First, after the introduction of stock index futures, the index will be temporarily adjusted. Because China's macro economy is still improving, the economic recovery is in line with expectations (although there is an asset bubble), and the profitability of enterprises is still strong, in this case, the index will move up according to macroeconomic fluctuations, and the rise of the Shanghai and Shenzhen 300 Index may accelerate halfway after the introduction of stock index futures, and the anti-risk ability of large-cap blue-chip stocks will be strengthened, but some non-component stocks may be marginalized.

Of course, if there are unexpected events and macro-fundamental changes, such as the global financial crisis in 2008, stock index futures will accelerate its downward trend.

Second, after the introduction of stock index futures, there may be a "transaction transfer" phenomenon in the medium term. The so-called "transaction transfer" means that at the beginning of the market opening, while the stock index futures increase the trading volume in the spot market, its advantages of low cost and high liquidity may lead to the transfer of some transactions of speculators and high-risk investments from the stock spot market to the futures market, even exceeding the trading volume in the spot market, thus reducing the liquidity of the spot market. This is called "transaction transfer". Compared with spot trading, stock index futures trading has obvious advantages of low transaction cost and high liquidity, and because of the use of program trading, the execution speed of stock index futures trading instructions is much faster than spot trading.

Third, there may be structural changes in the stock spot market. Because the blue-chip stocks in the market, especially the stocks of the Shanghai and Shenzhen 300 Index, are basically the targets of stock index futures, these stocks will gradually strengthen after the introduction of stock index futures. At present, the stocks of GEM and small and medium-sized board, which are being hyped wildly, may become plummeting stocks or undergo mid-term adjustment in the next structural transformation.