1. Report Industry Investment Rating - The investment rating for the stock index is "Oscillation" [1] 2. Core Viewpoints of the Report - In the short - term, market sentiment remains strong. Although there is hesitation during the market upswing, the willingness of funds to support the market is strong, and the retracement of the stock index is less than expected. Some funds are rushing ahead due to short - term pricing of medium - term factors. However, investors have significant differences at the current level, and a market consensus has not been formed. Considering the strong technical resistance at the March high and the expected weakening of China's economic data in the second half of the year, the timing for a new full - scale bull market has not arrived. Overall, the short - term baseline prediction is the preparation period for a bull market. Given the early entry of some funds, it is recommended to be cautious when going long this week (either wait and see or conduct intraday short - term long positions). If there is a sharp decline later, it can be regarded as a good opportunity to re - enter the market with long positions. In terms of style, a light - position left - hand layout for IH - IM can be started this week [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - From 1998 to the end of the second quarter of 2025, Chinese public funds created a profit of 5.94 trillion yuan for holders. At the end of the second quarter, the market scale of public funds reached a new high of 33.73 trillion yuan. China's LPR in July remained unchanged for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year variety at 3.5%. Monetary policy has entered an observation period, and the unchanged LPR quote is in line with market expectations [4] 3.2 Stock Index Disk Review 3.2.1 Disk Tracking - In the previous trading day, the A - share market oscillated upwards. Among the four major indices, the Shanghai Composite 50 Index rose 0.28%, the CSI 300 Index rose 0.67%, the CSI 500 Index rose 1.01%, and the CSI 1000 Index rose 0.92%. In terms of sectors, building materials (+5.45%) and construction machinery (+4.00%) led the gains, while education (-0.79%) and banking (-0.77%) lagged. More than 4,000 stocks rose, and 130 stocks hit the daily limit, indicating a good profit - making effect [4] 3.2.2 Technical Tracking - The stock indices generally approached the March high. The daily and weekly lines have turned into a bullish trend, indicating short - term market strength, while the monthly line remains in an oscillating market [4] 3.2.3 Fund Flow - The trading volume of the A - share market yesterday increased to around 1.7 trillion yuan, and investor sentiment was moderately bullish [4] 3.3 Core Logic Summary - Short - term market sentiment is strong, but there are differences among investors. The start of a new full - scale bull market is not yet due to technical resistance and economic data expectations. It is recommended to be cautious when going long in the short - term, and a sharp decline can be an opportunity to re - enter the market. A light - position left - hand layout for IH - IM can be started this week [3] 3.4 Operation Suggestions 3.4.1 Futures Operation - In the short - term, the market is in a strong oscillation. Pay attention to the resistance at the March high. It is recommended that investors wait and see or conduct intraday short - term long positions. The styles of large - and small - cap stocks alternate, and a left - hand layout for IH - IM can be started this week [3] 3.4.2 Options Operation - The implied volatility of stock index options has slightly declined, with the at - the - money IV of the CSI 300 for the current month fluctuating between 13 - 14%. During the oscillation period, it is recommended to wait for the volatility to rise before intervening in short - term double - selling [3]