Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The short - term and medium - term views of the index futures are range - bound, with an intraday view of being weak [1][5] - The core logic is the balance between continuous policy support and the uncertainty of the Middle - East geopolitical crisis, with investors showing weak trading willingness but limited downside for the index due to macro - economic resilience and policy benefits [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the IH2606 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is weak, and the overall view is range - bound. The core logic is the contrast between continuous policy benefits and the Middle - East geopolitical crisis [1] Main Variety Price Market Driving Logic - For IF, IH, IC, and IM varieties, the intraday view is weak, the medium - term view is oscillatory, and the reference view is range - bound. Yesterday, the stock indices were oscillating, showing a trend of hitting bottom and then rebounding. The Middle - East geopolitical situation is highly uncertain, leading investors to be risk - averse. However, the impact of external risks on China's macro - economy has been digested, and with strong economic resilience and continuous policy benefits, the downside of the index is limited [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view of the stock index is that it will be in a range - bound oscillation. The core logic is the balance between continuous favorable domestic policies and the uncertainty of the Middle - East geopolitical crisis [1][5] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2606, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is weak. The reference view is range - bound oscillation, with the core logic being the contrast between continuous policy incentives and the Middle - East geopolitical crisis [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is weak, the medium - term view is oscillation, and the reference view is range - bound oscillation. The core logic is that although the Middle - East geopolitical risk has cooled to some extent after the US proposed an end - conflict plan to Iran, there is still high uncertainty. In the long - term, domestic policy support for the economic fundamentals provides support for the stock index. However, due to the cautious behavior of market funds, the stock index is expected to be range - bound in the short - term [5]

1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. 2. Core Viewpoints of the Report - Geopolitical factors remain the core concern of the market. After the Trump administration released more signals of easing the situation, most global equity markets rebounded. The domestic market also showed a shrinking - volume rebound. Attention should be paid to potential positive factors from domestic policies. If the market trading volume effectively increases in the future, it is expected to drive the market to form a trend - upward [1][3]. 3. Summary According to Related Catalogs 3.1 Market Analysis - **Macro - aspect**: The State Administration for Market Regulation held a symposium on price supervision and anti - unfair competition work, emphasizing efforts in various aspects such as deepening price supervision, rectifying "involution - style" competition, and strengthening anti - unfair competition law enforcement [1]. - **Geopolitical - aspect**: Trump stated that the US had "won" in the action against Iran, and the US proposed a 15 - condition conflict - ending plan to Iran through Pakistan, including requirements on nuclear plans, missile capabilities, and regional issues [1]. 3.2 Index Performance - **Spot Market**: A - share major indices rebounded. The Shanghai Composite Index rose 1.78% to 3881.28 points, and the ChiNext Index rose 0.5%. Most sector indices rose, with only the petroleum and petrochemical, and coal industries closing down. The environmental protection, textile and apparel, building materials, and non - ferrous metal industries led the gains. The trading volume on that day was 2.1 trillion yuan. As of the end of February, the scale of existing private equity funds reached 22.6 trillion yuan, an increase of 160 billion yuan from the end of the previous month, hitting a new high. Overseas, the preliminary value of the US S&P Global Composite PMI in March dropped to 51.4, a new low in 11 months. The manufacturing and service sectors showed different trends: the manufacturing PMI rose to 52.4, exceeding expectations, while the service PMI dropped to 51.1, also a new low in 11 months. The three major US stock indices closed down, with the Nasdaq falling 0.84% to 21761.89 points [2]. - **Futures Market**: In the futures market, the basis of IF, IH, and IM decreased. In terms of trading volume and open interest, both the trading volume and open interest of index futures decreased [2]. 3.3 Strategy - Geopolitical factors are still the core focus of the market. After the Trump administration released more signals of easing the situation, most global equity markets rebounded. The domestic market showed a shrinking - volume rebound. Attention should be paid to potential positive factors from domestic policies. If the market trading volume effectively increases in the future, it is expected to drive the market to form a trend - upward [3]. 3.4 Chart Information - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][8][10]. - **Spot Market Tracking Charts**: Table 1 shows the daily performance of major domestic stock indices on March 24, 2026, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. - **Stock Index Futures Tracking Charts**: Table 2 shows the trading volume and open interest of IF, IH, IC, and IM index futures, including the current values and changes. Table 3 shows the basis of index futures (futures - spot). Table 4 shows the inter - period spreads of index futures. There are also multiple charts related to the open interest, net open interest of foreign capital, basis, and inter - period spreads of different index futures contracts [17][39][45].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The short - term view of the stock index is mainly low - level oscillation. At present, the geopolitical crisis in the Middle East has increased the risk of macro - recession, the market sentiment is weak, but in the long - term, the domestic policy is continuously beneficial to the economic fundamentals, and there is still supporting power for the stock index [5]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2606 variety, the short - term view is oscillation, the medium - term view is oscillation, the intraday view is weak, and the overall view is interval oscillation. The core logic is the confrontation between continuous policy benefits and the Middle East geopolitical crisis [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weak, the medium - term view is oscillation, and the reference view is interval oscillation. The core logic is that the stock index declined significantly yesterday, and the A - share trading volume did not increase significantly. The sharp correction of the stock index is due to the strong sentiment of capital leaving the market to wait and see under the high - risk uncertainty, resulting in a lack of liquidity in the stock market and insufficient buying support. With the continuous escalation of the Middle East geopolitical crisis, the risks of global energy supply shortage and key raw material supply chain interruption have increased, and the risk of global macro - economic weakening has risen significantly. The subsequent war situation is uncertain, and investors' preference for risky assets has declined rapidly. The Shanghai Composite Index has fallen significantly in the past two trading days, reflecting the weak market sentiment. In the long - term, domestic policies are beneficial to the economic fundamentals, and there is still support for the stock index [5].

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoint - The current situation features a co - existence of macro - recession risks triggered by the Middle East geopolitical crisis and continuous policy benefits, leading to short - term range - bound fluctuations in stock index futures [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2606, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "range - bound oscillation". The core logic is the balance between continuous policy benefits and the Middle East geopolitical crisis [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is "bullish", and the medium - term view is "oscillation", with a reference view of "range - bound oscillation". The core logic is that last Friday, stock indexes oscillated and declined. The escalating Middle East geopolitical crisis has increased risks such as global energy supply shortages, raw material supply chain disruptions, and macro - economic weakening. Investor risk appetite has significantly declined. However, continuous policy benefits strongly support the stock index. Policy measures can stabilize corporate profit expectations and the stock market's fundamental expectations, and may also introduce liquidity support policies or play a role similar to a stabilization fund [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The short - term view of the stock index is range - bound, with the co - existence of macro - recession risks caused by the Middle East geopolitical crisis and continuous policy benefits [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2606, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is bullish, and the overall view is range - bound. The core logic is the co - existence of continuous policy benefits and the Middle East geopolitical crisis [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is oscillatory, and the reference view is range - bound. The core logic is that yesterday, each stock index oscillated and declined. The continuous escalation of the Middle East geopolitical crisis has increased risks such as global energy supply shortage, key raw material supply chain interruption, and macro - economic recession. The Fed's interest rate decision in March maintained the interest rate and said it would not cut interest rates before inflation improved, leading to a marginal tightening of the global liquidity environment and a decline in the stock market valuation level. As the Shanghai Composite Index fell to around the 4000 - point mark, the support of continuous policy benefits gradually emerged. The policy focuses on stabilizing corporate profit expectations and developing new - quality productivity. In the short term, the stock index is mainly range - bound [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is mainly range - bound, with the co - existence of continuous policy benefits and global economic stagflation risks [1][5] - The current stock market has a mix of long and short factors, investors' risk appetite is cautious, and trading volume has shrunk. Policy support is strong, but the long - term risk of the Middle East geopolitical crisis and global economic stagflation have put pressure on the stock performance and valuation [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2606, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "range - bound". The core logic is the co - existence of continuous policy benefits and global economic stagflation risks [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is "bullish", the medium - term view is "oscillation", and the reference view is "range - bound". The core logic is that the stock index continued to oscillate and consolidate yesterday. A - share trading volume shrank. There are a mix of long and short factors in the stock market, with policy support and risks of global economic stagflation [5]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Today, the stock index trends were divergent. The CSI 1000 and CSI 500 indices declined significantly, while the SSE 50 index oscillated and closed higher. Currently, there is a co - existence of strong support from continuous policy - side benefits and negative pressure from the long - term risk of the Middle East geopolitical crisis. As a result, the stock index has entered a range - bound consolidation phase. In the short term, the stock index will mainly move in a range [3]. - For options, since the stock index will mainly move in a range in the short term and has currently retraced to near the lower edge of the previous oscillation range, a bullish spread or covered call enhancement strategy can be adopted [3]. Group 3: Summary by Related Catalogs 1. Shanghai Stock Exchange 50ETF Options - Figures presented include the Shanghai Stock Exchange 50ETF trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6] 2. Shanghai Stock Exchange 300ETF Options - Figures presented include the Shanghai Stock Exchange 300ETF trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [7][8][9] 3. Shenzhen Stock Exchange 300ETF Options - Figures presented include the Shenzhen Stock Exchange 300ETF trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [17][18][19] 4. CSI 300 Index Options - Figures presented include the CSI 300 index trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [29][30][31] 5. CSI 1000 Index Options - Figures presented include the CSI 1000 index trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [37][38][39] 6. Shanghai Stock Exchange 500ETF Options - Figures presented include the Shanghai Stock Exchange 500ETF trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [47][48][49] 7. Shenzhen Stock Exchange 500ETF Options - Figures presented include the Shenzhen Stock Exchange 500ETF trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [59][60][61] 8. Shanghai Stock Exchange 50 Index Options - Figures presented include the Shanghai Stock Exchange 50 index trend, historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [70][71][72]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is mainly range - bound consolidation. The geopolitical risks and continuous policy benefits are intertwined, with geopolitical risks suppressing the stock index and policy benefits supporting it in the medium - to - long term. The follow - up should focus on the evolution of the US - Iran situation, policy implementation effects, and the disclosure of listed company financial reports [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2606 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is bullish, and the reference view is range - bound. The core logic is that continuous policy benefits stabilize the economic fundamentals [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is oscillatory, and the reference view is range - bound. The core logic is that yesterday, each stock index was oscillating and consolidating in a narrow range. Geopolitical risks and continuous policy benefits are intertwined, causing the stock index to fall into an oscillatory consolidation market. Geopolitical risks suppress the stock index, while policy benefits support it in the medium - to - long term [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For IH2606, in the short - term and medium - term, it is expected to be in a state of oscillation, and intraday it is expected to be on the stronger side, with an overall view of range - bound oscillation due to continuous policy support stabilizing the economic fundamentals [1]. - For IF, IH, IC, and IM, the intraday view is on the stronger side, the medium - term view is oscillation, and the overall reference view is range - bound oscillation. Although the risk of long - term Middle East geopolitical crisis may limit stock prices, the market has basically digested this risk. Policy support is the main logic for the long - term upward movement of the stock index. In the short - term, the index will be mainly in range - bound consolidation [5]. 3. Summary by Related Aspects 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic | | --- | --- | --- | --- | --- | --- | | IH2606 | Oscillation | Oscillation | Stronger | Range - bound oscillation | Policy support stabilizes economic fundamentals [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Core Logic**: Last Friday, stock indexes oscillated and slightly pulled back. The long - term risk of the Middle East geopolitical crisis has increased, which may lead to global stagflation and limit central bank's monetary easing, thus suppressing stock prices. However, the market has basically digested this risk, and the marginal impact is weakening. Policy support is the main driver for the long - term upward movement of the stock index. In the short - term, the index will be in range - bound consolidation, with attention on the development of the US - Iran situation, policy implementation effect, and listed company's financial report disclosure [5].