Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term view of the stock index futures is range - bound. Although the market sentiment has risen with the stock market's volume - increasing rebound, it is still in a stage of game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of funds. The upward driving force of the stock index is limited in the short term, and there is still a demand for technical consolidation, but the policy - benefit expectations strongly support the stock index, limiting its downward space [5]. 3. Summary by Related Sections 3.1 Variety View Reference - Financial Futures Stock Index Sector - 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". The core logic is the game between the profit - taking willingness of funds and the policy - benefit expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is "bullish", the medium - term view is "strong", and the reference view is "range - bound". Yesterday, all stock indexes rose comprehensively, and the trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2075.9 billion yuan, an increase of 181.6 billion yuan from the previous day. However, the stock index still has a demand for short - term oscillation and consolidation due to limited upward driving force and technical consolidation needs, while the policy - benefit expectations limit its downward space [5].

Group 1 - The S&P 500 futures declined by 0.86% at the end of trading on Thursday, November 6 [1] - The Dow futures fell by 0.68% [1] - The Nasdaq 100 futures experienced a drop of 1.66% [1] - The Russell 2000 futures decreased by 1.67% [1]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 6, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The underlying index, CSI 1000, closed at 7,551.83, up 1.17%. The main contract, IM2512, rose 1.03% to close at 7,405 points [4]. - The total trading volume of the four IM contracts was 203,430 lots, down 35,254 lots from the previous day; the total open interest was 349,856 lots, down 16,927 lots from the previous day [5]. 2.2 Basis - The main contract was at a discount of 146.83 points to the spot, up 7.23 points from the previous day; the annualized basis rate was -16.45% [5]. 2.3 Positions - The report details the positions of major members in different IM contracts, including trading volume, long positions, and short positions, and their changes from the previous day [15][17][19] 3. IF Futures 3.1 Daily Quotes - The underlying index, SSE 300, closed at 4,693.40, up 1.43%. The main contract, IF2512, rose 1.39% to close at 4,670.8 points [20]. - The total trading volume of the four IF contracts was 111,413 lots, down 5,203 lots from the previous day; the total open interest was 264,651 lots, down 5,389 lots from the previous day [21]. 3.2 Basis - The main contract was at a discount of 22.6 points to the spot, up 8.06 points from the previous day; the annualized basis rate was -4.01% [21]. 3.3 Positions - The report details the positions of major members in different IF contracts, including trading volume, long positions, and short positions, and their changes from the previous day [33][35][36] 4. IC Futures 4.1 Daily Quotes - The underlying index, CSI 500, closed at 7,345.72, up 1.61%. The main contract, IC2512, rose 1.69% to close at 7,246.4 points [38]. - The total trading volume of the four IC contracts was 133,488 lots, down 13,675 lots from the previous day; the total open interest was 249,495 lots, down 6,940 lots from the previous day [39]. 4.2 Basis - The main contract was at a discount of 99.32 points to the spot, up 22.02 points from the previous day; the annualized basis rate was -11.37% [39]. 4.3 Positions - The report details the positions of major members in different IC contracts, including trading volume, long positions, and short positions, and their changes from the previous day [52][54][56] 5. IH Futures 5.1 Daily Quotes - The underlying index, SSE 50, closed at 3,044.74, up 1.22%. The main contract, IH2512, rose 1.04% to close at 3,041.4 points [58]. - The total trading volume of the four IH contracts was 51,481 lots, down 1,639 lots from the previous day; the total open interest was 96,234 lots, down 744 lots from the previous day [58]. 5.2 Basis - The main contract was at a discount of 3.34 points to the spot, up 2.03 points from the previous day; the annualized basis rate was -0.91% [59]. 5.3 Positions - The report details the positions of major members in different IH contracts, including trading volume, long positions, and short positions, and their changes from the previous day [71][73][75]

Report Investment Rating - Not provided in the content Core View - A-shares' major indices closed higher, with the Shanghai Composite Index up 0.97%, the Shenzhen Component Index up 1.73%, and the ChiNext Index up 1.84%. The trading volume in the Shanghai and Shenzhen stock markets rebounded to two trillion. Most industry sectors rose, with non-ferrous metals and electronics sectors strengthening significantly, while media, social services, and commercial retail sectors leading the decline. The Q3 reports of listed companies showed good overall performance, providing bottom support for the market. However, the decline in China's manufacturing PMI in October and the lack of new positive news after the China-US summit and economic and trade negotiations may suppress the market. The market is in a policy and performance vacuum period, and the stock index is expected to fluctuate. It is recommended to wait and see [2]. Summary by Relevant Catalogs Futures Contract Prices - IF main contract (2512) was at 4670.8, up 64.2; IF second main contract (2511) was at 4683.8, up 64.0. IH main contract (2512) was at 3041.4, up 31.4; IH second main contract (2511) was at 3043.0, up 32.0. IC main contract (2512) was at 7246.4, up 120.4; IC second main contract (2511) was at 7304.6, up 118.8. IM main contract (2512) was at 7405.0, up 75.2; IM second main contract (2511) was at 7487.8, up 79.6 [2]. Futures Price Spreads - IF - IH current month contract spread was 1640.8, up 34.6; IC - IF current month contract spread was 2620.8, up 61.4. IM - IC current month contract spread was 183.2, down 38.4; IC - IH current month contract spread was 4261.6, up 96.0. IM - IF current month contract spread was 2804.0, up 23.0; IM - IH current month contract spread was 4444.8, up 57.6 [2]. Futures Seasonal - Current Month Spreads - IF current season - current month was -45.8, down 3.6; IF next season - current month was -85, down 3.4. IH current season - current month was -5.0, down 4.2; IH next season - current month was -10.2, down 5.0. IC current season - current month was -226.6, up 3.6; IC next season - current month was -411.6, up 4.8. IM current season - current month was -301.0, down 3.0; IM next season - current month was -513.2, down 7.8 [2]. Futures Net Positions of Top 20 - IF top 20 net positions were -28,077.00, up 1771.0; IH top 20 net positions were -15,051.00, down 710.0. IC top 20 net positions were -23,040.00, up 2822.0; IM top 20 net positions were -36,449.00, down 154.0 [2]. Spot Prices - The CSI 300 was at 4693.40, up 66.2; IF main contract basis was -22.6, up 8.1. The SSE 50 was at 3044.7, up 36.8; IH main contract basis was -3.3, up 2.0. The CSI 500 was at 7345.7, up 116.4; IC main contract basis was -99.3, up 22.0. The CSI 1000 was at 7551.8, up 87.0; IM main contract basis was -146.8, up 7.2 [2]. Market Sentiment - A - share trading volume (daily, billion yuan) was 20,759.04, up 1815.64; margin trading balance (previous trading day, billion yuan) was 24,914.78, down 1.44. North - bound trading volume (previous trading day, billion yuan) was 2286.82, down 122.28; reverse repurchase (maturity volume, operation volume, billion yuan) was -3426.0, up 928.0. Main funds (yesterday, today, billion yuan) were -126.28, up 11.65. The proportion of rising stocks (daily, %) was 52.88, down 9.19; Shibor (daily, %) was 1.313, down 0.002 [2]. Option Data - IO at - the - money call option closing price (2511) was 47.20, up 20.80; IO at - the - money call option implied volatility (%) was 13.85, down 0.76. IO at - the - money put option closing price (2511) was 63.80, down 53.40; IO at - the - money put option implied volatility (%) was 13.85, down 1.74. The 20 - day volatility of the CSI 300 index (%) was 18.17, down 0.05; trading volume PCR (%) was 58.70, down 18.02; open interest PCR (%) was 86.31, up 7.18 [2]. Wind Market Strength - Weakness Analysis - All A - shares were at 6.30, unchanged; technical aspect was at 5.30, down 0.90. Capital aspect was at 7.30, up 0.90 [2]. Industry News - As of November 5, 1035 companies announced interim dividends (including quarterly, semi - annual dividends, and special dividends) this year, with a total dividend amount of 7356.86 billion yuan, exceeding last year's interim dividend amount. Among them, 316 companies had their first interim dividends. China announced specific measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including stopping the implementation of additional tariffs on some imported goods from the US announced on March 4, continuing to suspend the 24% reciprocal tariff for one year while retaining the 10% additional tariff rate, and taking other measures on US entities and enterprises. The US ADP employment in October increased by 42,000, far exceeding the expected 30,000, and the previous month's data was revised to a decrease of 29,000 [2]. Key Data to Focus On - China's October trade data will be released on November 7 at 9:30; China's October CPI and PPI will be released on November 9 at 9:30 [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is range - bound, with the mid - term view being upward and the intraday view being strongly oscillating. The core logic is the mutual game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of funds, and the driving forces for the index to rise or fall are both insufficient [1][4] Group 3: Summary According to the Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillating, the mid - term view is upward, the intraday view is strongly oscillating, and the overall view is range - bound. The core logic is the mutual game between the profit - taking willingness of funds and the policy - benefit expectations [1] Driving Logic of Main Variety Price Quotes - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is strongly oscillating, the mid - term view is upward, and the reference view is range - bound. The previous day, each stock index oscillated and consolidated throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day. The main market logic is the game between the two rhythms, and the driving forces for the index to rise or fall are both insufficient. In November, the incremental policy signals weakened, and external risk factors, although eased, still had uncertainties, so the upward driving force of the index was limited. As the stock valuation increased significantly, investors' enthusiasm for chasing high was not strong, and the profit - taking willingness of profitable funds rose. The logic of valuation repair gradually changed to the logic of performance fundamentals, and there was still a need for short - term technical consolidation of the index. In general, the stock index will mainly be range - bound in the short term [4]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 5, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The underlying index, CSI 1000, closed at 7,464.86, up 0.39%. The total trading volume of the four IM contracts was 238,684 lots, an increase of 5,106 lots from the previous day, and the total open interest was 366,783 lots, an increase of 3,310 lots [4][5]. - The main contract, IM2512, rose 0.77% to close at 7,310.8 points. It was at a discount of 154.06 points to the spot, a decrease of 2.73 points from the previous day, with an annualized basis rate of -17.09% [4][5]. 2.2 Main Seats - In IM2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 55,286 lots, an increase of 4,013 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 29,347 lots, an increase of 2,565 lots; in terms of short positions, it held 38,462 lots, an increase of 2,913 lots [17]. 3. IF Futures 3.1 Daily Quotes - The underlying index, CSI 300, closed at 4,627.26, up 0.19%. The total trading volume of the four IF contracts was 116,616 lots, a decrease of 1,583 lots from the previous day, and the total open interest was 270,040 lots, an increase of 1,580 lots [22][23]. - The main contract, IF2512, rose 0.41% to close at 4,596.6 points. It was at a discount of 30.66 points to the spot, a decrease of 0.96 points from the previous day, with an annualized basis rate of -5.41% [22][23]. 3.2 Main Seats - In IF2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 11,219 lots, an increase of 137 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 6,939 lots, an increase of 78 lots; in terms of short positions, it held 10,786 lots, an increase of 137 lots [36]. 4. IC Futures 4.1 Daily Quotes - The underlying index, CSI 500, closed at 7,229.34, up 0.26%. The total trading volume of the four IC contracts was 147,163 lots, an increase of 3,196 lots from the previous day, and the total open interest was 256,435 lots, an increase of 4,279 lots [41][42]. - The main contract, IC2512, rose 0.55% to close at 7,108 points. It was at a discount of 121.34 points to the spot, a decrease of 5.11 points from the previous day, with an annualized basis rate of -13.85% [41][42]. 4.2 Main Seats - In IC2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 33,280 lots, a decrease of 379 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 21,462 lots, an increase of 1,259 lots; in terms of short positions, it held 22,125 lots, an increase of 741 lots [56]. 5. IH Futures 5.1 Daily Quotes - The underlying index, SSE 50, closed at 3,007.97, down 0.17%. The total trading volume of the four IH contracts was 53,120 lots, an increase of 2,586 lots from the previous day, and the total open interest was 96,978 lots, an increase of 2,204 lots [62]. - The main contract, IH2512, fell 0.01% to close at 3,002.6 points. It was at a discount of 5.37 points to the spot, a decrease of 0.6 points from the previous day, with an annualized basis rate of -1.45% [62][63]. 5.2 Main Seats - In IH2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 11,333 lots, an increase of 1,357 lots. In terms of long positions, Guotai Junan (on behalf of clients) held 7,809 lots, a decrease of 362 lots; in terms of short positions, Guotai Junan (on behalf of clients) held 8,777 lots, an increase of 52 lots [77].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress subsequent market trends. There is a sense of "good news exhausted" in the market, and the pressure on the RMB exchange rate restricts the loose monetary policy. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2512) latest price is 4596.6, up 18.8; IH (2512) is 3002.6, down 0.4; IC (2512) is 7108.0, up 38.8; IM (2512) is 7310.8, up 56.0. Their corresponding secondary contracts also have varying price changes [2]. - **Contract Spreads**: IF - IH, IC - IF, IM - IC, IC - IH, IM - IF, and IM - IH monthly contract spreads all increased, while the spreads between quarterly and monthly contracts showed mixed trends [2]. - **Futures Positions**: IF and IC top 20 net positions decreased, while IH and IM top 20 net positions increased [2]. 3.2 Spot Price - **Index Prices**: The Shanghai - Shenzhen 300 index is 4627.26, up 8.6; the Shanghai 50 index is 3008.0, down 5.0; the CSI 500 index is 7229.3, up 18.5; the CSI 1000 index is 7464.9, up 29.1 [2]. - **Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased by 440.55 billion yuan to 18,943.40 billion yuan; margin trading balance decreased by 31.40 billion yuan to 24,916.23 billion yuan. North - bound trading volume decreased by 268.32 billion yuan to 2409.10 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks increased by 32.15 percentage points to 62.07%; Shibor remained unchanged at 1.315%. Option prices and implied volatilities generally decreased, while PCRs of trading volume and positions increased [2]. 3.4 Industry News - **PMI Data**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the non - manufacturing business activity index was 50.1%, up 0.1 percentage points; the composite PMI output index was 50.0%, down 0.6 percentage points [2]. - **Corporate Earnings**: As of October 31, 2025, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%; the net profit attributable to shareholders was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in Q3 reached 11.30%, up 10.19 percentage points from Q2 [2]. - **Market Performance**: Most A - share major indices closed higher. The Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 1.03%. Overseas, Powell's statement weakened the market's expectation of a December interest rate cut [2]. 3.5 Key Data to Watch - November 5, 21:15: US October ADP employment data; November 7, 9:30: China's October trade data; November 9, 9:30: China's October CPI and PPI [3].

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]