隔夜黄金大跌，A股缩量中阳修复：股指期货早报2025.10.22-20251022

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Overseas: Overnight, gold closed down 5.31%. The decline was related to market structure as high prices led to less buying. The risk of the gold slump did not spread to other assets. Risk assets were supported by factors such as the expected end of the US government shutdown this week and optimistic expectations for Sino - US negotiations. The US dollar index, US bonds, and crude oil rose, the US volatility index fell sharply, and the three major US stock indexes showed mixed performance [2]. - Domestic: On Tuesday, the domestic market showed a rebound. The Shanghai Composite Index rose 1.36%, the Shenzhen Component Index rose 2.06%, and the ChiNext Index rose 3.02%. The market was led by technology stocks like computing power hardware. Sectors such as communication, electronics, building decoration, and real estate led the gains, while coal declined. The market's mid - day rise on the previous day was an index - repair rebound rather than a new uptrend due to reduced trading volume and index incoordination. Short - term, the impact of precious metal retracement on the market needs attention, and the index is expected to fluctuate around the 20 - day moving average. Medium - term, the market requires joint efforts from policies and fundamentals [3]. 3. Summary by Directory 3.1 Important News - High - profile political events include the election of Kishida Fumio as the Japanese Prime Minister, the formulation of a 12 - point Russia - Ukraine peace plan by Europe and Ukraine, and Trump's intention to visit China next year [5][7]. - Diplomatic exchanges involve calls between Chinese Minister of Commerce Wang Wentao and Dutch Economic Minister Karel de Groot, and a video conference between Wang Wentao and EU Commissioner for Trade and Economic Security Valdis Dombrovskis [7]. - Diplomatic responses were made regarding the US threat to cut off aircraft parts supply to China [7]. 3.2 Futures Market Tracking - Price and Volume Data: The report provides detailed price, volume, and position data for various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000. For example, the Shanghai 50 index rose 1.09%, and its futures contracts IH2511, IH2512, etc., also showed different degrees of increase [9]. - Base and Spread Data: It also presents base and spread data for different contracts, which helps investors understand the relative price relationships between futures and spot markets and among different futures contracts [9]. 3.3 Spot Market Tracking - Index Performance: Multiple indexes, including the Wind All - A Index, Shanghai Composite Index, and Shenzhen Component Index, showed varying degrees of increase. For example, the Wind All - A Index rose 1.62%, and the Shanghai Composite Index rose 1.36% [32]. - Sector Performance: Different sectors had different performances. Communication, electronics, and other sectors led the gains, while coal declined. The report also provides detailed data on sector performance in terms of price changes, trading volume, and other aspects [32]. - Market Style Impact: Analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 [33][34]. - Valuation and Volume Data: Presents valuation data for important indexes and Shenwan sectors, as well as market trading volume and turnover rate data, which helps investors understand the overall market valuation and trading activity levels [36][39][41]. 3.4 Liquidity Tracking - Central Bank Operations: The report shows the central bank's open - market operations, including currency injection, currency withdrawal, and net currency injection [50]. - Interest Rate Data: It also provides Shibor interest rate data, which reflects the short - term inter - bank lending rates [51].