1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The short - term risk preference of the stock market is cautiously optimistic, and the stock index will mainly consolidate in a range. Although there are short - term disturbances such as the sharp fluctuations of silver and the weakening of macro - economic indicators, the long - term upward trend of the stock index is supported by policy - side favorable expectations and the continuous net inflow of incremental funds [1][5] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "oscillation and consolidation". The core logic is that the risk preference of the stock market is cautiously optimistic [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "bullish", the medium - term view is "oscillation", and the reference view is "oscillation and consolidation". The core logic is that last Friday, each stock index oscillated and slightly pulled back. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2163.5 billion yuan, a decrease of 30.8 billion yuan from the previous day. The sharp fluctuations of silver disturbed the market sentiment, and the willingness of funds to take profits and leave the market increased, resulting in a continuous contraction of the trading volume of the stock market. In the short term, the macro - economic indicators have weakened, and the pressure of "weak reality" has increased. Coupled with the weakening of risk preference caused by silver and the clear signal of risk control from the regulatory authorities, the stock market sentiment is cautious. However, the sharp fluctuations of precious metals are short - term disturbances from external factors, and the repair of the stock market risk preference will eventually return to its own fundamentals. The favorable expectations on the policy side and the continuous net inflow of incremental funds into the stock market remain unchanged, which constitute the core logic for the long - term upward movement of the stock index [5]