财达期货｜股指期货周报-20251027

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week, the four stock index futures varieties mainly trended upwards, with relatively large increases in CSI 500 and CSI 1000. The basis discount depth of the four stock index futures varieties decreased, but most of the main contracts remained in the futures discount mode. The A - share market was volatile in the early part of the week, but a significant increase on Friday and the Shanghai Composite Index hitting a 10 - year high made the situation clearer. The information from the Fourth Plenary Session injected new confidence and momentum into the market [4]. - After the successful conclusion of the Fourth Plenary Session, the "15th Five - Year Plan" ideas are clear, and there is progress in China - US high - level economic and trade consultations. Overseas, the US inflation is mild and employment is weak, which is expected to strengthen the Fed's expectation of further interest rate cuts. The market is likely to return to a performance - driven structural market [6]. 3. Summary by Related Content 3.1 Market Review - The four stock index futures varieties trended upwards last week, with CSI 500 and CSI 1000 having relatively large increases. The basis of the main contracts were: IH at 2.78, IF at - 25.88, IC at - 98.73, and IM at - 121.24. The A - share market was volatile in the early part of the week, but a large single - day increase on Friday and the Shanghai Composite Index hitting a 10 - year high ended the oscillation. The trading volume of the Science and Technology Innovation Board and the ChiNext Index increased significantly, and many leading stocks hit new highs [4]. 3.2 Comprehensive Analysis - Macroscopically, after the Fourth Plenary Session, the "15th Five - Year Plan" ideas are clear, and there is progress in China - US high - level economic and trade consultations. Overseas, the US September CPI was lower than expected, and the overall inflation situation remained stable. The Fed is expected to cut interest rates twice by 25bps each this year. The market is likely to return to a performance - driven structural market [6].