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股指期货周报：风险犹在，调整难免-20251013
Cai Da Qi Huo·2025-10-13 05:10

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The market is facing risks and adjustments are inevitable. The post - holiday market liquidity has quickly recovered, and margin funds have replenished. The release of the "15th Five - Year Plan" in the second half of October may lead to the growth track regaining the upper hand [2][4] Group 3: Summary of Each Section Market Review - Last week, the four stock index futures varieties showed an upward - trending oscillation. The basis of most contracts remained in the futures discount mode. The basis of the main contracts were: IH at 0.95, IF at - 24.63, IC at - 132.22, and IM at - 193.42 [2] - The A - share market showed an oscillatory consolidation trend last week. In September, the three major A - share indices all closed up, showing a pattern of Shenzhen being stronger than Shanghai. The Shanghai Composite Index rose slightly by 0.64%, the Shenzhen Component Index rose by 6.54%, the ChiNext Index soared by 12.04%, and the Science and Technology Innovation 50 Index soared by 11.48%. Among the 31 Shenwan primary industries, 13 rose, accounting for 42%. Power equipment led the gains with a cumulative increase of over 21%, followed by non - ferrous metals and electronics with cumulative increases of over 10%. Defense industry, banking, non - banking finance, and beauty care had the largest declines, all falling by over 5% [2] Comprehensive Analysis - In September 2025, China's Manufacturing Purchasing Managers' Index (PMI) was 49.8%, up 0.4 percentage points from the previous month, indicating continuous improvement in manufacturing prosperity [4] - Overseas, the reciprocal tariffs initiated by US President Trump since April have had a negative impact on the global supply chain, and trade disputes will continue in October [4] - After the holiday, market liquidity quickly recovered, and margin funds replenished. The release of the "15th Five - Year Plan" in the second half of October may trigger market speculation around the plan, and the growth track may regain the upper hand [4]