股指期货早报-20251111

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Shanghai Composite Index is hovering around the 4000 mark. Due to the positive news that the two parties in the US will end the government shutdown, global stock markets have rebounded. Domestic sector hotspots are rotating, and the overall market is oscillating with a slight upward trend. However, it is recommended to appropriately reduce positions when the market rises [3][4]. Summary by Relevant Catalogs 1. Futures Market - Index Basis and Spread: - IH2512 has a premium of 0.14 points, IF2512 has a discount of 23.05 points, IC2512 has a discount of 108 points, and IM2512 has a discount of 142.25 points [3][5]. - The performance of each index contract shows different price differences and trends [5]. - Index Position and Expectation: - The main players in IF have reduced long positions, while those in IH have increased long positions, and those in IC have reduced long positions, showing a slightly positive trend [4]. - The overall market is expected to be oscillating with a slight upward trend, but it is advisable to reduce positions on rallies [4]. 2. Spot Market - Important Index Daily Returns: Different important indexes such as the Shanghai Composite Index, SSE 50, CSI 300, etc., have different daily return rates, reflecting the performance of different sectors in the market [13]. - Style Index Daily Returns: Various style indexes, including cyclical, non - cyclical, and different price - to - earnings ratio indexes, show different daily return rates, indicating the performance of different market styles [16][19]. 3. Market Structure - AH Share Premium: The Hang Seng AH Premium Index shows the premium relationship between A - shares and H - shares over a certain period [22]. - Price - to - Earnings Ratio (PE) and Price - to - Book Ratio (PB): The PE and PB of SSE 50, CSI 300, CSI 500, and ChiNext Index reflect the valuation levels of these indexes over a long - term period [25][27]. 4. Market Capital - Stock Market Capital Inflow: The inflow of funds into the A - share market and the CSI 300 shows the capital flow situation in the market [29]. - Margin Trading Balance: The margin trading balance and the CSI 300 reflect the scale of margin trading in the market and its relationship with the market index [31]. - Northbound Capital Inflow: The net inflow of northbound capital shows the flow of foreign capital into the A - share market [33]. - Capital Cost: The SHIBOR overnight, one - week, and two - week rates reflect the short - term capital cost in the market [39]. 5. Market Sentiment - Trading Activity: The turnover rates of SSE 50, CSI 300, CSI 500, and ChiNext Index (based on free - floating market value) reflect the trading activity of different indexes [42][45]. - Public Offering Hybrid Fund Positions: The positions of public offering hybrid funds reflect the investment sentiment of institutional investors [47]. 6. Other Indicators - Dividend Yield and Treasury Yield: The dividend yields of index futures and the ten - year treasury yield show the relationship between the return of the stock market and the bond market [51]. - Exchange Rate: The US dollar to RMB exchange rate reflects the exchange rate situation between the two currencies [53]. - New Account Openings and Index Tracking: The new account openings are tracked against the Shanghai Composite Index, reflecting the relationship between new investors entering the market and the market index [54]. - Newly Established Fund Scale: The scale changes of newly established stock - based, hybrid, and bond - based funds reflect the development of the fund market [56][58][60].