Core Viewpoint - The article discusses the recent performance of the stock market, particularly the Shanghai Composite Index and the ChiNext Index, highlighting the significant rebound and the implications of the current market conditions on investment strategies [1]. Group 1: Market Performance - The Shanghai Composite Index has reached new highs for the tenth consecutive trading day, reflecting a recovery from the significant drop on April 7 [1]. - The CSI 1000 Index has increased by 8.30% since April 8, while the far-month stock index futures have only risen by about 3%, leading to a notable negative basis [1][3]. Group 2: Futures Market Dynamics - The article explains the concept of "contango" and "backwardation" in futures trading, indicating that the current negative basis is likely due to significant hedging activities in the futures market [3]. - The low dividend yield of the CSI 1000 Index compared to the CSI 300 Index suggests that the futures prices are less influenced by dividend factors, which may contribute to the current market dynamics [3]. Group 3: Trading Volume and Market Sentiment - Trading volume is highlighted as a critical variable for market momentum, with a historical benchmark of 1.3%-1.4% turnover rate indicating a healthy market environment [4]. - A sustained trading volume above 1.4 trillion yuan is necessary for the emergence of a structural market trend, while volumes below this threshold may indicate a retreat of trading capital [5]. Group 4: Seasonal Trends and Calendar Effects - The article discusses the historical performance of the Shanghai Composite Index and the CSI 300 Index during the latter half of April, noting a low win rate and negative average returns in this period [6]. - The analysis suggests that the end of April is a critical time for earnings announcements, which may lead to increased volatility and the need for cautious investment strategies [6]. Group 5: Investment Strategy Recommendations - The article emphasizes the importance of monitoring the relationship between the A-share indices and the Hang Seng Technology Index, as well as the net inflow of margin trading, to gauge market sentiment [8]. - Investors are advised to remain patient and strategic, especially as the market approaches key resistance levels and while waiting for a return of trading volume [8].