HHTG(SH:600095) Xiangcai Securities·2025-11-06 02:08Macro Insights - The U.S. federal government has entered its 35th day of a shutdown, matching the longest shutdown record in U.S. history, with no agreement reached between the Democratic and Republican parties on a temporary funding bill [2] - The State Council announced a nine-day holiday for the Spring Festival in 2026, leading to a significant increase in online travel bookings for both New Year's and Spring Festival periods, particularly for popular tourist destinations [2] Real Estate Market - Since 2019, the proportion of existing residential sales has increased from 10% to 33% at the beginning of this year, with over 30 provinces and cities in China implementing pilot programs for existing home sales [3] Financial Engineering - From October 27 to October 31, the Shanghai Composite Index closed at 3954.79, with increased trading volume compared to the previous week. The Shenzhen Component Index closed at 13378.21, also with increased trading volume [6] - The 50ETF saw a weekly decline of 1.00%, while the Southern CSI 500ETF increased by 0.91% during the same period [8] - The average daily trading volume of 50ETF options decreased, while total open interest increased, indicating a mixed sentiment in the options market [7] Investment Strategy - The market showed a divergence in performance among different ETFs, with the 50ETF underperforming and the 500ETF showing strength. The PCR indicators reflected this divergence, with a decrease in put option holdings for the weaker ETFs [8][9] - The overall market sentiment appears to be cautious, with expectations of continued volatility but stable implied volatility levels, suggesting a potential strategy of shorting on rallies [9]