缩量观望，关注二十届四中全会内容

Report Title - The report is titled "Stock Index Futures Daily Report" dated October 22, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report Core View - The stock market showed a volatile trend today, which was in line with expectations. The trading volume of the two markets continued to shrink significantly, and the market remained in a wait - and - see mode. With the approaching release of the content of the Fourth Plenary Session of the 20th Central Committee, if there is significant incremental information, the capital inflow is expected to be rapid and large in volume. Attention should be paid to changes in information. In the Sino - US trade aspect, the situation is still fluctuating, and the stock index has become less sensitive to it as the market turns to a wait - and - see mode and trading volume contracts. A short - term strategy of buying straddle options is recommended in case of policy - related incremental information [4] Market Review - The stock index was volatile and slightly weaker today. The CSI 300 index closed down 0.33%. The trading volume of the two markets decreased by 2060.38 billion yuan, and all stock index futures varieties declined with shrinking volume [2] Important Information - On October 22, Huawei released the Hongmeng Galaxy Interconnection Architecture during the Hongmeng OS 6 Special Release, with a transmission rate of 160MB/s, enhancing cross - device sharing, multi - screen collaboration, and application continuation experiences [3] - Japanese Prime Minister Hayasuna Sanae is preparing economic stimulus measures expected to exceed last year's 13.9 trillion yen [3] - Goldman Sachs released a research report stating that the Chinese stock market will enter a more sustained upward phase, with a projected increase of about 30% in key indices by the end of 2027, driven by a 12% profit trend growth and a 5% - 10% further revaluation potential [3] Futures Market Observation | Variety | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.46 | -0.06 | -0.80 | -0.50 | | Trading volume (10,000 lots) | 9.6934 | 4.7089 | 10.9239 | 18.2361 | | Trading volume change (10,000 lots) | -2.5532 | -0.6344 | -3.6408 | -5.0712 | | Open interest (10,000 lots) | 24.9313 | 8.8473 | 23.6439 | 34.1636 | | Open interest change (10,000 lots) | -0.9453 | -0.2835 | -1.2637 | -1.3666 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.07 | | Shenzhen Component Index change (%) | -0.62 | | Ratio of rising to falling stocks | 0.73 | | Total trading volume of the two markets (billion yuan) | 16678.56 | | Trading volume change (billion yuan) | -2060.38 | [6]