光大期货金融期货日报-20251205

1. Report Industry Investment Rating - Stock index: Oscillating [1] - Treasury bonds: Relatively strong [1] 2. Core Viewpoints of the Report - The liquidity-driven market since June has ended, and the market refocuses on fundamental logic. New productive forces represented by AI have optimistic growth expectations, especially in the upstream hardware manufacturing of the technology sector, but there's a lack of event catalysts near the year - end. Traditional economic sectors are in a process of oscillating recovery. Overseas tech stocks have divergent expectations. The market volume and volatility are decreasing, and the risk appetite is falling. The index is expected to oscillate in the short term [1]. - Treasury bond futures closed with declines. The central bank conducted reverse repurchase operations, and there was a net withdrawal of funds. The bond market showed a situation where good news was exhausted, with treasury bond yields oscillating slightly upward and the yield curve steepening. It's expected to continue narrow - range oscillations within the year [1][2] 3. Summaries by Relevant Catalogs Research Viewpoints - Stock Index: The A - share market oscillated flatly, with the TMT sector rising and the consumer sector回调. The Wind All - A index rose 0.01% with a trading volume of 1.56 trillion yuan. Different stock indexes had varying degrees of increase. The market is expected to oscillate in the short term [1]. - Treasury Bonds: Treasury bond futures closed with declines. The central bank carried out 1808 billion yuan of 7 - day reverse repurchase on December 4, with a winning bid rate of 1.4%. There was a net withdrawal of 1756 billion yuan in the open market. The money market showed certain changes, and the bond market is expected to have a narrow - range oscillation within the year [1][2] Market News - The Chinese government conducts export controls on rare - earth related items in accordance with laws and regulations, approves compliant civilian export applications in a timely manner, and promotes compliant trade in dual - use items [4] Chart Analysis - Stock Index Futures: It includes the trend charts of IH, IF, IM, IC main contracts and the basis trend charts of each index futures contract [5][6][7] - Treasury Bond Futures: It includes the trend chart of treasury bond futures main contracts, the yield chart of treasury bond spot, the basis chart, the inter - period spread chart, the cross - variety spread chart, and the fund interest rate chart [12][13][16] - Exchange Rates: It includes the intermediate price charts of the US dollar, euro against the RMB, the forward exchange rate charts of the US dollar, euro against the RMB, and the charts of the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][27]