Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-10-29 11:24Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The release of the full - version of the "15th Five - Year Plan Proposal" after yesterday's market close boosted market sentiment. Today, the stock index rose overall after the opening, with the turnover of the two markets rebounding, and the relative advantage of small and medium - cap stock indexes continued. The full - version mentioned finance, further stabilizing market expectations, emphasizing the importance of technology, and the new AI concept is positive for the technology sector. The impact of the meeting is expected to last about two weeks. The basis of stock index futures rebounded collectively today, and the market sentiment improved overall. Therefore, affected by the "15th Five - Year Plan", the stock index is expected to run strongly in the short term, and the relative advantage of small and medium - cap stocks will continue. Tonight, the Fed's October interest - rate decision is expected to cut interest rates by 25bp. Attention should be paid to the subsequent interest - rate cut path. If the statement is hawkish, the A - share market will be under pressure [4]. 3. Summary by Relevant Catalogs Market Review - Today, the stock indexes closed up collectively, with small - cap stocks showing stronger performance. For example, the CSI 300 index closed up 1.19%. The turnover of the two markets rebounded by 1.0817 billion yuan. In the futures index market, IH and IM rose with shrinking volume, while IF and IC rose with expanding volume [3]. Important Information - The full text of the "15th Five - Year Plan Proposal" proposed to take extraordinary measures to promote decisive breakthroughs in key core technologies in key areas, implement the "Artificial Intelligence +" action comprehensively, and boost consumption vigorously. - The "small non - farm" ADP released weekly employment data. As of the four weeks ending October 11, the average number of new private - sector jobs in the United States was about 14,000. - The Taiwan Affairs Office of the State Council stated that it is willing to create broad space for peaceful reunification but will never promise to abandon the use of force [4]. Strategy Recommendation - Long - term long positions should continue to be held [5]. Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 1.23 | 0.39 | 2.12 | 1.42 | | Trading volume (10,000 lots) | 10.0933 | 4.5105 | 13.4767 | 18.7636 | | Trading volume change (10,000 lots) | - 1.1905 | - 0.6016 | 0.8363 | - 2.3657 | | Open interest (10,000 lots) | 25.8558 | 9.4975 | 25.2815 | 34.8768 | | Open interest change (10,000 lots) | 0.0439 | - 0.0762 | 0.9663 | - 0.525 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.70 | | Shenzhen Component Index change (%) | 1.95 | | Ratio of rising to falling stocks | 1.32 | | Turnover of the two markets (100 million yuan) | 2256.03 | | Turnover change (100 million yuan) | 108.17 | [6]