股市领涨?业再度切换，债市?盈动?或有所上升

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The leading sectors in the stock index futures market have switched again, and it is still recommended to allocate long positions in IM [1][7] - For stock index options, it is mainly recommended to continue holding call options for defense [2][7] - In the treasury bond futures market, the motivation for taking profits may increase, and the market may be volatile in the short term [3][8] Group 3: Summary by Relevant Catalogs Stock Index Futures - On Thursday, the equity market was generally warm, with the ChiNext and STAR Market leading the gains, followed by CSI 500 and CSI 1000. The leading sectors switched to growth sectors such as electronics, new energy, and computers [1][7] - A-share and Hong Kong stock markets showed a split performance, with the Hang Seng Technology Index falling. However, the possibility of Hong Kong stocks dragging down A-shares during the holiday is considered low [1][7] - It is recommended to hold IM long positions [7] Stock Index Options - The equity index fluctuated and consolidated yesterday. The trading volume of each option variety rebounded, but the trading volume this week was still relatively stable compared with the previous two weeks [2][7] - The implied volatility was relatively strong during the day. Considering the approaching holiday and expiration date, it is still recommended to continue holding call options for defense [2][7] Treasury Bond Futures - Yesterday, the performance of treasury bond futures was divided, with T and TF rising and TL and TS falling, but the changes were not significant [8] - The central bank was still active in open market operations, with significant net capital injection, which supported the bullish sentiment in the bond market [3][8] - With the continuous strengthening of the bond market and the approaching Spring Festival, the motivation for bulls to take profits may increase, especially for ultra-long-term bonds [3][8] - In the medium term, the central bank's monetary policy may further strengthen, and the expectation of loose money may support the bullish sentiment in the bond market. In the short term, the bond market may be volatile [3][8] - Operational suggestions include trend strategy (volatile), hedging strategy (pay attention to short hedging at low basis), basis strategy (basis is volatile), curve strategy (appropriately pay attention to the convergence of the 30Y - 10Y spread), and inter - period roll - over (the inter - period spread may have a certain downward momentum, and also pay attention to the change of the roll - over window period due to the Spring Festival) [8]