股指期货：慢牛依旧

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market showed a volatile trend last week. The Shanghai Composite Index reached a ten - year high of 4034.08 points on Friday but declined in the end, resulting in a weekly decline. The style continued to shift towards value sectors, with the banking and consumer sectors becoming more active. Although the US technology stocks have large capital expenditures, they are still far from the level of the 2000 dot - com bubble, and some tech giants' earnings reports have exceeded expectations. In China, the economic data in October continued to weaken, but the market's policy expectations will turn positive before the December Politburo meeting. Overall, the market will continue its slow - bull trend, rising steadily and not being overly pessimistic about pullbacks [1][2] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Stock Index Performance: Last week, the Dow Jones Industrial Average rose 0.34%, the S&P 500 rose 0.08%, and the Nasdaq fell 0.45%. In Europe, the UK's FTSE 100 rose 0.16%, Germany's DAX rose 1.34%, and France's CAC 40 rose 3.55%. In the Asia - Pacific market, the Nikkei 225 rose 0.2%, and the Hang Seng Index rose 1.26%. The Shanghai Composite Index fell 0.18% [9][14] - Sector Performance: In the A - share market, the comprehensive, textile and apparel, and commercial retail sectors led the gains, while the electronics, communication, and computer sectors led the losses. The continuous adjustment of US technology stocks during the earnings season dragged down the AI sector, and related sectors in Hong Kong and A - shares also adjusted [1] - Market Influencing Factors: During the earnings season, investors pay more attention to actual earnings. Some well - known institutions, such as Bridgewater, have issued warnings about the US technology sector, and their Q3 holdings show significant reductions in Nvidia, Meta, and Microsoft, increasing the bearish sentiment. In China, the economic data in October continued to weaken, but the market's policy expectations will turn positive before the December Politburo meeting [1][2] 3.2 Strategy Recommendations - Short - term Strategy: The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels for IF, IH, IC, and IM can be set at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [4] - Trend Strategy: Adopt the strategy of buying on dips. It is expected that the core trading range of the IF2512 main contract is between 4462 and 4692 points; the IH2512 main contract is between 2955 and 3091 points; the IC2512 main contract is between 6923 and 7387 points; the IM2512 main contract is between 7114 and 7593 points [4] - Cross - variety Strategy: Due to the frequent strength - weakness conversions, it is recommended to wait and see for now [5] 3.3 Spot Market Review - Global Index Performance: Provided the weekly changes of major global stock indices last week, including the Dow Jones, S&P 500, Nasdaq, European indices, and Asia - Pacific indices [9][14] - Industry Performance in China: Showed the industry changes in the CSI 300 and CSI 500 indices last week, with different industries having different levels of rise and fall [15] - Market Trading Volume and Turnover: Presented the changes in market trading volume and turnover rate [15] 3.4 Stock Index Futures Market Review - Futures Contract Performance: The IF main contract had the largest decline last week, and the IC main contract had the largest amplitude. The trading volume of stock index futures declined, and the open interest remained flat [15][16] - Basis and Cross - variety Relationship: Showed the basis (futures - spot) trend of stock index futures main contracts and the cross - variety relationship [17] 3.5 Index Valuation Tracking - As of November 14, the price - to - earnings ratio (TTM) of the CSI 300 index was 14.24 times, the Shanghai 50 index was 12.04 times, the CSI 500 index was 33.03 times, and the CSI 1000 index was 47.54 times [18][20] 3.6 Market Capital Review - Margin Trading Balance and New Fund Shares: Showed the balance of margin trading in the two markets and the share of newly established equity - biased funds [20] - Funding Rate and Central Bank Operations: The funding rate remained low last week, and the central bank had net injections [20]