股市缩量震荡，债市情绪偏多

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The stock market shows a shrinking volume and narrow - range oscillation, with the dividend style being prominent. It is recommended to transfer technology funds to the price - rising chain and continue the dumbbell configuration [1][6]. - The bond market sentiment is bullish. Although there is still short - term support, the downward space for yields may be limited, and the bond market is expected to oscillate strongly [2][7]. - For stock index options, it is advisable to continue holding covered positions for defense as the market style rotates and no capital main line has been formed yet [1][6]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - View: Shrinking volume and narrow - range oscillation, with the dividend style being prominent. The basis, spread, and position of IF, IH, IC, and IM have changed to varying degrees [6]. - Logic: The Shanghai Composite Index oscillated narrowly around 4,000 points on Wednesday, with a trading volume of 2 trillion yuan. The style structure was further adjusted, and the sustainability of hotspots was limited. After the release of the 25Q3 monetary policy report, long - term bond prices opened higher and rose, the bank sector soared in the morning, and the dividend index was strong. High - risk - appetite sectors retreated, and the external market's drag on the domestic market weakened [6]. - Operation Suggestion: Dividend ETF + IM long positions [6]. 3.1.2 Stock Index Options - View: Focus on covered defense [6]. - Logic: The equity market oscillated weakly yesterday, and the turnover of each option variety oscillated and recovered but remained at a relatively low level of liquidity since October. The option sentiment index showed a weak trend, especially for the CSI 1000 index options and technology - sector option varieties. Option trading sentiment changed with the style switch, and option volatility strengthened [6]. - Operation Suggestion: Covered positions [6]. 3.1.3 Bond Index Futures - View: Bond market sentiment is bullish. The trading volume, position, spread, and basis of T, TF, TS, and TL have changed to varying degrees. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchases, with 92.8 billion yuan of reverse repurchases maturing on the same day [7]. - Logic: Bond index futures prices rose across the board yesterday. The domestic bond market was generally bullish, interest - rate bond yields mostly declined, and the inter - bank market liquidity improved. The central bank's third - quarter monetary policy report in 2025 continued the keynote of a "moderately loose monetary policy" [2][7]. - Operation Suggestion: Trend strategy: oscillate strongly. Hedging strategy: pay attention to long - position substitution at high basis levels. Basis strategy: pay attention to the positive spread strategy and basis widening. Curve strategy: appropriately pay attention to curve steepening [8]. 3.2 Economic Calendar - The report lists the economic indicators to be released in China from November 13 to 14, 2025, including new RMB loans, social financing scale, M2 money supply annual rate, total retail sales of consumer goods annual rate, and added value of industrial enterprises above designated size annual rate [9]. 3.3 Important Information and News Tracking - Sino - US Relations: Chinese Vice - Premier He Lifeng met with representatives of the National Committee on United States - China Relations, emphasizing the broad cooperation space in the economic and trade fields between the two countries and the need to implement the consensus of the two heads of state [10]. - New Energy: The National Energy Administration issued a guiding opinion on promoting the integrated and coordinated development of new energy, including optimizing the power structure and energy - storage configuration ratio of "desert, Gobi, and wasteland" new - energy bases and exploring the construction of new water - wind - solar integrated bases [10]. - Automobile: The Ministry of Public Security completed the solicitation draft of the national standard "Technical Conditions for Motor Vehicle Operation Safety", which includes speed - limit requirements and safety requirements for new - energy vehicles [11]. - Power Battery: The 2025 World Power Battery Conference held a signing ceremony in Yibin, Sichuan, with 180 projects signed, totaling 86.13 billion yuan. After full operation, the expected annual output value will exceed 90 billion yuan, and over 50 leading enterprises will settle in Yibin [11]. 3.4 Derivatives Market Monitoring - The report includes sub - sections on stock index futures data, stock index options data, and bond index futures data, but no specific data content is provided in the given text [12][16][28].