Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-11-04 03:24Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Today, the stock index first declined and then rebounded, with small and medium - cap stock indices breaking through the 30 - day moving average during the session, while large - cap stock indices were relatively resilient. Affected by the "Notice on Improving Duty - Free Shop Policies to Support and Boost Consumption", the Hainan Free Trade concept continued to lead the gains. [4] - Recently, the news has been relatively calm, and the market is mainly driven by capital games. There is a callback pressure on the stock index as some funds in previously high - flying sectors are more willing to take profits. However, due to strong signals of stabilizing the market, the downside space of the stock index is expected to be limited. [4] - In the short term, the stock index is expected to fluctuate. It is recommended to hold positions and wait and see. Attention should be paid to the US employment data to be released this week, as it may have a significant impact on the Fed's December interest - rate cut expectations. [4] 3. Summary by Related Catalogs Market Review - Today, the stock index first fell and then rose, with all indices closing up. For example, the CSI 300 index closed up 0.27%. The trading volume of the two markets decreased by 2106.62 billion yuan. In the futures index market, IF and IC declined with shrinking volume, IH remained flat, and IM rose with shrinking volume. [2] Important Information - The Ministry of Finance and the State Administration of Taxation issued an announcement on the tax policy for gold, which will be implemented from November 1, 2025, to December 31, 2027. This policy is expected to make the gold market's consumption and investment environment more transparent and healthy. [3] - The China Securities Regulatory Commission and the Asset Management Association of China solicited public opinions on the guidelines for the performance comparison benchmarks of public funds. The introduction of these two documents will promote the standardization of the performance comparison benchmarks of domestic public funds and strengthen the discipline of investment management. [3] Strategy Recommendation - It is recommended to hold positions and wait and see. [5] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.04 | 0.00 | - 0.34 | 0.01 | | Trading volume (10,000 lots) | 11.5046 | 5.1158 | 14.0206 | 22.9133 | | Trading volume change from previous day (10,000 lots) | - 2.4816 | - 1.2191 | - 0.511 | - 2.4149 | | Open interest (10,000 lots) | 27.0097 | 9.6979 | 25.4358 | 36.2939 | | Open interest change from previous day (10,000 lots) | - 0.1034 | - 0.2629 | - 0.0107 | 0.0556 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.55 | | Shenzhen Component Index change (%) | 0.19 | | Ratio of rising to falling stocks | 1.96 | | Trading volume of the two markets (billion yuan) | 21071.31 | | Trading volume change from previous day (billion yuan) | - 2106.62 | [7]