Generally speaking, hedging operations are divided into: long hedging and short hedging. ( 1)? Long hedging refers to long trading in the stock index futures market, that is, buying stock index futures contracts to hedge the stock assets that investors have held or expect to hold in the stock market. Traders who use long hedging generally expect the spot stock market to be bullish in the future, but in the spot stock market, there are one of the following situations: selling a certain number of stock portfolios and worrying about the losses caused by the stock market rise; After a period of time, I will have a sum of money to invest in the stock market, fearing that it is not cost-effective to reinvest when the stock market rises. (2) Short hedging refers to short trading in the stock index futures market, that is, selling stock index futures contracts to hedge the stock assets that investors have held or expect to hold in the stock market. If the hedger holds a basket of stocks, he thinks that the current stock market may fall, but if he sells stocks directly, his cost will be high, so he can establish short positions in the stock index futures market, and when the stock market falls, the stock index futures can make a profit, thus making up for the loss of the stock. This is the so-called short hedging.