1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "15th Five-Year Plan" indicates a mid - term macro trend of "quantity increase and quality improvement", and the bullish trend of the market remains intact. However, in the short term, at the 4000 - point level of the stock market, the valuation is not cheap from both the stock - bond ERP and price - earnings ratio perspectives. The recent trading data shows a certain divergence from the rising stock index, reflecting the wait - and - see sentiment of funds. Without more positive news to boost sentiment, the expansion of valuation may be limited, and the market may continue to show a volatile trend. The market may be in a sideways movement, and the previous one - sided upward trend of the technology sector will shift to a more balanced style [2]. - The market trading in November is expected to be relatively light, with only the South African G20 meeting. Given the recent meeting between Chinese and US leaders, there may be a lack of major diplomatic news. The PMI in October significantly declined. Before the important policy - setting meeting in December, there are certain policy expectations, and if policies are announced through ministerial press conferences, it may provide intermittent support for the market [2]. 3. Summary by Relevant Catalog 3.1 Market Review and Outlook - **Stock Market Performance Last Week**: The market rose first and then fell last week. In terms of sectors, power equipment, non - ferrous metals, and steel led the gains, while communication, beauty care, and banking led the losses. At the beginning of the week, with the release of the "15th Five - Year Plan" content and positive news from the China - US - Malaysia economic and trade negotiations, the bullish pattern continued. However, after the Fed cut interest rates as expected on Thursday morning but the Fed Chairman issued hawkish remarks, the certainty of a December rate cut decreased, and the US stocks fell. The A - share market also showed a pattern of "buy on rumor, sell on news" after the meeting between Chinese and US leaders on Thursday morning, and the Shanghai Composite Index reached a phased high of 4025.7 [1]. - **Short - term Market Outlook**: The short - term market may continue to fluctuate. The market trading in November is light, and there are policy expectations before the December policy - setting meeting. The market style will become more balanced [2]. - **Factors to Watch**: Domestic economic data and policy expectations [3]. 3.2 Strategy Recommendations - **Short - term Strategy**: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [4]. - **Trend Strategy**: Adopt an interval trading strategy and go long on pullbacks. The core operating range of the IF2511 main contract is expected to be between 4502 and 4734 points, IH2511 between 2941 and 3077 points, IC2511 between 7072 and 7546 points, and IM2511 between 7179 and 7663 points [4]. - **Variety Strategy**: Due to the unclear trend, it is recommended to wait and see [5]. 3.3 Spot Market Review - **Global Stock Index Performance Last Week**: Global stock indices showed mixed performance last week. The Nikkei 225 rose by 6.31%, the Nasdaq by 2.24%, the Taiwan Weighted Index by 2.55%, and the Brazilian BOVESPA Index by 2.30%. The Shanghai Composite Index rose by 0.11%, while the Russian RTS, S&P 500, and other indices had different degrees of decline [9]. - **Performance of Major Domestic Indices**: Most major domestic indices rose last week. The ChiNext Index rose by 0.50%, the Shenzhen Component Index by 0.67%, the Small and Medium - cap Index by 0.87%, and the CSI 500 by 1.00%. The Shanghai 50 Index fell by 1.12%, and the CSI 1000 fell by 1.0% [11]. - **Industry Performance of Major Indices**: The industries of the CSI 300 and CSI 500 indices showed mixed performance last week. For example, among the CSI 500 industries, the utilities sector rose by 2.27%, and the industrial sector rose by 2.30%, while the information and energy sectors declined [15][16]. 3.4 Stock Index Futures Market Review - **Performance of Stock Index Futures Last Week**: The IC main contract of stock index futures had the largest increase and the largest amplitude last week. The trading volume and open interest of stock index futures both rebounded [14][20]. - **Basis and Cross - Variety Trends of Stock Index Futures**: The report also shows the basis (futures - spot) trend and cross - variety trends of stock index futures main contracts [20]. 3.5 Index Valuation Tracking - As of October 31, the price - earnings ratio (TTM) of the CSI 300 Index was 14.11 times, and that of the Shanghai 50 Index was 11.77 times. The price - earnings ratio (TTM) of the CSI 500 Index was 33.4 times, and that of the CSI 1000 Index was 47.53 times [21][23]. 3.6 Market Capital Flow Review - **Newly Established Equity - Oriented Funds and Margin Trading**: The report shows the trends of newly established equity - oriented fund shares and margin trading balances in the two markets [25]. - **Funding Rate and Central Bank's Net Injection**: The funding rate rebounded last week, and the central bank had net injections [25].

Group 1 - The S&P 500 futures rose by 0.29% at the end of trading on Friday, October 31 [1] - The Dow Jones futures increased by 0.15% [1] - The Nasdaq 100 futures gained 0.44% [1] - The Russell 2000 futures saw a rise of 0.50% [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. The trading volume of the two markets decreased. The number of rising stocks in the two markets reached 3,759, with a rise - fall ratio of about 5:2, resulting in a situation where stocks rose but indices fell. The previously strong heavy - weight and technology stocks collectively pulled back, and sectors such as computing power, semiconductors, and rare earths led the decline, dragging down the market index and the science - innovation sector. Meanwhile, low - level small and medium - cap stocks saw a compensatory rise. The manufacturing PMI in October unexpectedly declined, reflecting the current weak domestic supply and demand situation. The market expects the accelerated introduction of incremental policies. The volume - weighted average basis of index futures showed an inverse relationship with the index trend, indicating a game between long and short forces. In general, in the short term, the stock index is expected to fluctuate mainly due to capital games. It is recommended to hold positions and wait and see [3]. 3. Summary by Related Catalogs Market Review - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. Taking the CSI 300 Index as an example, it closed down 1.47%. In terms of capital, the trading volume of the two markets increased by 1656.47 billion yuan. Index futures all declined with increased volume [2]. Important Information - The China Manufacturing Purchasing Managers' Index in October was 49%. - The China Non - Manufacturing Business Activity Index in October was 50.1% [3]. Strategy Recommendation - **Futures Market Observation** - The intraday percentage changes of the main contracts of IF, IH, IC, and IM were - 1.43%, - 1.13%, - 0.89%, and 0.02% respectively. - The trading volumes were 139,862 lots, 63,349 lots, 145,316 lots, and 253,282 lots respectively. - The trading volume changes compared to the previous period were 2,486 lots, - 600 lots, - 22,972 lots, and 4,629 lots respectively. - The open interests were 271,131 lots, 99,608 lots, 254,465 lots, and 362,383 lots respectively. - The open interest changes compared to the previous period were 397 lots, - 2,436 lots, - 5,746 lots, and - 6,696 lots respectively [4]. - **Spot Market Observation** - The percentage changes of the Shanghai Composite Index and the Shenzhen Component Index were - 0.81% and - 1.14% respectively. - The ratio of rising to falling stocks was 2.42. - The trading volume of the two markets was 23,177.92 billion yuan, with a decrease of 1,038.84 billion yuan compared to the previous period [5].

（文章来源：每日经济新闻） 每经AI快讯，周四（10月30日）纽约尾盘，标普500股指期货最终下跌0.42%，道指期货跌0.12%，纳斯 达克100股指期货跌0.43%。罗素2000股指期货跌0.99%。 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: October 30, 2025 [2] IM Futures Market Quotes - The closing price of CSI 1000 was 7,485.08, down 1.11%. The total trading volume of the four IM contracts was 248,653 lots, an increase of 61,017 lots from the previous day, and the total open interest was 369,079 lots, an increase of 20,311 lots [3][5]. - The main contract of IM was at a discount of 120.68 points, up 2.04 points from the previous day, and the annualized basis rate was -11.73% [5]. Main Seats - In IM2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Zhongtai Futures (on behalf of clients), and Dongzheng Futures (on behalf of clients) [17]. IF Futures Market Quotes - The closing price of CSI 300 was 4,709.91, down 0.80%. The total trading volume of the four IF contracts was 137,376 lots, an increase of 36,443 lots from the previous day, and the total open interest was 270,734 lots, an increase of 12,176 lots [22][23]. - The main contract of IF was at a discount of 19.91 points, down 4.67 points from the previous day, and the annualized basis rate was -3.04% [23]. Main Seats - In IF2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [35]. IC Futures Market Quotes - The closing price of CSI 500 was 7,385.71, down 1.27%. The total trading volume of the four IC contracts was 168,288 lots, an increase of 33,521 lots from the previous day, and the total open interest was 260,211 lots, an increase of 7,396 lots [40][41]. - The main contract of IC was at a discount of 86.71 points, up 4.26 points from the previous day, and the annualized basis rate was -8.5% [41]. Main Seats - In IC2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [55]. IH Futures Market Quotes - The closing price of SSE 50 was 3,046.61, down 0.54%. The total trading volume of the four IH contracts was 63,949 lots, an increase of 18,844 lots from the previous day, and the total open interest was 102,044 lots, an increase of 7,069 lots [61]. - The main contract of IH was at a discount of 1.61 points, down 3.39 points from the previous day, and the annualized basis rate was -0.38% [62]. Main Seats - In IH2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [78].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The IC2512 has a discount of 90.97 points, and the IM2512 has a discount of 122.72 points, showing a bearish signal [3]. - The market should focus on the Sino - US leaders' meeting today. The Federal Reserve cut interest rates as expected, and Powell hinted that it might be the last rate cut this year. The two markets rose generally yesterday, with the ChiNext leading the way, and market hotspots rotated. The Shanghai Composite Index stood above the 4000 mark, showing a bullish signal [3]. - The margin trading balance was 2476.9 billion yuan, an increase of 12.7 billion yuan, showing a bullish signal [3]. - The IH2512 has a premium of 1.78 points, and the IF2512 has a discount of 15.24 points, showing a neutral signal [3]. - The order of performance is IH > IC > IF > IM, and IH, IF, IC, and IM are above the 20 - day moving average, showing a bullish signal [3]. - The long positions of IF and IC main contracts decreased, while those of IH main contracts increased, showing a bullish signal [3]. - The preliminary consensus was reached in the Sino - US economic and trade consultations. After the Fourth Plenary Session, the technology sector rebounded, and the index rebounded. The Shanghai Composite Index stood above the 4000 mark. Currently, it is recommended to appropriately reduce positions if there is a sharp intraday rise, and the index is expected to maintain a volatile and moderately strong trend. Attention should be paid to the Sino - US leaders' meeting today [3]. Summary by Related Catalogs Futures Market - **Futures Index Data**: For various futures contracts such as IH, IF, IC, and IM, detailed information including contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividends, spreads, premium/discount ratios, annualized premium/discounts, contract values, delivery dates, and remaining terms is provided [4]. - **Base and Spread Charts**: Charts of the base and spread of the Shanghai 50 and CSI 500 futures are presented, showing their historical trends [6][9]. Spot Market - **Important Index Daily Price Changes**: The daily price changes of important indexes such as the Shanghai Composite Index, Shanghai 50, CSI 300, etc. are shown [12]. - **Style Index Daily Price Changes**: The daily price changes of style indexes such as the 300 Cycle, 300 Non - Cycle, etc. are presented [15][19]. Market Structure - **AH Share Premium/Discount**: The historical trend of the Hang Seng AH Premium Index is shown [22]. - **Price - to - Earnings Ratio (PE)**: The historical trends of the PEs of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index are presented [24]. - **Price - to - Book Ratio (PB)**: The historical trends of the PBs of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index are presented [26]. Market Fundamentals - **Stock Market Fund Inflow**: The historical trend of A - share net fund inflow and the CSI 300 index are shown [28]. - **Margin Trading Balance**: The historical trends of margin trading balance and the CSI 300 index are presented [30]. - **Northbound Capital Inflow**: The historical trend of the net inflow of northbound capital is shown [32]. - **Stock Unlock**: No specific content is provided other than the title. - **Fund Cost**: The historical trends of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates are presented [38]. Market Sentiment - **Trading Activity**: The historical trends of the turnover rates of the Shanghai 50, CSI 300, CSI 500, and ChiNext Index are presented [41][44]. - **Public - Offering Hybrid Fund Positions**: No specific content is provided other than the title. Other Indicators - **Futures Index Dividend Yield and 10 - Year Treasury Yield**: The historical trends of the dividend yields of the CSI 300, Shanghai 50, CSI 500, and CSI 1000, as well as the 10 - year treasury yield, are presented [50]. - **Renminbi Exchange Rate**: The historical trend of the US dollar - to - Renminbi exchange rate is shown [52]. - **New Account Openings and Shanghai Composite Index Tracking**: No specific content is provided other than the title. - **Newly Established Scale Changes of Different Types of Funds**: The newly established scale changes of stock - type, hybrid, and bond - type funds are presented, but no specific content is provided other than the titles [55][57][59].

Group 1 - The S&P 500 futures declined over 0.2% in early trading on Thursday [1] - The Nasdaq futures fell by 0.4% [1] - The Dow futures decreased by more than 0.1% [1] - The Russell 2000 futures increased by 0.1% [1]

（文章来源：每日经济新闻） 每经AI快讯，周三（10月29日）纽约尾盘，标普500股指期货最终下跌0.06%，道指期货跌0.23%，纳斯 达克100股指期货涨0.26%。罗素2000股指期货跌0.82%。 ...

Group 1 - The core point of the news is the performance of stock index futures in the early morning session on October 29, with notable increases in various contracts [1][2] Group 2 - The CSI 300 stock index futures (IF) main contract rose by 0.49% [1] - The SSE 50 stock index futures (IH) main contract increased by 0.14% [1] - The CSI 500 stock index futures (IC) main contract saw a rise of 1.23% [1] - The CSI 1000 stock index futures (IM) main contract gained 0.50% [1]

Group 1: Report on Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term view of the financial futures stock index sector is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly [1][5] - The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits. With the easing of external uncertainties and the release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee, the expectation of policy benefits rises, driving up the risk preference of the stock market. Meanwhile, as the stock valuation rises, the profit - taking intention of profitable funds still exists [1][5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is oscillating, the medium - term is upward, the intraday is oscillating strongly, and the reference view is wide - range 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, IM, the intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is the same as above. The total trading volume of the Shanghai, Shenzhen and Beijing stock markets was 2165.3 billion yuan yesterday, a decrease of 191.3 billion yuan from the previous day [5]