1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views of the Report - **Stock Index Futures**: Liquidity stampede has eased, and the investment style may shift from cyclical to technology sectors for potential catch - up growth. The position can be switched to IM long positions, and ETF investors can focus on the ChiNext and STAR Market indices [1][6]. - **Stock Index Options**: Market sentiment has stabilized, and implied volatility has declined. As the market stabilizes, the previous put - hedging strategy can be reduced or converted to a covered - call strategy [2][7]. - **Treasury Bond Futures**: The long - end of treasury bond futures has weakened. The long - end interest rate trend is unclear and is expected to continue the oscillatory pattern. In the short term, arbitrage trading is recommended, with a focus on the convergence opportunity of the spread between 30 - year and 10 - year treasury bonds [2][7]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Market Situation**: On Tuesday, the Shanghai Composite Index opened higher and then declined, rebounding in a V - shape after testing the 4000 - point level. There were three positive signals indicating the easing of liquidity stampede pressure, including the peak - to - decline of the VIX of gold, silver, copper, and aluminum in the overnight overseas market, the stabilization of domestic commodity prices, and the alleviation of concerns about balance - sheet reduction [1][6]. - **Investment Strategy**: The style may shift from cyclical to technology sectors. Since the congestion of the non - ferrous industry has reached a three - year high and the TMT congestion is at a medium historical level, technology stocks have more room for catch - up growth. The position should be switched to IM long positions, and ETF investors can focus on the ChiNext and STAR Market indices [1][6]. 3.2 Stock Index Options - **Market Situation**: On Tuesday, the underlying asset rebounded in a V - shape during the day. The total trading volume of financial options dropped to 128.1 billion yuan, a decrease of 25.3% compared to Monday. The implied volatility of options declined from a high level, and the skewness of most varieties increased [2][7]. - **Investment Strategy**: As the market stabilizes, the previous put - hedging strategy can be reduced or converted to a covered - call strategy. However, due to the approaching long holiday, caution is advised when selling volatility [2][7]. 3.3 Treasury Bond Futures - **Market Situation**: Treasury bond futures showed a differentiated trend, with TS, TF, and T contracts strengthening and the TL contract weakening. The inter - bank market liquidity was stable, and the central bank conducted a repurchase operation, enhancing the liquidity of the banking system. In the long term, the promotion of dividend - insurance products and the transfer of bank deposits are expected to support premium income in 2026 [2][7]. - **Investment Strategy**: The long - end interest rate trend is unclear and is expected to continue the oscillatory pattern. In the short term, arbitrage trading is recommended, with a focus on the convergence opportunity of the spread between 30 - year and 10 - year treasury bonds. Trend strategy: oscillatory. Hedging strategy: focus on short - hedging at low basis levels. Basis strategy: focus on long - end arbitrage opportunities. Curve strategy: focus on the flattening of the 30Y - 10Y curve in the short term [2][7].