China Securities Co., Ltd.: Actively seize the opportunities in A-shares and bulk commodities for long positions.

China Securities Co.,Ltd. Strategy Chen Guo Team released a research report stating that the trading volume of Zhongzheng 1000, Shanghai Gold, Shanghai Shenzhen 300, Zhongzheng 500, and Shanghai Silver futures is relatively active. The trading volume of Zhongzheng 1000 index, Southern Zhongzheng 500 ETF, Huatai Bairui Shanghai Shenzhen 300 ETF, Yifangda ChiNext ETF, and Shanghai Shenzhen 300 index options is also active. Both the futures and options markets are somewhat optimistic about the SSE 50, shifting from bearish to neutral on the Shanghai Shenzhen 300, Zhongzheng 500, and Zhongzheng 1000, with a short-term potential for long equity positions. The VIX for gold, copper, and rebar is rising, indicating a short-term upward trend opportunity. Futures and options market overview: In terms of futures, the trading volume of Zhongzheng 1000, Shanghai Gold, Shanghai Shenzhen 300, Zhongzheng 500, and Shanghai Silver futures is relatively active. In terms of options, the trading volume of Zhongzheng 1000 index, Southern Zhongzheng 500 ETF, Huatai Bairui Shanghai Shenzhen 300 ETF, Yifangda ChiNext ETF, and Shanghai Shenzhen 300 index options is also active. SSE 50: For SSE 50 futures, all contracts are in contango, indicating a positive sentiment in the futures market. The basis rate is falling, open interest and trading volume are rising, and the long-short position ratio is increasing. For SSE 50 options, the implied volatility of put options is equal to that of call options in the short term, indicating a neutral sentiment in the options market; VIX is also rising in the short term. Shanghai Shenzhen 300: For Shanghai Shenzhen 300 futures, the basis rate for each contract is in a discount status. The futures market sentiment is neutral to bearish for the pre-2025Q1 market and bearish for 2025Q2; the basis rate, open interest, and trading volume are all increasing, as well as the long-short position ratio. For Shanghai Shenzhen 300 index options, the implied volatility of put options is equal to that of call options in the short term, indicating a neutral sentiment in the options market for the Shanghai Shenzhen 300 index; the historical volatility and VIX for the Shanghai Shenzhen 300 index are rising from the historical median level in the short term. Zhongzheng 500: For Zhongzheng 500 futures, the basis rate for each contract is i...