Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-03 08:37Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to remain in a random - walk state, and stock index futures will maintain volatility. [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - Futures Contracts: All main and secondary main contracts of IF, IH, IC, and IM declined. For example, the IF main contract (2512) was at 4518.2, down 13.6; the IH main contract (2512) was at 2958.4, down 10.4; the IC main contract (2512) was at 6950.4, down 28.8; the IM main contract (2512) was at 7195.4, down 41.8. [2] - Contract Spreads: All spreads between different contracts declined, such as the IF - IH monthly contract spread was 1559.8, down 4.6; the IC - IF monthly contract spread was 2432.2, down 14.2. [2] - Quarter - to - Month Spreads: Most quarter - to - month spreads of IF, IH, IC, and IM increased, e.g., IF quarter - to - month was - 35.8, up 3.0; IH quarter - to - month was - 7.2, up 0.4. [2] - Top 20 Net Positions: The net positions of IF and IM among the top 20 increased, while those of IH and IC decreased. The IF top 20 net position was - 18,212.00, up 96.0; the IH top 20 net position was - 11,672.00, down 207.0. [2] 3.2 Spot Price and Basis - Spot Prices: The spot prices of the Shanghai - Shenzhen 300, Shanghai Stock Exchange 50, CSI 500, and CSI 1000 all declined. The Shanghai - Shenzhen 300 was at 4531.05, down 23.3; the Shanghai Stock Exchange 50 was at 2963.1, down 15.4. [2] - Basis: The basis of all main contracts increased. The IF main contract basis was - 12.9, up 5.7; the IH main contract basis was - 4.7, up 2.4. [2] 3.3 Market Sentiment - Turnover and Balance: A - share turnover and margin trading balance increased. A - share turnover was 16,835.56 billion yuan, up 762.89 billion yuan; the margin trading balance was 24,864.54 billion yuan, up 21.43 billion yuan. [2] - North - bound Trading and Others: North - bound trading volume decreased, while reverse repurchase operation volume increased. North - bound trading volume was 1797.60 billion yuan, down 500.03 billion yuan; reverse repurchase operation volume was - 2133.0 billion yuan, up 793.0 billion yuan. [2] - Option Data: The closing price of the IO at - the - money call option decreased, while that of the put option increased. The closing price of the IO at - the - money call option (2512) was 63.40, down 11.80; the closing price of the IO at - the - money put option (2512) was 44.20, up 5.20. [2] 3.4 Market Strength - Weakness Analysis - Overall A - shares: The overall A - share market was weak, with the overall A - share score at 3.40, down 0.10; the technical aspect score was 2.60, down 0.20; the capital aspect score was 4.20, unchanged. [2] 3.5 Industry News - PMI Data: In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. [2] - Stock Market Performance: A - share major indices closed down. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 0.78%, and the ChiNext Index fell 1.12%. Most industry sectors declined, with media and computer sectors weakening significantly, and transportation and non - ferrous metals sectors leading the gains. [2] 3.6 Key Data to Watch - On December 3 at 21:15, the US November ADP employment data; on December 4 at 20:30, the US November Challenger job - cut data; at 21:30, the US initial jobless claims for the week of November 29; on December 5 at 23:00, the US November PCE and core PCE data. [3]