Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. The trading volume of the two markets decreased. The number of rising stocks in the two markets reached 3,759, with a rise - fall ratio of about 5:2, resulting in a situation where stocks rose but indices fell. The previously strong heavy - weight and technology stocks collectively pulled back, and sectors such as computing power, semiconductors, and rare earths led the decline, dragging down the market index and the science - innovation sector. Meanwhile, low - level small and medium - cap stocks saw a compensatory rise. The manufacturing PMI in October unexpectedly declined, reflecting the current weak domestic supply and demand situation. The market expects the accelerated introduction of incremental policies. The volume - weighted average basis of index futures showed an inverse relationship with the index trend, indicating a game between long and short forces. In general, in the short term, the stock index is expected to fluctuate mainly due to capital games. It is recommended to hold positions and wait and see [3]. 3. Summary by Related Catalogs Market Review - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. Taking the CSI 300 Index as an example, it closed down 1.47%. In terms of capital, the trading volume of the two markets increased by 1656.47 billion yuan. Index futures all declined with increased volume [2]. Important Information - The China Manufacturing Purchasing Managers' Index in October was 49%. - The China Non - Manufacturing Business Activity Index in October was 50.1% [3]. Strategy Recommendation - Futures Market Observation - The intraday percentage changes of the main contracts of IF, IH, IC, and IM were - 1.43%, - 1.13%, - 0.89%, and 0.02% respectively. - The trading volumes were 139,862 lots, 63,349 lots, 145,316 lots, and 253,282 lots respectively. - The trading volume changes compared to the previous period were 2,486 lots, - 600 lots, - 22,972 lots, and 4,629 lots respectively. - The open interests were 271,131 lots, 99,608 lots, 254,465 lots, and 362,383 lots respectively. - The open interest changes compared to the previous period were 397 lots, - 2,436 lots, - 5,746 lots, and - 6,696 lots respectively [4]. - Spot Market Observation - The percentage changes of the Shanghai Composite Index and the Shenzhen Component Index were - 0.81% and - 1.14% respectively. - The ratio of rising to falling stocks was 2.42. - The trading volume of the two markets was 23,177.92 billion yuan, with a decrease of 1,038.84 billion yuan compared to the previous period [5].
股涨指跌，大小盘风格切换
Nan Hua Qi Huo·2025-10-31 11:32