Report Summary Investment Ratings - **Financial Futures and Options**: - **Stock Index Futures**: Short - term: Oscillating with an upward bias; Medium - term: Bullish [1] - **Treasury Bond Futures**: Short - term: Oscillating slightly weaker; Medium - term: Bullish [2] - **Commodity Futures and Options**: - **Black and Building Materials Sector**: Short - term: Steel prices to run weakly; Medium - term: Downward pressure on steel prices persists [4] Core Views - **Stock Index Futures**: Overseas geopolitical tensions ease, and domestic policies are expected to boost the A - share market [1] - **Treasury Bond Futures**: Geopolitical easing pressures safe - haven assets, and domestic policies are expected to be more accommodative [2][3] - **Black and Building Materials Sector**: High raw material inventory and weak downstream demand lead to downward pressure on steel prices [4][5] Summary by Category Financial Futures and Options Stock Index Futures - **Reference Strategy**: Hold short MO2507 - P - 5800 out - of - the - money put options and long IM2507 contracts [1] - **Core Logic**: Overseas, the easing of geopolitical tensions boosts risk sentiment; domestically, policies are expected to boost domestic demand [1] Treasury Bond Futures - **Reference Strategy**: Reduce long positions in T2509 or TL2509 trading accounts, and hold long positions in allocation accounts [2] - **Core Logic**: Geopolitical easing pressures safe - haven assets; the central bank increases net investment to stabilize funds; domestic policies are expected to be more accommodative [2][3] Commodity Futures and Options Black and Building Materials Sector - **Reference Strategy**: Re - enter the strategy of selling RB2510 call options (exercise price 3150 - 3450) or buy RB2510 at - the - money put options [4][6] - **Core Logic**: High raw material inventory and weak downstream demand, especially in the construction season, and the easing of geopolitical tensions reduces the upward drive of steel prices [4][5]