Report Industry Investment Rating - The investment rating for stock index futures is "oscillating with a slight upward bias" [7] - The investment rating for stock index options is "oscillating" [8] - The investment rating for treasury bond futures is "oscillating with a slight downward bias" [9] Core Viewpoints - Stock index futures are affected by overseas AI, leading to domestic computing power fluctuations. The market is event - driven, and the second - round upward space is limited. It is recommended to hold long positions in dividend ETF + IM without additional positions [7] - The volatility of the ChiNext and STAR Market ETF options has rebounded. There are two possible market paths, and the current trend strategy for the volatility of the ChiNext and STAR Market is less stable. It is suggested to continue holding volatility strategies [2][8] - Attention should be paid to the issuance of new treasury bonds. The stock - bond seesaw and fund subscription and redemption may continue to affect the bond market, and caution is recommended for long - term bonds [3][11] Summary by Related Catalogs 1. Market Outlook Stock Index Futures - On Thursday, the Shanghai Composite Index opened low and closed high with heavy trading volume. The TMT, agriculture, forestry, animal husbandry, and fishery, and non - bank finance sectors led the gains. Driven by two logics: OpenAI's agreement with Oracle on computing power procurement and the fermentation of pig production capacity regulation events. The CSI 500, with the largest weight of cyclical stocks, increased its positions by 18,900 lots. It is recommended to hold long positions in dividend ETF + IM [7] Stock Index Options - Affected by the strong market, the trading volume of the option market increased by 57%, and the trading volume of IO increased by 93%. The risk preference rebounded, and the trading was concentrated on buying call options to chase the upward trend. There are two possible market paths, and it is recommended to continue holding volatility strategies [2][8] Treasury Bond Futures - Most of the main contracts of treasury bond futures rose. The central bank's net injection of 794 billion yuan loosened the capital. The market expects the central bank to over - renew the 6 - month repurchase. The stock - bond seesaw affected the bond market, and attention should be paid to the issuance of new 2 - year and 7 - year treasury bonds [3][11] 2. Economic Calendar - It includes economic data such as China's export and import annual rates in August, CPI and PPI annual rates in China and the US in August, and M2 money supply annual rate in China in August [12] 3. Important Information and News Tracking - The State Council approves a two - year comprehensive reform pilot on the market - based allocation of factors in 10 regions. Ant Group emphasizes the balance between exploring the value of token economy and risk prevention. 32 projects are short - listed for the intelligent elderly - care service robot project. The purchase tax for new energy vehicles will be halved from 2026 to 2027 [13][14] 4. Derivatives Market Monitoring - It includes data on stock index futures, stock index options, and treasury bond futures, but specific data content is not fully provided in the text [15][19][31]

1. Report Industry Investment Rating - The investment rating for stock index futures is "oscillating with a slight upward bias" [7] - The investment rating for stock index options is "oscillating" [8] - The investment rating for treasury bond futures is "oscillating, taking a cautious approach" [10] 2. Core Views of the Report - Stock index futures are experiencing a strengthening of the technology - growth trend. The market sentiment is positive, and funds are flowing towards high - growth sectors. There is still room for price increases in the technology - growth sector, and it is recommended to continue to allocate long positions in IM contracts [7]. - For stock index options, there are two trading logics based on the volatility changes: partial profit - taking in the spot and switching to buying out - of - the - money call options, or buying put options for protection during the process of chasing the market. In the short - term, a double - selling strategy is recommended, and in the medium - term, the covered call strategy continues [2][8]. - Treasury bond futures are facing multiple disturbing factors. The market is pricing in potential risks from major meetings in advance. In the short - term, the bond market is affected by many factors, and it is recommended to pay attention to various strategies such as basis trading and curve trading [2][10]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - **Market Performance**: On Tuesday, the Shanghai Composite Index opened lower and closed higher, with trading volume reaching 1.83 trillion yuan. The market sentiment is positive, and the focus is shifting to the technology - growth sector. The pharmaceutical and communication industries led the gains [7]. - **Logic**: The strong performance of the CXO leader's mid - year report and the technological catalysis of PCB are driving the technology - growth sector. Funds are flowing out of the "anti - involution" and dumbbell - shaped sectors, and there is still room for price increases in the technology - growth sector [7]. - **Operation Suggestion**: Allocate long positions in IM contracts [7]. Stock Index Options - **Market Performance**: The underlying assets continued to be strong, with the GEM ETF rising by 1.75% and the Science and Technology Innovation 50 ETF rising by 1.35%. The trading volume of the STAR Market and ChiNext ETF options increased, but the overall market share is limited [8]. - **Logic**: The increase in weighted volatility mainly comes from the out - of - the - money put side, while the at - the - money and slightly out - of - the - money call volatility has declined, implying short - term market correction concerns. Two trading logics are derived [8]. - **Operation Suggestion**: In the short - term, use the double - selling strategy; in the medium - term, continue the covered call strategy [2][8]. Treasury Bond Futures - **Market Performance**: Treasury bond futures declined across the board. The central bank continued large - scale net injections, but the bond market sentiment was weak [2][10]. - **Logic**: The market is pricing in potential risks from the Sino - US economic and trade negotiations and the Politburo meeting in advance. The stock market and commodity market sentiment has improved, putting pressure on the bond market [2][10]. - **Operation Suggestion**: For trend trading, be cautious; for hedging, pay attention to short - hedging at low basis levels; for basis trading, pay attention to the basis convergence of the TL main contract; for curve trading, it is more profitable to steepen the yield curve in the medium - term [10]. 3.2 Economic Calendar - The economic calendar includes data such as the US July ADP employment figures, the US Federal Reserve interest rate decision, China's July official manufacturing PMI, and the US July Michigan Consumer Sentiment Index final value [12]. 3.3 Important Information and News Tracking - From January to June 2025, the number of newly established foreign - invested enterprises in China increased by 11.7% year - on - year, but the actual use of foreign capital decreased by 15.2% year - on - year. The manufacturing and service industries used 1090.6 billion yuan and 3058.7 billion yuan of foreign capital respectively [12]. - From January to June, the total operating income of state - owned enterprises decreased by 0.2% year - on - year, and the total profit decreased by 3.1% year - on - year. The asset - liability ratio at the end of June increased by 0.3 percentage points year - on - year [13]. - The China Photovoltaic Industry Association clarified that some self - media reports on the anti - involution work in the photovoltaic industry, especially in the polysilicon sector, are inconsistent with the facts [13]. - Due to heavy rainfall in Beijing, a national level - four disaster relief emergency response was launched. The National Development and Reform Commission arranged 200 million yuan of central budget - inner investment for post - disaster recovery [13]. 3.4 Derivatives Market Monitoring - The report mentions the monitoring data of stock index futures, stock index options, and treasury bond futures, including contract basis, spreads, trading volume, and open interest, but specific data details are not fully presented in the summary [7][8][10].