Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the IH2603 variety, the short - term and medium - term trends are both in a state of oscillation, and the intraday trend is on the strong side, with an overall view of range - bound oscillation due to continuous policy support for the economic fundamentals [1]. - For varieties IF, IH, IC, and IM, the intraday view is on the strong side, the medium - term view is oscillatory, and the overall reference view is range - bound oscillation. In the short term, geopolitical risks and continuous policy support are intertwined, and the stock index will mainly undergo range - bound consolidation [5]. 3. Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is on the strong side, with a view of range - bound oscillation. The core logic is that continuous policy support stabilizes the economic fundamentals [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties IF, IH, IC, and IM, the intraday view is on the strong side, the medium - term view is oscillatory, and the reference view is range - bound oscillation. Yesterday, each stock index oscillated with a slight decline. Externally, the US - Iran situation has high uncertainty, increasing the risk of stagflation in the global economy. Internally, the Two Sessions' policies support the macro - economic fundamentals. In the short term, geopolitical risks and policy support are intertwined, and subsequent focus should be on the evolution of the US - Iran situation, policy implementation effects, and listed company earnings reports [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the IH2603 variety, the short - term and medium - term trends are both "oscillating", the intraday trend is "strong - biased", and the overall view is "range - bound oscillation" due to continuous policy support stabilizing the economic fundamentals [1]. - For IF, IH, IC, and IM, the intraday view is "strong - biased", the medium - term view is "oscillating", and the reference view is "range - bound oscillation". In the short term, the stock index will mainly be in a range - bound oscillation. The uncertainty of the US - Iran conflict has reduced investors' preference for risky assets, while the domestic macro - economy has strong resilience, mild price levels, and clear policy support, providing strong support for the stock index [5]. 3. Directory Summaries 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic | | --- | --- | --- | --- | --- | --- | | IH2603 | Oscillating | Oscillating | Strong - biased | Range - bound oscillation | Policy support stabilizes economic fundamentals [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: IF, IH, IC, IM - **Intraday View**: Strong - biased - **Medium - term View**: Oscillating - **Reference View**: Range - bound oscillation - **Core Logic**: The stock indexes oscillated narrowly yesterday. The uncertainty of the US - Iran conflict has reduced investors' preference for risky assets. However, the domestic macro - economy has strong resilience, mild price levels, and clear policy support, providing strong support for the stock index. In the short term, the stock index will mainly be in a range - bound oscillation [5]

Group 1: Industry Investment Rating - No information available Group 2: Core Viewpoints - The short - term view of the stock index is mainly range - bound. The policy continues to be favorable to stabilize the economic fundamentals, and the domestic macro - economy has strong resilience. Although there is uncertainty in the future evolution path of the US - Iran conflict, its impact will weaken marginally [1][5] Group 3: Summary by Relevant Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "range - bound". The core logic is that policies continue to be favorable to stabilize the economic fundamentals [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "bullish", the medium - term view is "oscillation", and the reference view is "range - bound". The core logic is that the stock indexes closed up in oscillation yesterday. Trump's hint that the Iran war is about to end pushed the crude oil price to drop sharply from a historic high, and the Asia - Pacific stock markets rebounded sharply on Tuesday. The concerns of investors about long - term tight crude oil supply have eased, and the negative expectations of the global economy falling into stagflation risk and the hindrance of the central bank's monetary easing rhythm have weakened. The domestic macro - economy has strong resilience, the price level is relatively moderate, the central bank implements a moderately loose monetary policy, and the policy is expected to support aggregate demand and technological innovation, providing strong support for the stock index [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The stock index will mainly fluctuate within a range in the short term. The global stock market risk appetite has significantly declined due to the escalating Middle - East geopolitical crisis, rising oil prices, and potential stagflation risks. However, China's macro - economy is resilient, with a moderate price level, an appropriately loose monetary policy, and clear policy support, providing strong support for the stock index [5]. Group 3: Summary by Relevant Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "range oscillation". The core logic is that continuous policy benefits stabilize the economic fundamentals [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is "bullish", the medium - term view is "oscillation", and the reference view is "range oscillation". The core logic is that yesterday, the stock indexes opened significantly lower, recovered after hitting the bottom, and closed slightly down. The escalating Middle - East geopolitical crisis has led to a sharp rise in global oil prices, increasing the risk of global stagflation and hindering the central bank's monetary easing rhythm, which has a negative impact on stock prices. But China's macro - economy is resilient, with a moderate price level, an appropriately loose monetary policy, and clear policy support, so the stock index has strong support [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term and medium - term view of IH2603 is "oscillation", and the intraday view is "bullish", with a reference view of "range - bound oscillation" due to the implementation of favorable policies during the Two Sessions [1]. - For IF, IH, IC, and IM, the intraday view is "bullish", the medium - term view is "oscillation", and the reference view is "range - bound oscillation". The core logic for the long - term upward movement of stock indices is the policy support for aggregate demand and technological innovation and the continuous net inflow of incremental funds. In the short term, due to the implementation of favorable policies in the government work report of the Two Sessions, the approaching of the earnings report disclosure season, and the uncertainty of geopolitical risks in the Middle East, the stock indices will mainly oscillate within a range [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is "oscillation", the medium - term is "oscillation", the intraday is "bullish", and the view reference is "range - bound oscillation" with the core logic of favorable policies during the Two Sessions [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "bullish", the medium - term view is "oscillation", and the reference view is "range - bound oscillation". Last Friday, each stock index oscillated and rose slightly. The A - share trading volume was 2.22 trillion yuan, down from 2.41 trillion yuan the previous day. As the impact of the Middle East geopolitical crisis is gradually digested, the stock index trend returns to its fundamentals. Policy support and continuous net inflow of funds are the core logics for the long - term upward movement of stock indices. In the short term, due to multiple factors, the stock indices will oscillate within a range [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term and medium - term trends of stock index futures are mainly range - bound, with an intraday view of being relatively strong [1][5]. - Recently, the negative impact of Middle - East geopolitical factors and the positive policy expectations of the Two Sessions are intertwined, leading to short - term range - bound movement of stock indices [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term and medium - term trends are both oscillatory, and the intraday view is relatively strong, with an overall view of range - bound movement. The core logic is that the willingness to take profits rises under the influence of risk factors [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is relatively strong, the medium - term view is oscillatory, and the reference view is range - bound [5]. - The core logic is that yesterday, all stock indices oscillated and declined. The A - share trading volume was 3.16 trillion yuan, up from 3.05 trillion yuan the previous day, indicating a volume - based consolidation. The conflict between the US and Iran led to the closure of the Strait of Hormuz, significantly impacting the crude oil supply and causing a sharp rise in oil prices. Geopolitical factors weakened market sentiment. Rising oil prices may increase domestic manufacturing costs and reduce orders, and also affect the Fed's decision on interest rate cuts. High - valued technology AI stocks with uncertain performance growth face the risk of valuation decline. The CSI 1000 and CSI 500 indices had obvious declines in this correction. As the stock indices approach previous high levels, the willingness to chase up weakens, and the willingness of funds to take profits rises under geopolitical disturbances. With the approaching of the Two Sessions, positive policy expectations are fermenting, and the macro - policy side has a strong demand for support and a determination to support technological innovation. The policy direction and intensity in the government work report of the Two Sessions should be focused on [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view of the stock index is mainly range - bound, with an intraday view of being on the stronger side and a medium - term view of being in a sideways movement. The overall reference view is range - bound [1][5] - Geopolitical risks are short - term disturbances, and the stock market will ultimately return to its own fundamentals. Policy support expectations and the trend of capital inflows are the main long - term and medium - term logics for the stock index [5] - As the stock index approaches its previous high, if the actual policy implementation fails to exceed market expectations, the willingness of funds to take profits will increase, restricting the upward space of the stock index [5] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is sideways, the medium - term view is sideways, the intraday view is on the stronger side, and the overall view is range - bound. The core logic is waiting for the implementation of policy support expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is on the stronger side, the medium - term view is sideways, and the reference view is range - bound [5] - Yesterday, each stock index fluctuated and consolidated. The sudden outbreak of the US - Iran conflict over the weekend led to a rapid increase in geopolitical risks, affecting the passage of the Strait of Hormuz. Stocks in sectors such as oil and gas, shipping, military, and gold rose significantly, and the stock market turnover exceeded 3 trillion, showing a volume - increasing consolidation [5] - The impact of geopolitical risks is mainly short - term. Policy support expectations and capital inflows are the main medium - and long - term logics. The Two Sessions will be held this week, with strong policy support for stabilizing the macro - demand expectation and promoting industrial transformation and upgrading, which is beneficial for improving the profit margin of listed companies [5]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - The short - term view of IH2603 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish, with an overall view of oscillatory consolidation due to rising policy - favorable expectations [1] - The intraday view of IF, IH, IC, and IM is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that on the last day before the holiday, the stock indices opened low and closed down sharply. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 161.8 billion yuan from the previous day. Due to the approaching holiday, cash demand was high, the capital market tightened, and investors' willingness to leave the market temporarily increased, resulting in a decrease in trading volume. However, the policy - favorable expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic of the medium - and long - term upward movement of the stock indices is still solid. During the Spring Festival holiday, the overseas negative effect was weak, the Trump tariff policy was frustrated in the US Supreme Court, market sentiment was boosted, and Hong Kong technology stocks rebounded strongly on February 23. It is expected that the stock indices will open higher on the first day after the holiday. Considering that the first week after the holiday is close to the policy window of the Two Sessions, the return of liquidity to the stock market will boost market risk appetite, and the stock indices are expected to run oscillatory and bullish [5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is bullish, and the view is oscillatory consolidation with the core logic of rising policy - favorable expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties are IF, IH, IC, and IM. The intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The driving factors include pre - holiday trading volume shrinkage due to capital and uncertainty concerns, but policy - favorable expectations and incremental fund inflows support the long - term upward trend. The overseas situation and technological progress during the holiday are expected to lead to a higher opening after the holiday, and the market is expected to run oscillatory and bullish in the first week after the holiday [5]

Group 1: Report Investment Rating - No information about the report's industry investment rating is provided in the given content. Group 2: Core Viewpoints - The short - term view of the stock market is cautiously optimistic, and the stock index will mainly fluctuate and consolidate in the range [1][5]. - The intraday view of IF, IH, IC, and IM is bullish, and the medium - term view is oscillatory, with a reference view of oscillatory consolidation [5]. - The short - term, medium - term, and intraday views of IH2603 are oscillatory, oscillatory, and bullish respectively, with a view of oscillatory consolidation [1]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term is oscillatory, the medium - term is oscillatory, the intraday is bullish, and the view is oscillatory consolidation. The core logic is that the risk preference of the stock market is cautiously optimistic [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is bullish, and the medium - term view is oscillatory, with a reference view of oscillatory consolidation. The core logic is that the stock indexes oscillated and rose yesterday, the trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2270.2 billion yuan, an increase of 106.7 billion yuan from the previous day. With the stop - fall and rebound of silver, market sentiment has improved, and the operation logic of the stock index has returned to its own fundamentals. The positive expectations of the policy side and the continuous net inflow of incremental funds into the stock market remain unchanged, which constitute the core logic of the medium - and long - term upward movement of the stock index. However, in the short term, macroeconomic indicators have weakened, the pressure of "weak reality" has increased, and the capital side has become cautious approaching the long holiday, so the upward momentum of the stock index is expected to be insufficient [5].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The short - term risk preference of the stock market is cautiously optimistic, and the stock index will mainly consolidate in a range. Although there are short - term disturbances such as the sharp fluctuations of silver and the weakening of macro - economic indicators, the long - term upward trend of the stock index is supported by policy - side favorable expectations and the continuous net inflow of incremental funds [1][5] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "bullish", and the reference view is "oscillation and consolidation". The core logic is that the risk preference of the stock market is cautiously optimistic [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "bullish", the medium - term view is "oscillation", and the reference view is "oscillation and consolidation". The core logic is that last Friday, each stock index oscillated and slightly pulled back. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2163.5 billion yuan, a decrease of 30.8 billion yuan from the previous day. The sharp fluctuations of silver disturbed the market sentiment, and the willingness of funds to take profits and leave the market increased, resulting in a continuous contraction of the trading volume of the stock market. In the short term, the macro - economic indicators have weakened, and the pressure of "weak reality" has increased. Coupled with the weakening of risk preference caused by silver and the clear signal of risk control from the regulatory authorities, the stock market sentiment is cautious. However, the sharp fluctuations of precious metals are short - term disturbances from external factors, and the repair of the stock market risk preference will eventually return to its own fundamentals. The favorable expectations on the policy side and the continuous net inflow of incremental funds into the stock market remain unchanged, which constitute the core logic for the long - term upward movement of the stock index [5]