FICC日报：指数低开高走，板块内部表现分化-20251106

Report Industry Investment Rating No relevant content provided. Core View The domestic market is relatively strong compared to the weak performance of the Asia-Pacific market on the day. Policy and capital support actions further confirm the long-term bullish pattern. However, in the short term, sector rotation continues and the internal differentiation is still prominent, and the market is still in the process of recovery. Bull market adjustments are often achieved through increased volatility, and it is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Summary by Related Catalogs Market Analysis - China has announced specific measures to implement the consensus of the China-US economic and trade consultations in Kuala Lumpur, including stopping the implementation of additional tariffs on some imported goods from the US, continuing to suspend 24% reciprocal tariffs for one year, and stopping export control measures on 15 US entities [1]. - A-share indices opened lower and closed higher. The Shanghai Composite Index rose 0.23% to 3969.25 points, and the ChiNext Index rose 1.03%. The power equipment, coal, and commercial retail sectors led the gains, while the computer, non-bank finance, and communication sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.9 trillion yuan [1]. - The US 10 - month ISM services PMI rose 2.4 points to 52.4, reaching an eight - month high. The three major US stock indices closed higher, with the Nasdaq rising 0.65% to 23499.8 points [1]. Futures Market - In the futures market, the basis of stock index futures declined. There was differentiation in trading volume and open interest. The trading volumes of IH, IC, and IM increased, and the open interest of stock index futures increased [2]. Strategy - The Asia - Pacific market was weak on the day, while the domestic market was relatively strong. It is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [10][8]. Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 5, 2025, shows that the Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 1.03% [13]. - Charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances are also included [14]. Futures Index Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts are presented. For example, the open interest of IF was 116,616 (a decrease of 1,583), and the trading volume was 270,040 (an increase of 1,580) [18]. - The basis data of stock index futures for different contracts and different delivery months are provided. For example, the basis of the IF contract for the current month was - 16.46 (a decrease of 2.36) [42]. - The inter - delivery spread data of stock index futures are also given, such as the spread between the next - month and current - month contracts of IF was - 14.20 (an increase of 1.40) [49].