Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The short - term view of the stock index is oscillating strongly, and the medium - term view is oscillating. Policy expectations support the stock index. Once there is a clear signal of policy benefits, the stock index may break through and rise [1][5] Group 3: Summary According to Relevant Catalogs 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillating, the medium - term view is oscillating, the intraday view is oscillating strongly, and the overall view reference is oscillating strongly, with the core logic being the increasing expectation of the policy side [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view is oscillating strongly, and the medium - term view is oscillating. The reference view is oscillating strongly. The core logic is that the stock index rose comprehensively yesterday. The stock market trading volume was 1364.4 billion yuan, 171.4 billion yuan more than the previous day. This was due to the stable external news during the holiday, the return of funds to the stock market, the good high - frequency data of travel during the holiday, the high possibility of macro - economic recovery, the continuous allocation of A - shares by funds like Central Huijin, the weakening of the manufacturing PMI in April indicating increasing policy measures for stable growth, and the stock index being at the position of the gap in early April, which will oscillate around the current point. Policy expectations support the stock index, and it will be oscillating strongly in the short term [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The overall view for the financial futures stock index sector is that the index futures are expected to operate with a bias towards strength in an oscillatory manner. The short - term view for IH2506 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a bias towards strength, with an overall view of range - bound oscillation. For IF, IH, IC, and IM, the intraday view is oscillatory with a bias towards strength, and the medium - term view is oscillatory [1][4]. - The core logic is that the 4 - month manufacturing PMI released last Wednesday was 49.0%, down 1.5 percentage points from the previous month, indicating that external demand decline has disturbed the macro - economy. The policy expectation is expected to heat up after the May Day holiday, and the market's cautious sentiment will fade, with trading volume in the stock market expected to pick up. It is expected that the index futures will break through the gap in early April and continue to rebound [4]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory with a bias towards strength, and the overall view is range - bound oscillation. The core logic is the co - existence of positive policy expectations and external uncertainties [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillatory with a bias towards strength, and the medium - term view is oscillatory, with an overall view of range - bound oscillation. The 4 - month manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating external demand decline disturbing the macro - economy. Policy expectation is expected to heat up after the May Day holiday, and market sentiment is expected to recover, with index futures expected to operate with a bias towards strength in an oscillatory manner [4].