Yin He Qi Huo·2025-11-24 06:00Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, global stock markets experienced a decline. The Nasdaq fell 2.74%, the Nikkei 225 dropped 3.48%, and the South Korea Composite Index declined by over 3.95%. The decline was triggered by a decrease in the Fed's interest - rate cut expectations, concerns about OpenAI's prospects, and a sharp drop in Bitcoin, with cross - asset contagion affecting the A - share market [4]. - A - share market saw concentrated negative news this week. Tech stocks declined, the new energy lithium - battery sector adjusted, bank stocks couldn't drive the market up, and shareholder reductions of CATL affected the index. The market's risk appetite decreased, and indices broke through important support levels. However, the short - selling momentum was rapidly released, and a weak rebound might occur after the market bottomed out [7]. - In the futures market, the expiration of the current - month contract on Friday increased market volatility, leading to higher trading volume and open interest. After the contract roll - over, the basis of each variety may widen again [7]. 3. Summary by Relevant Catalogs 3.1 First Part: Weekly Core Points Analysis and Strategy Recommendations - Weekly News Summary - 16 hard - tech theme funds were approved on November 21, including 7 AI ETFs on STAR Market and ChiNext, 3 STAR Market chip ETFs, 4 STAR Market chip - design theme ETFs, and 2 active equity funds focused on technology [4]. - The probability of a Fed interest - rate cut in December rose to 67.3% after Fed official Williams hinted at a possible rate cut, causing a rebound in US stocks [4]. - CICC announced a plan to absorb and merge Dongxing Securities and Cinda Securities through share - swap on November 19. The A - shares of the three companies were suspended from trading on the 20th, expected for no more than 25 trading days. After the merger, CICC will become the fourth listed securities firm with total assets exceeding one trillion yuan [4]. - CATL's third - largest shareholder transferred 1% of A - shares through inquiry on November 15, worth over 18 billion yuan. On November 20, the shares held by CATL's H - share cornerstone investors became tradable, and the stock price dropped by over 5% [4]. - Comprehensive Analysis and Strategy Recommendations - Logic and Outlook: This week, negative factors in the A - share market led to a decline in indices. The short - selling momentum was rapidly released, and a weak rebound might occur after the market bottomed out, but the rebound strength would be affected by multiple factors [7]. - Futures Strategies: - Single - side trading: Control positions due to increased volatility. Short - sellers should take profits, and long - sellers should participate cautiously with a small amount [7]. - Arbitrage: Implement a cash - and - carry arbitrage strategy of going long on IM/IC 2512 and short on ETFs [7]. - Options: Adopt a straddle strategy [7]. 3.2 Second Part: Weekly Data Tracking - A - share Index Performance: The performance of indices such as CSI 1000, CSI 500, SSE 50, and SSE 300 from November 17 to 21, 2025, is presented in graphical form [10][11]. - A - share Trading Volume: The trading volume of the A - share market and the trading - volume proportion of major indices are shown in graphical form, with data from April 1, 2025, to October 29, 2025 [13][14]. - A - share Rise - Fall Situation: The proportion of rising and falling stocks and the proportion of stocks hitting the daily limit and the daily down - limit from April 8, 2025, to November 18, 2025, are presented in graphical form [15][16]. - A - share Margin Trading: The margin balance, the ratio of margin balance to A - share market capitalization, margin net buying, and the ratio of margin buying to A - share trading volume are shown in graphical form, with data from October 9, 2025, to November 20, 2025 [18][19][20]. - A - share Industry Performance: The weekly rise - fall rate and industry popularity of various industries are presented in graphical form [21][22][23]. - A - share Industry Fund Flow: The weekly net buying of industry funds and margin trading funds for various industries are shown in graphical form [25][26]. - A - share Market Financing: The funds raised through IPOs, private placements, and the number of companies involved are presented in graphical form [27][28][29]. - Stock Index Futures Basis Change: The basis changes of IM, IC, IF, and IH stock index futures from October 23 to November 21, 2025, are presented in graphical form [31][32]. - Stock Index Futures Trading Volume and Open Interest Change: The trading volume and open interest changes of IM, IC, IF, and IH stock index futures from October 23 to November 20, 2025, are presented in graphical form [35][36]. - Comparison of Stock Index Futures and Spot Trading Volume: The trading volume comparison of IM, IC, IF, and IH stock index futures and their corresponding spot indices from October 10 to November 21, 2025, is presented in graphical form [37][38]. - Stock Index Futures Main Positions: The net short positions of the top five and top ten holders of IF, IC, IM, and IH stock index futures from October 9 to November 20, 2025, are presented in graphical form [40][41].