Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - For IH2509, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillation with a slight upward trend, and the overall view is upward, supported by positive policy expectations [1]. - For IF, IH, IC, and IM, the intraday view is oscillation with a slight upward trend, the medium - term view is upward, and the overall view is upward. Although the stock market had a technical adjustment yesterday due to profit - taking of some funds, the previous rebound was supported by policy - side positive expectations and loose liquidity in the capital market. However, as the stock index has risen continuously, the valuation has reached a relatively high historical quantile level, and the short - term profit - taking willingness of funds has increased. In general, the stock index will mainly oscillate and consolidate in the short term [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - **IH2509**: Short - term (within a week) is oscillation, medium - term (two weeks to one month) is upward, intraday is oscillation with a slight upward trend, and the overall view is upward. The core logic is that positive policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **IF, IH, IC, IM**: Yesterday, the stock indexes oscillated and declined. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 3197.8 billion yuan, an increase of 488 billion yuan compared with the previous day. The afternoon decline was due to the profit - taking of some stocks that had risen significantly. The previous rebound was supported by policy - side positive expectations and loose capital liquidity. Anti - involution and consumption - promotion policies optimize the supply - demand structure, promote the gentle recovery of price indexes, and drive a positive cycle. The capital market has loose liquidity, and the willingness to allocate funds to the stock market has increased. However, the valuation has reached a relatively high historical quantile level, and the short - term profit - taking willingness of funds has increased. In the short term, the stock index will mainly oscillate and consolidate [5].

投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 8 月 22 日 金融期权 专业研究·创造价值 股市成交放量，股指大幅上涨 核心观点 今日各股指均大幅上涨，涨幅超过 2%。沪深京三市全天成交额 25788 亿元，较上日放量 872 亿元。股市成交金额连续多个交易日大于 2 万亿元， 说明投资者情绪偏向积极乐观，随着增量资金的入市，推动股指估值端持续 修复。目前政策面利好预期对股指的支撑作用较强，反内卷政策与促消费政 策分别从供应、需求两端推动供需结构优化，促进价格指数温和回升，促进 企业利润修复，推动"消费复苏-企业营收改善-员工薪资提升-居民消费信 心上升"的正向循环。另外从资金面来看，目前资金面偏宽松，固收类资产 收益率较低，财富管理资金后续转移到高收益资产的需求较强，将给股市带 来持续增量资金。7 月的非银存款数据同比大幅多增反映了这种迹象。总的 来说，短期内股市风险偏好较为积极乐观，股指震荡偏强运行。 目前期权隐含波动率有所回升，考虑到股指中长线向上，可以继续持 有牛市价差或比例价差温和看多。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从 ...