FICC日报：TMT板块反弹-20251119

Report Industry Investment Rating - Not provided in the given text Core Viewpoints - The domestic youth unemployment rate is at a high level, and the overall economy is still in the grinding - bottom stage. The domestic market shows more resilience compared to the Japanese market affected by the tense Sino - Japanese relations. The impact of institutional portfolio adjustments on the technology sector will continue, but the relevant risks are likely to be digested within the year, and the focus will return to policy guidance. In the short term, the index may continue to fluctuate, and investors with heavy spot positions can consider using index futures tools for risk hedging [3] Summary by Directory 1. Market Analysis - Domestic Unemployment: In October, the unemployment rate of the 16 - 24 age group in urban areas (excluding students) was 17.3%, 7.2% for the 25 - 29 age group, and 3.8% for the 30 - 59 age group [1] - International Relations: The Chinese Foreign Ministry's Asia Department Director was not satisfied with the results of the Sino - Japanese consultation, and the atmosphere during the meeting was serious [1] - Overseas Employment Data: As of November 1, the average weekly reduction in private - sector employment in the US was 2,500. As of October 18, the number of initial jobless claims in the US was 232,000, and the number of continued claims rose slightly to 1,957,000 [1] - Stock Index Performance: In the spot market, the three major A - share indexes declined. The Shanghai Composite Index fell 0.81% to 3,939.81 points, and the ChiNext Index fell 1.16%. Only the media, computer, electronics, and food and beverage sectors rose, while coal, power equipment, steel, and non - ferrous metals sectors led the decline. The trading volume of the Shanghai and Shenzhen stock markets was 1.9 trillion yuan. Overseas, the three major US stock indexes all closed down, with the Nasdaq falling 1.21% to 22,432.85 points [1] - Futures Market: In the futures market, the basis of IF, IC, and IM rebounded. The trading volume and open interest of IF, IC, and IM increased simultaneously [2] 2. Strategy - The domestic youth unemployment rate is high, and the economy is in the grinding - bottom stage. The domestic market shows more resilience than the Japanese market affected by Sino - Japanese relations. The impact of institutional portfolio adjustments on the technology sector will continue, but the risks can be digested within the year. The focus will return to policy guidance. In the short term, the index may continue to fluctuate, and investors with heavy spot positions can use index futures for risk hedging [3] 3. Macro - economic Charts - The report includes 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][11][9] 4. Spot Market Tracking Charts - Stock Index Performance: On November 18, 2025, the Shanghai Composite Index closed at 3,939.81 points, down 0.81%; the Shenzhen Component Index closed at 13,080.49 points, down 0.92%; the ChiNext Index closed at 3,069.22 points, down 1.16%; the CSI 300 Index closed at 4,568.19 points, down 0.65%; the SSE 50 Index closed at 3,003.02 points, down 0.30%; the CSI 500 Index closed at 7,151.02 points, down 1.17%; the CSI 1000 Index closed at 7,448.10 points, down 1.00% [13] - Also includes charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [6][14] 5. Futures Market Tracking Charts - Futures Volume and Open Interest: The trading volume of IF was 121,863, an increase of 7,571; the open interest was 278,688, an increase of 5,967. The trading volume of IH was 54,759, a decrease of 2,437; the open interest was 97,691, a decrease of 3,423. The trading volume of IC was 134,440, an increase of 17,523; the open interest was 254,019, an increase of 8,185 [17] - Futures Basis: The basis of IF, IH, IC, and IM for different contracts showed changes. For example, the current - month contract basis of IF was 1.41, an increase of 3.66 [41] - Futures Inter - period Spreads: The inter - period spreads of IF, IH, IC, and IM for different contract combinations showed various changes [47]