Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-26 08:29Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - A - share major indices rose collectively this week, with gains exceeding 2% for all except the Shanghai Composite Index. The four stock - index futures also rose collectively, and small - and medium - cap stocks outperformed large - cap blue - chip stocks. Market trading activity significantly rebounded compared to last week. - Overseas, Trump's statement strengthened the market's expectation that the new Fed Chairman would cut interest rates. Domestically, the economic fundamentals in November were weak, with deflation pressure remaining. The 12 - month LPR quote remained unchanged, which was in line with market expectations. Although the weak economic indicators in November exerted pressure on A - shares, positive tones from political meetings provided bottom support [7][94]. 3. Summary by Directory 3.1. Market Review | Futures/Spot | Contract/Index Name | Weekly Change (%) | Friday Change (%) | Closing Price | | --- | --- | --- | --- | --- | | Futures | IF2603 | 2.46 | 0.48 | 4638.4 | | | IH2603 | 1.50 | 0.51 | 3051.4 | | | IC2603 | 4.71 | 0.80 | 7388.0 | | | IM2603 | 4.63 | 0.57 | 7472.4 | | Spot | CSI 300 | 1.95 | 0.32 | 4657.24 | | | SSE 50 | 1.37 | 0.41 | 3045.40 | | | CSI 500 | 4.03 | 0.65 | 7458.84 | | | CSI 1000 | 3.76 | 0.35 | 7605.53 | [10] 3.2. News Overview - The 1 - year and 5 - year - plus LPR remained unchanged, which is neutral [13]. - Trump hoped the next Fed Chairman would cut interest rates when the economy and market perform well, which is neutral - to - bullish [13]. - The PBC's Q4 2025 monetary policy committee meeting proposed measures to maintain capital market stability, which is neutral - to - bullish [13]. - A large number of A - share listed companies completed private placements this year, which is neutral [13]. 3.3. Weekly Market Data - Domestic Major Indices: The Shanghai Composite Index rose 1.88%, the Shenzhen Component Index rose 3.53%, the STAR 50 Index rose 2.85%, the SME 100 Index rose 3.88%, and the ChiNext Index rose 3.90% [16]. - Overseas Major Indices (as of Thursday): The S&P 500 rose 1.43%, the FTSE 100 fell 0.27%, the Nikkei 225 rose 2.33%, and the Hang Seng Index rose 0.50% [17]. - Industry Sectors: Most industry sectors rose, with non - ferrous metals and national defense and military industries leading the gains. Most industry sectors saw net outflows of main funds, with significant net outflows in computer and national defense and military industries, and significant net inflows in power equipment [21][25]. - SHIBOR Short - term Interest Rates: SHIBOR short - term interest rates showed differentiation, and the capital price was at a low level [29]. - Restricted Share Unlock and Northbound Capital Transactions: This week, major shareholders net - sold 1.1102 billion yuan in the secondary market, the restricted share unlock market value was 192.473 billion yuan, and northbound capital traded a total of 529.777 billion yuan [32]. - Futures Basis and Spread: The basis of the main contracts of IF, IH, IC, and IM strengthened [40][43][46][49]. 3.4. Market Outlook and Strategy - The A - share major indices rose collectively this week, and the four stock - index futures also rose. Small - and medium - cap stocks were stronger than large - cap blue - chip stocks, and market trading activity rebounded. - Overseas, Trump's statement strengthened the expectation of interest rate cuts. Domestically, the economic fundamentals in November were weak, and the 12 - month LPR remained unchanged. Although the weak economic indicators in November pressured A - shares, positive policy tones provided bottom support. The expectation of a dovish Fed Chairman led to a weaker dollar and a stronger RMB, supporting the expectation of loose monetary policy in January 2026 [94].