期指：延续整固

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On November 20, 2025, all four major stock index futures contracts for the current month declined. IF dropped by 0.63%, IH by 0.49%, IC by 0.88%, and IM by 0.56%. The total trading volume of stock index futures decreased on this trading day, indicating a cooling of investors' trading enthusiasm. [1] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - IF Contracts: The closing prices of IF2511, IF2512, IF2603, and IF2606 were 4558, 4539.2, 4506.2, and 4461 respectively, with declines of 0.63%, 0.69%, 0.71%, and 0.69%. The trading volumes of IF2511 and IF2606 decreased, while those of IF2512 and IF2603 increased. The open interest of IF2511 decreased, while those of IF2512, IF2603, and IF2606 increased. [1] - IH Contracts: The closing prices of IH2511, IH2512, IH2603, and IH2606 were 3008.6, 3002.6, 2995.6, and 2985.2 respectively, with declines of 0.49%, 0.49%, 0.56%, and 0.59%. The trading volumes of IH2511 decreased, while those of IH2512, IH2603, and IH2606 increased. The open interest of IH2511 decreased, while those of IH2512, IH2603, and IH2606 increased. [1] - IC Contracts: The closing prices of IC2511, IC2512, IC2603, and IC2606 were 7063.4, 7000, 6821.4, and 6615 respectively, with declines of 0.88%, 0.84%, 0.86%, and 0.87%. The trading volumes of IC2511 decreased, while those of IC2512, IC2603, and IC2606 increased. The open interest of IC2511 decreased, while those of IC2512, IC2603, and IC2606 increased. [1] - IM Contracts: The closing prices of IM2511, IM2512, IM2603, and IM2606 were 7347.6, 7263.6, 7035.2, and 6807 respectively, with declines of 0.56%, 0.48%, 0.47%, and 0.45%. The trading volumes of IM2511 and IM2512 decreased, while those of IM2603 and IM2606 increased. The open interest of IM2511 decreased, while those of IM2512, IM2603, and IM2606 increased. [1] 3.2 Trading Volume and Open Interest Changes - Trading Volume: The total trading volume of IF increased by 5673 lots, IH by 4537 lots, IC by 4976 lots, and IM decreased by 15934 lots. [2] - Open Interest: The total open interest of IF increased by 5717 lots, IH by 2538 lots, IC by 7467 lots, and IM decreased by 2194 lots. [2] 3.3 Top 20 Member Position Changes - IF Contracts: For IF2511, long positions decreased by 5513 lots, and short positions decreased by 3966 lots; for IF2512, long positions increased by 9073 lots, and short positions increased by 7787 lots; for IF2603, long positions increased by 2449 lots, and short positions increased by 2465 lots; for IF2606, long positions increased by 874 lots, and short positions increased by 922 lots. [5] - IH Contracts: For IH2511, long positions decreased by 1851 lots, and short positions decreased by 1657 lots; for IH2512, long positions increased by 3365 lots, and short positions increased by 2594 lots; for IH2603, long positions increased by 1107 lots, and short positions increased by 1331 lots; the data for IH2606 was not released. [5] - IC Contracts: For IC2511, long positions decreased by 5629 lots, and short positions decreased by 6344 lots; for IC2512, long positions increased by 10425 lots, and short positions increased by 9657 lots; for IC2603, long positions increased by 497 lots, and short positions increased by 911 lots; for IC2606, long positions increased by 1413 lots, and short positions increased by 1733 lots. [5] - IM Contracts: For IM2511, long positions decreased by 8424 lots, and short positions decreased by 8585 lots; for IM2512, long positions increased by 2289 lots, and short positions increased by 3110 lots; for IM2603, long positions increased by 2350 lots, and short positions increased by 2439 lots; the data for IM2606 was not released. [5] 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish. [6] 3.5 Important Drivers - The November LPR quotation remained stable, with the 1-year LPR at 3% and the over-5-year variety at 3.5%. [6] - Chinese Minister of Commerce Wang Wentao met with US Ambassador to China Nicholas Burns to exchange in-depth views on Sino-US economic and trade relations. He also had a video meeting with UK Secretary of State for Business and Trade Kemi Badenoch to discuss the Nexperia issue. [6] - In the US, the non-farm payrolls in September increased by 119,000, more than twice the expected figure. However, the non-farm payrolls in July and August were revised down by a total of 33,000. The unemployment rate in September unexpectedly rose to 4.4%, the highest since October 2021. The number of initial jobless claims last week decreased by 8,000 to 220,000, and the number of continued jobless claims reached a 4-year high. After the data was released, swap contracts continued to show that the possibility of the Fed cutting interest rates in December was low. [6] 3.6 Stock Market Performance - US Stock Market: The three major US stock indexes closed down across the board. The Dow Jones Industrial Average fell 0.84% to 45,752.26 points, the S&P 500 Index fell 1.56% to 6,538.76 points, and the Nasdaq Composite Index fell 2.15% to 22,078.05 points. [7] - Chinese Stock Market: The Shanghai Composite Index fell 0.4% to 3,931.05 points, the Shenzhen Component Index fell 0.76%, and the ChiNext Index fell 1.12%. The total trading volume of A-shares was 1.72 trillion yuan, compared with 1.74 trillion yuan the previous day. [7]