股指维持箱体运行

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The stock index maintains a box - shaped operation. Overseas, there are significant differences within the Federal Reserve on interest rate policies, and the uncertainty of the subsequent interest - rate cut rhythm has increased. Domestically, the market shows a shrinking and volatile trend, with selling pressure alleviated, and the index generally maintains a box - shaped fluctuation pattern supported by heavy - weight stocks [1][3] - In the spot market, the three major A - share indexes fluctuated. The Shanghai Composite Index rose 0.18% to close at 3946.74 points, and the ChiNext Index rose 0.25%. Most of the sector indexes declined, with non - ferrous metals, petroleum and petrochemicals, and national defense and military industries leading the gains, while real estate, media, building materials, and commercial retail industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.7 trillion yuan. Overseas, the three major U.S. stock indexes closed slightly higher, with the Nasdaq rising 0.59% to 22564.23 points [2] - In the futures market, the basis of stock index futures tends to converge as the current - month contract is delivered this Friday. The trading volume and open interest of IM increased simultaneously [2] Summary by Directory Macro - economic Charts - The report includes charts on the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rates and A - share trends, and U.S. Treasury yields and A - share style trends [7][8] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on November 19, 2025 shows that the Shanghai Composite Index rose 0.18%, the Shenzhen Component Index rose 0.00%, the ChiNext Index rose 0.25%, the CSI 300 Index rose 0.44%, the SSE 50 Index rose 0.58%, the CSI 500 Index fell 0.40%, and the CSI 1000 Index fell 0.82% [13] - There are also charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [14] Stock Index Futures Tracking Charts - The trading volume and open interest data of stock index futures show that for IF, the trading volume is 122,613 (+750), and the open interest is 272,167 (- 6521); for IH, the trading volume is 53,539 (-1220), and the open interest is 95,237 (-2454); for IC, the trading volume is 132,592 (-1848), and the open interest is 248,512 (-5507); for IM, the trading volume is 227,467 (+9700), and the open interest is 364,139 (+2119) [18] - There are charts on the open interest, open - interest ratio, and net open interest of foreign investors for IH, IF, IC, and IM contracts [19][24][29] - The basis data of stock index futures shows the basis values and their changes for different contracts (current - month, next - month, current - quarter, and next - quarter) of IF, IH, IC, and IM [38] - The inter - delivery spread data of stock index futures shows the spreads and their changes between different delivery months of IF, IH, IC, and IM [43] - There are also corresponding charts for basis and inter - delivery spreads [39][47]