宝城期货股指期货早报（2025年11月4日）-20251104

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term view of the stock index is wide - range oscillation, with the mid - term view being upward. The core logic is the game between the policy - driven bullish expectations and the profit - taking intention of funds. In the short term, the stock index will mainly fluctuate and consolidate [1][4] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is upward, the intraday view is oscillation with a slight upward bias, and the overall view is wide - range oscillation. The core logic is the game between the profit - taking intention of funds and the policy - driven bullish expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillation with a slight upward bias, the mid - term view is upward, and the reference view is wide - range oscillation. Yesterday, each stock index bottomed out and rebounded, with the whole - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets being 2132.9 billion yuan, a decrease of 216.9 billion yuan compared to the previous day. The policy - driven bullish expectations from the "15th Five - Year Plan" form strong support for the stock index. However, as it enters November, the incremental expectations of domestic policies decrease, the marginal impact of the mitigation of external risks diminishes, and the upward driving force weakens in the short term. With the increase in stock valuation, the profit - taking intention of profitable funds rises, and there is still a need for short - term technical adjustment of the stock index [4]