FICC日报：指数震荡，关注重要会议文件-20251023

Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The market should focus on the meeting at the end of the month. Trump expects to reach a good trade agreement with Chinese leaders during the APEC Economic Leaders' Meeting next week, but the meeting may be cancelled. The US government shutdown has lasted for 22 days, and it may continue until November and exceed the 35 - day record of Trump's first - term shutdown [1]. - A - share three major indexes fluctuated. The Shanghai Composite Index fell 0.07% to close at 3913.76 points, and the ChiNext Index fell 0.79%. In the industry, most sector indexes declined. The petroleum and petrochemical, banking, and household appliance industries led the gains, while the non - ferrous metals, power equipment, and agriculture, forestry, animal husbandry, and fishery industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets was about 1.7 trillion yuan. Overseas, the three major US stock indexes closed down across the board, with the Nasdaq falling 0.93% to 22740.40 points [1]. - In the futures market, the basis of IF, IC, and IM rebounded. The trading volume and open interest of stock index futures decreased simultaneously [1]. - Affected by the correction of precious metal prices, the non - ferrous sector opened lower in the morning, and the CSI 500 Index performed relatively weakly. However, supported by the long - term expectations of the "15th Five - Year Plan", the CSI 500 is expected to gradually strengthen. Attention should be paid to the key policy documents issued after the Fourth Plenary Session of the 20th Central Committee, which may provide guidance for clarifying the main direction of the market [2]. 3. Summary by Related Catalogs 3.1 Macro - economic Charts - Include charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles [1][4][5][9][11] 3.2 Spot Market Tracking Charts - The daily performance of domestic major stock indexes on October 22, 2025: the Shanghai Composite Index was 3913.76, down 0.07% from the previous day; the Shenzhen Component Index was 12996.61, down 0.62%; the ChiNext Index was 3059.32, down 0.79%; the CSI 300 Index was 4592.57, down 0.33%; the SSE 50 Index was 3010.10, up 0.09%; the CSI 500 Index was 7128.48, down 0.80%; the CSI 1000 Index was 7312.21, down 0.43% [13] 3.3 Stock Index Futures Tracking Charts - The trading volume and open interest of stock index futures decreased. For example, the trading volume of IF was 96934, a decrease of 25532; the open interest was 249313, a decrease of 9453 [15] - The basis data of stock index futures: for IF, the basis of the current - month contract was - 18.57, an increase of 0.70; for IH, the basis of the current - month contract was - 6.50, a decrease of 3.44; for IC, the basis of the current - month contract was - 63.48, an increase of 13.34; for IM, the basis of the current - month contract was - 75.01, an increase of 8.04 [37] - The inter - period spread data of stock index futures: for example, for the IF contract, the spread between the next - month and current - month contracts was - 10.60, an increase of 0.40 [43]