股市?偏收窄，债市避险情绪升温

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The stock market risk appetite narrows, and the risk - aversion sentiment in the bond market heats up. In the stock index futures market, the market shows resilience; in the stock index options market, the risk appetite narrows; in the treasury bond futures market, the risk - aversion sentiment drives the bond market to strengthen [2][3]. 3. Summary by Relevant Catalogs 3.1 Market Outlook - Stock Index Futures: The market shows resilience. On Monday, the market stabilized and rebounded after opening lower, with the All - A index slightly down. There is differentiation among industries, with oil and gas, coal, communication, and non - ferrous metals leading the rise, while media and computer sectors leading the fall. After a geopolitical event, oil prices generally rise first and then fall. The variable in this round is the duration of the Hormuz Strait embargo. It is recommended to hold IM long positions with a half - position until before the Two Sessions, and short - term positions should be reduced to deal with potential volatility [3][9]. - Stock Index Options: The risk appetite narrows. The equity market volume increased significantly, and the trading volume of financial options expanded. Due to overseas geopolitical factors, the index opened low in the morning with an increase in implied volatility, and then the implied volatility decreased. Option sentiment indicators show that the market risk appetite has narrowed. It is recommended to use covered call strategies mainly and supplement with a small amount of buying option strategies [4][9]. - Treasury Bond Futures: The risk - aversion sentiment drives the bond market to strengthen. The main contracts of treasury bond futures rose across the board, and the yields of major inter - bank interest - rate bonds mostly declined. The central bank's net liquidity injection supported the short - end of the bond market. Affected by the "US - Iran conflict" over the weekend, the risk - aversion sentiment supported the bond market. In the short term, the bond market may be volatile, and it is recommended to focus on arbitrage strategies and the convergence opportunity of the 30 - 10Y treasury bond term spread [5][10]. 3.2 Derivatives Market Monitoring - Stock Index Futures Data: Not detailed in the provided content [11]. - Stock Index Options Data: Not detailed in the provided content [15]. - Treasury Bond Futures Data: Not detailed in the provided content [27].