股市暂定震荡，债市或有提振

Industry Investment Rating - Not provided in the report Core Viewpoints - The stock market is tentatively in a volatile phase, while the bond market may receive a boost. Specifically, the stock index futures showed a V-shaped reversal, the stock index options were dominated by out-of-the-money call selling, and the bond market curve flattened [2][3]. Summary by Relevant Catalogs 1. Market Views Stock Index Futures - The market showed a V-shaped reversal. The all-A index rose 0.39% with trading volume slightly exceeding 2.1 trillion. Coal, oil and gas, and building products led the gains. The dividend index and micro-cap index were dominant, and the dumbbell structure outperformed the market recently. November is a volatile period, and it is recommended to shift technology funds to the price increase chain and continue the dumbbell configuration. The operation suggestion is to hold IM + dividend index [3][9]. Stock Index Options - The market was dominated by out-of-the-money call selling. The underlying market opened lower in the morning and recovered in the afternoon. The option market turnover was 911.2 million yuan, a 11.72% decrease from the previous day. It is recommended to maintain the covered call strategy [4][9]. Bond Futures - The bond market curve flattened. Most bond futures closed down, with the long end performing better. The central bank's net withdrawal of funds had little impact on the overall loose liquidity. The decline in the October manufacturing PMI supported the long end of the bond market. It is expected that the bond market will be volatile and slightly stronger. Operation suggestions include trend strategy (volatile and slightly stronger), hedging strategy (focus on long substitution at high basis), basis strategy (focus on positive arbitrage opportunities and basis widening), and curve strategy (focus on curve steepening) [5][10][11]. 2. Economic Calendar - The report lists the economic data release schedule for the week, including China's October SPGI manufacturing PMI (actual value 50.6, previous value 51.2), and upcoming data such as the US October ADP employment change and China's October trade balance [12]. 3. Important Information and News Tracking - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement worth 400 billion yuan/70 trillion won for five years [13]. - The Ministry of Finance's Debt Management Department has been listed in the "Ministry Organs" list, with clear responsibilities for government debt management [13]. - Regarding the US threat of imposing tariffs on China due to rare earth export controls, China stated that dialogue and cooperation are the correct ways to solve problems [14]. 4. Derivatives Market Monitoring - The report includes sections on stock index futures data, stock index options data, and bond futures data, but specific data details are not fully presented in the provided content [15][19][31].