Key Points - The article provides an analysis of key long and short futures products based on market conditions and expected returns, highlighting potential trading opportunities and strategies [2][24]. Group 1: Key Long Products - CSI 500 Futures (IC.CFE): Good Curve Long, market status is Consolidation, annualized rolling return of 6.8%, low volatility (Vol/Roll: 3.77), suitable for buying on dips [2]. - CSI 1000 Futures (IM.CFE): Good Curve Long, market status is Consolidation, annualized rolling return of 10.1%, low volatility (Vol/Roll: 2.22), small-cap stocks show greater elasticity [2]. - INE Shipping Index (EC.INE): Good Curve Long, but market status is Short, annualized rolling return of 28.6%, high volatility (Vol/Roll: 1.96), caution advised for short-term risks [2]. - DCE Iron Ore (I.DCE): Good Curve Long, market status is Consolidation, annualized rolling return of 6.7%, moderate volatility (Vol/Roll: 2.35), benefits from infrastructure expectations [3]. Group 2: Key Short Products - SHFE Gold (AU.SHF): Maybe Curve Short, but market status is Long, annualized rolling return of -2.4%, high volatility (Vol/Roll: 9.97), caution required for potential pullbacks [10]. - DCE Coking Coal (JM.DCE): Good Curve Short, market status is Consolidation, annualized rolling return of -5.2%, moderate volatility (Vol/Roll: 6.91) [12]. - CZCE Glass (FG.CZC): Good Curve Short, market status is Short, annualized rolling return of -6.8%, low volatility (Vol/Roll: 5.20) [14]. Group 3: Volume and Position Changes - High activity products show higher Vol/Roll or Dvol, indicating strong market participation [15]. - Low activity products exhibit lower Vol/Roll, suggesting weaker trends [15]. Group 4: Trading Opportunities - Trend opportunities for long positions include CSI 500/1000 futures, iron ore, and oil chain products (fuel oil, asphalt) due to strengthened policy expectations or tight supply-demand [16]. - Short positions include gold, silver, coking coal, and glass, driven by weak demand or high-level pullback pressure [16]. - Arbitrage opportunities exist between stock index futures (IC, IM) and government bond futures (TS, TF) due to negative correlation [16]. Group 5: Core Logic - The analysis emphasizes the importance of monitoring macroeconomic indicators and market dynamics to adjust trading strategies accordingly [24].