PART. 1: Long and Short Product Classification - Long products include stock index futures such as the SSE 50 futures (IH.CFE), CSI 300 futures (IF.CFE), and CSI 500 futures (IC.CFE), driven by bullish market sentiment with a 750D Px_M Percentile high and positive annualized rolling returns [5][6] - Metal products like SHFE copper (CU.SHF) and SHFE aluminum (AL.SHF) are also classified as long due to tight supply and stable annualized rolling returns [5] - Short products include government bond futures, particularly the 30-year bond (TL.CFE), which has a negative annualized rolling return due to rising interest rate expectations [6] - Black commodities such as DCE coking coal (JM.DCE) are under pressure from high inventory levels, while agricultural products like DCE soybean meal (M.DCE) are short due to ample supply [6] PART. 2: Volume Change and Trading Opportunities - Significant volume increase observed in DCE iron ore (I.DCE) with a volume ratio of 2.01 and an annualized rolling return of 0.1102, indicating a long opportunity [10] - SHFE rebar (RB.SHF) has seen recent position increases, but may experience short-term consolidation [10] - Arbitrage opportunities include inter-month arbitrage in coking coal (J.DCE) with widening price spreads and cross-product arbitrage in copper-aluminum ratios at historical highs [11][12] PART. 3: Core Logic - Stock index futures are supported by economic recovery expectations, but there are risks from policy adjustments [13] - The black commodities sector, particularly iron ore, is driven by steel mill restocking, though environmental production limits may suppress demand [13] - Government bond futures are in a bearish trend due to diminishing expectations for monetary policy easing [13] PART. 4: Summary - Long positions to focus on include CSI 500 futures, copper, and crude oil [15] - Short positions to consider are government bond futures, coking coal, and glass [15]