Group 1: Report's Industry Investment Rating - Not provided Group 2: Report's Core View - The short - term view of the stock index is mainly oscillating strongly, and the medium - term view is upward. The reference view is also upward. Policy - side favorable expectations strongly support the stock index, and factors such as trading volume, capital inflow, and the development of the technology AI industry all contribute to the positive trend of the stock index [1][5] Group 3: Summary According to Relevant Content 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is oscillating, the medium - term view is upward, the intraday view is oscillating strongly, and the overall view is upward, with favorable policy expectations as the core support [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillating strongly, and the medium - term view is upward. The reference view is upward. Yesterday, each stock index showed an oscillating upward trend. The trading volume of the three major stock markets in Shanghai, Shenzhen, and Beijing was 2448.4 billion yuan, a decrease of 192.3 billion yuan from the previous day. The trading volume above 2 trillion yuan indicates positive investor sentiment. Policy - side favorable expectations strongly support the stock index, and policies from both supply and demand sides promote price index recovery and corporate profit repair. Funds from margin trading, institutional long - term funds, and residents' wealth - management funds continue to flow into the stock market, which is positive for the valuation repair of the stock index. At the micro - level, the rapid development of the technology AI industry and the increasing logic of domestic substitution are beneficial to the CSI 500 and CSI 1000 indexes [5]

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 IM 上行趋势有望延续 自 6 月 23 日 IM2509 合约向上突破 20 日均线后，该合约便保持上行趋势，且长期运行于 5 日均线上 方。截至目前，累计涨幅已超过 20%。中证 1000 股指期货此次持续反弹，主要得益于宏观政策预期改善、 科技 AI 产业蓬勃发展、增量资金持续流入等多重利好的共同推动。 政策面持续提振 促消费政策是今年宏观政策的主线。政策层面安排 3000 亿元超长期特别国债，支持消费品以旧换新， 且以旧换新品类有所扩容，新增了 3C 数码电子、厨电、家具等品类。截至 7 月 16 日，全国已有 2.8 亿人 次申领消费品以旧换新补贴，带动相关商品销售额超 1.6 万亿元。今年上半年，限额以上单位家电和音像 器材、文化办公用品、通信器材、家具商品零售额同比分别增长 30.7%、25.4%、24.1%、22.9%，同比增 速均超 20%。目前，第三批 690 亿元超长期特别国债已下发，按计划今年 10 月将下发第四批 690 亿元资 金，因此未来消费对经济需求的拉动作用仍将延续。 7 月以来，"反内卷"政策持续推进， ...

投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 8 月 20 日 金融期权 专业研究·创造价值 风险偏好较乐观，股指震荡上涨 核心观点 今日各股指均呈现震荡上涨的走势，早盘震荡整理，午后单边上行。 沪深京三市全天成交额 24484 亿元，较上日缩量 1923 亿元。目前股市成交 金额大于 2 万亿元，说明投资者情绪仍偏向积极乐观。政策面，利好预期对 股指的支撑作用较强，反内卷政策、促消费政策分别从供需两方面推动价格 指数温和回升，促进企业利润修复。资金面，两融资金、机构长线资金、居 民理财资金持续流入股市，流动性宽松下的资金流入对股指的估值修复起 到积极作用。微观层面，科技 AI 产业快速发展，国产替代需求的逻辑升温， 利好中证 500 和中证 1000 指数。总的来说，股指短期内以震荡偏强为主。 目前期权隐含波动率有所回升，考虑到股指中长线向上，可以继续持 有牛市价差或比例价差温和看多。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longao ...