FICC日报：指数震荡调整-20251112

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market generally expects the US government shutdown issue to be resolved soon, and the Dow Jones Industrial Average has rebounded to near its previous high. In the domestic market, trading activity has declined, both long and short forces have weakened, and the market has entered a consolidation phase. The Shanghai Composite Index may further adjust to the next support level, presenting an opportunity to build long positions [2] Summary by Relevant Catalogs Market Analysis - Domestically, the National Development and Reform Commission held a symposium with private enterprises to gather opinions on the "15th Five-Year Plan" and the development of the service industry. Overseas, the US Senate passed the "Continuing Appropriations and Extension Act," and the House of Representatives will vote on it. In the spot market, A-share indices opened higher and closed lower, with the Shanghai Composite Index down 0.39% at 4002.76 points and the ChiNext Index down 1.4%. Sector indices showed mixed performance, with commerce and retail, real estate, steel, and basic chemicals leading the gains, while communication, electronics, computer, and coal sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was less than 2 trillion yuan. Overseas, the three major US stock indices showed mixed performance, with the Dow Jones reaching a new high, up 1.18% at 47927.96 points. In the futures market, the basis of stock index futures declined, the trading volume of IH and IF increased, and the open interest of stock index futures decreased [1] Strategy - The US government shutdown issue is expected to be resolved, and the Dow Jones has rebounded. The domestic market is in a consolidation phase, and the Shanghai Composite Index may adjust further, presenting a long - position building opportunity [2] Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][7] Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 11, 2025: the Shanghai Composite Index was at 4002.76, down 0.39%; the Shenzhen Component Index was at 13289.01, down 1.03%; the ChiNext Index was at 3134.32, down 1.40%; the CSI 300 Index was at 4652.17, down 0.91%; the SSE 50 Index was at 3034.63, down 0.63%; the CSI 500 Index was at 7291.61, down 0.71%; and the CSI 1000 Index was at 7540.79, down 0.30% [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures: IF trading volume was 110400 (+3615), open interest was 263184 (-5129); IH trading volume was 50142 (+4232), open interest was 94744 (-1967); IC trading volume was 112484 (-10252), open interest was 241256 (-8077); IM trading volume was 186082 (-8391), open interest was 354095 (-582). The basis of stock index futures and their changes are also provided, as well as the inter - delivery spreads and their changes [15][39][43]