FICC日报：大资金托底，股指低开高走-20251014

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - China's export growth in September was strong, providing support for the domestic economy. Large funds actively supported the market, causing the index to open lower and close higher. The non - ferrous metals sector continued to strengthen, but the risk in the market may not be fully released. Consider low - buying opportunities in IC and IM [1][2] 3. Summary by Related Catalogs 3.1 Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends, with data sourced from Flush and Huatai Futures Research Institute [4][5][10] 3.2 Spot Market Tracking Charts - The daily performance of major domestic stock indices on October 13, 2025 showed that the Shanghai Composite Index closed at 3889.50, down 0.19%; the Shenzhen Component Index was at 13231.47, down 0.93%; the ChiNext Index was at 3078.76, down 1.11%. The trading volume of the Shanghai and Shenzhen stock markets on that day was about 2.4 trillion yuan. The sector indices showed more declines than increases, with non - ferrous metals, environmental protection, and steel industries leading the gains, while the automotive, household appliances, beauty care, and media industries led the losses [1][12] 3.3 Stock Index Futures Tracking Charts - In terms of trading volume and open interest, the trading volume and open interest of IF, IC, and IM increased simultaneously. The trading volume of IF was 168,279, an increase of 6,129; the open interest was 283,359, an increase of 4,778. The trading volume of IC was 176,728, an increase of 6,338; the open interest was 267,579, an increase of 7,505. The trading volume of IM was 286,550, an increase of 53,100; the open interest was 371,285, an increase of 14,358. The trading volume of IH was 73,530, a decrease of 403; the open interest was 103,523, a decrease of 2,220. - Regarding the basis, the basis of stock index futures declined on that day. For example, the basis of the IF contract's current - month contract was - 8.38, a decrease of 5.34; the basis of the IH contract's current - month contract was - 1.01, a decrease of 2.15; the basis of the IC contract's current - month contract was - 26.56, a decrease of 10.34; the basis of the IM contract's current - month contract was - 42.96, a decrease of 23.34. - For the inter - delivery spread, different spreads and their quantiles are provided, such as the spread between the next - month and current - month contracts, the spread between the next - season and current - month contracts, etc. [15][39][43]