Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The market trading sentiment is positive due to the influence of the discount policy, some positive mid - year reports, and the increasing expectation of external interest rate cuts. The trading volume of the two markets has rebounded to 2.15 trillion yuan, and the rise of Chinese concept stocks indicates that foreign investors also favor A - shares. With the index reaching a new high and both volume and price rising, it is expected that the sentiment will continue to drive the short - term trend to be strong. However, the recent positive factors are more of a short - term emotional reaction, and a callback after rapid pricing should be guarded against. Taking the CSI 300 index as an example, around 4200 is the first technical resistance level. If there is no breakthrough, investors with positions need to manage risks [4]. 3) Summary by Relevant Catalogs Market Review The stock index continued to rise with increasing volume today, and the small - cap stocks showed stronger performance. The trading volume of the two markets rebounded significantly by 26.9417 billion yuan. In the futures index market, all varieties rose with increasing volume, and the sentiment was optimistic [2]. Important Information - The personal consumer loan discount policy implemented by the Ministry of Finance is the first at the central level and can be regarded as another "national subsidy" in this field [3]. - The "dual discount" policy has a one - year term, and whether to extend it will be studied according to the situation after expiration [3]. Strategy Recommendation An insurance strategy is recommended: hold the spot and buy put options [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday percentage change (%) | 1.02 | 0.35 | 1.78 | 1.77 | | Trading volume (10,000 lots) | 12.6774 | 6.6685 | 10.6869 | 22.9667 | | Trading volume change compared to the previous period (10,000 lots) | 2.3189 | 0.933 | 2.7828 | 5.5257 | | Open interest (10,000 lots) | 26.6298 | 10.1476 | 22.5209 | 37.1522 | | Open interest change compared to the previous period (10,000 lots) | 1.015 | 0.661 | 1.1324 | 3.2273 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index percentage change (%) | 0.48 | | Shenzhen Component Index percentage change (%) | 1.76 | | Ratio of rising to falling stocks | 1.15 | | Trading volume of the two markets (100 million yuan) | 21509.37 | | Trading volume change compared to the previous period (100 million yuan) | 2694.17 | [6]