Macro Analysis - In November 2025, China's exports increased by 5.9% year-on-year, primarily due to the fading high base effect and sustained overseas demand [1] - Looking ahead, December's export growth may face high base effects, but optimism remains for next year's overseas demand due to global fiscal expansion and improved China-US trade relations [1] Real Estate Industry - As of December 7, 2025, new home transactions in 20 cities totaled 720,000 units, a decrease of 13.9% year-on-year; Beijing saw 37,000 units (-19%), Shanghai 95,000 units (-5%), and Shenzhen 25,000 units (-33%) [2] - In the secondary housing market, transactions in 10 cities reached 711,000 units, an increase of 1.5% year-on-year; Beijing recorded 160,000 units (+1%), Shanghai 236,000 units (+8%), and Shenzhen 64,000 units (+9%) [2] Company Research - For Anjins Food (603345.SH), the forecasted net profit for 2025-2027 is 1.391 billion, 1.513 billion, and 1.672 billion yuan, translating to EPS of 4.17, 4.54, and 5.02 yuan, with current P/E ratios of 19, 18, and 16 times respectively [3] - The company's short-term operations are improving, with a gradual recovery in profitability expected as industry price competition eases; if the consumption environment improves next year, performance elasticity is anticipated [3] - New products and channel strategies are actively evolving, with expected positive outcomes in the future, maintaining a "buy" rating [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The adjustment of risk factors for insurance companies' related businesses by the National Financial Regulatory Administration has brought incremental funds to the A - share market and boosted market sentiment. Traders can consider gradually establishing long positions during market adjustments and leveraging the discount structure of stock index futures to increase the probability of long - term investment success [5]. 3. Summary by Relevant Catalogs Market and Liquidity - Last week, the central bank conducted 663.8 billion yuan of reverse repurchase operations in the open market. With 1511.8 billion yuan of reverse repurchase maturing, there was a net withdrawal of 848 billion yuan. Additionally, 1 trillion yuan of 91 - day term repurchase expired, and the central bank conducted 1 trillion yuan of 91 - day term repurchase operations. This week, 663.8 billion yuan of reverse repurchase will mature, with daily maturities of 107.6 billion yuan, 156.3 billion yuan, 79.3 billion yuan, 180.8 billion yuan, and 139.8 billion yuan from Monday to Friday [2][3]. - Interest rate changes: DR001 closed at 1.30 with a 0.06 - basis - point increase; DR007 at 1.44 with a 0.04 - basis - point increase; GC001 at 1.45 with a 25 - basis - point increase; GC007 at 1.51 with a 2 - basis - point increase; SHBOR 3M at 1.58 with no change; LPR 5 - year at 3.50 with no change; 1 - year treasury bond at 1.40 with a 0.5 - basis - point decrease; 5 - year treasury bond at 1.63 with a 1.39 - basis - point decrease; 10 - year treasury bond at 1.85 with a 2.34 - basis - point decrease; 10 - year US treasury bond at 4.14 with a 3 - basis - point increase [3]. Stock Index and Market Performance - Index closing prices and changes: CSI 300 closed at 4585, up 0.84%; SSE 50 at 3002, up 0.93%; CSI 500 at 7098, up 1.21%; CSI 1000 at 7342, up 1.29%. Futures contracts: IF current - month at 4574, up 1.0%; IH current - month at 2997, up 1.0%; IC current - month at 7083, up 1.4%; IM current - month at 7320, up 1.5% [4]. - Trading volume and open interest changes: IF trading volume was 124,819, up 34.8%, and open interest was 277,131, up 5.8%; IH trading volume was 56,681, up 44.3%, and open interest was 99,128, up 13.2%; IC trading volume was 131,971, up 32.2%, and open interest was 260,378, up 6.6%; IM trading volume was 220,452, up 28.1%, and open interest was 376,973, up 5.5% [4]. - Last week, the CSI 300 rose 1.28% to 4584.5; the SSE 50 rose 1.09% to 3002; the CSI 500 rose 0.94% to 7097.8; the CSI 1000 rose 0.11% to 7342.5. Among the Shenwan primary industry indices, non - ferrous metals (5.3%), communication (3.7%), national defense and military industry (2.8%), machinery and equipment (2.8%), and non - bank finance (2.3%) led the gains, while media (- 3.9%), real estate (- 2.2%), food and beverage (- 1.9%), computer (- 1.7%), and textile and apparel (- 1.6%) led the losses. The daily trading volumes of A - shares last week were 1701.6 billion yuan, 1467.1 billion yuan, 1546.5 billion yuan, 1419.2 billion yuan, and 1567.8 billion yuan, with the average daily trading volume decreasing by 24.7 billion yuan compared to the previous week [4]. Futures Premium and Discount Situation - IF premium/discount rates: 3.97% for the current - month contract, 5.48% for the current - quarter contract, 3.77% for the next - quarter contract, and 6.73% for the next - month contract; IH premium/discount rates: 3.47% for the current - month contract, 1.65% for the current - quarter contract, 1.72% for the next - quarter contract, and 4.67% for the next - month contract; IC premium/discount rates: 6.27% (not fully clear from the text); IM premium/discount rates: 12.72% for the current - month contract, 12.35% for the current - quarter contract, 9.40% for the next - quarter contract, and 12.41% for the next - month contract [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The stock market is expected to rise steadily with its center of gravity moving upward due to weekend positive news such as the moderate expansion of securities firms' capital space and leverage limits, and the reduction of risk factors for insurance companies' stock investments, which can boost market confidence and guide long - term funds into the market. Although there is significant upward pressure, the re - gathered confidence may lead to an upward challenge. In the futures market, on Friday, the stock index futures showed a simultaneous increase in volume and price, with a significant increase in positions and a narrowing of the discount, indicating that futures investors are optimistic about the future market. IM and IC are expected to be stronger than the broader market in the future [6]. 3. Summary by Relevant Catalog 3.1 First Part: Weekly Core Points Analysis and Strategy Recommendations 3.1.1 Weekly Important News - On the evening of December 5th, Chinese and US economic and trade leaders held a video call, discussing the implementation of the important consensus reached at the leaders' meeting in Busan and the phone call on November 24th, and having in - depth and constructive exchanges on future practical cooperation and resolving concerns in the economic and trade field [3]. - The National Financial Regulatory Administration issued a notice on adjusting risk factors for insurance companies' related business. It reduced risk factors for long - held index component stocks like CSI 300 and Sci - tech Innovation Board stocks, and lowered premium and reserve risk factors for export credit and overseas investment insurance. If all insurance funds increase their allocation to corresponding stocks, it may bring over 100 billion yuan in incremental funds to the stock market [3]. - Wu Qing proposed to moderately expand the capital space and leverage limits of securities firms and shift from price competition to value - based competition [3]. - The China Securities Regulatory Commission solicited public opinions on the "Regulations on the Supervision and Administration of Listed Companies (Draft for Public Comment)", which includes clear requirements for market value management, cash dividends, and share repurchases to enhance the investment value of listed companies [3]. - The CEO of AMD is ready to pay a 15% tax to the US government to export MI308 chips to China [3]. - Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng have obtained general export licenses [3]. 3.1.2 Comprehensive Analysis - Last week, the market bottomed out and rebounded, with trading volume hitting bottom before the index, showing the pattern of "low volume indicates low price". On Friday, insurance and securities sectors boosted the index, with the Shanghai Composite Index returning above 3900 points, and most stocks rising, indicating high market sentiment. The key to the market's strength on Friday lies in the positive news for the financial sector over the weekend. Attention should be paid to whether the market will open high and close low on Monday and whether investors will cash out [6]. 3.1.3 Strategy Recommendations - Unilateral trading: Buy on dips. - Arbitrage: Implement the cash - and - carry arbitrage strategy of going long on IM/IC 2512 and short on ETFs. - Options: Adopt the double - buy strategy [6]. 3.2 Second Part: Weekly Data Tracking 3.2.1 A - share Index Performance - Last week, the market first declined and then rose, with large - cap indexes performing better than small - and medium - cap indexes. The CSI 300 rose 1.28%, the SSE 50 rose 1.09%, the CSI 500 rose 0.94%, and the CSI 1000 rose 0.11% [19]. 3.2.2 A - share Trading Volume - Last week, the trading volume in the A - share market slightly decreased to 8.4 trillion yuan, with the average daily trading volume down 2.4% from the previous week. The lackluster performance of the index for most of the week and year - end effects were the main reasons. The trading volume proportion of major indexes remained stable, except for the CSI 300, whose trading volume proportion increased on Monday and Friday [24]. 3.2.3 A - share Stock Price Movements - The number of rising stocks significantly decreased last week. From December 2nd to 4th, the proportion of rising stocks was only about 27%, reaching a low point in the past 10 days. On December 5th, market sentiment was high, and the proportion of rising stocks reached the highest point since October 22nd. For most of last week, A - share market sentiment cooled down. From December 2nd to 4th, the number of limit - up stocks significantly decreased. In particular, on the 4th, the proportion of stocks that had reached the limit - up was only 0.7%, slightly higher than that on November 21st when the market tumbled [28]. 3.2.4 A - share Margin Trading - Last week, the margin trading balance in the A - share market remained at 2.67 trillion yuan, accounting for 2.57% of the A - share free - float market capitalization. On December 1st, when the market rose, the net margin buying exceeded 10 billion yuan, followed by small fluctuations. The proportion of margin buying in the A - share trading volume dropped below 10%. At the end of the year, the margin trading balance shows a cyclical decline, while the proportion of margin buying shows signs of bottoming out and rebounding [34]. 3.2.5 A - share Industry Performance - The report presents the weekly price changes and popularity of various industries, but specific industry - by - industry analysis is not provided [36]. 3.2.6 A - share Industry Fund Flow - The report shows the weekly net inflow of funds and net margin buying for different industries, but specific industry - by - industry analysis is not provided [38]. 3.2.7 A - share Market Financing - The report shows the financing amounts and the number of companies for IPOs and private placements, but specific analysis is not provided [41]. 3.2.8 Stock Index Futures Basis Changes - The report shows the basis changes of IM, IC, IF, and IH stock index futures, but specific analysis is not provided [44]. 3.2.9 Stock Index Futures Trading Volume and Open Interest Changes - The report shows the trading volume and open interest changes of IM, IC, IF, and IH stock index futures, but specific analysis is not provided [48]. 3.2.10 Comparison of Stock Index Futures and Spot Trading Volume - The report shows the comparison of trading volumes between stock index futures and spot markets for IM, IC, IF, and IH, but specific analysis is not provided [50]. 3.2.11 Stock Index Futures Main Contract Open Interest - The report shows the net short positions of the top five and top ten holders of stock index futures, but specific analysis is not provided [53].

H | | O 2025年12月8日 擊件驱动 投资咨询从业资格号: Z0011222 maolei@gtht.com 报告导读: 1、市场回顾与展望:上周Ａ股市场延续上涨,但涨幅较前一周略有收窄。板块方面,有色金属、通 信、国防军工居涨幅榜前三;传媒、房地产、美容护理居跌幅榜前三。节奏来看,上周周中股市一度有所 回落,仅有部分结构行情表现 -- 譬如受到有色拉升传导带动的资源品行情。不过到周五在大金融等顺周 期板块的带动之下,推动情绪改善,对指数全周录得正收益贡献较大。驱动方面,周末消息面公布证券业 协会会员大会召开,透露出一系列改革举措,包括"对优质机构运当松绑,适度打开资本空间与杠杆限 制;证券公司要提供有利于长期投资、价值投资的产品";此外媒体报道基金公司薪酬总额将与产品业 绩、投资者盈亏挂钩等,有效解释了上周五非银金融板块涨幅居第一的原因。 后期来看,①本周将进入到年底12月份重磅政策会议的召开时间节点。按照惯例,政治局会议将在 上中旬召开、针对"十五五"规划的开局之年,2026年整体政策定调,包括在货币和财政方面的走向, 将成为市场关注的重中之重。若政策积极程度超预期、将有效带动情绪上行。2海外方 ...

Group 1 - The S&P 500 futures rose by 0.20% at the end of trading on Friday, December 5 [1] - The Dow Jones futures increased by 0.22% [1] - The Nasdaq 100 futures saw a gain of 0.45% [1] - The Russell 2000 futures declined by 0.35% [1]

1. Report's Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - No clear core viewpoints presented in the content 3. Summary by Relevant Catalogs Index Trends - On December 4th, the Shanghai Composite Index had a change of -0.06%, closing at 3875.79 points with a trading volume of 623.713 billion yuan; the Shenzhen Component Index had a change of 0.4%, closing at 13006.72 points with a trading volume of 925.247 billion yuan [1]. - The CSI 1000 Index had a change of 0.01% with a trading volume of 311.316 billion yuan, opening at 7246.86, closing at 7248.66, with a daily high of 7269.9 and a low of 7185.91 [1]. - The CSI 500 Index had a change of 0.24% with a trading volume of 239.913 billion yuan, opening at 7001.64, closing at 7012.81, with a daily high of 7039.72 and a low of 6958.63 [1]. - The SSE 50 Index had a change of 0.38% with a trading volume of 88.622 billion yuan, opening at 2968.56, closing at 2974.34, with a daily high of 2980.24 and a low of 2958.61 [1]. Impact of Sector Movements on Indexes - The CSI 1000 rose 0.39 points from the previous closing price. Sectors such as Electronics, Machinery, and Automobiles significantly pulled the index up, while Media, Basic Chemicals, and Non - Ferrous Metals pulled it down [3]. - The CSI 500 rose 16.45 points from the previous closing price. Sectors like Electronics, National Defense and Military Industry, and Machinery significantly pulled the index up, while Non - Ferrous Metals pulled it down [3]. - The SSE 300 rose 15.52 points from the previous closing price. Sectors including Electronics, Power Equipment, and Communication significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. - The SSE 50 rose 11.26 points from the previous closing price. Sectors such as Electronics, Non - Ferrous Metals, and Pharmaceutical Biology significantly pulled the index up, while Banking and Food and Beverage pulled it down [3]. Stock Index Futures Basis and Annualized Opening Costs Converted from Basis - IM00 had an average daily basis of -48.93, IM01 of -122.48, IM02 of -274.44, and IM03 of -512.61 [12]. - IC00 had an average daily basis of -40.9, IC01 of -95.77, IC02 of -210.83, and IC03 of -419.05 [12]. - IF00 had an average daily basis of -13.65, IF01 of -30.25, IF02 of -50.75, and IF03 of -99.82 [12]. - IH00 had an average daily basis of -4.94, IH01 of -11.59, IH02 of -13.58, and IH03 of -27.91 [12]. Stock Index Futures Roll - over Point Differences and Their Converted Annualized Costs - For IM, data on roll - over point differences and their converted annualized costs at different 15 - minute intervals are provided, such as at 09:45, IM00 - 01 was -73.02267, IM00 - 02 was -259.4522 etc. [21]. - For IC, similar data is given, e.g., at 09:45, IC00 - 01 was -68.64222, IC00 - 02 was -225.568 etc. [23]. - For IF, at 09:45, IF00 - 01 was -12.31678, IF00 - 02 was -41.14122 etc. [23]. - For IH, at 09:45, IH00 - 01 was 0.707, IH00 - 02 was 1.4593333 etc. [25].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Overseas: Before the release of PCE data, market optimism has subsided, and the three major U.S. stock indexes showed mixed results [2]. - Domestic: The market remains in a state of shrinking volume and is in a volatile market with relatively low overall risks [2]. 3. Summary by Relevant Catalogs Market Analysis - Macro: China's Ministry of Commerce announced that the Chinese government is conducting export controls on rare - earth - related items in accordance with laws and regulations. Applications for civilian and compliant exports are approved in a timely manner. President Xi Jinping held talks with French President Macron, emphasizing mutual understanding and support on core interests and major concerns [1]. - Overseas: The number of initial jobless claims in the U.S. last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. The three major U.S. stock indexes closed with mixed results, with the Nasdaq rising 0.22% to 23,505.14 points [1]. - Stock Indexes: The three major A - share indexes showed divergent trends. The Shanghai Composite Index fell 0.51% to 3878 points, and the ChiNext Index fell 1.12%. Most sector indexes declined. The machinery, electronics, and national defense and military industries led the gains, while the beauty care, social services, commercial retail, and textile and apparel industries led the declines. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.6 trillion yuan [1]. - Futures Market: In the futures market, the basis of IC and IM continued to repair, and the trading volume and open interest of the four major stock index futures decreased simultaneously [1]. Strategy The overseas market's optimism has subsided before the PCE data release. The domestic market maintains a shrinking volume and is in a volatile state with low risks [2]. Macro Economic Charts - The report includes charts showing the relationship between the U.S. dollar index and A - share trends, the U.S. Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the U.S. Treasury yield and A - share style trends [6][7]. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on December 4 and 3, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. For example, the Shanghai Composite Index decreased by 0.06% from 3878.00 to 3875.79 [12]. - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures (IF, IH, IC, IM). For example, the trading volume of IF decreased by 5184 to 92574, and the open interest decreased by 3942 to 261904 [16]. - Table 3 shows the basis (futures - spot) of stock index futures for different contracts (current month, next month, current quarter, next quarter). For example, the current - month contract basis of IF is - 15.97 with a change of - 3.12 [40]. - Table 4 shows the inter - delivery spread of stock index futures, including spreads such as next month - current month, next quarter - current month, etc. For example, the next - month - current - month spread of IF is - 18.40 with a change of - 2.40 [46][47]. - Charts include the open interest of different contracts, the latest open - interest ratio, foreign - funded net open - interest quantity, basis, and inter - delivery spread of different stock index futures [17][20][28][30][31][38][41][43][51].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 5 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | IH2512 | 震荡 | 震荡 | 偏强 | 区间震荡 | 临近年末资金交投热情下降，但 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 政策利好预期逐渐发酵 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 日内观点：偏强 中期观点：震荡 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 参考观点：区间震荡 核心逻辑：昨日各股指均震荡小幅反弹。沪深京三市全天成交额 15617 亿元，较上日缩量 1219 亿元。 目前股指仍然处于震荡整理阶段，市场 ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" and dated December 4, 2025 [1][2] 2. Overall Market Performance Summary IM Contracts - The main IM contract rose 0.33% to close at 7,213.4 points. The total trading volume of the four IM contracts was 172,057 lots, down 5,429 lots from the previous day, and the total open interest was 357,216 lots, down 13,768 lots [4][5] IF Contracts - The main IF contract rose 0.32% to close at 4,530.6 points. The total trading volume of the four IF contracts was 92,574 lots, down 5,184 lots from the previous day, and the total open interest was 261,904 lots, down 3,942 lots [24][25] IC Contracts - The main IC contract rose 0.55% to close at 6,983.2 points. The total trading volume of the four IC contracts was 99,796 lots, down 2,272 lots from the previous day, and the total open interest was 244,189 lots, down 8,576 lots [43][44] IH Contracts - The main IH contract rose 0.34% to close at 2,968.2 points. The total trading volume of the four IH contracts was 39,273 lots, down 44 lots from the previous day, and the total open interest was 87,594 lots, down 3,020 lots [59] 3. Specific Contract Data IM Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,248.66 | 0.01% | 19,484 | -9% | 3,113 billion | -7% | - | - | | IM2512 | 7,213.40 | 0.39% | 116,454 | -2% | 1,674 billion | -2% | 181,088 | -11,986 | | IM2601 | 7,137.20 | 0.33% | 7,618 | 5% | 108 billion | 5% | 17,229 | 1,137 | | IM2603 | 6,987.80 | 0.38% | 35,706 | -4% | 497 billion | -4% | 102,333 | -1,707 | | IM2606 | 6,748.20 | 0.41% | 12,279 | -15% | 165 billion | -15% | 56,566 | -1,212 | [4] IF Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,546.57 | 0.34% | 14,720 | -13% | 3,488 billion | -7% | - | - | | IF2512 | 4,530.60 | 0.38% | 63,708 | -6% | 865 billion | -6% | 136,475 | -5,723 | | IF2601 | 4,512.20 | 0.32% | 3,708 | 0% | 5 billion | 0% | 8,471 | 505 | | IF2603 | 4,492.20 | 0.34% | 20,155 | -5% | 271 billion | -5% | 90,771 | 851 | | IF2606 | 4,441.60 | 0.27% | 5,003 | 0% | 67 billion | 0% | 26,187 | 425 | [24] IC Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7,012.81 | 0.24% | 14,104 | -11% | 2,399 billion | -5% | - | - | | IC2512 | 6,983.20 | 0.61% | 64,721 | -4% | 901 billion | -4% | 123,278 | -10,513 | | IC2601 | 6,926.20 | 0.55% | 4,034 | 7% | 56 billion | 7% | 11,229 | 789 | | IC2603 | 6,812.20 | 0.59% | 23,747 | 0% | 323 billion | 0% | 76,774 | 1,096 | | IC2606 | 6,605.00 | 0.59% | 7,294 | 0% | 96 billion | 0% | 32,908 | 52 | [43] IH Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,974.34 | 0.38% | 3,628 | -6% | 886 billion | 4% | - | - | | IH2512 | 2,968.20 | 0.44% | 27,688 | 0% | 246 billion | 0% | 53,262 | -2,692 | | IH2601 | 2,959.80 | 0.34% | 1,268 | 25% | 11 billion | 25% | 2,694 | 228 | | IH2603 | 2,958.60 | 0.37% | 8,640 | 3% | 77 billion | 3% | 23,841 | -354 | | IH2606 | 2,943.80 | 0.36% | 1,677 | -29% | 15 billion | -29% | 7,797 | -202 | [59] 4. Basis and Annualized Basis Rate IM Contracts - The main IM contract was at a discount of 35.26 points, up 17.61 points from the previous day, with an annualized basis rate of -11.15% [5] IF Contracts - The main IF contract was at a discount of 15.97 points, down 3.12 points from the previous day, with an annualized basis rate of -8.04% [25] IC Contracts - The main IC contract was at a discount of 29.61 points, up 16.35 points from the previous day, with an annualized basis rate of -9.67% [44] IH Contracts - The main IH contract was at a discount of 6.14 points, down 1.46 points from the previous day, with an annualized basis rate of -4.72% [60] 5. Main Seats' Data IM2512 - For trading volume, the top five seats were CITIC Futures (on behalf of clients) with 14,784 lots, up 321 lots; Guotai Junan (on behalf of clients) with 11,474 lots, down 625 lots; Haitong Futures (on behalf of clients) with 5,779 lots, down 200 lots; Guoxin Futures (on behalf of clients) with 3,280 lots, down 59 lots; and Dongzheng Futures (on behalf of clients) with 3,042 lots, up 104 lots [19] - For long positions, the top five seats were Guotai Junan (on behalf of clients) with 15,520 lots, down 637 lots; CITIC Futures (on behalf of clients) with 10,314 lots, down 492 lots; Yide Futures (on behalf of clients) with 5,060 lots, up 9 lots; Haitong Futures (on behalf of clients) with 4,679 lots, down 376 lots; and Guotou Futures (on behalf of clients) with 4,084 lots, up 108 lots [19] - For short positions, the top five seats were CITIC Futures (on behalf of clients) with 20,445 lots, up 192 lots; Guotai Junan (on behalf of clients) with 15,590 lots, down 735 lots; Huatai Futures (on behalf of clients) with 5,813 lots, down 103 lots; Guoxin Futures (on behalf of clients) with 4,184 lots, down 164 lots; and Haitong Futures (on behalf of clients) with 4,118 lots, down 603 lots [19] Other Contracts - Similar data is provided for other contracts such as IF, IC, and IH in relevant sections of the report [38][54][76]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report presents the daily data tracking of stock index futures on December 4, 2025, including the index trends of major stock indices, the impact of sector fluctuations on the indices, the basis and annualized opening costs of stock index futures, and the point differences and annualized costs of futures contract roll - overs [1] 3. Summary by Directory 3.1 Index Trends - On December 3, 2025, the Shanghai Composite Index fell 0.51% to close at 3878.0 points with a trading volume of 647.167 billion yuan; the Shenzhen Component Index fell 0.78% to close at 12955.25 points with a trading volume of 1022.796 billion yuan [1] - The CSI 1000 Index fell 0.89% with a trading volume of 335.034 billion yuan, opening at 7312.67, closing at 7248.27, with a daily high of 7324.21 and a low of 7220.98 [1] - The CSI 500 Index fell 0.62% with a trading volume of 251.309 billion yuan, opening at 7044.86, closing at 6996.36, with a daily high of 7064.16 and a low of 6975.09 [1] - The SSE 50 Index fell 0.52% with a trading volume of 85.495 billion yuan, opening at 2976.11, closing at 2963.08, with a daily high of 2983.61 and a low of 2957.79 [1] - The SSE 300 Index fell 0.51% with a trading volume of 374.486 billion yuan, opening at 4554.59, closing at 4531.05, with a daily high of 4569.82 and a low of 4523.5 [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 Index dropped 64.91 points from the previous closing price, with sectors such as Media, Electronics, and Computer significantly pulling the index down [2] - The CSI 500 Index dropped 43.94 points from the previous closing price, with sectors such as Machinery significantly pulling the index up, and sectors such as Power Equipment, Computer, and Electronics pulling the index down [2] - The SSE 300 Index dropped 23.28 points from the previous closing price, with sectors such as Non - Ferrous Metals significantly pulling the index up, and sectors such as Non - Banking Finance, Power Equipment, and Banking pulling the index down [2] - The SSE 50 Index dropped 15.39 points from the previous closing price, with sectors such as Non - Ferrous Metals significantly pulling the index up, and sectors such as Food and Beverage, Non - Banking Finance, and Banking pulling the index down [2] 3.3 Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 63.93, IM01 of - 136.48, IM02 of - 289.28, and IM03 of - 526.85 [13] - For IC contracts, IC00 had an average daily basis of - 55.35, IC01 of - 110.49, IC02 of - 225.35, and IC03 of - 432.23 [13] - For IF contracts, IF00 had an average daily basis of - 18.54, IF01 of - 34.56, IF02 of - 55.17, and IF03 of - 103.62 [13] - For IH contracts, IH00 had an average daily basis of - 7.43, IH01 of - 13.16, IH02 of - 14.61, and IH03 of - 28.05 [13] 3.4 Point Differences and Annualized Costs of Futures Contract Roll - overs - The report provides the point differences and annualized costs for different contract combinations (e.g., IM00 - 01, IM00 - 02) and their 15 - minute average values for IM, IC, IF, and IH contracts [22][24][25][27]