中美经贸磋商达成基本共识，股指期货震荡上行

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The consensus reached in the China-US economic and trade consultations will help the short - term rise of stock index futures. The main contracts of stock index futures on October 27 are expected to be strong and volatile, with specific support and resistance levels provided [2]. 3. Summary by Relevant Catalogs 3.1 Market Outlook Points - On October 27, the main contracts of stock index futures IF2512, IH2512, IC2512, and IM2512 opened slightly higher, then rose, met resistance, fell back, and fluctuated upward. The China - US economic and trade consultations reached a basic consensus, which is beneficial for the short - term rise of stock index futures [2]. - It is expected that IF2512 will be strong and volatile, attacking resistance levels of 4700 and 4715 points (4715 is a strong resistance), with support levels at 4650 and 4635 points (4635 is a strong support) [2][9]. - IH2512 is expected to be strong and volatile, attacking resistance levels of 3080 and 3090 points (3090 is a strong resistance), with support levels at 3056 and 3048 points (3048 is a strong support) [2][10]. - IC2512 is expected to be strong and volatile, attacking resistance levels of 7290 and 7330 points (7330 is a strong resistance), with support levels at 7200 and 7160 points (7160 is a strong support) [3][11]. - IM2512 is expected to be strong and volatile, attacking resistance levels of 7400 and 7450 points (7450 is a strong resistance), with support levels at 7298 and 7250 points (7250 is a strong support) [3][11]. 3.2 Macroeconomic and Stock Market News - From October 25th to 26th, China and the US had in - depth consultations on economic and trade issues and reached a basic consensus. They agreed to further determine specific details and complete domestic approval procedures [4]. - The People's Bank of China carried out 900 billion yuan of Medium - term Lending Facility (MLF) operations on October 27. After offsetting the 700 billion yuan of due MLF, the net MLF investment this month was 200 billion yuan. The net investment of medium - term liquidity this month reached 60 billion yuan, maintaining a high level and showing a moderately loose monetary policy [5]. - From January to September 2025, the profit of industrial enterprises above designated size increased by 3.2% year - on - year, the highest cumulative growth rate since August last year. In September, the profit increased by 21.6% year - on - year [7]. 3.3 Technical Analysis and Market Outlook - On October 27, IF2512 opened slightly higher, fluctuated upward, and is expected to continue to rise. The 5 - day moving average provides support [8]. - IH2512 opened slightly higher, fluctuated upward, and the 5 - day moving average provides support. The upward space is further opened [9]. - IC2512 opened slightly higher, fluctuated upward, and the 5 - day moving average provides support [10]. - IM2512 opened higher, was strong and volatile, and the 20 - day moving average provides support [11]. - It is expected that in October 2025, the IF main contract will have wide - range fluctuations, with support at 4426 and 4307 points and resistance at 4750 and 4850 points [11]. - The IH main contract is expected to have strong and wide - range fluctuations in October 2025, with support at 2908 and 2872 points and resistance at 3050 and 3117 points [11]. - The IC main contract is expected to have wide - range fluctuations in October 2025, with support at 6789 and 6565 points and resistance at 7550 and 7680 points [12]. - The IM main contract is expected to have wide - range fluctuations in October 2025, with support at 6976 and 6800 points and resistance at 7550 and 7660 points [13].