期指：新政不断落地，偏强震荡

Report Investment Rating - Not provided Core View - New policies are constantly being implemented, and index futures are expected to fluctuate strongly [1] Summary by Directory 1. Index Futures and Spot Data Tracking - On October 27, all current-month contracts of the four major index futures rose. IF rose 1.3%, IH rose 0.77%, IC rose 1.74%, and IM rose 0.76% [1] - On the trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 2,849 lots, IH by 2,681 lots, IC by 1,034 lots, and IM by 9,711 lots. In terms of positions, the total positions of IF increased by 6,831 lots, IH by 2,833 lots, IC by 8,981 lots, and IM by 9,755 lots [1][2] 2. Index Futures Basis - The report presents the basis trends of IF, IH, IC, and IM from September 23 to October 27 [4] 3. Top 20 Member Positions Changes in Index Futures - The report shows the long and short positions changes of the top 20 members in different contracts of IF, IH, IC, and IM, with some data not announced [5] 4. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6] 5. Important Drivers - Chinese Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio. Wang Yi expressed the hope that both sides would work towards each other to prepare for high-level interactions between China and the US and create conditions for the development of bilateral relations. Foreign Ministry Spokesperson Guo Jiakun also responded to multiple hot issues such as a possible meeting between the Chinese and US heads of state, the China-US trade agreement, and the final agreement on TikTok [6] 6. Market Performance - The 2025 Financial Street Forum Annual Conference opened, and central bank governor Pan Gongsheng, head of the Financial Regulatory Administration Li Yunze, and CSRC Chairman Wu Qing made important statements. Pan Gongsheng said that the central bank will continue to adhere to a supportive monetary policy stance; resume open market treasury bond trading operations; study and optimize the positioning of digital RMB in the monetary hierarchy; study and implement policies to support individuals in repairing their credit; accelerate the construction of a comprehensive macro-prudential management system; explore the mechanism of providing liquidity to non-bank institutions in specific scenarios; and continue to crack down on the operation and speculation of virtual currencies in China. Li Yunze said that a financial service model that emphasizes both investment in physical assets and human capital will be established, long-term capital support policies will be improved, and disorderly competition will be firmly corrected. Wu Qing said that the reform of the ChiNext will be deepened, a shelf registration system for refinancing will be launched at an appropriate time, high-level institutional opening-up will be steadily expanded, and a solid defense line for risk prevention and strong supervision will be built [7] - The Shanghai Composite Index rose 1.18% to 3,996.94 points, the Shenzhen Component Index rose 1.51%, and the ChiNext Index rose 1.98%. The total trading volume of A-shares for the day was 2.36 trillion yuan, compared with 1.99 trillion yuan the previous day. The market showed strong upward momentum, with the Shanghai Composite Index reaching a high of 3,999 points, just short of 4,000 points. In the afternoon, selling pressure was resolved by buying power. Technology leaders were actively involved, and the memory chip concept saw another wave of limit-up stocks. However, sectors other than hard technology performed generally, and the North Exchange 50 Index closed down. More than 3,300 stocks rose for the day. The memory chip, rare earth, and cross-strait integration concepts led the gains, while the Hainan, education, and oil and gas sectors declined [7]