The impact of stock index futures on the positive securities market is positive. With the functions of hedging and price discovery, stock index futures play an important role in avoiding market systemic risks, cultivating institutional investors and activating the securities market. In particular, the introduction of stock index futures in China can not only further improve the market mechanism and avoid the ups and downs of the stock market caused by unilateral market, but also provide investors with effective investment tools, enhance investor confidence and enhance the investment and financing functions of the stock market. Stock index futures can stabilize market prices.