宝城期货股指期货早报（2025年11月3日）-20251103

Group 1: Report Overview - The report is the stock index futures morning report of Baocheng Futures on November 3, 2025, covering the financial futures stock index sector [1] Group 2: Investment Ratings - Not provided Group 3: Core Views - The short - term view of IH2512 is shock, the medium - term view is rising, the intraday view is shock - biased - strong, and the overall view is wide - range shock. The core logic is the game between the profit - taking willingness of funds and the expectation of policy benefits [1] - For IF, IH, IC, and IM, the intraday view is shock - biased - strong, the medium - term view is rising, and the reference view is wide - range shock. The core logic is that the future trend depends on the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of funds, and the stock index will mainly show wide - range shock in the short term [4] Group 4: Summary by Related Content Variety View Reference - For IH2512, short - term: shock; medium - term: rising; intraday: shock - biased - strong; view reference: wide - range shock; core logic: the game between the profit - taking willingness of funds and the expectation of policy benefits [1] Main Variety Price Market Driving Logic - On Friday, the stock indexes showed shock and differentiation, with only IM slightly rising and others falling. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2464.3 billion yuan, an increase of 173.6 billion yuan from the previous day. The trading volume continued to increase, and there were more falling stocks than rising ones, indicating rising fear of high prices and increased profit - taking willingness of funds. With the marginal decrease of the impact of the mitigation of external uncertainties and less incremental policy expectations in November, the increase in stock valuation has led to increased profit - taking demand, and the stock index needs a technical adjustment. The future trend depends on the game between policy benefit expectations and profit - taking rhythms, and the stock index will mainly be in wide - range shock in the short term [4]