期指：美联储发声，短线有支撑

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Viewpoints - On November 23, all the current - month contracts of the four major stock index futures declined. IF fell 1.93%, IH fell 1.41%, IC fell 2.81%, and IM fell 3.07% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF, IH, IC, and IM increased by 38,268, 17,238, 56,263, and 111,136 lots respectively. In terms of positions, the total positions of IF and IH decreased by 1,995 and 2,689 lots respectively, while those of IC and IM increased by 9,611 and 36,840 lots respectively [2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1 [6]. 3) Summary by Related Catalogs a) Stock Index Futures Data Tracking - Closing Prices and Fluctuations: The closing prices of major stock indices such as CSI 300, SSE 50, CSI 500, and CSI 1000 all declined, with CSI 1000 having the largest decline of 3.72%. The corresponding futures contracts also showed varying degrees of decline [1]. - Basis: The basis of different futures contracts varies. For example, the basis of IF2511 is 27.59, while that of IF2606 is - 103.41 [1]. - Trading Volume and Turnover: The trading volume and turnover of different futures contracts also differ. For instance, the turnover of IF2512 is 1511.6 billion yuan, and its trading volume is 112,829 lots [1]. - Open Interest Changes: The open interest of some contracts increased, while others decreased. For example, the open interest of IF2511 decreased by 22,593 lots, while that of IF2603 increased by 7,390 lots [1]. b) Top 20 Member Position Changes in Futures - Different futures contracts have different changes in long and short positions. For example, in IF2511, the long - position decreased by 15,756 lots, and the short - position decreased by 11,511 lots, with a net short - position change of 4,161 lots [5]. c) Important Drivers - Japan's Prime Minister Kaoichi Sanae expressed the hope to build a constructive and stable China - Japan relationship, and the Chinese Foreign Ministry responded, asking Japan to take practical actions [7]. - US chip giant NVIDIA is lobbying the Trump administration to re - enter the Chinese market, and the Trump administration is considering approving the sale of NVIDIA's H200 AI chips to China [7]. - In October, the total social electricity consumption reached 857.2 billion kWh, a year - on - year increase of 10.4%, with significant growth in some sectors [7]. - Multiple Fed officials signaled interest rate cuts, and after their remarks, the market's bet on a Fed rate cut in December exceeded 50% [8]. - The Shanghai Composite Index fell 2.45%, the Shenzhen Component Index fell 3.41%, and the ChiNext Index fell 4.02%. A - share trading volume reached 1.98 trillion yuan, and most stocks declined [8].