轮动继续，股指震荡收涨

Report Investment Rating - Not provided in the content Core Viewpoints - Overseas, the US GDP growth rate in Q3 significantly exceeded market expectations, boosting global market confidence and driving the three major US stock indexes to rise for four consecutive days [1][2] - Domestically, the market continues its recovery trend, with the Shanghai Composite Index returning to the central area of the box-shaped oscillation. The current market still shows the characteristic of sector rotation, and trading mainlines may gradually emerge [2] Summary by Directory Macro Economic Charts - The charts include the relationship between the US dollar index and A-share trends, the US Treasury yield and A-share trends, the RMB exchange rate and A-share trends, and the US Treasury yield and A-share style trends [6][9] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on December 23, 2025, shows that the Shanghai Composite Index rose 0.07% to 3919.98 points, the Shenzhen Component Index rose 0.27%, the ChiNext Index rose 0.41%, the CSI 300 Index rose 0.20%, the SSE 50 Index rose 0.24%, the CSI 500 Index rose 0.02%, and the CSI 1000 Index fell 0.22% [13] - The charts also show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Stock Index Futures Tracking Charts - The trading volume and open interest of stock index futures show that the trading volume of IF decreased by 789 to 92029, IH increased by 817 to 37812, IC decreased by 7094 to 96094, and IM decreased by 1632 to 144993; the open interest of IF increased by 7033 to 270424, IH decreased by 761 to 82828, IC decreased by 1024 to 255760, and IM increased by 2002 to 351928 [15] - The basis of stock index futures shows that the basis of IC and IM was slightly repaired [1] - The inter - delivery spread of stock index futures is also presented in the report [40][41][42]