Group 1: Report's Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy - positive expectations. In the short term, stock index futures are expected to maintain wide - range fluctuations. The short - term view of IH2512 is shock, the medium - term view is rising, and the intraday view is shock - biased upward, with a wide - range shock as the reference view. For IF, IH, IC, and IM, the intraday view is shock - biased upward, the medium - term view is rising, and the reference view is wide - range shock [1][4]. Group 3: Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Section - For IH2512, the short - term is shock, the medium - term is rising, the intraday is shock - biased upward, and the view reference is wide - range shock. The core logic is the conflict between the short - term capital's profit - taking willingness and the medium - and long - term policy positive expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Section - Last Friday, each stock index fluctuated and declined, showing weakness throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 195.44 billion yuan, an increase of 570 million yuan compared with the previous day. Recently, overseas uncertain risk factors have increased, the risk - aversion sentiment has risen, and stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing policies, which provides medium - and long - term support for the stock index. A major policy meeting will be held this week, and it is highly certain that the policy will stabilize demand and expectations. Overall, the future market trend depends on the game between profit - taking sentiment and policy - positive expectations, and the stock index is expected to maintain wide - range fluctuations in the short term [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term trend of the stock index is mainly range - bound, with an upward mid - term trend and a slightly stronger intraday trend. The policy - side positive expectations provide strong support, but the short - term policy driving force is insufficient [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is "oscillation", the mid - term view is "rise", the intraday view is "oscillation with a slight upward bias", and the reference view is "range - bound oscillation". The core logic is that the positive policy expectations provide strong support [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is "oscillation with a slight upward bias", the mid - term view is "rise", and the reference view is "range - bound oscillation". The core logic is that the domestic macro - economic indicators have weakened marginally recently, and the weak performance of credit and inflation data indicates that there is still downward pressure on domestic demand. More policies to support demand are needed, so the expectation of policy benefits has increased. However, there is no clear policy signal in the short term, and the incremental policy signals are expected to come out after the Politburo meeting in July. Although the market sentiment has recovered, the short - term policy driving force is insufficient. Attention should be paid to the overseas uncertainties such as the Middle East situation and the Sino - US tariff war [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The short - term view of the stock index futures is interval oscillation. Policy利好预期 forms a strong bottom support, while overseas uncertainty risks restrict the upward space of the stock index. [1][4] - The short - term view of IH2506 is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias, with an overall view of interval oscillation. [1] - The intraday view of IF, IH, IC, IM is oscillation with a slight upward bias, the medium - term view is oscillation, and the reference view is interval oscillation. [4] 3) Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias. The core logic is that there are both policy - side利好 expectations and external uncertainty risks. [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index oscillated and sorted within a narrow range. The stock market trading volume was 107.67 billion yuan, a decrease of 6.03 billion yuan compared with the previous day. Recently, the trading volume has been stable at around 1 trillion yuan, indicating that investors' wait - and - see sentiment has increased and the willingness to chase up is not strong. [4] - On one hand, due to the approaching May Day holiday, investors are cautious about the holiday's uncertainty risks. On the other hand, the stock index has rebounded to the gap position in early April and faces technical selling pressure when continuing to rise. [4] - After the Politburo meeting last Friday, the domestic policy side released signals of stabilizing expectations and confidence in the context of rising external environmental uncertainty. However, there is no signal of concentrated policy intensification yet. Attention can be paid to the performance of subsequent macro - economic indicators. If economic data weakens, policy expectations will increase. [4]