Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The four stock index futures varieties showed a stable rebound last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. All main contracts remained in the futures discount mode. The A - share market presented features of "index stabilization, sector - structure differentiation, and focused capital preference" last week. The market turnover decreased compared to the previous week, and the trading sentiment was still cautious. In November, the market showed an overall pattern of volatile adjustment, with significant differentiation in the trends of major stock indices. The core hotspots were concentrated in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp also reached new stage highs, indicating the capital's preference for low - valuation and high - dividend assets in a volatile market [2] - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity declined, possibly due to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4] 3. Summary by Related Contents Market Review - The four stock index futures varieties mainly rebounded stably last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. The basis of the four stock index futures varieties fluctuated slightly, and all main contracts were in the futures discount mode. The basis of the main futures contracts (futures - spot) was - 6.42 for IH, - 20.86 for IF, - 57.35 for IC, and - 73.41 for IM. The A - share market showed "index stabilization, sector - structure differentiation, and focused capital preference" last week. By the Friday close, major stock indices generally rose slightly, but the weekly trading volume decreased compared to the previous week, and the trading sentiment was cautious. In November, the market was in a volatile adjustment pattern, with significant differentiation in the trends of major stock indices. The core hotspots were in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp reached new stage highs, reflecting the capital's preference for low - valuation and high - dividend assets in a volatile market [2] Comprehensive Analysis - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity decline might be related to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4]
股指期货周报：企稳反弹，量能不佳-20251201
Cai Da Qi Huo·2025-12-01 05:06