Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-02 09:29Report Summary Investment Rating - No investment rating provided in the report. Core View - In early December, the market will remain in a vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to move randomly, and stock index futures will maintain a volatile trend [2]. Summary by Directory Futures Prices - IF main contract (2512) dropped 14.4 to 4535.8, IF next main contract (2603) dropped 16.2 to 4497.0; IH main contract (2512) dropped 11.8 to 2971.4, IH next main contract (2603) dropped 12.0 to 2963.8; IC main contract (2512) dropped 44.6 to 6982.2, IC next main contract (2603) dropped 41.8 to 6809.8; IM main contract (2512) dropped 46.4 to 7239.6, IM next main contract (2603) dropped 43.6 to 7008.0 [2]. Futures Spreads - IF - IH current - month contract spread dropped 4.6 to 1564.4; IC - IF current - month contract spread dropped 29.8 to 2446.4; IM - IC current - month contract spread dropped 1.0 to 257.4; IC - IH current - month contract spread dropped 34.4 to 4010.8; IM - IF current - month contract spread dropped 30.8 to 2703.8; IM - IH current - month contract spread dropped 35.4 to 4268.2 [2]. Futures Term Spreads - IF current - quarter minus current - month dropped 1.6 to - 38.8, IF next - quarter minus current - month dropped 2.6 to - 89; IH current - quarter minus current - month increased 0.4 to - 7.6, IH next - quarter minus current - month dropped 0.4 to - 20; IC current - quarter minus current - month increased 1.4 to - 172.4, IC next - quarter minus current - month increased 6.0 to - 379.6; IM current - quarter minus current - month increased 0.8 to - 231.6, IM next - quarter minus current - month increased 6.0 to - 470.8 [2]. Futures Net Positions - IF top 20 net positions dropped 1801 to - 19,640; IH top 20 net positions increased 18 to - 12,245; IC top 20 net positions dropped 1279 to - 21,928; IM top 20 net positions dropped 3156 to - 33,266 [2]. Spot Prices - CSI 300 dropped 22.2 to 4554.33, IF main contract basis increased 2.6 to - 18.5; SSE 50 dropped 15.2 to 2978.5, IH main contract basis increased 0.2 to - 7.1; CSI 500 dropped 61.5 to 7040.3, IC main contract basis increased 12.1 to - 58.1; CSI 1000 A - share trading volume (daily, billion yuan) dropped 73.5 to 7313.2, IM main contract basis dropped 2821.83 [2]. Market Sentiment - Northbound trading volume (previous trading day, billion yuan) increased 434.09 to 2297.63; reverse repurchase (maturity, operation volume, billion yuan) increased 1563 to - 3021; main funds (yesterday, today, billion yuan) dropped from - 31.25 to - 526.51; rising stock ratio (daily, %) dropped 34.06 to 28.27; Shibor (daily, %) dropped 0.005 to 1.302 [2]. Market Strength - Weakness Analysis - All A - shares dropped 3.2 to 3.5; technical analysis dropped 3.4 to 2.8; capital analysis dropped 2.9 to 4.2 [2]. Industry News - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from last month; non - manufacturing PMI was 49.5%, down 0.6 percentage points from last month; composite PMI output index was 49.7%, down 0.3 percentage points from last month [2]. - A - share major indices closed down across the board. The Shanghai Composite Index fell below 3900 points. Small and medium - cap stocks were weaker than large - cap blue - chip stocks. The Shanghai Composite Index fell 0.68%, the Shenzhen Component Index fell 0.76%, and the ChiNext Index fell 0.69%. Trading volume in the Shanghai and Shenzhen stock markets fell sharply. Over 3700 stocks declined. Most industry sectors fell, with media and non - ferrous metals leading the decline, and the petroleum and petrochemical sector leading the gain [2]. Key Data to Watch - December 2, 18:00, Eurozone November HCPI, core HCPI, unemployment rate - December 3, 21:15, US November ADP employment - December 4, 20:30, US November Challenger job cuts; 21:30, US November 29 weekly initial jobless claims - December 5, 23:00, US November PCE, core PCE [3]