1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The geopolitical risks in the stock index futures market have eased, and risk appetite has marginally recovered. The market opened higher and moved higher, with strong capital offensive willingness. Technology stocks performed strongly, and the ChiNext Index led the rise by 3.04%, while the Science and Technology Innovation Comprehensive Index rose by 3.02%. It is advisable to turn positive in operation and semi - hold IM contracts with high elasticity and high technology proportion [1][6]. - In the stock index options market, it is recommended to continue holding call options for defense. Although the market sentiment is warm, considering the deep market fluctuations and the fact that the options market is trading volatility rather than just direction, call options should be held to protect the overall portfolio from systematic risks [2][6]. - The bond market has recovered. The performance of the main contracts of treasury bond futures was differentiated. The inter - bank bond market rebounded moderately, but the 30 - year treasury bond was relatively weak. The market may continue to fluctuate in the short term, and the strategy may focus on arbitrage, paying attention to the convergence opportunity of the 30 - 10Y treasury bond term spread [3][7]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **View**: Geopolitical risks have eased, and risk appetite has marginally recovered [1][6]. - **Logic**: Trump said the geopolitical conflict would end "soon", and the G7 meeting proposed measures to stabilize energy prices, which promoted the TACO trading and the rapid recovery of global risk appetite. Geopolitical risk mitigation led to the continued decline of energy, oil and gas, and coal, while technology stocks were strong. Multiple local governments issued incentive policies to encourage the local deployment of OpenClaw, driving the market enthusiasm and the spread of funds to hardware sectors such as semiconductors and chips [1][6]. - **Operation Suggestion**: Semi - hold IM contracts [6]. 3.2 Stock Index Options - **View**: Continue to hold call options for defense [2][6]. - **Logic**: The equity index was strong, but the trading volume of options decreased significantly. The option sentiment indicator (PCR) strengthened, and the implied volatility declined naturally, indicating warm market sentiment. However, due to the deep market fluctuations and the options market trading volatility, call options should be held for defense [2][6]. - **Operation Suggestion**: Continue to hold call options for defense [6][7]. 3.3 Treasury Bond Futures - **View**: The bond market has recovered [3][7]. - **Logic**: The performance of the main contracts of treasury bond futures was differentiated. The inter - bank bond market rebounded moderately, but the 30 - year treasury bond was relatively weak. The uncertainties of the Middle East geopolitical situation, inflation trends, and the redemption pressure of fixed - income products are the three major risk variables. The inter - bank market funds are stable, and the central bank conducts small - scale net investment operations. As the tax period approaches, the central bank will increase the scale of reverse repurchase operations. If the Middle East situation disturbs and oil prices rise beyond expectations, inflation concerns may continue to disturb the bond market [3][7]. - **Operation Suggestion**: Trend strategy: oscillate. Hedging strategy: pay attention to short - hedging at the low basis. Basis strategy: pay attention to the long - end positive arbitrage opportunity. Curve strategy: pay attention to the flattening of the 30Y - 10Y in the short term [7].