1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For IH2509, short - term outlook is oscillatory, medium - term is upward, and intraday is oscillatory and bullish, with an overall view of range - bound oscillation supported by positive policy expectations [1]. - For IF, IH, IC, and IM, the intraday view is oscillatory and bullish, the medium - term view is upward, and the reference view is range - bound oscillation. Short - term, the stock index will mainly oscillate within a range due to various factors such as geopolitical risks, weak domestic economic data, and uncertain external factors [4]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, short - term: oscillatory; medium - term: upward; intraday: oscillatory and bullish; view reference: range - bound oscillation; core logic: policy - side positive expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Variety: IF, IH, IC, IM. Intraday view: oscillatory and bullish; medium - term view: upward; reference view: range - bound oscillation. Core logic: yesterday, stock indices oscillated and pulled back. Geopolitical risks in the Middle East and weak domestic economic data like credit and inflation data lead to an expectation of more supportive policies. Currently, the support for stock indices comes from loose capital and risk preference, and new incremental policies are needed for further upward movement. There are uncertainties in external factors, so short - term market risk preference is defensive, and stock indices will mainly oscillate within a range [4].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The short - term view of the stock index is range - bound, with the medium - term view being upward and the intraday view being oscillating strongly. Policy - side positive expectations provide strong support, but the upward momentum of the stock index is insufficient due to concerns about weakening macro - demand [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillating, the medium - term view is upward, and the intraday view is oscillating strongly. The reference view is range - bound, and the core logic is that policy - side positive expectations form strong support [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is oscillating strongly, and the medium - term view is upward. The reference view is range - bound. The core logic is that the stock indexes closed slightly up in oscillation yesterday. The Middle - East geopolitical crisis continues but with reduced escalation risk, and market risk - aversion has declined. May's social financing, credit, and consumption data show that government bonds are the main contributor to social financing, but the real - sector's financing demand is weak, so policy - side support is still needed. The stock index has sufficient downward support. Attention should be paid to the financial policy guidance of the Lujiazui Forum on June 18th. Market sentiment is restricted by concerns about weakening macro - demand, and the upward momentum of the stock index is insufficient [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The short - term view of the stock index futures is interval oscillation. Policy利好预期 forms a strong bottom support, while overseas uncertainty risks restrict the upward space of the stock index. [1][4] - The short - term view of IH2506 is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias, with an overall view of interval oscillation. [1] - The intraday view of IF, IH, IC, IM is oscillation with a slight upward bias, the medium - term view is oscillation, and the reference view is interval oscillation. [4] 3) Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias. The core logic is that there are both policy - side利好 expectations and external uncertainty risks. [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index oscillated and sorted within a narrow range. The stock market trading volume was 107.67 billion yuan, a decrease of 6.03 billion yuan compared with the previous day. Recently, the trading volume has been stable at around 1 trillion yuan, indicating that investors' wait - and - see sentiment has increased and the willingness to chase up is not strong. [4] - On one hand, due to the approaching May Day holiday, investors are cautious about the holiday's uncertainty risks. On the other hand, the stock index has rebounded to the gap position in early April and faces technical selling pressure when continuing to rise. [4] - After the Politburo meeting last Friday, the domestic policy side released signals of stabilizing expectations and confidence in the context of rising external environmental uncertainty. However, there is no signal of concentrated policy intensification yet. Attention can be paid to the performance of subsequent macro - economic indicators. If economic data weakens, policy expectations will increase. [4]