股指期货早报-20251104

Report Information - Report Title: Stock Index Futures Morning Report - November 4, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market rebounded after reaching a low point yesterday, with the Sci - Tech Innovation and Communication sectors leading the decline, and the Oil, Coal, and Photovoltaic sectors leading the rise. The market sectors are differentiated, and there is a lack of obvious short - term drivers [2]. - The margin trading balance is 24,689 billion yuan, a decrease of 122 billion yuan, which is bearish [2]. - IH2512 has a premium of 0.25 points, and IF2512 has a discount of 18.6 points, showing a neutral situation [2]. - The order of the indices is IH > IC > IF > IM, and IH, IF, IC, and IM are above the 20 - day moving average, which is bullish [2]. - The long positions of IF and IC main contracts are reduced, while the long positions of IH main contract are increased, which is bullish [2]. - The meeting between Chinese and US leaders reached major consensuses, and the Fourth Plenary Session was held. The short - term market benefits have been realized, and investors took profits. The index pulled back from a high level. Currently, it is recommended to appropriately reduce positions when the index rises sharply during the day. The index will maintain a high - level shock, and there is a lack of obvious short - term drivers [2]. Summary by Relevant Catalogs Futures Market - Futures Contract Data: Provides detailed data on futures contracts of Shanghai 50, CSI 300, CSI 500, and CSI 1000, including contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividend yields, spreads, premium/discount ratios, annualized premium/discounts, contract values, delivery dates, and remaining terms [3]. - Base and Spread Charts: Presents the base and spread charts of Shanghai 50 and CSI 500, showing historical data trends [5][8]. Spot Market - Important Index Daily Price Changes: Displays the daily price changes of important indices such as the Shanghai Composite Index, Shanghai 50, CSI 300, etc. [11]. - Style Index Daily Price Changes: Shows the daily price changes of style indices including cycle, non - cycle, low - price - to - earnings ratio, etc. [14][17]. Market Structure - AH Share Premium/Discount: Presents the historical data of the Hang Seng AH Premium Index [20]. - Price - to - Earnings Ratio (PE): Displays the historical PE (TTM) data of Shanghai 50, CSI 300, CSI 500, and ChiNext Index [22]. - Price - to - Book Ratio (PB): Shows the historical PB data of Shanghai 50, CSI 300, CSI 500, and ChiNext Index [24]. Market Fundamentals - Stock Market Fund Inflow: Presents the historical data of A - share fund net inflow and CSI 300 [26]. - Margin Trading Balance: Displays the historical data of margin trading balance and CSI 300 [28]. - Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect: Shows the historical data of net inflows of Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect [30]. - Stock Unlocking: No specific content provided, only the title [33]. - Fund Cost: Presents the historical data of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week [36]. Market Sentiment - Trading Activity: Displays the historical data of turnover rates (free - floating market value) of Shanghai 50, CSI 300, CSI 500, and ChiNext [39][41][42][44]. - Public - Offering Hybrid Fund Positions: No specific content provided, only the title [45]. - Dividend Yield and Treasury Yield: Presents the historical data of futures index dividend yields and 10 - year treasury bond yields [48]. Other - Exchange Rate: Displays the historical data of the US dollar - RMB exchange rate [50]. - New Account Openings and Index Tracking: No specific content provided, only the title [52]. - Newly Established Fund Scale Changes: Includes the newly established scale changes of stock - type, hybrid, and bond - type funds [54][56][58].