股指期货早报-20251027

Report Information - Report Title: Stock Index Futures Morning Report - October 27, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] - Report Date: October 27, 2025 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - IC2512 has a discount of 98.73 points, and IM2512 has a discount of 121.24 points, indicating a bearish signal [3] - The Fourth Plenary Session emphasized technological self - reliance, which drove the technology and communication sectors to strengthen. The Sino - US economic and trade consultations reached a preliminary consensus, and the market is expected to open higher. It is recommended to reduce positions appropriately on rallies [3] - The margin trading balance is 24,339 billion yuan, a decrease of 16 billion yuan, showing a neutral signal [3] - IH2512 has a premium of 2.78 points, and IF2512 has a discount of 25.88 points, presenting a neutral situation [3] - In terms of the market performance, IH > IC > IF > IM, and IH, IF, IC, and IM are above the 20 - day moving average, indicating a bullish signal [3] - The main positions of IF and IC have reduced long positions, while the main positions of IH have increased long positions, showing a bullish signal [3] - The Fourth Plenary Session set the tone of supply security priority, manufacturing, technological self - reliance, and expanding domestic demand. The technology sector will rebound. With the preliminary consensus reached in the Sino - US economic and trade consultations, it is recommended to reduce positions on significant intraday rallies. The short - term index will maintain high - level fluctuations. Attention should be paid to the meeting between Chinese and US leaders at the end of this month [3] Summary by Directory Futures Market - Futures Contract Data: Data such as contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividend yields, spreads, premium/discount ratios, annualized premium/discounts, contract values, delivery dates, and remaining terms are provided for IH, IF, IC, and IM contracts of different expiration dates [4] - Base and Spread Charts: Charts of the base and spread of the Shanghai 50 Index and the CSI 500 Index are presented, showing their historical trends [6][9] Spot Market - Important Index Daily Price Changes: The daily price change rates of important indexes such as the Shanghai Composite Index, Shanghai 50, CSI 300, Wande All - A, CSI 500, Shenzhen Component Index, ChiNext 50, and ChiNext Index are shown [12] - Style Index Daily Price Changes: The daily price change rates of style indexes including cyclical, non - cyclical, low - P/E ratio, large - cap, small - cap, value, high - P/E ratio, medium - P/E ratio, and growth indexes are presented [15][18] Market Structure - AH Share Premium/Discount: The historical trend chart of the Hang Seng AH Premium Index is provided, reflecting the premium/discount situation of AH shares [21] - Price - to - Earnings Ratio (PE): The historical trend chart of the P/E ratios (TTM) of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index is shown [24] - Price - to - Book Ratio (PB): The historical trend chart of the P/B ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index is presented [26] Market Capital - Stock Market Capital Inflow: The historical trend chart of A - share capital net inflow and the CSI 300 Index is provided, showing the capital flow situation in the stock market [28] - Margin Trading Balance: The historical trend chart of the margin trading balance and the CSI 300 Index is presented, reflecting the margin trading situation [30] - Northbound Capital Inflow: The historical trend chart of the net inflow of northbound capital is shown [32] - Fund Cost: The historical trend chart of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates is presented, reflecting the short - term fund cost [38] Market Sentiment - Trading Activity: The historical trend charts of the turnover rates (based on free - floating market value) of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index are provided, reflecting the trading activity in the market [41][44] - Public Mixed - Fund Positions: Although the title is given, the specific content seems incomplete [46] Other Indicators - Dividend Yield and Treasury Yield: The historical trend chart of the dividend yields of the CSI 300, Shanghai 50, CSI 500, and CSI 1000 Indexes and the ten - year Treasury yield is presented [50] - Exchange Rate: The historical trend chart of the US dollar against the Chinese yuan exchange rate is provided [52] - New Account Openings and Index Tracking: Although the title is given, the specific content seems incomplete [53] - Newly Established Fund Scale Changes: The titles of the newly established scale changes of stock - type, mixed - type, and bond - type funds are given, but the specific content seems incomplete [55][57][59]