The forward contract price is greater than the recent contract price, which is a positive market, and the recent price is greater than the forward price, which is a reverse market. This has nothing to do with the judgment of market investors on the future market. The forward price is less than the recent price, which means that the future index is expected to fall and the market will deteriorate. At present, as far as Hang Seng Index is concerned, it remains expensive for a long time in the near future, and the forward price is cheap (low water), indicating that investors are cautious, not optimistic about the market outlook and have reservations about the market outlook.