Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view for stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly. The overall reference view is wide - range oscillation [1][5] - The short - term oscillation is due to the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1][5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices, but short - term attention should be paid to the intensity of profit - taking at the current position [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillating strongly, and the overall view is wide - range oscillation. The core logic is the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices rebounded unilaterally. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2464.6 billion yuan, an increase of 460.6 billion yuan from the previous day [5] - Since early September, due to the significant increase in the prices of some stocks and the notable improvement in the valuation side, some investors' willingness to chase the rise has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices [5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices. The finance minister pointed out that more active macro - policies will be implemented, and the weak inflation data in August means that demand - boosting policies will continue to be introduced. Meanwhile, incremental funds are continuously flowing into the stock market, with the margin balance exceeding 2.3 trillion yuan, and the trend of residents' transfer from fixed - deposits to the equity market is gradually forming. The expectation of the Fed's interest rate cut is also conducive to the inflow of funds into emerging economies [5] - In the short term, stock indices are expected to mainly show wide - range oscillation, and the subsequent market trend depends on the game between fund profit - taking and the fermentation of policy expectations [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The overall view for financial futures in the stock index sector is that the market sentiment is positive, and the upward trend remains unchanged. However, there are short - term disagreements, and the stock index is expected to have a loose and volatile trend in the short term. For IH2509, the short - term view is oscillatory, the medium - term view is upward, the intraday view is oscillatory and bullish, and the overall view is upward [1][5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term is oscillatory, the medium - term is upward, the intraday is oscillatory and bullish, and the overall view is upward. The core logic is that the positive policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: The stock indexes oscillated and consolidated yesterday. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2777.6 billion yuan, a decrease of 52.5 billion yuan from the previous day. The trading volume is still at a high level, indicating an optimistic market sentiment [5]. - **Short - term Risk**: Some stocks have achieved large gains, and there is a risk of technical adjustment due to profit - taking of profitable funds. There is a need for capital rotation between high - and low - valued stocks [5]. - **Driving Forces**: The main driving forces for the stock index rebound are positive policy expectations and loose capital liquidity. Anti - involution and consumption - promotion policies optimize the supply - demand structure, promote the moderate recovery of price indices, and repair corporate profits. In terms of capital, the margin trading balance has risen rapidly, non - bank deposits have increased sharply, and long - term funds have continued to enter the market, driving up the logic of stock valuation repair [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For IH2509, the short - term view is "oscillation", the medium - term view is "rise", the intraday view is "oscillation with a bullish bias", and the overall view is "rise" due to strong support from favorable policy expectations [1]. - For IF, IH, IC, and IM, the intraday view is "oscillation with a bullish bias", the medium - term view is "rise", and the overall reference view is "rise". The stock index will mainly oscillate and consolidate in the short term and rise in the medium and long term [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, short - term: oscillation; medium - term: rise; intraday: oscillation with a bullish bias; view reference: rise; core logic: favorable policy expectations provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index showed an N - shaped trend and closed up after oscillating throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day [5]. - Due to large gains in some stocks, the dynamic price - to - earnings ratios of each stock index are above the 80th percentile in the past 5 years, so there is a need for technical adjustment. However, the trading volume is still high, indicating an optimistic market sentiment [5]. - The rebound momentum of the stock index comes from favorable policy expectations and loose liquidity in the capital market. Anti - involution and consumption - promotion policies optimize the supply - demand structure, and the recent decline in market interest rates has increased the willingness to allocate funds to the stock market [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is that it will fluctuate strongly, and the medium - term view is that it will rise. The reference view is also a rise. The policy - end positive expectations provide strong support, and investors' risk preference is actively optimistic [1][5] Group 3: Summary According to Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term is oscillating, the medium - term is rising, the intraday is oscillating strongly, and the overall view is rising, with policy - end positive expectations as the core support [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index oscillated and rose, with IC and IM having the highest increases. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 175.91 billion yuan, an increase of 14.33 billion yuan from the previous day. External risk factors are easing, domestic economic data shows resilience, and the stock market risk preference is high. The trading volume is above 1.5 trillion yuan, and the margin balance exceeds 2 trillion yuan with continuous net buying of margin - trading funds, indicating strong investor confidence. Although the expectation of short - term policy intensification has weakened, policy support expectations still exist [5]

Group 1: Investment Ratings - There is no explicit report on the industry investment rating in the provided content. Group 2: Core Views - The overall view on financial futures in the stock index sector is that the index is expected to rise in the long - term and show a short - term range - bound pattern. For IH2509, the short - term view is "oscillation", the medium - term view is "rise", the intraday view is "oscillation with a bullish bias", and the overall view is "rise". For IF, IH, IC, and IM, the intraday view is "oscillation with a bullish bias", the medium - term view is "rise", and the reference view is "rise" [1][5]. Group 3: Summary by Related Content Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term is "oscillation", the medium - term is "rise", the intraday is "oscillation with a bullish bias", and the overall view is "rise". The core logic is that the positive policy expectations provide strong support [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices oscillated and rose. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1615.8 billion yuan, an increase of 97.6 billion yuan from the previous day. Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits, so the index has a technical consolidation need in the short - term. However, currently, external risk factors are easing, domestic economic data shows resilience, negative drivers are weak, and the risk appetite of the stock market is at a high level. The trading volume of the stock market is above 1.5 trillion yuan, indicating a positive and optimistic market sentiment [5].

Report Industry Investment Rating No information provided. Core View of the Report - Due to the impact of risk - aversion sentiment, domestic stock indices continued to fluctuate weakly. It is recommended to make long - term allocations for IH2509 and IF2509, and move positions from IM2506 to IM2509 as the June contract of IM is approaching maturity and its annualized basis rate is relatively high [3]. Summary by Relevant Catalogs Market Performance - As of June 20, 2025, most domestic and foreign indices declined this week. The Nasdaq rose 0.22%, the S&P 500 fell 0.15%, and the Hang Seng Technology Index fell 2.08%. The Shanghai Composite Index fell 0.51%, the CSI 1000 Index fell 1.74%, the SSE 50 Index fell 0.10%, the ChiNext Index fell 1.66%, and the STAR 50 Index fell 1.55%. In terms of industries, most of the 31 Shenwan primary industry indices declined, with sectors such as beauty care, textile and apparel, and pharmaceutical biology falling more than 3%, while only a few sectors such as banking and communications rose [11][12]. Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The net MLF investment in May was 375 billion yuan, and the 10 - year government bond yield was around 1.65%. The growth rate of social financing remained relatively high, with government bond financing being an important support, but credit growth was still weak. The M2 growth rate declined slightly but remained stable overall, the M1 growth rate increased, and the M1 - M2 gap narrowed [22]. Trading Data and Sentiment - The escalation of the Israel - Iran conflict led to the weakening of stock indices this week. The trading volume of the two markets shrank to around one trillion yuan. The number of new A - share accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million [34]. Index Valuation - Index valuations are in the median range. As of June 20, 2025, the latest PB of the Shanghai Composite Index was 14.64 with a quantile of 64.72, and the latest PE of the Wande All - A Index was 19.18 with a quantile of 01.82. In terms of major stock indices, the valuation quantiles are in the order of CSI 1000 > CSI 500 > SSE 300 > SSE 50 [51]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the SSE 300 are relatively dispersed, with the top three weighted industries being banking, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, pharmaceutical biology, and power equipment, but the electronics industry in the CSI 1000 has a higher weight [52].