量能收缩，宽幅震荡延续

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Today's stock index rebounded, in line with the expected wide - range oscillation. Information such as the article in "Qiushi" and signals from Premier Li Qiang, along with "easing" remarks from US officials, have eased risk - aversion sentiment. However, the trading volume in the two markets shrank significantly, and the positions of index futures declined, indicating strong market wait - and - see sentiment. The short - term structural pull at the industry level is not as strong as before, and the leading industries are showing differentiation. With the shrinking volume, the rebound space is expected to be limited. The current stock market is less sensitive to economic fundamental data announcements and more driven by expected market trends. The wide - range oscillation view is maintained, and attention should be paid to changes in Sino - US trade relations and policy expectations [4] 3. Summary by Relevant Catalogs Market Review - The stock index rebounded today. Taking the CSI 300 index as an example, it closed up 1.48%. The trading volume in the two markets decreased by 50.3375 billion yuan. In the index futures market, all varieties rose with shrinking volume [2] Important Information - "Qiushi" magazine published an important article by General Secretary Xi Jinping. China's September CPI year - on - year decline narrowed to 0.3%, the core CPI returned to 1% for the first time in 19 months, and the PPI year - on - year decline narrowed to 2.3%. "Qiushi" magazine stated to further stabilize market expectations and introduce more policies conducive to stable growth and expectations. After the US threatened to impose a 100% tariff on Chinese goods on November 1, US Treasury Secretary Besent claimed that the situation had "significantly eased" and the tariff imposition might not happen [3] Strategy Recommendation - It is recommended to hold positions and wait and see. The table shows the intraday percentage changes, trading volumes, volume changes compared to the previous period, positions, and position changes compared to the previous period of the main contracts of IF, IH, IC, and IM [5] Spot Market Observation - The Shanghai Composite Index rose 1.22%, and the Shenzhen Component Index rose 1.73%. The ratio of rising to falling stocks was 4.62. The trading volume in the two markets was 207.2859 billion yuan, a decrease of 50.3375 billion yuan compared to the previous period [7]