Report Industry Investment Rating No relevant content provided. Core Viewpoints - For stock index futures, maintain a long - term bullish view on the economy, recommend buying long - term contracts on dips, and note short - term market cooling signs [2]. - For bond futures, short - term is bullish as the implied yield of ultra - long bonds is cost - effective; for medium - to - long - term, suggest hedging T and TL contracts on rallies due to rising risk appetite and economic recovery expectations [4]. Summary by Related Catalogs Stock Index Futures - **Market Performance**: On October 9, A - share four major stock indexes all rose, with the Shanghai Composite Index up 1.32% to 3933.97 points, the Shenzhen Component Index up 1.47% to 13725.56 points, the ChiNext Index up 0.73% to 3261.82 points, and the Science and Technology Innovation 50 Index up 2.93% to 1539.08 points. Market turnover was 2.6718 trillion yuan, an increase of 474.6 billion yuan from the previous day. In terms of industry sectors, non - ferrous metals (+7.6%), steel (+3.38%), and coal (+3%) led the gains; media (-1.43%), real estate (-1.39%), and social services (-1.03%) led the losses. In terms of market strength, IC > IF > IH > IM, and the number of rising/flat/falling stocks was 3109/135/2184 respectively. Net capital inflows of institutions, main players, large investors, and retail investors in the Shanghai and Shenzhen stock markets were - 13.6 billion, - 12 billion, 9.6 billion, and 15.9 billion yuan respectively, with changes of +7 billion, +300 million, +900 million, and - 8.1 billion yuan respectively [2]. - **Basis and Annualized Yield**: The basis of IM, IC, IF, and IH next - month contracts was 121.25, 90.92, 12.68, and - 2.4 points respectively, and the annualized basis yields were - 12.39%, - 9.41%, - 2.1%, and 0.62% respectively, with three - year historical quantiles of 25%, 20%, 36%, and 51% respectively [2]. - **Trading Strategy**: In the medium - to - long - term, maintain a long - term bullish view on the economy, and it is recommended to buy long - term contracts of each variety on dips. In the short - term, the market shows signs of cooling [2]. Bond Futures - **Market Performance**: On October 9, the bond market strengthened. Among active contracts, the implied yield of the two - year bond fell 2.39bps to 1.387, the five - year bond fell 2.27bps to 1.572, the ten - year bond fell 0.01bps to 1.765, and the thirty - year bond fell 4.42bps to 2.213 [3]. - **Cash Bond Situation**: For the currently active 2512 contract, the CTD bonds and their corresponding yield changes, net basis, and IRR are as follows: for the two - year bond futures, the CTD bond is 250012.IB, with a yield change of - 2bps, a net basis of 0.002, and an IRR of 1.5%; for the five - year bond futures, the CTD bond is 250003.IB, with a yield change of - 2.5bps, a net basis of - 0.024, and an IRR of 1.63%; for the ten - year bond futures, the CTD bond is 220019.IB, with a yield change of - 2.85bps, a net basis of - 0.015, and an IRR of 1.59%; for the thirty - year bond futures, the CTD bond is 210014.IB, with a yield change of - 2.25bps, a net basis of - 0.089, and an IRR of 1.91% [3]. - **Funding Situation**: In open - market operations, the central bank injected 612 billion yuan and withdrew 2.0633 trillion yuan, resulting in a net withdrawal of 1.4513 trillion yuan [3]. - **Trading Strategy**: In the short - term, it is bullish, as the implied yield of ultra - long bonds at 2.2 is cost - effective; in the medium - to - long - term, due to rising risk appetite and economic recovery expectations, it is recommended to hedge T and TL contracts on rallies [4]. Economic Data - High - frequency data shows that the recent social activity sentiment is weak [10].

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core Views of the Report - Mid - to long - term, maintain the judgment of going long on the economy, and it is recommended to allocate long - term contracts of various varieties at low prices; short - term market shows signs of cooling [3] - With the upward risk appetite and the expectation of economic recovery, it is recommended to conduct hedging on T and TL contracts at high prices in the medium - to long - term [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - On August 22, A - share four major stock indexes all rose, with Shanghai Composite Index up 1.45% to 3825.76 points, Shenzhen Component Index up 2.07% to 12166.06 points, ChiNext Index up 3.36% to 2682.55 points, and Science and Technology Innovation 50 Index up 8.59% to 1247.86 points. Market turnover was 2578.8 billion yuan, an increase of 118.5 billion yuan from the previous day. In terms of industry sectors, electronics, communication, and computer led the gains, while banks, textile and apparel, and coal led the losses [2] - On August 22, Treasury bond futures yields rose. Among active contracts, the implied interest rate of two - year bonds was 1.431, up 0.4 bps from the previous day; five - year bonds was 1.658, up 1.68 bps; ten - year bonds was 1.786, up 3.04 bps; thirty - year bonds was 2.142, up 1.08 bps [3] 3.2 Stock Index Futures - The basis of IM, IC, IF, and IH next - month contracts were 61.14, 52.45, - 9.8, and - 9.39 points respectively, with annualized basis yields of - 5.93%, - 5.49%, 1.6%, and 2.29%, and three - year historical quantiles of 58%, 44%, 75%, and 76% respectively [3] 3.3 Capital Situation - In open - market operations, the central bank's currency injection was 361.2 billion yuan, currency withdrawal was 238 billion yuan, and net injection was 123.2 billion yuan [4] 3.4 Stock Index Futures and Spot Market Performance - Details of the performance of various stock index futures and spot products on August 22 are presented in Table 1, including information such as code, name, price change percentage, current price, price change, trading volume, trading value, open interest, daily position change, settlement price, basis, and annualized basis yield [6] 3.5 Treasury Bond Futures and Spot Market Performance - Details of the performance of various Treasury bond futures and spot products on August 22 are presented in Table 2, including information such as code, name, price change percentage, current price, trading volume, trading value, open interest, daily position change, settlement price, net basis, CTD bond implied interest rate, and spot bond yield [7] 3.6 Economic Data - High - frequency data shows that the recent social activity sentiment is weak. Based on the comparison of medium - term data of each module with the same period in the past five years (year - on - year month - on - month), scores are given according to the degree of change [10][13]