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]

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - The short - term view of the stock index is mainly range - bound, with the short - term view of IH2512 being "oscillating", the medium - term view being "strong", and the intraday view being "strong - biased". The overall intraday view of IF, IH, IC, IM is "strong - biased", and the medium - term view is "strong", with a reference view of "range - bound" [1][5] - The market is in a stage where the rhythm of policy - driven positive expectations and the rhythm of capital profit - taking are in a game. In the short - term, the stock index is mainly range - bound due to the intertwined long and short factors. In the long - term, policy - driven positive expectations and the trend of capital inflow into the stock market support the stock index, but in November, the incremental policy signals are weakening, and the external risk factors still have uncertainties, so the upward driving force of the stock index is limited [5] Group 3: Summary by Related Content Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is "oscillating", the medium - term is "strong", the intraday is "strong - biased", and the view reference is "range - bound". The core logic is the game between capital profit - taking willingness and policy - driven positive expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, IM is "strong - biased", the medium - term view is "strong", and the reference view is "range - bound". Last Friday, each stock index oscillated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2020.2 billion yuan, a decrease of 55.7 billion yuan from the previous day. The market is in a game stage, and in the long - term, there is support for the stock index, but in November, the upward driving force is limited, and there is still a need for technical consolidation of the stock index [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week's market continued to fluctuate, with most major indices closing higher. Power equipment, coal, and petroleum and petrochemical sectors led the gains, while beauty care, computer, and pharmaceutical and biological sectors led the losses [1]. - The upward trend of stock indices has not reversed. However, with the overall stock market valuation in the relatively expensive range, it is reasonable for the bull market driven by sentiment and liquidity to experience amplified fluctuations. It is expected that the slow - bull market will continue [2]. - In the short - term, the market lacks a direct catalyst for upward movement and may rely on short - term news fluctuations. Without relevant negative news, the generally positive sentiment may lead to a market rebound [2]. 3. Summary According to the Directory 3.1 Spot Market Review - Last week, global stock indices showed mixed performance. The Shanghai Composite Index rose 1.08%, the Shenzhen Component Index rose 0.82%, and the Hang Seng Index rose 1.44%. The NASDAQ fell 2.83%, and the Nikkei 225 fell 4.07% [11]. - Since 2025, major domestic indices have risen. The ChiNext Index has risen 49.8%, and the Small and Medium - sized Board Index has risen 27.9% [13]. - Last week, most major domestic indices rose. The Shanghai Composite Index rose 1.08%, and the CSI 300 Index rose 0.89% [15][17]. - In the CSI 300 Index, the energy sector rose 4.57%, and the pharmaceutical sector fell 2.93%. In the CSI 500 Index, the energy sector rose 5.71%, and the information sector rose 0.36% [18]. 3.2 Futures Market Review - Last week, among the stock index futures main contracts, the IH contract had the largest increase, and the IC contract had the largest amplitude [17]. - The trading volume and open interest of stock index futures declined [19][21]. 3.3 Index Valuation Tracking - As of November 7, the price - to - earnings ratio (TTM) of the CSI 300 Index was 14.28 times, and that of the SSE 50 Index was 11.95 times [25]. - The price - to - earnings ratio (TTM) of the CSI 500 Index was 33.38 times, and that of the CSI 1000 Index was 47.75 times [27]. 3.4 Market Capital Flow Review - The balance of margin trading in the two markets and the share of newly established equity - focused funds showed certain trends, and the capital interest rate dropped last week. The central bank conducted a net cash withdrawal [30]. 4. Strategy Recommendations - Short - term strategy: The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set with reference to 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4]. - Trend - following strategy: Adopt the idea of buying on dips. It is expected that the core operating range of the IF main contract IF2510 is between 4533 and 4766 points; the IH main contract IH2510 is between 2941 and 3077 points; the IC main contract IC2510 is between 7072 and 7546 points; the IM main contract IM2510 is between 7179 and 7663 points [4]. - Cross - variety strategy: It is expected that the strength - weakness conversion will still be rapid, and caution is advised for the strategy of going long on IF (or IH) and short on IC (or IM) [5].

Group 1: Financial Data Release - In November, the People's Bank of China is expected to release financial statistics for October, including social financing scale, M2, and new RMB loans, with anticipated figures of 16,500 million yuan for social financing and 4,700 million yuan for new loans, both lower than previous values [1] - The M2 balance is projected to grow by 8.0% year-on-year, a decrease from the previous growth rate of 8.4% [1] - A decline in these financial metrics may slightly suppress the rise of commodity futures and stock index futures, while supporting the increase in government bond futures [1] Group 2: Oil Market Reports - OPEC is set to release its monthly oil market report, which will be closely monitored for its impact on oil and related commodity futures prices [2] - The EIA will announce the weekly change in U.S. crude oil inventories, with a previous increase of 5.202 million barrels; further increases may hinder the rise in oil and related commodity futures prices [4] Group 3: U.S. Economic Indicators - The U.S. Labor Department will publish the October CPI, with expectations of a year-on-year increase of 3.0%, consistent with the previous value [3] - The core CPI is also expected to rise by 3.0% year-on-year, with a month-on-month increase of 0.2% [3] - If the U.S. government continues its shutdown, the release of the CPI data may be delayed [3] Group 4: Domestic Economic Performance - A press conference will be held to discuss the national economic performance for October, with expectations of a 5.5% year-on-year increase in industrial value added, down from 6.5% [5] - Retail sales are projected to grow by 2.8% year-on-year, slightly lower than the previous 3.0% [5] - The urban fixed asset investment for January to October is expected to decline by 0.8%, compared to a 0.5% drop for January to September [5]

（文章来源：每日经济新闻） 每经AI快讯，周五（11月7日）纽约尾盘，标普500股指期货最终涨0.30%，道指期货涨0.31%，纳斯达 克100股指期货跌0.04%。罗素2000股指期货涨0.69%。 ...

Report Industry Investment Rating - No relevant content provided Core View - Today, the stock index fluctuated throughout the day, with multiple switches between large - and small - cap indexes during the session. The trading volume of the two markets dropped below 2 trillion yuan again, and the dividend index led the gain, indicating that market sentiment is becoming more cautious. Currently, the news is relatively calm, and the market is in a stage of game between the expectation of policy benefits and the increasing willingness of funds to take profits. On the one hand, November is a policy - free window period, and the signal of subsequent additional favorable policies has weakened, so the upward driving force of the stock index is limited. On the other hand, under continuous high - level fluctuations, the demand for funds to take profits has increased, and the index is under callback pressure. However, the expectation of policy benefits still strongly supports the stock index, as can be seen from the multiple intraday rebounds of the stock index this week. The recommended strategy is to hold positions and wait and see [5] Market Review - Today, the stock index fluctuated throughout the day and closed slightly lower collectively. For example, the CSI 300 index closed down 0.31%. In terms of capital, the trading volume of the two markets decreased by 56.194 billion yuan. In the futures index market, IM rose with increasing volume, while other varieties declined with decreasing volume [3] Important Information - President Xi Jinping emphasized when listening to the report on the construction of the Hainan Free Trade Port that the construction goals of the Hainan Free Trade Port should be fully achieved. It is necessary to steadily expand institutional opening - up, further improve the level of trade and investment liberalization and facilitation, and promote the cross - border flow of production factors. The opening - up rhythm and progress should be scientifically and orderly arranged, and risk identification and prevention should be strengthened [4] - Private data provider Revelio Labs reported that the number of non - farm payrolls in the United States decreased by 9,100 in October, compared with an increase of 33,000 in the previous month. In addition, the number of Challenger job cuts in the United States in October reached 153,100, a year - on - year surge of 175.3%, the highest level in the same period since 2003 [4] Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.25 | - 0.13 | - 0.13 | 0.14 | | Trading volume (10,000 lots) | 8.645 | 3.7804 | 10.6961 | 18.7617 | | Trading volume change compared with the previous period (10,000 lots) | - 2.4963 | - 1.3677 | - 2.6527 | - 1.5813 | | Open interest (10,000 lots) | 25.7486 | 9.0943 | 24.0492 | 35.6424 | | Open interest change compared with the previous period (10,000 lots) | - 0.7165 | - 0.5291 | - 0.9003 | 0.6568 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.25 | | Shenzhen Component Index change (%) | - 0.36 | | Ratio of rising to falling stocks | 0.66 | | Trading volume of the two markets (100 million yuan) | 19990.53 | | Trading volume change compared with the previous period (100 million yuan) | - 561.94 | [7]