Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term view of the stock index is wide - range oscillation, with the mid - term view being upward. The core logic is the game between the policy - driven bullish expectations and the profit - taking intention of funds. In the short term, the stock index will mainly fluctuate and consolidate [1][4] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is upward, the intraday view is oscillation with a slight upward bias, and the overall view is wide - range oscillation. The core logic is the game between the profit - taking intention of funds and the policy - driven bullish expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillation with a slight upward bias, the mid - term view is upward, and the reference view is wide - range oscillation. Yesterday, each stock index bottomed out and rebounded, with the whole - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets being 2132.9 billion yuan, a decrease of 216.9 billion yuan compared to the previous day. The policy - driven bullish expectations from the "15th Five - Year Plan" form strong support for the stock index. However, as it enters November, the incremental expectations of domestic policies decrease, the marginal impact of the mitigation of external risks diminishes, and the upward driving force weakens in the short term. With the increase in stock valuation, the profit - taking intention of profitable funds rises, and there is still a need for short - term technical adjustment of the stock index [4]

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints of the Report - The stock index is expected to be in a wide - range oscillation in the short term, with the market's future trend depending on the game between the fermentation rhythm of policy - positive expectations and the profit - taking rhythm of funds [4] - For the IH2512 variety, 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 [1] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term is oscillation, the medium - term is upward, the intraday is oscillating strongly, and the view reference is wide - range oscillation. The core logic is the game between the profit - taking willingness of funds and the policy - positive expectations [1] 3.2 Main Variety Price Quotes Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation [4] - The previous day, each stock index oscillated upward. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2356.6 billion yuan, an increase of 365 billion yuan compared with the previous day [4] - After the China - US economic and trade consultations, external uncertainty risk factors eased, and investors' risk appetite recovered. The release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee brought policy - positive expectations, driving up market risk appetite. However, as the stock valuation rises, there is still a willingness for profit - taking among profitable funds [4]

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - For the IH2509 variety, the short - term view is a sideways movement, the medium - term view is an upward trend, and the intraday view is a sideways - to - bullish trend, with the overall view being sideways - to - bullish due to positive policy expectations providing strong support [1]. - For IF, IH, IC, and IM, the intraday view is sideways - to - bullish, and the medium - term view is an upward trend. The overall reference view is sideways - to - bullish. Since late June, the stock index has rebounded significantly, mainly driven by expectations of policy benefits in the second half of the year. In the short term, the upward momentum of the stock index has slowed down, but the trading volume is still at a relatively high level, and market risk appetite remains optimistic. The stock index will operate sideways - to - bullish in the short term [5]. Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For the IH2509 variety, the short - term is a sideways movement, the medium - term is an upward trend, the intraday is a sideways - to - bullish trend, and the overall view is sideways - to - bullish. The core logic is that positive policy expectations provide strong support [1]. Main Variety Price and Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index had a narrow - range sideways adjustment. Since late June, the stock index has rebounded significantly, mainly driven by expectations of policy benefits in the second half of the year, including the optimistic expectation that the "anti - involution" policy will promote profit restoration in industries such as new energy and the supporting effect of macro - policies on economic demand. In the short term, the upward momentum of the stock index has slowed down, but the trading volume is still at a relatively high level, and market risk appetite remains optimistic. Attention should be paid to the policy guidance of the Politburo meeting in July. In general, the stock index will operate sideways - to - bullish in the short term [5].

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The overall market situation is influenced by overseas tariff risks and domestic policies. The equity market is expected to be bullish in the medium - term, and the bond market also shows strength. Different commodity futures have various trends based on their specific supply - demand and macro - economic factors [1][2][5]. 3. Summary by Categories Financial Futures and Options - **Stock Index Futures (IF, IH, IC, IM)** - **Intraday View**: Narrow - range fluctuation, with trading positions holding cash and waiting for opportunities [1]. - **Medium - term View**: Bullish [1]. - **Reference Strategy**: Exit the short position of the MO2507 - P - 5800 out - of - the - money put option opportunistically, and cautiously hold long positions in IM2507 [1]. - **Core Logic**: Overseas tariff risks are rising, and domestic policies are boosting the domestic demand and the innovation of enterprises. Technically, the market is in a bullish cycle, and risk appetite has increased [1][2]. - **Treasury Bond Futures (TS, TF, T, TL)** - **Intraday View**: Short - term bonds fluctuate in a narrow range, while long - term bonds are relatively stronger [3]. - **Medium - term View**: Bullish [3]. - **Reference Strategy**: Hold long positions in T2509 or TL2509 [5]. - **Core Logic**: The improvement of the long - term liability side of large banks and the expectation of policy easing support the bond market [5]. Commodity Futures and Options - **Metal and New Energy Materials - Copper** - **Intraday View**: The price range is 78800 - 80500 [6]. - **Medium - term View**: The price range is 60000 - 90000 [6]. - **Reference Strategy**: Adopt a weak - biased oscillatory trading strategy [6]. - **Core Logic**: The possible Fed rate cut, supply changes in different regions, weak demand, inventory changes, and the upcoming Sino - US tariff negotiation results affect the copper market [6][7]. - **Industrial Silicon** - **Intraday View**: Low - level operation, with a range of 7900 - 8200 [8]. - **Medium - term View**: Under pressure, with a range of 7000 - 8500 [8]. - **Reference Strategy**: Wait and see [8]. - **Core Logic**: Both supply and demand are decreasing, and the inventory is at a high level [8]. - **Polysilicon** - **Intraday View**: Rise and then fall, with a range of 35000 - 36000 [11]. - **Medium - term View**: Low - level operation, with a range of 28000 - 38000 [11]. - **Reference Strategy**: Wait and see [11]. - **Core Logic**: Supply and demand are both down, and the inventory is high, indicating an obvious supply surplus [11]. - **Lithium Carbonate** - **Intraday View**: Low - level operation, with a range of 63000 - 64000 [12]. - **Medium - term View**: The cost support weakens, and the price declines steadily, with a range of 56000 - 68000 [12]. - **Reference Strategy**: Short the futures at high prices and sell LC2508 - C - 83000 [12]. - **Core Logic**: The spot price is low, supply pressure is high, and the inventory is at a high level [12].

Report Summary 1. Investment Ratings - **Financial Futures and Options**: - **Stock Index Futures**: Mid - term outlook is bullish [1] - **Treasury Bond Futures**: Mid - term outlook is bullish [2] - **Commodity Futures and Options**: - **Black and Building Materials Sector**: Mid - term steel prices are under pressure [4] 2. Core Views - **Stock Index Futures**: In the short - term, the equity market lacks upward momentum after the positive news of Sino - US tariff relaxation is realized, but policies are favorable for the A - share market in the medium and short - term, and funds may increase the allocation of weighted sectors such as CSI 300 [1] - **Treasury Bond Futures**: Due to weak economic data, loose monetary policy expectations, improved liquidity, and upcoming deposit rate cuts, the bond market is expected to be bullish [2][3] - **Black and Building Materials Sector**: Although short - term demand for steel products has improved, high raw material inventory and weak downstream demand will put pressure on steel prices in the medium term [4][5] 3. Summary by Category Financial Futures and Options Stock Index Futures - **Varieties**: IF, IH, IC, IM [1] - **Intraday View**: Range - bound, with the CSI 300 Index showing relative resilience [1] - **Mid - term View**: Bullish [1] - **Reference Strategy**: Hold long positions in IF2506 and a hedging portfolio of long IF2506 and short IM2506 [1] - **Core Logic**: Sino - US tariff relaxation boosts short - term risk appetite, but there is still uncertainty in trade negotiations; policies to stabilize and activate the capital market are beneficial for the A - share market [1] Treasury Bond Futures - **Varieties**: TS, TF, T, TL [2] - **Intraday View**: Bullish with a sideways trend [2] - **Mid - term View**: Bullish [2] - **Reference Strategy**: Hold long positions in T2509 or TL2509 [2] - **Core Logic**: Weak economic data in April indicates weak domestic demand, leading to expectations of further monetary policy easing; improved liquidity and upcoming deposit rate cuts are favorable for the bond market [2][3] Commodity Futures and Options Black and Building Materials Sector - **Varieties**: Rebar, Hot - rolled Coil [4] - **Intraday View**: Short - term drivers are improving [4] - **Mid - term View**: Steel prices are under pressure [4] - **Reference Strategy**: Continue to sell call options on rebar RB2510 (strike price: 3300 - 3450) [4] - **Core Logic**: Short - term demand for steel products has increased due to Sino - US tariff negotiations, but high raw material inventory and weak downstream demand will limit the upward movement of steel prices [4][5]

Report Industry Investment Rating No information provided. Core Views of the Report - The short - term view of stock index futures is range - bound with the CSI 300 Index showing relative resilience, and the medium - term view is bullish. For bond futures, the short - term view is a volatile rebound, and the medium - term view is bullish. For copper, the short - term view is a 77000 - 78700 range fluctuation, and the medium - term view is a 66000 - 90000 range fluctuation. Industrial silicon is expected to run weakly in the short - term and be under pressure in the medium - term. Polysilicon is expected to run weakly in the short - term and at a low level in the medium - term. Lithium carbonate is expected to continue to decline in the short - term and experience a steady price drop with weakening cost support in the medium - term [1][2][4][6][10][12] Summary by Related Catalogs Financial Futures and Options Stock Index Futures - **Varieties**: IF, IH, IC, IM - **Intraday View**: Range - bound, with the CSI 300 Index showing relative resilience - **Medium - term View**: Bullish - **Reference Strategy**: Hold long positions in IF2506 and a hedging portfolio of long IF206 and short IM2506 - **Core Logic**: Sino - US tariff relaxation boosts short - term risk appetite, but trade negotiation uncertainties remain. Policy support for the capital market encourages medium - and low - risk - preference funds to increase allocations in weighted sectors such as the CSI 300 or dividend assets [1] Bond Futures - **Varieties**: TS, TF, T, TL - **Intraday View**: Volatile rebound - **Medium - term View**: Bullish - **Reference Strategy**: Hold long positions in T2509 or TL2509 - **Core Logic**: Weak domestic demand in April's inflation and financial data may lead to further monetary policy easing. After the reserve requirement ratio cut, short - term liquidity tightened [2][3] Commodity Futures and Options Metal and New Energy Materials Sector - Copper - **Intraday View**: Fluctuate within the 77000 - 78700 range - **Medium - term View**: Fluctuate within the 66000 - 90000 range - **Reference Strategy**: Adopt a range - trading approach - **Core Logic**: US restrictions on chip exports may drag down the US stock market. Kazakhstan's refined copper production declined in 2025. China's copper exports increased, but domestic copper demand in some sectors is expected to decline. Copper inventories show a mixed trend. Tariff trade wars and domestic supply - demand changes will affect copper prices [4][5] Industrial Silicon - **Intraday View**: Run weakly within the 8100 - 8300 range - **Medium - term View**: Be under pressure within the 7900 - 9000 range - **Reference Strategy**: Sell SI2506 - C - 11000 until expiration and short the futures - **Core Logic**: In April 2025, production declined, but demand declined more, and the inventory is at a high level, leading to a continued supply - surplus situation [6][8][9] Polysilicon - **Intraday View**: Run weakly within the 36500 - 37000 range - **Medium - term View**: Run at a low level within the 35000 - 40000 range - **Reference Strategy**: Sell PS2506 - C - 47000 - **Core Logic**: In April 2025, production and demand both declined, and the inventory is at a high level, indicating a significant supply surplus [10][11] Lithium Carbonate - **Intraday View**: Continue to decline within the 60000 - 63000 range - **Medium - term View**: Experience a steady price drop with weakening cost support within the 59000 - 65000 range - **Reference Strategy**: Sell LC2507 - C - 83000 - **Core Logic**: The spot price is continuously falling. In April 2025, production increased, and the total inventory is at a high level, which is negative for the price [12]

Report Summary 1. Investment Ratings - Not provided in the report. 2. Core Views - **Stock Index Futures**: The intraday view is oscillating with a slight upward bias, with IC and IM being relatively stronger. The medium - term view is bullish. The core logic includes the expected marginal improvement in Sino - US trade relations, the implementation of domestic positive policies, and a healthy chip structure in the AI industry chain [1][2]. - **Treasury Bond Futures**: The intraday and medium - term views are high - level oscillations, and there is a need to be cautious about the adjustment risk of long - term bonds. The core logic is that the fundamental situation has fulfilled the tariff shock expectation, and loose policy expectations support the bond market, but there are also risks of repeated Sino - US tariff games [3][4]. - **Commodity Futures (Black and Building Materials)**: The intraday view is a gradual decline in steel prices, and the medium - term view is that steel prices will be under pressure. The core logic is the large inventory pressure of steel raw materials and the general downstream demand for steel [5]. 3. Summary by Category Stock Index Futures - **Varieties**: IF, IH, IC, IM [1] - **Intraday View**: Oscillating with a slight upward bias, IC and IM are relatively stronger [1] - **Medium - term View**: Bullish [1] - **Reference Strategy**: Hold IM2505 long positions, buy 1 lot of MO2506 - C - 5900 call options and sell 2 lots of MO2506 - P - 5200 put option combinations [1] - **Core Logic**: Sino - US trade relations are expected to improve, domestic positive policies are being implemented, and the AI industry chain has a healthy chip structure [1][2] Treasury Bond Futures - **Varieties**: TS, TF, T, TL [3] - **Intraday View**: High - level oscillations, be cautious about the adjustment risk of long - term bonds [3] - **Medium - term View**: High - level oscillations [3] - **Reference Strategy**: Cautiously operate the long TF2506 and short TL2506 hedging combination [3] - **Core Logic**: The fundamental situation has fulfilled the tariff shock expectation, loose policy expectations support the bond market, but there are risks of repeated Sino - US tariff games [4] Commodity Futures (Black and Building Materials) - **Varieties**: Rebar, Hot - rolled coil [5] - **Intraday View**: Gradual decline in steel prices [5] - **Medium - term View**: Steel prices will be under pressure [5] - **Reference Strategy**: Hold short rebar call option RB2510 - C - 3450, hold long rebar in - the - money put option RB2510 - P - 3150 [5] - **Core Logic**: Large inventory pressure of steel raw materials and general downstream demand for steel [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The overall view for the financial futures stock index sector is that the index futures are expected to operate with a bias towards strength in an oscillatory manner. The short - term view for IH2506 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a bias towards strength, with an overall view of range - bound oscillation. For IF, IH, IC, and IM, the intraday view is oscillatory with a bias towards strength, and the medium - term view is oscillatory [1][4]. - The core logic is that the 4 - month manufacturing PMI released last Wednesday was 49.0%, down 1.5 percentage points from the previous month, indicating that external demand decline has disturbed the macro - economy. The policy expectation is expected to heat up after the May Day holiday, and the market's cautious sentiment will fade, with trading volume in the stock market expected to pick up. It is expected that the index futures will break through the gap in early April and continue to rebound [4]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory with a bias towards strength, and the overall view is range - bound oscillation. The core logic is the co - existence of positive policy expectations and external uncertainties [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillatory with a bias towards strength, and the medium - term view is oscillatory, with an overall view of range - bound oscillation. The 4 - month manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating external demand decline disturbing the macro - economy. Policy expectation is expected to heat up after the May Day holiday, and market sentiment is expected to recover, with index futures expected to operate with a bias towards strength in an oscillatory manner [4].