宝城期货股指期货早报（2025年11月20日）-20251120

Report Summary of Baocheng Futures Stock Index Futures Morning Report (November 20, 2025) 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The short - term trend of the stock index is in a range - bound state due to the game between the profit - taking sentiment of funds and the expectation of policy benefits. In the medium and long term, the expectation of policy benefits and the trend of capital inflow into the stock market strongly support the stock index [1][5] 3. Summary by Related Content 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillatory, the medium - term view is strong, the intraday view is bullish, and the reference view is range - bound. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - All stock indexes oscillated and sorted yesterday, with differentiated trends. IF and IH closed slightly higher, while IM and IC closed slightly lower. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1742.7 billion yuan, a decrease of 203.3 billion yuan from the previous day. Due to the weakening of policy increment signals in November and the increasing profit - taking sentiment when the stock index approaches the previous high, there is still a need for technical consolidation of the stock index. Currently, the stock index is in a short - term oscillatory period of the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of profitable funds. In the long - term, policy benefit expectations and the trend of capital inflow into the stock market support the stock index. In short, the short - term long - short game in the market has intensified, and the stock index will maintain range - bound in the short term [5]