FICC日报：股指缩量回升，通信行业领涨-20251126

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overseas, US inflation data slightly rebounded, but consumer momentum significantly weakened. More Fed officials called for interest rate cuts, boosting market sentiment and leading to overnight gains in the three major US stock indexes. Domestically, the index is in a stage of oscillating recovery, but considering the recent shrinking trading volume in the market, it is expected to take some time for a phased recovery [3]. Summary by Directory 1. Market Analysis - Macro: The US consumer momentum is weakening. The US PPI in September increased by 0.3% month - on - month, and the core PPI increased by 0.1% month - on - month, indicating a resurgence of inflation. US retail sales in September increased by 0.2% month - on - month, with four consecutive months of positive growth but a significant slowdown and lower than market expectations. Trump said his team made great progress in ending the Russia - Ukraine conflict, and the 28 - point peace plan is almost finalized [1]. - Stock Index: A - share three major indexes oscillated and rose. The Shanghai Composite Index rose 0.87% to close at 3870.02 points, and the ChiNext Index rose 1.77%. The communication, media, non - ferrous metals, and electronics sectors led the gains, while only the national defense and military industry and transportation sectors closed down. The trading volume of the Shanghai and Shenzhen stock markets rebounded slightly to 1.81 trillion yuan. Overseas, the three major US stock indexes all closed higher, with the Dow Jones Industrial Average rising 1.43% to 47112.45 points [1]. - Futures Market: The basis of stock index futures widened. The trading volume and open interest of IC increased simultaneously [2]. 2. Strategy - Overseas, the weakening US consumer momentum and more Fed officials' calls for interest rate cuts warmed market sentiment. Domestically, the index is in an oscillatory recovery stage, but due to the shrinking trading volume, it will take time for a phased recovery [3]. 3. Chart Analysis - Macro - economic Charts: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [7][10]. - Spot Market Tracking Charts: The daily performance of major domestic stock indexes on November 25, 2025, shows that the Shanghai Composite Index rose 0.87%, the Shenzhen Component Index rose 1.53%, and the ChiNext Index rose 1.77% [14]. - Stock Index Futures Tracking Charts: - Volume and Open Interest: The trading volume and open interest data of IF, IH, IC, and IM contracts are provided, with IC showing an increase in both trading volume and open interest [16][18]. - Basis: The basis data of different contracts (IF, IH, IC, IM) for the current month, next month, current quarter, and next quarter are given, and the basis has widened [40]. - Inter - delivery Spread: The inter - delivery spread data of different contracts (IF, IH, IC, IM) for various combinations are provided, and the changes in spreads are also shown [49][50].