地缘扰动持续，?险偏好收紧

1. Report Industry Investment Rating - The outlook for stock index futures is "oscillating with a slight upward bias", for stock index options is "oscillating", and for treasury bond futures is "oscillating" [9][10] 2. Core View of the Report - Geopolitical risks continue to disrupt the market, leading to tightened risk - appetite. Stock index futures show a structural adjustment rather than a trend reversal. Stock index options' implied volatility has slightly rebounded, and the market is cautious. Treasury bond market sentiment has improved due to risk - aversion and loose liquidity, but there is still uncertainty [3][4][5] 3. Summary by Relevant Catalogs 3.1 Market Outlook 3.1.1 Stock Index Futures - Today's stock market oscillated downward, with the Shanghai Composite Index down 1.09%, the CSI 1000 down 1.44%, and the STAR 50 down 2.02%. Trading volume decreased by 240 billion yuan. Defensive sectors like energy and dividends strengthened, while high - beta sectors declined. It is currently a structural adjustment rather than a trend reversal. Short - term market is about style re - balancing. Wait for the right - side confirmation of capital indicators to lightly invest in IM [3][9] 3.1.2 Stock Index Options - The equity market had a volume - shrinking correction on Thursday. Implied volatility rebounded in the afternoon. Option market volume decreased, and the total trading volume fell below 10 billion yuan. Maintain the put - buying defense strategy and watch for out - of - the - money covered call opportunities [4][9] 3.1.3 Treasury Bond Futures - Treasury bond futures rose across the board yesterday. The central bank's net injection of 21.1 billion yuan in 7 - day reverse repurchase kept the liquidity stable. Geopolitical uncertainties led to risk - aversion, driving up long - term bond prices. Short - term bonds were supported by loose liquidity. The short - term is relatively stable, while the long - term may oscillate. Adopt oscillating trend strategy, and pay attention to short - selling hedging at low basis, ultra - long - term reverse arbitrage, and short - term steeper yield curve [5][10] 3.2 Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and treasury bond futures, but no specific data content is provided in the given text [11][15][27]