Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-11-07 10:27Report Industry Investment Rating - No relevant content provided Core View - Today, the stock index fluctuated throughout the day, with multiple switches between large - and small - cap indexes during the session. The trading volume of the two markets dropped below 2 trillion yuan again, and the dividend index led the gain, indicating that market sentiment is becoming more cautious. Currently, the news is relatively calm, and the market is in a stage of game between the expectation of policy benefits and the increasing willingness of funds to take profits. On the one hand, November is a policy - free window period, and the signal of subsequent additional favorable policies has weakened, so the upward driving force of the stock index is limited. On the other hand, under continuous high - level fluctuations, the demand for funds to take profits has increased, and the index is under callback pressure. However, the expectation of policy benefits still strongly supports the stock index, as can be seen from the multiple intraday rebounds of the stock index this week. The recommended strategy is to hold positions and wait and see [5] Market Review - Today, the stock index fluctuated throughout the day and closed slightly lower collectively. For example, the CSI 300 index closed down 0.31%. In terms of capital, the trading volume of the two markets decreased by 56.194 billion yuan. In the futures index market, IM rose with increasing volume, while other varieties declined with decreasing volume [3] Important Information - President Xi Jinping emphasized when listening to the report on the construction of the Hainan Free Trade Port that the construction goals of the Hainan Free Trade Port should be fully achieved. It is necessary to steadily expand institutional opening - up, further improve the level of trade and investment liberalization and facilitation, and promote the cross - border flow of production factors. The opening - up rhythm and progress should be scientifically and orderly arranged, and risk identification and prevention should be strengthened [4] - Private data provider Revelio Labs reported that the number of non - farm payrolls in the United States decreased by 9,100 in October, compared with an increase of 33,000 in the previous month. In addition, the number of Challenger job cuts in the United States in October reached 153,100, a year - on - year surge of 175.3%, the highest level in the same period since 2003 [4] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.25 | - 0.13 | - 0.13 | 0.14 | | Trading volume (10,000 lots) | 8.645 | 3.7804 | 10.6961 | 18.7617 | | Trading volume change compared with the previous period (10,000 lots) | - 2.4963 | - 1.3677 | - 2.6527 | - 1.5813 | | Open interest (10,000 lots) | 25.7486 | 9.0943 | 24.0492 | 35.6424 | | Open interest change compared with the previous period (10,000 lots) | - 0.7165 | - 0.5291 | - 0.9003 | 0.6568 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.25 | | Shenzhen Component Index change (%) | - 0.36 | | Ratio of rising to falling stocks | 0.66 | | Trading volume of the two markets (100 million yuan) | 19990.53 | | Trading volume change compared with the previous period (100 million yuan) | - 561.94 | [7]