股指期货早报2025.11.14：隔夜外围资产全线下跌，A股临近新平台上轨-20251114

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Overnight, overseas risk aversion increased, and all assets declined, which had a negative impact on A-shares. However, on Thursday, domestic A-shares rallied towards the upper limit of a new platform driven by the new energy sector. In the absence of new catalysts, it is advisable to consider selling at the upper limit of the new platform. The report maintains the view that the broader market will oscillate within the range of 3900 - 4050, and the long-term slow bull trend remains unchanged [2][3]. 3. Summary by Directory 3.1 Important News - Trump signed a bill to end the longest government shutdown in US history, which caused a loss of $1.5 trillion. The government may face another shutdown when the bill expires on January 30, 2026. The two parties reached a compromise where the Republicans promised to vote separately on the extension of subsidies for the Affordable Care Act by the second week of December 2025 [2][5]. - Fed officials continued to send hawkish signals, causing the market to realize that the Fed would not compromise with the Trump administration. The probability of a 25BP rate cut in December has dropped to 51.6%. After the end of the government shutdown, attention should be paid to the upcoming release of a series of US economic data [2]. - Premier Li Qiang will attend the 24th Meeting of the Council of Heads of Government of the Shanghai Cooperation Organization and the 20th G20 Leaders' Summit and pay an official visit to Zambia [5]. - China has completed the first phase of 6G technology trials [7]. 3.2 Futures Market Tracking - Market Performance: On Thursday, the broader market opened lower and closed higher, with the Shanghai Composite Index rising 0.73%, the Shenzhen Component Index rising 1.78%, and the ChiNext Index rising 2.55%. The leading sectors were in Shenzhen, especially the ChiNext, with lithium batteries, energy storage, and the Taiwan Strait concept leading the gains. In terms of sectors, power equipment, non-ferrous metals, chemicals, and building materials led the gains, while public utilities, communications, petroleum and petrochemicals, and banks led the losses [3]. - Futures Contracts: The report provides detailed data on the performance, trading volume, and open interest of various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000 [9][10]. 3.3 Spot Market Tracking - Market Performance: The report presents the current points, daily, weekly, monthly, and annual changes, trading volume, and valuation of major stock indices and sectors, such as the Wind All A, Shanghai Composite Index, Shenzhen Component Index, and various industry sectors [35]. - Market Style Impact: Analyzes the impact of different market styles (cyclical, consumption, growth, finance, and stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices [36][37]. - Valuation Analysis: Provides valuation data and historical quantiles of important indices and Shenwan sectors [39][43]. 3.4 Liquidity Tracking - The report includes charts on central bank open market operations, Shibor interest rates, and other indicators to track market liquidity [51][52][53].