Global Asset Market Performance - 10 - year Treasury yields of major economies: US 4.086, UK 4.424, France 3.437, Germany 2.653, Italy 3.399, Spain 3.158, Switzerland 0.087, Greece 3.275, Japan 1.664, Brazil 6.102, China 1.793, South Korea 3.086, Australia 4.350, New Zealand 4.101 [2] - 2 - year Treasury yields of major economies: US 3.577, UK 3.778, Germany 1.994, Japan 0.936, Italy 2.170, South Korea 2.661, Australia 3.616 [2] - USD exchange rates against major emerging - economy currencies: Brazil 5.401, South Africa zar 17.512, South Korean won 1440.400, Thai baht 32.550, Malaysian ringgit 4.197 [2] - RMB exchange rates: on - shore RMB 7.130, off - shore RMB 7.135, RMB central parity rate 7.089, RMB 12 - month NDF 6.983 [2] - Major economy stock indices: S&P 500 6771.550, Dow Jones Industrial Average 47085.240, Nasdaq 23348.640, Mexican stock index 62390.730, UK stock index 9714.960, France CAC 8067.530, Germany DAX 23949.110, Spanish stock index 16036.400, Japanese Nikkei 51497.200, Hang Seng Index 25952.400, Shanghai Composite Index 3960.186, Taiwan stock index 28116.560, South Korean stock index 4121.740, Indian stock index 8241.911, Thai stock index 1298.600, Malaysian stock index 1623.500, Australian stock index 9098.190, emerging - economy stock index 1393.380 [2] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares 3960.19, CSI 300 4618.70, SSE 50 3012.97, ChiNext 3134.09, CSI 500 7210.83 [3] - Percentage changes: A - shares - 0.41%, CSI 300 - 0.75%, SSE 50 - 0.11%, ChiNext - 1.96%, CSI 500 - 1.67% [3] Valuation - PE (TTM): CSI 300 14.17, SSE 50 11.90, CSI 500 32.85, S&P 500 28.15, Germany DAX 19.81 [3] - Month - on - month changes: CSI 300 - 0.03, SSE 50 0.06, CSI 500 - 0.54, S&P 500 - 0.34, Germany DAX - 0.15 [3] Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.53, Germany DAX 2.39 [3] - Month - on - month changes: S&P 500 0.07, Germany DAX 0.05 [3] Fund Flows - Latest values: A - shares - 1494.83, Main board - 996.44, ChiNext - 379.93, CSI 300 - 239.09 [3] - 5 - day averages: A - shares - 667.86, Main board - 481.75, ChiNext - 120.57, CSI 300 - 107.90 [3] Transaction Amount - Latest values: Shanghai and Shenzhen stock markets 19157.58, CSI 300 5051.78, SSE 50 1310.58, Small and medium - sized board 3848.70, ChiNext 4768.17 [4] - Month - on - month changes: Shanghai and Shenzhen stock markets - 1913.73, CSI 300 - 524.25, SSE 50 - 35.79, Small and medium - sized board - 310.45, ChiNext - 589.85 [4] Main Contract Basis - Basis: IF - 29.70, IH - 4.77, IC - 116.23 [4] - Basis spreads: IF - 0.64%, IH - 0.16%, IC - 1.61% [4] Treasury Futures Trading Data - Closing prices: T2303 108.66, TF2303 106.03, T2306 108.40, TF2306 105.99 [4] - Percentage changes: T2303 - 0.02%, TF2303 - 0.02%, T2306 - 0.01%, TF2306 - 0.01% [4] Fund Rates - Rates: R001 1.3621%, R007 1.4584%, SHIBOR - 3M 1.5940% [4] - Daily changes: R001 - 10.00 BP, R007 0.00 BP, SHIBOR - 3M - 1.00 BP [4]

Core Points - On November 4, the S&P 500 futures declined by 1.08%, indicating a bearish sentiment in the market [1] - The Dow futures fell by 0.36%, reflecting a moderate decrease compared to the S&P 500 [1] - The Nasdaq 100 futures experienced a significant drop of 2.02%, suggesting heightened volatility in technology stocks [1] - The Russell 2000 futures saw a slight decrease of 0.15%, indicating a minor pullback in small-cap stocks [1]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View - The stock index opened lower and rebounded in the late session, recouping some losses, with the trading volume in the two markets falling below 2 trillion yuan. The decline in the Asia - Pacific market and the increasing profit - taking intention of funds led to a correction in some sectors. The market showed strong wait - and - see sentiment, with the basis of stock index futures falling and market sentiment cooling. However, the late - session rebound indicated support at lower levels. In the short term, the stock index is expected to fluctuate. The market has significant differences in the Fed's subsequent interest - rate cut path, and attention should be paid to the US ADP data. The strategy recommended is to hold positions and wait and see [5]. 3. Summary by Related Catalogs Market Review - The stock index closed down collectively, with the large - cap index relatively resilient. The CSI 300 index closed down 0.75%. The trading volume in the two markets decreased by 1913.73 billion yuan. Among stock index futures, IM declined with increasing volume, while other varieties declined with decreasing volume [3]. Important Information - The US ISM manufacturing PMI in October dropped to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation. The US Treasury Secretary threatened to impose additional tariffs on China if China continued to restrict rare - earth exports, and the Chinese Foreign Ministry responded that dialogue and cooperation are the right ways [4]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.89 | -0.18 | -1.92 | -1.55 | | Trading volume (10,000 lots) | 11.8199 | 5.0534 | 14.3967 | 23.3578 | | Trading volume change (10,000 lots) | -2.4816 | -1.2191 | -0.511 | -2.4149 | | Open interest (10,000 lots) | 27.0097 | 9.6979 | 25.4358 | 36.2939 | | Open interest change (10,000 lots) | -0.1034 | -0.2629 | -0.0107 | 0.0556 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.41 | | Shenzhen Component Index change (%) | -1.71 | | Ratio of rising to falling stocks | 0.45 | | Trading volume in the two markets (billion yuan) | 19157.58 | | Trading volume change (billion yuan) | -1913.73 | [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the daily market data of stock index futures including IM, IF, IC, and IH, covering closing prices, trading volumes, open interests, basis, and positions of major seats for different contracts. It also shows intraday trends and historical basis data for each type of futures [4][21][40][61]. 3. Summary by Related Catalogs IM Futures - **Daily Market Data**: The closing prices of IM contracts decreased, with the main contract IM2512 down 1.55% to 7284.4 points. The total trading volume of the four contracts was 233,578 lots, up 4,445 lots from the previous day, and the total open interest was 363,473 lots, up 534 lots [4][5]. - **Basis**: The main contract was at a discount of 151.33 points, down 11.21 points from the previous day, with an annualized basis rate of -16.48%. The dividend impacts of the four contracts were 0.69 points, 0.87 points, 3.4 points, and 48.67 points respectively [5][12]. - **Positions of Major Seats**: Data for major seats of IM2511, IM2512, IM2603, and IM2606 contracts are provided, showing changes in trading volumes, long positions, and short positions of different members [16][18][20]. IF Futures - **Daily Market Data**: The closing prices of IF contracts decreased, with the main contract IF2512 down 0.89% to 4589 points. The total trading volume of the four contracts was 118,199 lots, up 3,153 lots from the previous day, and the total open interest was 268,460 lots, down 1,637 lots [21][22]. - **Basis**: The main contract was at a discount of 29.7 points, down 11.1 points from the previous day, with an annualized basis rate of -5.14%. The dividend impacts of the four contracts were 1.9 points, 2.75 points, 10.48 points, and 41.59 points respectively [22][31]. - **Positions of Major Seats**: Data for major seats of IF2511, IF2512, IF2603, and IF2606 contracts are provided, showing changes in trading volumes, long positions, and short positions of different members [35][37][38]. IC Futures - **Daily Market Data**: The closing prices of IC contracts decreased, with the main contract IC2512 down 1.92% to 7094.6 points. The total trading volume of the four contracts was 143,967 lots, up 3,761 lots from the previous day, and the total open interest was 252,156 lots, down 2,202 lots [40][41]. - **Basis**: The main contract was at a discount of 116.23 points, down 22.23 points from the previous day, with an annualized basis rate of -13%. The dividend impacts of the four contracts were 1.72 points, 1.94 points, 5.18 points, and 60.91 points respectively [41][51]. - **Positions of Major Seats**: Data for major seats of IC2511, IC2512, IC2603, and IC2606 contracts are provided, showing changes in trading volumes, long positions, and short positions of different members [55][57][59]. IH Futures - **Daily Market Data**: The closing prices of IH contracts decreased, with the main contract IH2512 down 0.18% to 3008.2 points. The total trading volume of the four contracts was 50,534 lots, down 624 lots from the previous day, and the total open interest was 94,774 lots, down 2,205 lots [61]. - **Basis**: The main contract was at a discount of 4.77 points, down 5.02 points from the previous day, with an annualized basis rate of -1.26%. The dividend impacts of the four contracts were 1.13 points, 1.98 points, 10.46 points, and 29.6 points respectively [62][72]. - **Positions of Major Seats**: Data for major seats of IH2511, IH2512, IH2603, and IH2606 contracts are provided, showing changes in trading volumes, long positions, and short positions of different members [77][79][81].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Today, the stock index first declined and then rebounded, with small and medium - cap stock indices breaking through the 30 - day moving average during the session, while large - cap stock indices were relatively resilient. Affected by the "Notice on Improving Duty - Free Shop Policies to Support and Boost Consumption", the Hainan Free Trade concept continued to lead the gains. [4] - Recently, the news has been relatively calm, and the market is mainly driven by capital games. There is a callback pressure on the stock index as some funds in previously high - flying sectors are more willing to take profits. However, due to strong signals of stabilizing the market, the downside space of the stock index is expected to be limited. [4] - In the short term, the stock index is expected to fluctuate. It is recommended to hold positions and wait and see. Attention should be paid to the US employment data to be released this week, as it may have a significant impact on the Fed's December interest - rate cut expectations. [4] 3. Summary by Related Catalogs Market Review - Today, the stock index first fell and then rose, with all indices closing up. For example, the CSI 300 index closed up 0.27%. The trading volume of the two markets decreased by 2106.62 billion yuan. In the futures index market, IF and IC declined with shrinking volume, IH remained flat, and IM rose with shrinking volume. [2] Important Information - The Ministry of Finance and the State Administration of Taxation issued an announcement on the tax policy for gold, which will be implemented from November 1, 2025, to December 31, 2027. This policy is expected to make the gold market's consumption and investment environment more transparent and healthy. [3] - The China Securities Regulatory Commission and the Asset Management Association of China solicited public opinions on the guidelines for the performance comparison benchmarks of public funds. The introduction of these two documents will promote the standardization of the performance comparison benchmarks of domestic public funds and strengthen the discipline of investment management. [3] Strategy Recommendation - It is recommended to hold positions and wait and see. [5] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.04 | 0.00 | - 0.34 | 0.01 | | Trading volume (10,000 lots) | 11.5046 | 5.1158 | 14.0206 | 22.9133 | | Trading volume change from previous day (10,000 lots) | - 2.4816 | - 1.2191 | - 0.511 | - 2.4149 | | Open interest (10,000 lots) | 27.0097 | 9.6979 | 25.4358 | 36.2939 | | Open interest change from previous day (10,000 lots) | - 0.1034 | - 0.2629 | - 0.0107 | 0.0556 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.55 | | Shenzhen Component Index change (%) | 0.19 | | Ratio of rising to falling stocks | 1.96 | | Trading volume of the two markets (billion yuan) | 21071.31 | | Trading volume change from previous day (billion yuan) | - 2106.62 | [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term view of the stock index is wide - range oscillation, with the mid - term view being upward. The core logic is the game between the policy - driven bullish expectations and the profit - taking intention of funds. In the short term, the stock index will mainly fluctuate and consolidate [1][4] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is upward, the intraday view is oscillation with a slight upward bias, and the overall view is wide - range oscillation. The core logic is the game between the profit - taking intention of funds and the policy - driven bullish expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillation with a slight upward bias, the mid - term view is upward, and the reference view is wide - range oscillation. Yesterday, each stock index bottomed out and rebounded, with the whole - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets being 2132.9 billion yuan, a decrease of 216.9 billion yuan compared to the previous day. The policy - driven bullish expectations from the "15th Five - Year Plan" form strong support for the stock index. However, as it enters November, the incremental expectations of domestic policies decrease, the marginal impact of the mitigation of external risks diminishes, and the upward driving force weakens in the short term. With the increase in stock valuation, the profit - taking intention of profitable funds rises, and there is still a need for short - term technical adjustment of the stock index [4]

1. Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.111, UK 4.434, France 3.443, Germany 2.666, Italy 3.409, Spain 3.168, Switzerland 0.102, Greece 3.283, Japan 1.663, Brazil 6.085, China 1.791, South Korea 3.083, Australia 4.336, New Zealand 4.085 [1] - The latest yields of 2 - year government bonds in major economies: US 3.606, UK 3.790, Germany 2.004, Japan - (not provided), Italy 2.172, China (1Y yield) - (not provided), South Korea 2.661, Australia 3.591 [1] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.359, South Africa zar 17.319, South Korean won 1430.950, Thai baht 32.463, Malaysian ringgit 4.200 [1] - The latest values of on - shore RMB 7.121, off - shore RMB 7.127, RMB central parity rate 7.087, RMB 12 - month NDF 6.975 [1] - The latest values of major economies' stock indices: S&P 500 6851.970, Dow Jones Industrial Average 47336.680, NASDAQ 23834.720, Mexican stock index 62153.300, UK stock index 9701.370, French CAC 8109.790, German DAX 24132.410, Spanish stock index 16037.000, Japanese Nikkei 26158.360, Hang Seng Index 26158.360, Shanghai Composite Index 3976.521, Taiwan stock index 28334.590, South Korean stock index 4221.870, Indian stock index 8275.084, Thai stock index 1308.860, Malaysian stock index 1622.420, Australian stock index 9182.495, emerging - economy stock index 1410.430 [1] - The credit bond indices of major economies are not provided (all values are -) [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3976.52, up 0.55%; CSI 300 closing price 4653.40, up 0.27%; SSE 50 closing price 3016.35, up 0.16%; ChiNext closing price 3196.87, up 0.29%; CSI 500 closing price 7333.60, up 0.04% [2] - Valuation: PE (TTM) of CSI 300 is 14.20 (with a 0.09环比 change), SSE 50 is 11.84 (0.07环比 change), CSI 500 is 33.39 (- 0.01环比 change), S&P 500 is 28.50 (0.04环比 change), German DAX is 19.96 (0.14环比 change) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.60 (- 0.04环比 change), German DAX is 2.34 (- 0.07环比 change) [2] - Fund flow: The latest value of A - share fund flow is - 150.03, main board is - 63.81, ChiNext is - 32.07, CSI 300 is 0.06; the 5 - day average values are - 516.08, - 413.23, - 51.63, - 96.92 respectively [2] 3. Transaction Data of Stock Index Futures and Treasury Bond Futures - Transaction amount: The latest transaction amount of Shanghai and Shenzhen stock markets is 21071.31, with a - 2106.61环比 change; CSI 300 is 5576.03 (- 1231.09环比 change), SSE 50 is 1346.37 (- 346.49环比 change), small - and - medium - sized board is 4159.15 (- 433.18环比 change), ChiNext is 5358.02 (- 557.27环比 change) [3] - Main contract basis: IF basis is - 18.60 (- 0.40%), IH basis is 0.25 (0.01%), IC basis is - 94.00 (- 1.28%) [3] - Treasury bond futures: T2303 closing price is 108.68 (0.00% change), TF2303 is 106.05 (- 0.01% change), T2306 is 108.41 (- 0.01% change), TF2306 is 106.00 (- 0.01% change) [3] - Fund rates: R001 is 1.3646% (- 13.00 BP change), R007 is 1.4604% (- 3.00 BP change), SHIBOR - 3M is 1.5950% (0.00 BP change) [3]

（文章来源：每日经济新闻） 每经AI快讯，周一（11月3日）纽约尾盘，标普500股指期货最终涨0.21%，道指期货跌0.51%，纳斯达 克100股指期货涨0.46%。罗素2000股指期货涨0.28%。 ...

股指期货全景日报 2025/11/3 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4634.8 | 环比 数据指标 -1.8↓ IF次主力合约（2511） | 最新 4646.2 | 环比 -0.2↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 3016.6 | 0.0 IH次主力合约（2511） | 3017.6 | -0.6↓ | | | IC主力合约（2512） | 7239.6 | -24.8↓ IC次主力合约（2511） | 7292.8 | -21.4↓ | | | IM主力合约（2512） | 7398.0 | +0.8↑ IM次主力合约（2511） | 7471.4 | +5.4↑ | | 期货盘面 | IF-IH当月合约价差 | 1628.6 | +4.4↑ IC-IF当月合约价差 | 2646.6 | -3.6↓ | | | IM-IC当月合约价差 | 178.6 | +30.2↑ IC-IH当月合约价差 | 4275.2 | +0.8↑ | | | IM-IF当月合约价差 | 2825.2 | ...

财达期货｜股指期货周报 财达期货｜股指期货周报 2025-11-3 研究员 姓名：李津文 F0244287 Z0012495 冲高回落，仍需整理 行情回顾: 从业资格号： 上周四个股指期货品种走势冲高回落震荡整理，其中上证 50 和沪深 300 调整幅度相对较大。四个股指期货品种基差贴水深度走 势分化，但大部分主力合约合约仍保持期货贴水模式。期指主力合 约期货-现货基差，IH 收于 3.65，IF 收于-9.27，IC 收于-88.6， IM 收于-138.47。 投资咨询号： 上周 A 股市场以为主基调，虽然沪指触及 4000 点以上位置并 创近 10 年新高，但随后的回落也反映出市场信心的不足。当前月 线运行到历史压力上，还没有形成有效突破，如果不能维持强势市 场，调整的概率在逐步增大。截至上周，板块已经出现了轮动，能 源、电池和光伏设备等板块在本周表现强势的特征，大幅拉升。另 外，这是市场在这个位置横向运动 8 周后首次向上，但新高并未脱 离这个区间，没有特殊事件的影响和资金的强势拉升，这个位置的 上攻短期不具备持续性。 综合分析： 宏观方面，2025 年 10 月 30 日上午，中美元首在韩国釜山举 ...