Report Industry Investment Rating The report does not explicitly mention the industry investment rating. Core Views - The stock market should be treated as a volatile market, while the profit - taking sentiment in the bond market is rising. Specifically, the stock index futures are in a volatile market, the sentiment in the stock index options is expected to continue to warm up, and the profit - taking sentiment in the bond index futures continues to heat up [1][2]. Summary by Directory 1. Market Views Stock Index Futures - **View**: Treat it as a volatile market. The current major indices are approaching the upper resistance levels. Although the A - share market rose on the previous day due to the easing of geopolitical tensions, this rise is a one - time pricing of the exhaustion of negative news and cannot be a reference for the sustainability of the subsequent market. Catalysts are needed for an upward breakthrough, and currently, it is still far from the time for concentrated speculation, so it should be treated as a volatile market, with low - level buying and high - level selling [1][7]. - **Operation Suggestion**: Wait and see [7]. Stock Index Options - **View**: The sentiment is expected to continue to warm up. The trading volume in the options market increased by 29.90% compared with the previous trading day, showing active trading. The PCR of open interest continued to rise, and there is still room for improvement in sentiment. The skewness of major varieties decreased, indicating a shift from defense to offense in the market. The volatility rebounded but remained at a low level. It is recommended to continue with the collar or bull spread strategies and a light - position double - buying strategy for volatility [2][7]. - **Suggestion**: Collar, bull spread, and light - position double - buying [7]. Bond Index Futures - **View**: The profit - taking sentiment continues to heat up. The bond index futures closed down across the board on the previous day. The strong performance of the equity market and the potential disturbances in the capital market due to the approaching end of the quarter and increased supply may have put pressure on the bond market. The DR007 rose significantly to 1.67%. The bond market may remain in a volatile pattern, and the profit - taking sentiment has increased [2][9][10]. - **Operation Suggestion**: For the trend strategy, it is a volatile market. For the hedging strategy, pay attention to short - selling hedging at low basis levels. For the basis strategy, appropriately pay attention to the widening of the basis. For the curve strategy, steepening the curve in the medium term has a higher probability of success [10]. 2. Economic Calendar The report provides an economic calendar for the current week, including data such as the manufacturing PMI preliminary values in the Eurozone and the United States, the IFO business climate index in Germany, and consumer confidence indices in the United States. Some data has been released, while others are yet to be announced [11]. 3. Important Information and News Tracking - **US Macro**: On June 24, Fed Chairman Powell submitted semi - annual monetary policy report testimony to Congress, reiterating that the Fed is not in a hurry to cut interest rates and is waiting for the impact of tariffs to become clear. He believes that the impact of tariffs on inflation may be short - term or long - term [12]. - **China Macro**: Six departments including the People's Bank of China jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing to set up a re - loan for service consumption and elderly care with a quota of 500 billion yuan [12]. 4. Derivatives Market Monitoring The report mentions the monitoring of the stock index futures, stock index options, and bond index futures markets, but specific data details are not fully presented in the provided content.

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The stock index futures market will be in a state of shock and consolidation, and the bond futures market should be mainly operated with a light - position and low - long strategy [5][9][10] Group 3: Summary by Sections 1. Financial News - China is fully prepared to join the CPTPP and will actively align with international high - standard economic and trade rules [3] - China is accelerating the review of rare earth export license applications and has approved a certain number of compliant applications [3] - The central bank conducted 203.5 billion yuan of 7 - day reverse repurchase operations on June 19, with a net investment of 84.2 billion yuan [3] - The Fed kept the benchmark interest rate unchanged at 4.25% - 4.50%, in line with market expectations [4] 2. Investment Logic Stock Index Futures - On Thursday, the stock index fluctuated and declined. The Shanghai Composite 50 Index fell 0.54%, the CSI 300 Index fell 0.82%, the CSI 500 Index fell 1.2%, and the CSI 1000 Index fell 1.42%. The total market turnover was 1.28 trillion yuan [5] - Stock index futures fell across the board. The basis showed differentiation, with the discounts of IF and IH slightly expanding, and the discounts of IM and IC converging. The trading volume and positions of IM, IC, IF, and IH all increased [5] - After continuous shocks, the market declined again. The sharp adjustment in the Hong Kong stock market and the decline of popular concepts in the A - share market have led to a decrease in risk appetite and a setback for the bullish force. The market will remain in shock and consolidation [5] Financial Options - Most option underlying prices fluctuated lower during the day, and the trading volume of most option varieties rebounded. The 500ETF option was relatively active in trading [6] - The actual volatility of the underlying and the implied volatility of options showed a double - low pattern. The market sentiment was cautious, and the willingness to short volatility was weak. It is recommended to take appropriate profit - taking on short - volatility positions [7] Treasury Futures - On Thursday, most treasury futures closed down. The spot bond yields mostly rose slightly. The bond market continued to fluctuate, and the yield was blocked from further decline [8][9] - The current fundamentals do not support a reversal in the bond market, and the market adjustment space is limited. It is recommended to take a neutral - to - bullish approach. Consider short - term long positions in TS contracts and pay attention to potential cash - and - carry arbitrage opportunities [9] 3. Data Chart Presentation - The report presents a series of data charts, including the trading volume and position changes of stock index futures and treasury futures, basis changes, the changes in south - bound funds, margin trading balances, option implied volatility, and various interest rate data [11][12][13][14][15][16][17][19][20][21][22][23][25][26][27][28][29][30][31][33][34][35][37][38][39][41][43]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - **Stock Index Futures**: The cost - effectiveness of chasing the rise is not high. Although the stock market may have structural opportunities in the second half of the year, the Shanghai Composite Index is currently fluctuating around 3400, and it is advisable to wait for better layout opportunities [1][5]. - **Stock Index Options**: Use options for hedging and defense. The market turnover of options has declined by 21.50%, and the implied volatility has risen. It is recommended to continue holding put options for short - term hedging [1][5]. - **Treasury Bond Futures**: The profit - taking sentiment is rising. Although the short - term liquidity environment may be relatively stable, the long - end may be in a volatile state, and the short - end may be slightly stronger [2][5]. 3. Summary According to the Table of Contents 3.1 Market Views - **Stock Index Futures** - **Data**: The basis of IF, IH, IC, IM current - month contracts are - 8.60, - 9.08, - 19.93, - 35.42 points respectively, with a month - on - month change of 7.23, 0.66, 11.81, 7.09 points; the spreads between current - month and next - month contracts are 42.0, 36.2, 79.6, 97.0 points respectively, with a month - on - month change of 2.6, 3.8, 6.0, 4.2 points; the total positions change by - 15578, - 1138, - 2651, 2007 hands respectively [5]. - **Logic**: The equity market was mainly volatile yesterday, and the offshore Hong Kong stock market adjusted. The AH premium is at a low level, and the poor performance of popular stocks affected market sentiment. The index shows strong resistance to decline, but short - term chasing the rise is not cost - effective [5]. - **Operation Suggestion**: Wait and see [5]. - **Stock Index Options** - **Logic**: The equity market was slightly stronger in a volatile manner yesterday. The option market turnover declined by 21.50%. The high trading volume on Tuesday was due to intraday volatility and hedging needs, not new capital inflows. After two consecutive days of narrowing liquidity, the market is still in a volatile state [1][5]. - **Operation Suggestion**: Continue to hold put options for hedging and defense [5]. - **Treasury Bond Futures** - **Data**: The trading volumes of T, TF, TS, TL next - quarter contracts are 47942, 47953, 25053, 62753 hands respectively, with a one - day change of - 12693, - 2506, - 10233, - 12885 hands; the positions are 188181, 150785, 118548, 106051 hands respectively, with a one - day change of 823, - 60, - 555, 901 hands [5]. - **Logic**: Treasury bond futures showed mixed performance yesterday. The T main contract opened high and closed low, with a significant decline in positions, indicating strong profit - taking sentiment. The spot bond market lacks incremental information, the capital is tight, and most bond varieties have corrected under the influence of profit - taking [2][5]. - **Operation Suggestion**: For trend strategies, it may be volatile in the short term, and the short - end may be stronger; for hedging strategies, pay attention to short - selling hedging at low basis levels; for basis strategies, pay attention to basis widening; for curve strategies, the odds of steepening the curve in the medium term are higher [6]. 3.2 Economic Calendar - The report provides the economic data of China and the United States from June 9th to June 13th, including China's May PPI, CPI, export and import annual rates, M2, M0, M1 money supply annual rates, and the United States' May CPI, core CPI, PPI annual rates, and the initial value of the June Michigan Consumer Confidence Index [7]. 3.3 Important Information and News Tracking - On June 12th, Ant International responded to the news of applying for stablecoin licenses in Hong Kong and Singapore, stating that it is accelerating investment and cooperation in global treasury management [8]. - The State Council Information Office held a press conference to introduce the "Opinions on Deeply Promoting the Comprehensive Reform Pilot in Shenzhen to Deepen Reform and Innovation and Expand Opening - up", with officials from relevant departments making statements on various aspects such as cross - listing, capital cultivation, and industrial development [8]. - The central bank and the foreign exchange administration jointly issued measures to support Fujian in exploring new ways for cross - strait integration and building a cross - strait integration development demonstration area, including cross - border trade and investment facilitation and financial supervision [8]. 3.4 Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data content is not provided in the given text [9][13][25].

以下文章来源于力的期权工作室 ，作者余力 Felix 力的期权工作室 . 对个人更通俗，对机构更专业，努力做最具品质的衍生品公众号~ 文 | 余力 Felix 来源 | 力的期权工作室 编辑 | 杨兰 审核 | 浦电路交易员 今天！全市场的量能依然不到1.1万亿，银行股一枝独秀，大盘红利"吊打"了中小盘。可以说，整个4月至今，红利不出所料（详见《大反弹 日！两天时间，净流入1600亿……》、《尾盘！再买百亿！4月至今，果然红利最强……》），既产生了绝对收益，也产生了相对收益，相 对于中证1000、中证2000等前期融资盘深度参与的指数，一系列红利指数已经完全修复了4.7那一天的跳空大缺口…… 站在当下，从时间上看，距离五一只剩最后两天，对于接下来的五一假期，说长不长、说短不短，但它却是各大上市公司刚披露完年 报和一季报的数据空窗期，也可能成为某些事件集聚在一起的时期。 每当临近长假前夕，我总是喜欢在公众号唠叨几句，因为很多人会纠结到底是持股过节，还是持币过节？还有些朋友还不太清楚假期 的时间价值会怎么变化？带着这一系列问题，相信下面的七大"灵魂追问"一定会给您带来帮助…… 第一个问题：放假五天就是赚五天时间价 ...

Market Overview - After a significant increase of 17% over nine trading days, the gold market experienced a substantial correction, with Shanghai spot gold prices dropping nearly 5% [1] - On April 22, gold futures trading volume surged to a historical high of 1.203 million contracts, and on April 23, it further increased to 1.884 million contracts, marking another record [1] Trading Activity - The trading volume in the gold futures market reached a record high, with a total turnover exceeding 1 trillion yuan for the first time [1] - The overall open interest in the gold futures market peaked at 453,000 contracts on April 22, with nearly 100 billion yuan in funds [1] Volatility and Market Sentiment - The Shanghai Gold Volatility Index saw a significant rise, increasing by 16% on April 22 and reaching a historical high of 38.46 on April 23 [2] - The "end-of-the-month" effect in the options market contributed to increased volatility, with trading volumes for certain call options skyrocketing before the expiration date [2] Risk Management and Regulatory Response - The Shanghai Gold Exchange issued risk warnings and adjusted margin levels from 12% to 13% starting April 25, along with increasing the daily price fluctuation limit [3] - Analysts emphasized the importance of position control and risk tolerance when considering gold as part of an investment strategy [3] Global Market Implications - The World Gold Council noted potential risks associated with the rapid price increase, including a possible slowdown in central bank gold purchases and a decrease in net gold buying due to high prices [4] - Geopolitical tensions and policy uncertainties may also impact gold prices, with potential for price corrections if these issues are resolved [4]