicating strong buying sentiment. It is recommended to buy call options, and the short - selling option strategy should be on hold for now [7]. Treasury Futures - The main contracts of Treasury futures showed a differentiated trend, with the curve flattening. The tight balance of the inter - bank market funds was not significantly alleviated, and the central bank's net withdrawal of funds had a negative impact on the short - and medium - term bonds. The decline of the equity market supported the long - term bonds. The 30 - 10Y Treasury bond term spread was at a relatively high level in the past three years, with a certain mean - reversion space. Short - term strategies are mainly arbitrage, focusing on the convergence of the 30 - 10Y Treasury bond term spread [2][7]. Derivatives Market Monitoring - No specific data content is summarized in the given text.