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南华期货假期效应显现
Nan Hua Qi Huo· 2025-09-26 10:51
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Near the holiday, there are signs of capital withdrawal, with a significant contraction in the trading volume of the two markets today. Technology concepts led the decline, while the dividend index rose. To cope with holiday uncertainties in the short term, risk aversion has increased. Although the stock market fluctuated frequently this week, as previously mentioned, the central point did not change much, showing a pre - holiday stable transition and wide - range shock market. There are only two trading days next week. If there are no unexpected factors, the stock market is expected to continue to fluctuate. Domestic PMI data will be released, and attention should be paid to its changes. If capital flow intensifies before the holiday, it may increase the stock market's amplitude. It is recommended to gradually lighten the position and buy the straddle option strategy next week [4]. 3. Summary by Directory Market Review - The stock index declined overall today. Taking the CSI 300 Index as an example, it closed down 0.95%. In terms of capital, the trading volume of the two markets decreased by 224.05 billion yuan. In the futures index market, IF declined with shrinking volume, while other varieties declined with increasing volume [2]. Important Information - The Hong Kong Monetary Authority will launch a RMB business capital arrangement from October 9 this year, replacing the existing RMB trade financing liquidity arrangement, and implementing multiple optimization measures and expanding eligible capital uses. - Seven departments including the Ministry of Industry and Information Technology issued the "Work Plan for Stabilizing Growth in the Petrochemical and Chemical Industry (2025 - 2026)". - Trump announced that starting from October 1, a 50% import tariff will be imposed on kitchen cabinets, bathroom sinks and related building materials, a 30% tariff on imported furniture, and a 100% tariff on patented and branded drugs [3]. Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -1.04 | -0.47 | -1.47 | -1.39 | | Trading volume (10,000 lots) | 12.1085 | 4.8226 | 13.6035 | 24.299 | | Trading volume change compared with the previous period (10,000 lots) | -1.2397 | -0.3587 | 0.637 | 3.0154 | | Open interest (10,000 lots) | 25.9924 | 9.5988 | 25.2224 | 36.4864 | | Open interest change compared with the previous period (10,000 lots) | -0.6449 | 0.1041 | 0.3365 | 1.1537 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.65 | | Shenzhen Component Index change (%) | -1.76 | | Ratio of rising to falling stocks | 0.53 | | Trading volume of the two markets (100 million yuan) | 21468.85 | | Trading volume change compared with the previous period (100 million yuan) | -2242.05 | [6]
认知决定结果:当“老登股”失宠时,别在犹豫中成为最后的接盘侠
雪球· 2025-09-25 08:08
Core Viewpoint - The article discusses the anxiety among investors in undervalued, high-dividend stocks due to continuous declines in stock prices, leading to doubts about the companies' fundamentals. This situation is contrasted with the rising technology stocks, indicating a significant capital migration towards tech, driven by macro narratives and profit effects, rendering individual fundamentals less relevant [3][4]. Group 1: Painful Roots - Investors adhering to traditional value investing are experiencing extreme discomfort as they watch AI and tech stocks soar while their stable, cash-flowing holdings underperform and even decline [4]. - The contrasting performance between tech stocks and traditional value stocks leads to feelings of loss and self-doubt among investors [4]. Group 2: Cognitive Stratification - The article outlines four cognitive levels of investors regarding market trends: 1. Those who cannot see the trend and remain immersed in value investing, potentially missing out on tech gains [8]. 2. Those who see the trend but are unwilling to act due to risk aversion or fear of high valuations, leading to missed opportunities [8]. 3. Early adopters who embrace the tech narrative and participate in the trend, becoming winners [8]. 4. Latecomers who, driven by fear of missing out, buy into tech stocks at high prices, often at the end of a rally [8]. Group 3: Key Decisions - The most dangerous strategy in the current market is hesitation, which can lead to poor investment choices [9]. - Investors must either embrace the trend early or choose not to participate based on their risk assessments, maintaining a calm mindset [10]. - Late adopters risk buying into a market that has already peaked, becoming the last buyers in a narrative that is losing momentum [11]. Group 4: Conclusion - The article emphasizes the importance of staying within one's cognitive circle and making clear investment choices, whether embracing trends or sticking to value investing [12][14]. - Investors should accept the potential for missing out on opportunities due to their cognitive boundaries while focusing on strategies that align with their understanding of the market [15].
每日市场观察-20250923
Caida Securities· 2025-09-23 02:53
Market Performance - The overall market showed a mild upward trend, with major indices recording positive returns. The STAR 50 Index rose by 3.38%, while the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 0.22%, 0.67%, and 0.55% respectively[1][3]. - The main sectors that performed well included precious metals and technology-related sectors such as consumer electronics, semiconductors, and communication services, while tourism and retail sectors faced notable declines[1]. Capital Flow - On September 22, net inflows into the Shanghai Stock Exchange reached CNY 15.247 billion, and CNY 17.626 billion for the Shenzhen Stock Exchange. The top three sectors for capital inflow were semiconductors, consumer electronics, and computer equipment, while the top three sectors for outflow were photovoltaic equipment, energy metals, and white goods[4]. Future Strategies - Short-term investors are advised to focus on technology concepts, while medium to long-term investors should consider high-end manufacturing sectors that have not seen significant price increases, such as biomedicine benefiting from new procurement regulations and the robotics industry nearing mass production[1]. Economic Indicators - The Loan Prime Rate (LPR) for both 5-year and 1-year terms remained unchanged at 3.5% and 3% respectively, indicating stability in borrowing costs[8][9]. Industry Developments - The steel industry aims for an average annual growth of around 4% over the next two years, with strict prohibitions on new capacity additions as part of a structural adjustment plan[9]. - In August, the retail sales of consumer goods grew by 3.6% year-on-year, with total retail sales reaching CNY 3.97 trillion, reflecting a stable consumption market[10][11]. Fund Dynamics - Private equity positions have reached a new high for the year, with the stock private equity position index climbing to 78.04%, up 2.96 percentage points from the previous week[13]. - The total scale of bond ETFs has surpassed CNY 600 billion, with significant contributions from newly established technology bond ETFs[15].
缩量震荡行情延续
Nan Hua Qi Huo· 2025-09-10 10:05
Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The stock market showed a volatile and slightly stronger trend today. The pre - market information of the significant downward revision of US non - farm data had been pre - announced, and the financial market didn't over - react. Overnight US stocks were generally strong, with US technology stocks like Google rising significantly, providing an optimistic tone for A - shares. Coupled with positive domestic technology - related information, technology concepts led the rise again today, but the upward movement was concentrated in heavy - weight stocks, with large - cap indexes outperforming small - cap indexes. The price data announced today didn't significantly exceed expectations. The year - on - year decline in CPI was mainly dragged down by food items, while core CPI showed resilience, and the narrowing of the year - on - year decline in PPI was in line with expectations, so the market reaction was relatively flat. Only the pan - consumer industry oscillated upward after a brief correction. In the short term, the stock market continues. The strategy recommends paying attention to the opportunity of selling call options on the CSI 300 ETF, with the strike price being one or two out - of - the - money levels [4]. 3. Summary by Relevant Catalogs Market Review - Today, the stock index showed a volatile trend with mixed gains and losses. Taking the CSI 300 index as an example, it closed up 0.21%. In terms of capital, the trading volume of the two markets decreased by 1404.01 billion yuan. In the futures index market, IF rose with increasing volume, IH rose with decreasing volume, and IC and IM fell with increasing volume [2]. Important Information - According to the latest data from Goldman Sachs Research Department, in August, global hedge funds' net buying of China reached a new high since September last year, and their gross positions in China reached a two - year high. The Ministry of Industry and Information Technology and five other departments jointly deployed a special rectification campaign against network chaos in the automotive industry. In August, China's CPI turned negative year - on - year by 0.4%, core CPI rebounded to 0.9%, and the year - on - year decline in PPI narrowed to 2.9% [3]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.26 | 0.54 | - 0.05 | - 0.03 | | Trading volume (10,000 lots) | 13.068 | 5.3249 | 13.4597 | 27.5094 | | Trading volume change compared with the previous day (10,000 lots) | 0.9016 | 0.055 | - 0.3849 | 2.1363 | | Open interest (10,000 lots) | 27.5475 | 9.5887 | 24.7388 | 38.3703 | | Open interest change compared with the previous day (10,000 lots) | 0.7307 | - 0.0093 | 0.1732 | 0.3043 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.13 | | Shenzhen Component Index change (%) | 0.38 | | Ratio of rising to falling stocks | 0.92 | | Trading volume of the two markets (billion yuan) | 19781.23 | | Trading volume change compared with the previous day (billion yuan) | - 1404.01 | [6]
股指期货热点:当下股指衍生品交易该如何抉择?
Nan Hua Qi Huo· 2025-08-29 07:06
Report Industry Investment Rating - Not provided Core Viewpoints - The recent stock market rally is driven by funds, sentiment, and structural benefits, forming a positive cycle where increased funds lead to higher trading volumes and greater upward momentum. However, there is a risk of a callback, and key indicators to watch for a shift in sentiment include a contraction in trading volume, a decline in basis, and a drop in implied volatility of options. Currently, trading volume remains around 3 trillion, and while optimism persists, risk management is necessary for single - sided long positions in futures. [1] - The market sentiment is generally positive, and after mid - August, optimism about the long - term stock market trend has increased. Strategies should be mainly long - oriented, but attention should be paid to key indicators for sentiment changes. In terms of style, weight - based stocks are showing advantages, and different trading strategies are recommended for different scenarios. [24] Summary by Directory 1. Recent Stock Market Trend Analysis - Since April, the stock index has shown an overall oscillating upward trend. After the sharp decline in April, the trading volume of broad - based indices gradually returned to normal with the entry of the national team. The rapid upward movement since late June is due to the easing of the Middle - East situation and various structural benefits. From June 20th to now, sectors such as TMT, new energy, non - banking finance, and steel have seen significant gains. [2] - The current rally is driven by the support of the national team, the release of structural benefits, positive sentiment, and the influx of funds. The trading volume of the two markets has climbed from around 1 trillion to about 3.1 trillion, approaching the high of last year. The proportion of margin trading in the total trading volume has also increased from about 8% to around 11.6%. [2] - In terms of stock index style, due to the influx of funds, small - cap stocks represented by the CSI 1000 are stronger as both hot money and leveraged funds prefer small - cap stocks with high elasticity and the support of technology concepts. [3] 2. Futures Index Observation and Analysis - With the rise of the stock market and the strong performance of small - cap stocks, the futures index has the following changes: the inter - period spread (next - quarter - current month) first dropped significantly and then rose rapidly; small - cap futures index IM has shown better performance, but there are signs of a recent style shift; the basis of the futures index has generally increased. [8] - The inter - period spread has not deviated from its operating rules. The stronger performance of the far - month contracts since mid - August may reflect an optimistic shift in market expectations for the far - term trend, influenced by factors such as the rebound from low spreads and the change in market expectations from short - term to long - term. Additionally, arbitrage trading at low spread levels has also contributed to the spread rebound. [8][9] - In terms of cross - varieties, small - and medium - cap futures indices have been stronger during the rally, but there are signs of a style shift since the end of August. This may be due to low - point arbitrage trading, the high valuation of small - cap stocks leading to a potential shift of funds to weight - based stocks, and the heavy trading of weight - based stocks in broad - based indices. [15][16] - The basis of the futures index has been rising due to positive sentiment and is currently at a high level for the year. Although there is still room for growth compared to last year's high, considering the low starting point and significant increase, there is a need to be vigilant about a cooling of sentiment. [18] 3. Stock Index Option Observation and Analysis - The implied volatility of options has increased significantly since mid - August, indicating that the market's long - term expectations have deviated from the previous consensus, and optimism about the long - term trend has increased. The stock index has also made breakthroughs, which may have attracted more funds and boosted sentiment. Currently, the implied volatility of stock index options is at a relatively high - middle level in history with room for further increase. [22] 4. Strategy Recommendations - In terms of futures, single - sided long positions should be held with risk management. In terms of style, it is recommended to focus on IF, but if the Fed cuts interest rates in September and liquidity expectations rise, small - cap stocks may show advantages again, and a temporary shift to IM can be considered. For long - term holding, IF is still recommended. Cross - variety arbitrage can focus on long IF and short IM, especially when the spread is at a low level. In terms of inter - period trading, follow the long - term rule of negative correlation between the stock market and the inter - period spread, and take the opportunity to short far - month contracts and long near - month contracts when the two show positive correlation. [24] - For options, due to the high uncertainty of the stock index trend and implied volatility, it is recommended to combine with spot trading, mainly using the insurance strategy (spot + buying put options) to obtain stock market gains while avoiding the risk of a market decline. [25]
股指日报:股债汇三牛,关注放量延续性-20250825
Nan Hua Qi Huo· 2025-08-25 11:47
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Today, the stock market rose with increasing trading volume. Before the market opened, Powell's remarks at the Jackson Hole meeting on Friday released a dovish signal, making a September interest rate cut almost certain, which led to an increase in the expectation of loose liquidity, an upward movement in US stocks, and a rise in risk appetite. As a result, stocks, bonds, and the exchange rate all rose today. However, the market had already priced in the September interest rate cut, and the subsequent interest rate cut path remains uncertain, so the impact of this factor may be priced in the short term. [6] - In addition to the still strong technology concepts, the real estate industry led the gains today due to the adjustment of Shanghai's real - estate policies. Premier Li Qiang emphasized the stabilization of the real - estate market last week, and further policy adjustments are still worth looking forward to. [6] - In the context of the profit - making effect, the stock market continued to rise with increasing trading volume. In the absence of obvious negative news, the main risk is the cooling of sentiment and the withdrawal of funds. Therefore, it is necessary to continue to monitor changes in trading volume and sentiment indicators and adopt a trading strategy that combines holding positions and hedging. [6] 3. Summary by Relevant Catalogs Market Review - Today, the stock index showed a significant upward trend with active trading. The turnover of the two markets increased by 594.28 billion yuan. In the futures index market, all varieties rose with increasing trading volume, and the large - cap futures indices showed a relatively strong trend. [4] Important Information - The Shanghai headquarters of the central bank adjusted the pricing mechanism of commercial personal housing loan interest rates in Shanghai. [5] - The trading volume of the Shanghai, Shenzhen, and Beijing stock markets exceeded 3 trillion yuan for the first time since October 8 last year and the second time in A - share history, with an increase of more than 60 billion yuan compared to the same time the previous day. [5] - Shanghai adjusted real - estate policies, including no limit on the number of housing purchases outside the outer ring for eligible buyers, treating single home - buyers the same as families, optimizing housing provident funds, personal housing credit, and personal housing property tax. [5] Strategy Recommendation - Insurance strategy: Hold the underlying assets and buy put options. [7] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday percentage change (%) | 2.29 | 2.14 | 1.80 | 1.27 | | Trading volume (10,000 lots) | 18.0751 | 8.9047 | 14.8122 | 30.9362 | | Trading volume change compared to the previous day (10,000 lots) | 4.0615 | 1.5585 | 1.9543 | 3.1645 | | Open interest (10,000 lots) | 28.9604 | 12.0186 | 24.4555 | 39.9769 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index percentage change (%) | 1.51 | | Shenzhen Component Index percentage change (%) | 2.26 | | Ratio of rising stocks to falling stocks | 1.83 | | Turnover of the two markets (billion yuan) | 3141.137 | | Turnover change compared to the previous day (billion yuan) | 594.428 | [8]
国务院重磅会议释放新信号!
摩尔投研精选· 2025-08-20 10:27
Market Overview - The three major indices experienced pressure in the early session but rebounded strongly in the afternoon, closing higher, with the Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index all reaching new highs for the year [1] - Although the trading volume decreased by approximately 180.1 billion compared to the previous trading day, it has remained above 2 trillion for six consecutive days, indicating high market participation and capital activity [1] Government Policy Signals - The State Council's ninth plenary meeting emphasized the need to continuously stimulate consumer potential, systematically remove restrictive measures in the consumption sector, and accelerate the cultivation of new growth points in service consumption and new consumption [2] - A collaboration between Jiugui Liquor and Pang Donglai has seen strong sales, leading to a surge in the stock price [2] Industry Performance - Some white liquor companies reported disappointing performance in the first half of the year, largely due to the ongoing impact of the "drinking ban" and the struggles faced by the catering industry [3] - However, these negative factors have already been reflected in the stock prices of the white liquor sector [4] Consumer Trends - With the Mid-Autumn Festival and National Day approaching, capital is likely to continue betting on consumption-promoting policies and positioning in large consumer stocks, including white liquor [5] - It is noted that the current consumer market trend may still represent the latter stage of improvement in the real economy's fundamentals [6] Market Dynamics - The previous market rally followed a specific path of sector rotation, starting with large financials, moving through popular and restructuring themes, and culminating in a focus on technology concepts and low-priced stocks [7] - Historical patterns are not expected to repeat exactly, and market volatility is a normal occurrence [8] Investment Strategy - Investors are advised to focus on market leaders such as semiconductor chips and AI applications while avoiding chasing prices and instead looking for opportunities during market fluctuations [9] - For conservative investors, sectors that have lagged in this rally but have earnings support or high dividend characteristics, such as large consumer goods, pharmaceuticals, and utilities, should be considered for balanced allocation [9]
部分中小房企并购科技资产谋转型
Zheng Quan Ri Bao Zhi Sheng· 2025-08-13 16:45
Core Viewpoint - The real estate industry is undergoing a deep adjustment, prompting some small and medium-sized listed real estate companies to shift their focus towards the technology sector through mergers and acquisitions to establish new business layouts [1] Group 1: Cross-Industry Mergers and Acquisitions - Recently, Quzhou Xin'an Development Co., Ltd. announced plans to acquire 95.4559% of Xian Dao Electronic Technology Co., Ltd. through a share issuance, raising up to 3 billion yuan with a share price of 3.46 yuan [2] - Quzhou Development aims to create a dual business model of "real estate + high-tech investment," using stable cash flow from real estate to support long-term cultivation in the high-tech sector [2] - Beijing Wantong New Development Group Co., Ltd. plans to invest 854 million yuan to acquire 62.98% of Beijing Shudu Information Technology Co., Ltd., focusing on PCIe high-speed switching chips [3] Group 2: Driving Factors for Mergers - The decline in profitability among small and medium-sized real estate companies due to market adjustments is driving them to seek new development paths through mergers and acquisitions [4] - The technology sector's popularity in the capital market encourages real estate companies to pursue cross-industry mergers to gain market attention and enhance valuation [4] - Industry experts predict that the trend of cross-industry mergers among small and medium-sized real estate companies will continue, with some potentially optimizing their business structures or gradually exiting traditional real estate sectors to focus on technology and growth industries [4]
市场具备进攻势头,但上冲具备阻力
Nan Hua Qi Huo· 2025-08-11 11:14
Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The stock market showed a strong trend today, mainly driven by the lithium carbonate-related concepts and technology concepts. Affected by this structural market, the small-cap stocks showed obvious strength, while the upstream resource industries with previous high gains and the dividend industries represented by banks led the decline, making the performance of the large-cap index relatively flat, and the Shanghai Stock Exchange 50 Index closed with a narrow range of fluctuations. From the sentiment perspective, the market was generally optimistic today, and the trading volume significantly expanded, rising again to around 1.8 trillion yuan. Moreover, funds shifted from the dividend industries, showing a certain offensive momentum. However, from the market situation, the bulls still encountered some resistance when surging upwards, and the upward amplitude of the central level was not large. It is analyzed that this is mainly due to the lack of strong incremental positive factors in the short term. The stock index is expected to continue to fluctuate and wait for the release of important information within the week [6]. 3. Summary by Related Catalogs Market Review - The stock index rose with increasing volume today, and the small-cap stocks showed a stronger trend. In terms of capital flow, the trading volume of the two markets increased by 116.746 billion yuan. In the futures index market, all varieties rose with increasing volume, and the overall sentiment was optimistic, but there was a large difference between large-cap and small-cap stocks [4]. Important Information - On the morning of August 11, CATL officially responded on the interactive platform that after the mining license for its Yichun project expired on August 9, it has indeed suspended mining operations [5]. - On August 10, US Eastern Time, according to the official website of the US Department of Defense, the Strategic Capital Office of the US Department of Defense announced the issuance of its first direct loan to strengthen the US industrial base and protect the critical mineral supply chain. As part of a broader agreement reached between the Department of Defense and MP Materials, the owner and operator of US rare earth mines, in July 2025, the Strategic Capital Office of the US Department of Defense provided a loan of $150 million (approximately 1.1 billion yuan) [5]. - Recently, seven departments including the People's Bank of China, the Ministry of Industry and Information Technology, and the National Development and Reform Commission jointly issued the "Guiding Opinions on Financial Support for New - Style Industrialization" (hereinafter referred to as the "Opinions"), proposing to build a financial system that is compatible with the promotion of new - style industrialization and accelerate the construction of a financial powerhouse and a manufacturing powerhouse [5]. Strategy Recommendation Sell cash - secured put options [7]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | |主力日内涨跌幅(%)| 0.43 | 0.01 | 1.07 | 1.61 | |成交量(万手)| 10.475 | 4.9078 | 9.3503 | 21.3349 | |成交量环比(万手)| 2.9586 | 0.962 | 2.3858 | 5.5757 | |持仓量(万手)| 26.4743 | 9.6586 | 22.3884 | 35.9739 | |持仓量环比(万手)| 1.4212 | 0.68 | 0.9202 | 2.5544 | [7][8] Spot Market Observation | 名称 | 数值 | | --- | --- | |上证涨跌幅(%)| 0.34 | |深证涨跌幅(%)| 1.46 | |个股涨跌数比| 4.03 | |两市成交额(亿元)| 18269.73 | |成交额环比(亿元)| 1167.46 | [8]
股指期货日报:顺周期行业领涨,但多头乏力-20250521
Nan Hua Qi Huo· 2025-05-21 12:31
Report Industry Investment Rating - Not provided in the given content Core View - Today's index showed mixed trends. Cyclical industries led the gains, while technology concepts declined due to the influence of the US stock market. The overall market index rose, but the small - cap index fell. It was a clear structural market with more declining stocks than rising stocks in the Wind All - A index. With little change in short - term information and continuous external disturbances, the market remained cautious. The trading volume of the two markets changed little, and the index is expected to fluctuate in the short term, so trend trading should be cautious [5] Summary by Related Catalogs Market Review - Today, stock indices showed mixed trends. The CSI 300 index closed up 0.47%. The trading volume of the two markets increased slightly by 3.764 billion yuan. In the futures index market, IF rose with increasing volume, IH and IC rose with decreasing volume, and IM fell with decreasing volume [4] Important Information - The Ministry of Commerce stated that implementing US measures to ban Chinese advanced computing chips globally would be illegal. - Regarding the EU's plan to levy a 2 - euro tax on small packages from China, the Chinese Foreign Ministry hoped the EU would provide a fair business environment for Chinese enterprises. - In response to the EU and UK's new sanctions on Russia that included Chinese and UAE companies, the Chinese Foreign Ministry said normal Sino - Russian cooperation should not be disrupted, and China would take necessary measures to safeguard its legitimate rights [5] Strategy Recommendation - Hold positions and wait and see [6] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.46 | 0.43 | 0.13 | - 0.18 | | Trading volume (10,000 lots) | 7.7769 | 3.6454 | 5.9269 | 15.0678 | | Trading volume change (10,000 lots) | 0.5519 | - 0.0754 | - 0.8409 | - 2.2672 | | Open interest (10,000 lots) | 23.4964 | 7.7641 | 20.0196 | 30.6674 | | Open interest change (10,000 lots) | - 0.2753 | - 0.121 | 0.1085 | - 0.2343 | [6][7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.21 | | Shenzhen Component Index change (%) | 0.44 | | Ratio of rising to falling stocks | 0.45 | | Trading volume of the two markets (100 million yuan) | 11734.45 | | Trading volume change (100 million yuan) | 37.64 | [7]