Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The short - term view of the stock index futures is that they will run with a strong bias in a volatile manner, and the medium - term view is that they will be volatile. The main reason is that the positive signals from the policy side in the short term have stabilized market expectations and formed a strong bottom support for the stock index [1][5]. 3. Summary by Relevant Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term and medium - term trends are both volatile, and the intraday trend is strongly biased in a volatile manner. The core logic is that the policy - side benefits provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: The stock indexes rose across the board yesterday. The total trading volume of the stock market was 1321.8 billion yuan, a decrease of 183.3 billion yuan compared with the previous day [5]. - **Policy Support**: On May 7, the "one bank, one bureau, one commission" introduced the "package of financial policies to support market stability and expectation stability". The policy side has a good effect on stabilizing market expectations. The central bank's interest rate cuts and reserve requirement ratio cuts, combined with the fiscal policy, can boost domestic demand and promote the stabilization and recovery of listed companies' performance [5]. - **Capital Level**: The central bank increases the re - loan quota to support consumption and technology; the CSRC supports the role of Huijin's quasi - stabilization fund and promotes the linkage between the performance evaluation of public funds and investors' returns; the financial regulatory authority expands the long - term investment pilot scope of insurance funds and reduces the risk factor of insurance companies' stock investment, which can continuously increase the incremental funds in the stock market and promote the re - evaluation of the stock market value [5]. - **Market Sentiment**: Recently, there have been signs of relaxation in Sino - US tariffs, and market risk appetite has recovered. However, the results of the Sino - US contact from May 9th to 12th need to be noted [5].