1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For stock index futures, maintain a long - term bullish view on the economy, recommend buying long - term contracts of various varieties on dips, and note short - term market cooling signs [2] - For treasury bond futures, with rising risk appetite and economic recovery expectations, suggest long - term hedging of T and TL contracts on rallies [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Market Performance**: On August 19th, the four major A - share stock indexes pulled back. The Shanghai Composite Index fell 0.02% to 3727.29 points, the Shenzhen Component Index fell 0.12% to 11821.63 points, the ChiNext Index fell 0.17% to 2601.74 points, and the Science and Technology Innovation 50 Index fell 1.12% to 1112.27 points. Market turnover was 2640.7 billion yuan, a decrease of 168.5 billion yuan from the previous day. In terms of industry sectors, comprehensive (+3.48%), communication (+1.87%), and food and beverage (+1.04%) led the gains, while non - bank finance (-1.64%), national defense and military industry (-1.55%), and petroleum and petrochemical (-0.58%) led the losses. From the perspective of market strength, IM>IC>IF>IH. The number of rising/flat/falling stocks was 2982/186/2252 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of - 18.8 billion, - 26.3 billion, - 0.3 billion, and 45.4 billion yuan respectively, with changes of - 24.2 billion, - 7.2 billion, +6.5 billion, and +24.8 billion yuan respectively [2] - **Basis and Basis Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH were 116.25, 98.71, 11.97, and - 3.18 points respectively, and the basis annualized yields were - 10.56%, - 9.76%, - 1.87%, and 0.74% respectively. The three - year historical quantiles were 34%, 16%, 40%, and 53% respectively [2] - **Trading Strategy**: In the medium - to - long - term, maintain a long - term bullish view on the economy. Currently, using stock indexes as a long - term substitute has certain excess returns. It is recommended to allocate long - term contracts of various varieties on dips. In the short - term, the market shows signs of cooling [2] 3.2 Treasury Bond Futures - **Market Performance**: On August 19th, the yields of treasury bond futures pulled back. Among the active contracts, the implied interest rate of the two - year bond was 1.422, a decrease of 1.73 bps from the previous day; the implied interest rate of the five - year bond was 1.613, a decrease of 1.7 bps; the implied interest rate of the ten - year bond was 1.72, a decrease of 0.8 bps; and the implied interest rate of the thirty - year bond was 2.121, a decrease of 0.92 bps [2] - **Cash Bonds**: The current active contract is the 2509 contract. The CTD bond of the two - year treasury bond futures is 250006.IB, with a yield change of - 1.25 bps, a corresponding net basis of 0.02, and an IRR of 1.28%; the CTD bond of the five - year treasury bond futures is 240020.IB, with a yield change of - 1.5 bps, a corresponding net basis of 0.029, and an IRR of 1.17%; the CTD bond of the ten - year treasury bond futures is 250007.IB, with a yield change of - 1.25 bps, a corresponding net basis of 0.032, and an IRR of 1.13%; the CTD bond of the thirty - year treasury bond futures is 210005.IB, with a yield change of - 2.25 bps, a corresponding net basis of - 0.047, and an IRR of 2% [2] - **Funding Situation**: In open - market operations, the central bank injected 580.3 billion yuan and withdrew 114.6 billion yuan, with a net injection of 465.7 billion yuan [2] - **Trading Strategy**: With rising risk appetite and economic recovery expectations, it is recommended to hedge T and TL contracts on rallies in the medium - to - long - term [2] 3.3 Economic Data - High - frequency data shows that the recent social activity sentiment is weak [9]