Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market generally expects the US government shutdown issue to be resolved soon, and the Dow Jones Industrial Average has rebounded to near its previous high. In the domestic market, trading activity has declined, both long and short forces have weakened, and the market has entered a consolidation phase. The Shanghai Composite Index may further adjust to the next support level, presenting an opportunity to build long positions [2] Summary by Relevant Catalogs Market Analysis - Domestically, the National Development and Reform Commission held a symposium with private enterprises to gather opinions on the "15th Five-Year Plan" and the development of the service industry. Overseas, the US Senate passed the "Continuing Appropriations and Extension Act," and the House of Representatives will vote on it. In the spot market, A-share indices opened higher and closed lower, with the Shanghai Composite Index down 0.39% at 4002.76 points and the ChiNext Index down 1.4%. Sector indices showed mixed performance, with commerce and retail, real estate, steel, and basic chemicals leading the gains, while communication, electronics, computer, and coal sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was less than 2 trillion yuan. Overseas, the three major US stock indices showed mixed performance, with the Dow Jones reaching a new high, up 1.18% at 47927.96 points. In the futures market, the basis of stock index futures declined, the trading volume of IH and IF increased, and the open interest of stock index futures decreased [1] Strategy - The US government shutdown issue is expected to be resolved, and the Dow Jones has rebounded. The domestic market is in a consolidation phase, and the Shanghai Composite Index may adjust further, presenting a long - position building opportunity [2] Macro - economic Charts - Include charts showing 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 [6][7] Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 11, 2025: the Shanghai Composite Index was at 4002.76, down 0.39%; the Shenzhen Component Index was at 13289.01, down 1.03%; the ChiNext Index was at 3134.32, down 1.40%; the CSI 300 Index was at 4652.17, down 0.91%; the SSE 50 Index was at 3034.63, down 0.63%; the CSI 500 Index was at 7291.61, down 0.71%; and the CSI 1000 Index was at 7540.79, down 0.30% [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures: IF trading volume was 110400 (+3615), open interest was 263184 (-5129); IH trading volume was 50142 (+4232), open interest was 94744 (-1967); IC trading volume was 112484 (-10252), open interest was 241256 (-8077); IM trading volume was 186082 (-8391), open interest was 354095 (-582). The basis of stock index futures and their changes are also provided, as well as the inter - delivery spreads and their changes [15][39][43]

Group 1: Report Investment Rating and Core View - The short - term view of the stock index futures is "oscillation", the medium - term view is "strong", and the intraday view is "bullish". The reference view is "range - bound oscillation" [1][5] - The core logic is that as the Shanghai Composite Index reaches the 4000 - point mark, the stock valuation has risen significantly, the willingness of profit - taking funds to stop profits has increased, and the upward momentum of the stock index has weakened. However, the positive policy expectations and the trend of capital inflow into the stock market provide medium - and long - term support for the stock index. The future trend depends on the game between the fermentation rhythm of policy positive expectations and the profit - taking rhythm of funds [5] Group 2: Specific Information of IH2512 - For IH2512, the short - term view is "oscillation", the medium - term view is "strong", the intraday view is "bullish", and the reference view is "range - bound oscillation". The core logic is the game between the willingness of funds to take profits and the positive policy expectations [1] Group 3: Price and Trading Volume Information - Yesterday, all stock indexes opened higher and closed lower, with an overall decline. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2.0139 trillion yuan, a decrease of 180.5 billion yuan from the previous day [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - The report presents the performance of global asset markets on November 12, 2025, including data on bonds, currencies, stock indices, and futures transactions [1][2][3][4]. 3. Summary by Relevant Catalogs Global Asset Market Performance - **Bond Yields**: 10 - year bond yields of major economies such as the US (4.117%), UK (4.387%), and Japan (1.685%) are reported, along with 2 - year bond yields like the US (3.592%) and UK (3.720%) [2]. - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are given, e.g., the US dollar to Brazilian real is 5.273, and it also shows on - shore and off - shore RMB exchange rates [2]. - **Stock Indices**: It lists the latest values of major global stock indices, such as the S&P 500 (6846.610), Dow Jones Industrial Index (47927.960), and Shanghai Composite Index (4002.758) [2]. - **Credit Bond Indices**: The latest values of various credit bond indices are provided, including US investment - grade (3523.740) and high - yield (2880.940) credit bond indices [2]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are presented, with CSI 300 down 0.91% and ChiNext down 1.40% [3]. - **Valuation**: PE (TTM) and its环比 changes are given for indices like CSI 300 (14.27, - 0.09) and S&P 500 (28.46, 0.05) [3]. - **Risk Premium**: The risk premium and its环比 changes are shown for S&P 500 (- 0.60, 0.00) and German DAX (2.36, - 0.02) [3]. - **Fund Flows**: The latest and 5 - day average fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are reported, with A - shares' latest fund flow at - 1048.10 [3]. - **Transaction Amount**: The latest transaction amounts and环比 changes of Shanghai and Shenzhen stock markets and related indices are given, e.g., the latest transaction amount of Shanghai and Shenzhen stock markets is 19935.86, with a环比 change of - 1808.68 [4]. - **Main Contract Basis**: The basis and basis percentage for IF, IH, and IC are provided, with IF's basis at - 25.37 and a basis percentage of - 0.55% [4]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T2303 (108.48, - 0.01%), TF2303 (105.94, - 0.00%), T2306 (108.24, - 0.02%), and TF2306 (105.89, - 0.02%) are reported [4]. Money Market - The latest domestic money market rates (R001: 1.5361%, R007: 1.5145%, SHIBOR - 3M: 1.5800%) and their daily changes (4.00 BP, 1.00 BP, 0.00 BP) are given [4].

（文章来源：每日经济新闻） 每经AI快讯，周二（11月11日）纽约尾盘，标普500股指期货最终上涨0.25%，道指期货涨1.21%，纳斯 达克100股指期货跌0.23%。罗素2000股指期货涨0.03%。 ...

Report Industry Investment Rating - Not provided Core View - The potential end of the US government shutdown boosted market sentiment, causing stock indices to open higher today. However, they trended downward after the opening and fluctuated until the close, with the total trading volume of the two markets falling below 2 trillion yuan again. The basis of stock index futures declined, and the open interest decreased, indicating a stronger willingness among long - position holders to exit. With a relatively quiet information environment, on one hand, the long - term high - level oscillation has increased the willingness of funds to take profits, leading to a correction pressure on the index; on the other hand, policy expectations provide relatively strong support at the lower level of the index. Therefore, the index is expected to maintain a volatile pattern in the short term. Attention should be paid to the economic data to be released this week to further verify the recovery of the fundamentals [4] Market Review - Stock indices closed lower today. Taking the CSI 300 index as an example, it closed down 0.91%. In terms of funds, the trading volume of the two markets decreased by 180.868 billion yuan. Stock index futures all declined with reduced trading volume [2] Important Information - The State Council General Office issued 13 measures to further promote private investment, including expanding market access, removing bottlenecks, and strengthening guarantees - There is a glimmer of hope in the US government shutdown crisis! The Senate passed a temporary appropriation bill on Sunday to fund the government until next January [3] Strategy Recommendation - Hold positions and wait and see [5] Futures Market Observation | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | -0.84 | 11.04 | 0.3615 | 26.3184 | -0.5129 | | IH | -0.58 | 5.0142 | 0.4232 | 9.4744 | -0.1967 | | IC | -0.79 | 11.2484 | -1.0252 | 24.1256 | -0.8077 | | IM | -0.30 | 18.6082 | -0.8391 | 35.4095 | -0.0582 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | -0.39 | | Shenzhen Component Index Change (%) | -1.03 | | Ratio of Rising to Falling Stocks | 1.11 | | Total Trading Volume of the Two Markets (100 million yuan) | 19935.86 | | Trading Volume MoM (100 million yuan) | -1808.68 | [6]

1. Report Date - The report is dated November 11, 2025 [2] 2. Market Overview IM (China Securities 1000 Index Futures) - The main contract of IM fell 0.3% to close at 7390.4 points. The total trading volume of the four IM contracts was 186,082 lots, a decrease of 8,391 lots from the previous day, and the total open interest was 354,095 lots, a decrease of 582 lots from the previous day [3] - The main contract of IM was at a discount of 150.39 points, a decrease of 8.14 points from the previous day, and the annualized basis rate was -19.05% [4] IF (CSI 300 Index Futures) - The main contract of IF fell 0.84% to close at 4626.8 points. The total trading volume of the four IF contracts was 110,400 lots, an increase of 3,615 lots from the previous day, and the total open interest was 263,184 lots, a decrease of 5,129 lots from the previous day [20][21] - The main contract of IF was at a discount of 25.37 points, a decrease of 2.32 points from the previous day, and the annualized basis rate was -5.13% [21] IC (CSI 500 Index Futures) - The main contract of IC fell 0.79% to close at 7173 points. The total trading volume of the four IC contracts was 112,484 lots, a decrease of 10,252 lots from the previous day, and the total open interest was 241,256 lots, a decrease of 8,077 lots from the previous day [40][41] - The main contract of IC was at a discount of 118.61 points, a decrease of 10.61 points from the previous day, and the annualized basis rate was -15.48% [41] IH (SSE 50 Index Futures) - The main contract of IH fell 0.58% to close at 3033 points. The total trading volume of the four IH contracts was 50,142 lots, an increase of 4,232 lots from the previous day, and the total open interest was 94,744 lots, a decrease of 1,967 lots from the previous day [57] - The main contract of IH was at a discount of 1.63 points, a decrease of 1.77 points from the previous day, and the annualized basis rate was -0.5% [58] 3. Contract - Specific Data IM | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7540.79 | -0.30% | 26,525 | -3% | 4,049 billion | -7% | - | - | | IM2511 | 7476.60 | -0.30% | 32,931 | -3% | 495 billion | -3% | 60,308 | -1,464 | | IM2512 | 7390.40 | -0.30% | 122,556 | -4% | 1,820 billion | -4% | 179,084 | -6 | | IM2603 | 7167.00 | -0.34% | 21,766 | -3% | 314 billion | -3% | 79,515 | 412 | | IM2606 | 6949.80 | -0.30% | 8,829 | -11% | 123 billion | -11% | 35,188 | 476 | [3] IF | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4652.17 | -0.91% | 18,664 | -21% | 4,776 billion | -20% | - | - | | IF2511 | 4640.20 | -0.88% | 23,298 | 4% | 326 billion | 4% | 39,376 | -1,830 | | IF2512 | 4626.80 | -0.84% | 70,771 | 1% | 986 billion | 1% | 151,427 | -4,735 | | IF2603 | 4600.40 | -0.76% | 12,465 | 12% | 173 billion | 12% | 58,627 | 501 | | IF2606 | 4559.00 | -0.71% | 3,866 | 16% | 35 billion | 16% | 13,754 | 935 | [20] IC | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7291.61 | -0.71% | 19,166 | -6% | 3,386 billion | -9% | - | - | | IC2511 | 7242.20 | -0.72% | 22,488 | -5% | 327 billion | -5% | 42,026 | -2,898 | | IC2512 | 7173.00 | -0.79% | 69,626 | -9% | 1,005 billion | -9% | 127,025 | -5,885 | | IC2603 | 7003.80 | -0.77% | 15,091 | -10% | 212 billion | -11% | 53,067 | 26 | | IC2606 | 6813.80 | -0.73% | 5,279 | -10% | 72 billion | -10% | 19,138 | 680 | [40] IH | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open - Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3034.63 | -0.63% | 4,104 | -16% | 1,181 billion | -16% | - | - | | IH2511 | 3033.60 | -0.62% | 9,704 | -1% | 88 billion | -1% | 12,907 | -964 | | IH2512 | 3033.00 | -0.58% | 34,254 | 13% | 312 billion | 13% | 60,887 | -712 | | IH2603 | 3029.60 | -0.58% | 4,768 | 10% | 43 billion | 10% | 16,591 | -144 | | IH2606 | 3022.60 | -0.59% | 1,416 | -11% | 13 billion | -11% | 4,359 | -147 | [57] 4. Basis and Annualized Basis Rate IM - The main contract's basis was - 150.39 points, and the annualized basis rate was -19.05% [4] IF - The main contract's basis was - 25.37 points, and the annualized basis rate was -5.13% [21] IC - The main contract's basis was - 118.61 points, and the annualized basis rate was -15.48% [41] IH - The main contract's basis was - 1.63 points, and the annualized basis rate was -0.5% [58] 5. Main Seats' Data IM - Data for main seats of IM2511, IM2512, IM2603, and IM2606 are provided, including trading volume, long - position volume, and short - position volume and their changes [15][17][19] IF - Data for main seats of IF2511, IF2512, IF2603, and IF2606 are provided, including trading volume, long - position volume, and short - position volume and their changes [35][37][38] IC - Data for main seats of IC2511, IC2512, and IC2603 are provided, including trading volume, long - position volume, and short - position volume and their changes [51][53][55] IH - Data for main seats of IH2511, IH2512, IH2603 are provided, including trading volume, long - position volume, and short - position volume and their changes [72][74][76]

1. Index Trends - On November 10, the Shanghai Composite Index rose 0.53% to close at 4018.6 points, with a trading volume of 960.589 billion yuan; the Shenzhen Component Index rose 0.18% to close at 13427.61 points, with a trading volume of 1213.865 billion yuan [1]. - The CSI 1000 Index rose 0.28%, with a trading volume of 433.798 billion yuan. Its opening price was 7568.75, closing price was 7563.25, the highest price was 7592.76, and the lowest price was 7515.68 [1]. - The CSI 500 Index rose 0.22%, with a trading volume of 371.311 billion yuan. Its opening price was 7357.34, closing price was 7343.8, the highest price was 7384.79, and the lowest price was 7289.77 [1]. - The SSE 300 Index rose 0.35%, with a trading volume of 593.977 billion yuan. Its opening price was 4688.12, closing price was 4695.05, the highest price was 4695.18, and the lowest price was 4654.21 [1]. - The SSE 50 Index rose 0.51%, with a trading volume of 139.907 billion yuan. Its opening price was 3043.51, closing price was 3053.86, the highest price was 3054.55, and the lowest price was 3030.23 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 21.37 points from the previous closing price. Sectors such as household appliances, pharmaceuticals and biotech, and basic chemicals significantly pulled the index up, while sectors like machinery, automobiles, and power equipment pulled it down [2]. - The CSI 500 rose 15.89 points from the previous closing price. Sectors such as pharmaceuticals and biotech, non - bank finance, and non - ferrous metals significantly pulled the index up, while sectors like machinery, electronics, and power equipment pulled it down [2]. - The SSE 300 rose 16.26 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery, power equipment, and electronics pulled it down [2]. - The SSE 50 rose 15.51 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery and electronics pulled it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 57.03, IM01 had - 142.23, IM02 had - 361.89, and IM03 had - 580.67 [12]. - For IC contracts, IC00 had an average daily basis of - 43.2, IC01 had - 107.51, IC02 had - 277.1, and IC03 had - 467.73 [12]. - For IF contracts, IF00 had an average daily basis of - 9.52, IF01 had - 25.0, IF02 had - 54.69, and IF03 had - 98.5 [12]. - For IH contracts, IH00 had an average daily basis of - 0.02, IH01 had - 1.49, IH02 had - 5.36, and IH03 had - 11.46 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on IM, IC, IF, and IH roll - over point differences and their annualized costs are presented in the report, including detailed values at different time points [20][21][22]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is interval oscillation, with the mid - term view being strong and the intraday view being bullish. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits. In the short term, the incremental policy signals weaken, and the profit - taking intention of profitable funds rises with the increase in stock valuations, so the stock index needs to consolidate through oscillation. In the long run, the expectation of policy benefits and the trend of capital inflow into the stock market support the stock index [1][5] Group 3: Summary According to the Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is strong, the intraday view is bullish, and the reference view is interval oscillation. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the mid - term view is strong, and the reference view is interval oscillation. Yesterday, each stock index oscillated slightly. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2.1944 trillion yuan, an increase of 174.2 billion yuan from the previous day. The stock market is in an oscillating market with mixed long and short factors. The fermentation rhythm of policy benefit expectations and the profit - taking rhythm of funds are in a game, limiting both the upward and downward momentum of the stock index. In the long run, policy benefit expectations and capital inflow trends support the stock index, especially as next year is the beginning of the "14th Five - Year Plan". However, in the short term, the stock index needs to consolidate through oscillation due to the weakening of incremental policy signals and the rise in profit - taking intention [5]

（文章来源：每日经济新闻） 每经AI快讯，周一（11月10日）纽约尾盘，标普500股指期货最终上涨1.56%，道指期货涨0.80%，纳斯 达克100股指期货涨2.22%。罗素2000股指期货涨0.98%。 ...

Market Overview - The market is currently experiencing narrow fluctuations, with unclear direction, and may oscillate between the five-day and ten-day moving averages in the short term [1] - Investors are advised to set stop-loss or take-profit levels, and if the market breaks below the five-day and ten-day moving averages, support may shift to the twenty-day moving average, prompting potential position reduction [1] Market Performance - In the morning session, there were 2,831 stocks rising and 2,186 stocks falling, indicating a slight edge for the bulls, but the advantage is not significant [1] - Trading volume has increased notably, with an estimated total volume reaching around 2.2 trillion, based on morning trading volume projections of approximately 300 billion [1] - Despite the increase in volume, overall market performance remains unsatisfactory, with a significant rise in the number of stocks falling over 5%, exceeding 120 in the morning session, indicating growing selling pressure [1] Futures Analysis - From the perspective of stock index futures, the five-minute chart of the CSI 1000 shows a descending triangle, and attention should be paid to whether the lower boundary can hold [2] - If the lower boundary fails, the CSI 1000 index may enter an adjustment phase in the short term [2] - The five-minute chart of the CSI 300 is currently in a triangular formation without a clear direction, but the increasing number of stocks falling over 5% suggests a potential breach of current price levels [2] - The five-minute futures chart of the SSE 50 shows a bearish outlook, with a significant downward break below moving averages, indicating a likely need for a pullback [2] Technical Indicators - The market is approaching the five-day and ten-day moving averages, and if there is a corresponding decline in large-cap stocks, it may breach these averages [2] - Investors are advised to closely monitor the support levels of the moving averages, as a breach could lead to a return to a wide-ranging fluctuation pattern [2]