Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term view for IH2509 is oscillatory, the medium - term view is upward, and the intraday view is oscillatory and bullish. The overall view is oscillatory and bullish, supported by positive policy expectations [1]. - For IF, IH, IC, and IM, the intraday view is oscillatory and bullish, and the medium - term view is upward. The overall reference view is oscillatory and bullish. Although the main support comes from positive policy expectations, short - term upward momentum is weakening, and the market is expected to oscillate within a range [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic | | --- | --- | --- | --- | --- | --- | | IH2509 | Oscillatory | Upward | Oscillatory and bullish | Oscillatory and bullish | Policy - end positive expectations provide strong support [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices continued to oscillate within a narrow range. The total stock market turnover was 1405.1 billion yuan, a decrease of 91.4 billion yuan from the previous day [5]. - The main support for stock indices comes from positive policy expectations. Due to unstable domestic demand and weak credit and inflation data, the market expects more policies to support economic demand and is concerned about the policy guidance of the Politburo meeting in July [5]. - Since late June, the stock indices have risen significantly, so the short - term upward momentum has weakened. The recent decline in trading volume indicates a cooling of the market's chasing sentiment [5].

宝城期货股指期货早报（2025 年 6 月 23 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：上周五各股指走势震荡分化，其中 IH 与 IF 震荡小幅收涨，IC 与 IM 震荡小幅收跌。消息 面，央行公布 6 月 LPR 报价，与上月持平，符 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 11 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：昨日各股指早盘均震荡整理，午后快速下跌，全天收跌。消息面上，中美经贸磋商机制首 次会议在英国伦敦开始举行。目前磋商结果仍具有较高不确定性，市场情绪以 ...