FICC日报 | 2025-11-21 市场缩量运行 市场分析 海外方面，美国非农数据超预期增加，市场对联储12月降息的预期下降，美股三大指数全线收跌。国内市场缩量 运行，两市成交额回落至1.7万亿元，资金承接意愿有限，板块行情持续性较弱，关注指数在箱体下沿的支撑情况。 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 非农数据超预期。宏观方面，在中华人民共和国主席习近平、坦桑尼亚联合共和国总统萨米娅·苏卢胡·哈桑、赞比 亚共和国总统哈凯恩德·希奇莱马三位国家元首的战略引领下，坦赞铁路市场化激活工程于2025年11月20日启动。 中华人民共和国、坦桑尼亚联合共和国、赞比亚共和国三国政府一致同意，携手推进公正合理、开放共赢、人民 至上、多元包容、生态友好、和平安全的现代化，推动建设坦赞铁路繁荣带，助力中、坦、赞三国发展，释放区 域发展潜力，打造中非高质量共建"一带一路"的典范。海外方面，美国9月非农就业人口增长11.9万人，是预期的 两倍多，但7月和8月非农就业人数合计下修3.3万人。9月失业率意外升至4.4% ...

Report Industry Investment Rating No relevant content provided. Core View The domestic market is relatively strong compared to the weak performance of the Asia-Pacific market on the day. Policy and capital support actions further confirm the long-term bullish pattern. However, in the short term, sector rotation continues and the internal differentiation is still prominent, and the market is still in the process of recovery. Bull market adjustments are often achieved through increased volatility, and it is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Summary by Related Catalogs Market Analysis - China has announced specific measures to implement the consensus of the China-US economic and trade consultations in Kuala Lumpur, including stopping the implementation of additional tariffs on some imported goods from the US, continuing to suspend 24% reciprocal tariffs for one year, and stopping export control measures on 15 US entities [1]. - A-share indices opened lower and closed higher. The Shanghai Composite Index rose 0.23% to 3969.25 points, and the ChiNext Index rose 1.03%. The power equipment, coal, and commercial retail sectors led the gains, while the computer, non-bank finance, and communication sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.9 trillion yuan [1]. - The US 10 - month ISM services PMI rose 2.4 points to 52.4, reaching an eight - month high. The three major US stock indices closed higher, with the Nasdaq rising 0.65% to 23499.8 points [1]. Futures Market - In the futures market, the basis of stock index futures declined. There was differentiation in trading volume and open interest. The trading volumes of IH, IC, and IM increased, and the open interest of stock index futures increased [2]. Strategy - The Asia - Pacific market was weak on the day, while the domestic market was relatively strong. It is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [10][8]. Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 5, 2025, shows that the Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 1.03% [13]. - Charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances are also included [14]. Futures Index Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts are presented. For example, the open interest of IF was 116,616 (a decrease of 1,583), and the trading volume was 270,040 (an increase of 1,580) [18]. - The basis data of stock index futures for different contracts and different delivery months are provided. For example, the basis of the IF contract for the current month was - 16.46 (a decrease of 2.36) [42]. - The inter - delivery spread data of stock index futures are also given, such as the spread between the next - month and current - month contracts of IF was - 14.20 (an increase of 1.40) [49].

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [5] Core Viewpoints - The gap between strong expectations and weak reality in the domestic market has widened. In August, China's economic data showed signs of weakness, and external tariff pressure has increased. The government has proposed policies to stabilize growth, and attention should be paid to policy expectations and the potential correction of the current off - peak season situation [1] - Sino - US tariff frictions have intensified, and before the APEC Summit in South Korea from October 28th to November 1st, the risk impact of tariff escalation on the market should be vigilant [2] - The US government shutdown has affected the release of economic data. The market has under - priced the severity of the shutdown, and the subsequent development of the event should be monitored [3] - For commodity sectors, a wait - and - see approach is recommended in the near term. Different sectors have different characteristics and risks, and attention should be paid to specific factors such as downstream demand, supply constraints, and policy impacts [4] Summary by Related Catalogs Market Analysis - In China, the economic pressure increased marginally in August, with characteristics of "slow industry, weak investment, and sluggish consumption". In September, exports were resilient, and the M2 - M1 gap reached a new low for the year. To cope with external pressure, the government proposed policies to stabilize growth, with a new policy - based financial instrument scale of 500 billion yuan [1] - Sino - US tariff frictions have escalated. The US has taken a series of measures such as including Chinese enterprises in the entity list and imposing additional tariffs, and China has responded with counter - measures. The risk impact of tariff escalation on the market should be vigilant before the APEC Summit [2] - The US government shutdown has affected the release of economic data. The market has under - priced the severity of the shutdown. In September, the US Markit manufacturing and services PMI declined slightly, and in August, new home sales increased unexpectedly [3] Commodity Analysis - For commodities, a wait - and - see approach is recommended in the near term. The black sector is affected by downstream demand expectations, the non - ferrous sector has long - term supply constraints, the energy sector has a relatively loose supply in the medium - term, the chemical sector has "anti - involution" space, agricultural products are driven by tariff and inflation expectations, and precious metals have high short - term price fluctuation risks [4] Strategy - The overall rating for commodities and stock index futures is neutral [5] Important News - In the first three quarters of this year, China's total goods trade imports and exports were 33.61 trillion yuan, a year - on - year increase of 4%. In September, exports and imports increased, and the trade surplus decreased [6] - China has taken counter - measures against South Korea's Hanwha Ocean's five US - related subsidiaries for their support of the US government's investigation against China [6] - China's September monetary supply, social financing scale, and credit data have changed, and the decline in CPI and PPI has narrowed [6] - The Fed Chairman may stop reducing the balance sheet in the next few months. The US Treasury Secretary plans to submit candidates for the next Fed Chairman to Trump after Thanksgiving [6] - The US Senate failed to advance the Republican's temporary appropriation bill, and a judge blocked the government's plan to lay off employees during the shutdown. US API crude oil and refined oil inventory data have changed [3][6] Economic Heat Maps - **US Economic Heat Map**: In September, the US Markit manufacturing PMI was 52.0, and the services PMI was 54.2. Investment, consumption, and other aspects showed different trends, and the contribution rates of various factors to GDP were different [8] - **European Economic Heat Map**: In September, the European manufacturing PMI was 49.8, and the services PMI was 51.3. Inflation, trade, and other aspects also had corresponding changes [9] - **Chinese Economic Heat Map**: In September, China's GDP grew steadily. Investment, consumption, and other fields showed different trends, and the contribution rates of consumption, investment, and net exports to GDP were 44.5%, 25.2% + 30.3%, and the rest respectively [10]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - China's export growth in September was strong, providing support for the domestic economy. Large funds actively supported the market, causing the index to open lower and close higher. The non - ferrous metals sector continued to strengthen, but the risk in the market may not be fully released. Consider low - buying opportunities in IC and IM [1][2] 3. Summary by Related Catalogs 3.1 Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends, with data sourced from Flush and Huatai Futures Research Institute [4][5][10] 3.2 Spot Market Tracking Charts - The daily performance of major domestic stock indices on October 13, 2025 showed that the Shanghai Composite Index closed at 3889.50, down 0.19%; the Shenzhen Component Index was at 13231.47, down 0.93%; the ChiNext Index was at 3078.76, down 1.11%. The trading volume of the Shanghai and Shenzhen stock markets on that day was about 2.4 trillion yuan. The sector indices showed more declines than increases, with non - ferrous metals, environmental protection, and steel industries leading the gains, while the automotive, household appliances, beauty care, and media industries led the losses [1][12] 3.3 Stock Index Futures Tracking Charts - In terms of trading volume and open interest, the trading volume and open interest of IF, IC, and IM increased simultaneously. The trading volume of IF was 168,279, an increase of 6,129; the open interest was 283,359, an increase of 4,778. The trading volume of IC was 176,728, an increase of 6,338; the open interest was 267,579, an increase of 7,505. The trading volume of IM was 286,550, an increase of 53,100; the open interest was 371,285, an increase of 14,358. The trading volume of IH was 73,530, a decrease of 403; the open interest was 103,523, a decrease of 2,220. - Regarding the basis, the basis of stock index futures declined on that day. For example, the basis of the IF contract's current - month contract was - 8.38, a decrease of 5.34; the basis of the IH contract's current - month contract was - 1.01, a decrease of 2.15; the basis of the IC contract's current - month contract was - 26.56, a decrease of 10.34; the basis of the IM contract's current - month contract was - 42.96, a decrease of 23.34. - For the inter - delivery spread, different spreads and their quantiles are provided, such as the spread between the next - month and current - month contracts, the spread between the next - season and current - month contracts, etc. [15][39][43]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In July, the global economic data still showed resilience, but there were still pressures in domestic monthly economic data. The A-share market was strong on August 18, with the Shanghai Composite Index reaching a near 10-year high, and the Shenzhen Component Index and ChiNext Index breaking through last year's highs. The bond market tumbled, and commodities were divided. Attention should be paid to the impact of "reciprocal tariffs" and the progress of "anti-involution" [1]. - The current tariffs are still in a "stagnant" stage, which will bring certain drag to commodities greatly affected by external demand. After the July interest rate meeting, Powell did not give guidance on a September rate cut, emphasizing the uncertainty of tariffs and inflation [2]. - For commodities, the black and new energy metal sectors are most sensitive to the domestic supply side, the energy and non-ferrous sectors benefit significantly from overseas inflation expectations, and the "anti-involution" space of some chemical products is also worthy of attention. The short - term fluctuation space of agricultural products is relatively limited [3]. - For strategies, it is recommended to allocate more industrial products on dips in commodities and stock index futures [4]. Summary by Directory Market Analysis - In July, China's official manufacturing PMI dropped to 49.3, non - manufacturing remained in expansion, exports increased by 7.2% year - on - year in US dollars, monetary supply exceeded expectations, but financing and loan data were still weak, and investment data had obvious pressure. In the US, the July non - farm payrolls data was below expectations, but the service PMI improved significantly, and the "Great Beauty" bill might support subsequent consumption. On August 18, the A - share market was strong, with the total market turnover exceeding 2.8 trillion yuan, the third - highest in history. Market hotspots focused on AI hardware stocks, brokers, and fintech, while the bond market tumbled and commodities were divided [1]. Tariff Impact - On July 31, the White House re - set "reciprocal tariff" rates. From August 12, 2025, the implementation of a 24% tariff was suspended for 90 days until November 10. On August 15, the Trump administration expanded the scope of a 50% tariff on steel and aluminum imports and might announce a semiconductor tariff of up to 300% within two weeks. Current tariffs are in a "stagnant" stage, dragging down some commodities [2]. Commodity Analysis - The black sector is still dragged down by downstream demand expectations, and the non - ferrous sector's supply constraints have not been alleviated. The medium - term supply of the energy sector is considered to be relatively loose, with OPEC+ accelerating production and increasing production by 548,000 barrels per day in August. The "anti - involution" space of some chemical products is worthy of attention, and the short - term fluctuation of agricultural products is relatively limited. Since the "anti - involution" market started in July, major varieties have retreated to varying degrees [3]. Strategy - For commodities and stock index futures, it is recommended to allocate more industrial products on dips [4]. To - do News - On August 18, the market was strong, with the Shanghai Composite Index reaching a near 10 - year high, over 4000 stocks rising, and the trading volume reaching 2.81 trillion yuan. Trump will meet with Zelensky and European leaders on the 18th. The European Council President emphasized the importance of trans - Atlantic unity, and the EU will introduce the 19th round of sanctions against Russia in early September [5].

Core Insights - The article emphasizes the interconnectedness of global markets through the FICC framework, highlighting how interest rates, exchange rates, and commodity cycles influence each other and the overall market dynamics [1][2][4]. Group 1: FICC Framework - FICC stands for Fixed Income, Currencies, and Commodities, which are crucial for understanding global asset rotation and macroeconomic trends [2]. - The analysis framework provided by the expert, Fu Peng, offers deep insights into global asset pricing and interest rate movements, revealing underlying patterns in asset cycles [2]. Group 2: Market Dynamics - The article describes the stock market as a surface-level phenomenon, while FICC represents the deeper forces driving market trends, akin to ocean currents [4]. - An upcoming event on August 30 in Shenzhen will feature Fu Peng discussing the interconnections between interest rate curves, exchange rate fluctuations, credit transmission, and commodity cycles, aiming to provide a comprehensive global investment map [4][9]. Group 3: Event Details - The event is scheduled for August 30, from 14:00 to 17:00, and will include a 2-hour in-depth sharing session followed by 1 hour of interactive Q&A [9]. - Participants are encouraged to register due to limited seating, indicating a high demand for insights into market dynamics [9].

Core Viewpoint - The recent surge of Hong Kong-based brokerage firms seeking to list in the US stock market reflects a strategic move to capitalize on valuation benefits and operational efficiencies available in the Nasdaq market [1][2][3] Group 1: Listing Trends - Four Hong Kong brokerages, including Sibor Holdings, Hongbo Capital, Beta Financial, and Mango Financial, have initiated their US listing processes, with three opting for direct Nasdaq listings and one pursuing a SPAC merger [1] - The choice of Nasdaq as the listing destination is influenced by recent successful listings of other Hong Kong brokerages, indicating a trend towards Nasdaq as a testing ground for Hong Kong firms [1] Group 2: Motivations for US Listings - The primary motivation for these firms to list in the US is the balance between efficiency and valuation flexibility, as Nasdaq offers a more manageable compliance burden compared to Hong Kong and A-share markets [2] - The valuation disparity is significant, with Hong Kong brokerages receiving a price-to-book (P/B) ratio of 1.0-1.2, while Nasdaq-listed fintech peers achieve P/B ratios of 3-5 [2] - The financial thresholds for listing in the US are perceived to be lower, allowing firms to focus on growth without the historical burdens of profitability and competition [2] Group 3: Business Strategies and Licensing - Each brokerage is leveraging its existing licenses to expand into specific areas or enhance overseas qualifications, with Sibor Holdings focusing on asset management, Hongbo Capital on corporate financing, and Beta Financial on building a multi-market service network [2] - The capital raised will be allocated towards developing new funds, enhancing financial consulting services, and applying for additional licenses in the US and Southeast Asia [2] Group 4: Industry Challenges and Considerations - While the move to the US market presents opportunities, it also comes with regulatory challenges, including compliance with the HFCAA and PCAOB requirements [3][4] - The potential risks include market volatility for small-cap stocks, compliance costs, and the impact of high US dollar interest rates on profitability [4] - Legal considerations regarding VIE structures and the need for a robust compliance framework are critical for these firms as they navigate the complexities of international markets [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump's tariff policy is advancing, but the resilience of the US job market supports the three major US stock indices to close in the green. In China, as policy expectations become clearer, the heavyweight sectors start a catch - up rally, with the real estate sector significantly rebounding and the stock prices of the four major banks hitting new highs, driving up the Shanghai Composite Index. The strong performance of the equity market is expected to form a capital attraction effect, increasing the willingness of residents to transfer savings and long - term institutional funds to enter the market, which lays a solid foundation for the long - term healthy operation of the capital market [3] Summary by Relevant Catalogs Market Analysis - Domestically, from January 1, 2025, the basic pension level of retirees who have completed retirement procedures and receive monthly basic pensions by the end of 2024 will be increased by 2%, based on the average monthly basic pension of retirees in 2024. Overseas, Trump urges Fed Chairman Powell to cut interest rates and announces a 50% tariff on imported copper starting from August 1, 2025. He also criticizes the Fed's current interest rate policy, claiming that the interest rate is at least 3 percentage points too high, causing an annual refinancing cost of $360 billion for the US [1] Spot Market - A - share indices rise, with the Shanghai Composite Index up 0.48% at 3509.68 points and the ChiNext Index up 0.22%. The real estate, petroleum and petrochemical, steel, and non - banking financial sectors lead the gains, while the automobile, media, and national defense and military industries lead the declines. The trading volume of the Shanghai and Shenzhen stock markets remains at 1.5 trillion yuan. In the US, the number of initial jobless claims is 227,000, the lowest in two months, and the number of continuing jobless claims is 1.965 million, still the highest since the end of 2021. The three major US stock indices close slightly higher, with the Dow up 0.43% at 44,650.64 points [2] Futures Market - In the futures market, the basis of stock index futures fluctuates slightly. The trading volume and open interest of stock index futures increase simultaneously [2] Strategy - The current strong performance of the equity market can attract funds, with increased willingness of residents to transfer savings and long - term institutional funds to enter the market, which is beneficial for the long - term healthy operation of the capital market [3] Macroeconomic 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][8][10] Spot Market Tracking Charts - The table shows the daily performance of major domestic stock indices. For example, the Shanghai Composite Index rises 0.48% to 3509.68 points, the Shenzhen Component Index rises 0.47% to 10,631.13 points, and the ChiNext Index rises 0.22% to 2189.58 points. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13][14] Futures Market Tracking Charts - The table shows the open interest and trading volume of stock index futures. For example, the trading volume of IF is 97,027, an increase of 14,938, and the open interest is 258,020, an increase of 11,835. There are also charts of open interest, open interest ratio, net open interest of foreign capital, basis, and inter - delivery spread of different stock index futures contracts [17][42][50]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Amid uncertainties in Sino-US trade negotiations and unresolved market sentiment volatility risks, the market is expected to undergo a technical correction after a short-term rapid decline. It is recommended to focus on the layout of large-cap index futures and use small and medium-cap index futures for hedging [3] Summary by Directory Market Analysis - Domestically, the central budgetary investment for social undertakings is expected to increase by over 30% compared to the end of the "13th Five-Year Plan". Policies related to social security, education, and employment are being promoted, and the basic pension for retirees will be moderately raised, with plans to establish a childcare subsidy system. Overseas, the US and Mexico are close to an agreement to cancel a 50% tariff on a certain quantity of steel imports [1] - In the spot market, the three major A-share indices rebounded after hitting bottom. The Shanghai Composite Index fell 0.44% to close at 3384.82 points, and the ChiNext Index fell 1.17%. Most sector indices declined, with the beauty care, banking, and pharmaceutical sectors leading the gains, while the national defense and military industry, computer, electronics, and communication sectors led the losses. The trading volume in the Shanghai and Shenzhen stock markets increased to 1.4 trillion yuan. Overseas, the three major US stock indices closed higher, with the Nasdaq rising 0.63% to 19714.99 points [2] - In the futures market, only the IM basis rebounded. On the trading volume and open interest front, the trading volume of index futures increased on the day, and the open interest of IH and IM rose [2] Strategy - Given the uncertainties in Sino-US trade negotiations and the lingering risks of market sentiment fluctuations, it is expected that after a short-term rapid decline, the market will experience a technical correction. Operationally, it is advisable to focus on the layout of large-cap index futures and use small and medium-cap index futures for hedging [3] Macro Economic Charts - The content mainly lists charts related to the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A-share trends, as well as the relationship between US Treasury yields and A-share styles [6][10][12] Spot Market Tracking Charts - The daily performance of major domestic stock indices on June 10, 2025, shows that the Shanghai Composite Index fell 0.44%, the Shenzhen Component Index fell 0.86%, the ChiNext Index fell 1.17%, the CSI 300 Index fell 0.51%, the SSE 50 Index fell 0.08%, the CSI 500 Index fell 0.82%, and the CSI 1000 Index fell 0.92% [14] Futures Market Tracking Charts - The trading volume and open interest data of index futures show that the trading volume of IF, IH, IC, and IM increased, and the open interest of IH and IM rose, while that of IF and IC decreased [16] - The basis data of index futures show that only the IM basis increased, while the basis of IF, IH, and IC decreased or changed slightly [36] - The inter - delivery spread data of index futures show the differences and changes in spreads between different delivery months of IF, IH, IC, and IM [43][45]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The double positive factors of Trump delaying the tariff increase on the EU and the unexpected rebound of the US consumer confidence index have boosted the market's risk appetite, leading to a full - scale rise in the three major US stock indexes. In the domestic market, the main stock indexes continue to correct. With the continuous release of the bottom - support momentum of large funds, it is recommended to seize the opportunity to buy the large - cap stock index on dips [3] Summary by Related Catalogs Market Analysis - **Enterprise Profits**: In April, the profits of China's large - scale industrial enterprises increased by 3% year - on - year, 0.4 percentage points faster than in March. New - kinetic energy industries represented by equipment manufacturing and high - tech manufacturing had rapid profit growth. In May, the US consumer confidence index rose significantly from 85.7 in April to 98, higher than market expectations [1] - **Stock Index Adjustment**: In the domestic spot market, the three major A - share indexes fluctuated and adjusted. The Shanghai Composite Index fell 0.18% to close at 3340.69 points, and the ChiNext Index fell 0.68%. Most sector indexes declined, with textile and apparel, medicine and biology, and beauty care industries leading the gains, and non - ferrous metals, electronics, and automobile industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at one trillion yuan. China Chengtong's subsidiary subscribed to the CSI Chengtong SOE Digital Economy ETF with a total amount of 600 million yuan. In the overseas market, the three major US stock indexes rose across the board, with the Nasdaq rising 2.47% to 19199.16 points [1] - **Futures Index Changes**: In the futures market, the basis of stock index futures showed a differentiated trend, and the basis of IM continued to rise. In terms of trading volume and open interest, only the trading volume of IM rebounded, and the open interest of the four major stock index futures increased [2] Strategy - Seize the opportunity to buy the large - cap stock index on dips in the domestic market [3] Macro - economic Charts - Include charts on the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [5][7][8] Spot Market Tracking Charts - **Stock Index Performance**: On May 27, 2025, the Shanghai Composite Index was 3340.69 points, down 0.18% from the previous day; the Shenzhen Component Index was 10029.11 points, down 0.61%; the ChiNext Index was 1991.64 points, down 0.68%; the CSI 300 Index was 3839.40 points, down 0.54%; the SSE 50 Index was 2685.28 points, down 0.46%; the CSI 500 Index was 5652.15 points, down 0.31%; the CSI 1000 Index was 6008.46 points, down 0.34% [14] - Also include charts on the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [15] Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume of IF was 75774, a decrease of 10972; the trading volume of IH was 39115, a decrease of 7003; the trading volume of IC was 74989, a decrease of 8598; the trading volume of IM was 195063, an increase of 9659. The open interest of IF was 240995, an increase of 5370; the open interest of IH was 81979, an increase of 1589; the open interest of IC was 209867, an increase of 927; the open interest of IM was 329034, an increase of 10340 [17][18] - **Basis**: The basis data of the current - month, next - month, current - quarter, and next - quarter contracts of IF, IH, IC, and IM are provided, with different changes in basis values [37] - **Inter - period Spread**: The inter - period spread data of IF, IH, IC, and IM for different periods (next - month minus current - month, next - quarter minus current - month, etc.) are provided, along with their changes [42][44][45]