1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The hotspots in the stock market are receding, and the bond market sentiment is warming up. In the stock index futures market, the previous hotspots are fading, and it is difficult to have systematic opportunities at the end of the year. In the stock index options market, the implied volatility is still in a downward channel. In the bond market, the sentiment is comprehensively warming up under the influence of broad - money and supply expectations [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Viewpoint**: The previous hotspots are receding. The IF, IH, IC, and IM monthly basis points and inter - period spreads have changed. The IF, IH, IC, and IM positions have also changed. - **Logic**: On Tuesday, the Shanghai Composite Index fluctuated and closed flat above 3900 points with a trading volume of 1.9 trillion yuan. The unsuccessful rocket launch affected the commercial aerospace sector, and the consumer sector also declined. With the approaching of overseas holidays and the end of the year, it is difficult to have systematic opportunities. It is recommended to allocate funds defensively with high - dividend and price - rising chains as the main lines, and large - cap stocks are better than small - cap stocks. - **Operation Suggestion**: Buy Red - chip ETF and IC long positions [7]. 3.1.2 Stock Index Options - **Viewpoint**: The implied volatility is still in a downward channel. - **Logic**: On Tuesday, the equity market fluctuated and was divided. The trading volume of the two markets increased, but the activity in the options market decreased. The implied volatility of each variety declined. In the context of tight liquidity at the end of the year, the market is in a digestion period, and it is recommended to focus on defense and continue the covered call strategy. - **Operation Suggestion**: Implement the covered call strategy [7]. 3.1.3 Treasury Bond Futures - **Viewpoint**: Under the influence of broad - money and supply expectations, the bond market sentiment is comprehensively warming up. - **Logic**: The main contracts of treasury bond futures rose across the board. The warming of the bond market is related to the broad - money expectation and the government bond supply expectation. The short - term is benefited by the relatively loose capital, and the long - term may be volatile. - **Operation Suggestion**: Trend strategy: Oscillation. Hedging strategy: Pay attention to short - hedging at the low basis. Basis strategy: Appropriate attention to the widening of the basis. Curve strategy: The curve may maintain steepening [8][9]. 3.2 Economic Calendar - The report shows the economic data of China and the United States from December 22 - 24, 2025, including China's December LPR and the US Q3 GDP growth rate and the initial jobless claims on December 20 [11]. 3.3 Important Information and News Tracking - **Central Enterprises**: General Secretary Xi Jinping made important instructions on the work of central enterprises, emphasizing their responsibilities and missions, focusing on main businesses, promoting innovation, deepening reforms, and preventing risks [12]. - **Commercial Aerospace**: On December 23, 2025, the Long March 12A rocket completed its first flight, but the first - stage rocket recovery was not successful, which provided experience for subsequent technology iteration [12]. - **Consumption**: Many places have launched the application and selection of business entities for the 2026 home appliance and digital product trade - in program. The central government will continue the "national subsidy" for trade - in next year [13]. 3.4 Derivatives Market Monitoring - **Stock Index Futures Data**: Specific data on basis points, inter - period spreads, and positions of IF, IH, IC, and IM are provided [7]. - **Stock Index Options Data**: Not detailed in the given content. - **Treasury Bond Futures Data**: Data on trading volume, positions, inter - period spreads, cross - variety spreads, and basis of T, TF, TS, and TL are provided [7][8].