Core Viewpoint - The company, XGIMI Technology, is experiencing fluctuations in stock performance and is actively expanding its market presence in the smart projection industry, with significant growth in overseas revenue and product downloads. Group 1: Company Performance - On December 4, XGIMI Technology's stock fell by 2.62%, with a trading volume of 62.79 million yuan and a market capitalization of 7.678 billion yuan [1] - For the period ending September 30, 2025, XGIMI achieved a revenue of 2.327 billion yuan, reflecting a year-on-year growth of 1.99%, while the net profit attributable to shareholders was 79.65 million yuan, a substantial increase of 297.49% [6][7] - The company has distributed a total of 400 million yuan in dividends since its A-share listing, with 170 million yuan distributed over the past three years [8] Group 2: Market and Product Insights - XGIMI's main business involves the research, production, and sales of smart projection products, which account for 91.45% of its revenue, alongside accessories and internet value-added services [6] - The company has seen a significant increase in overseas revenue, reaching 790 million yuan, a year-on-year growth of 82.04%, with products sold in markets such as Europe, Japan, and the United States [2] - The company’s subsidiary, AladdinX, has successfully launched the "Xigua Game," achieving over 11 million downloads globally by October 31, 2024 [2] Group 3: Shareholder and Investment Dynamics - As of September 30, 2025, XGIMI had 8,062 shareholders, an increase of 34.55% from the previous period, with an average of 8,682 circulating shares per person, a decrease of 25.68% [6] - The major shareholder, Baidu, holds 9.88% of the company's shares, indicating strategic interest from a significant tech player [2] - The stock's average trading cost is 116.85 yuan, with current price fluctuations between resistance at 111.05 yuan and support at 107.11 yuan, suggesting potential for short-term trading strategies [5]

Core Viewpoint - The news highlights the performance and business operations of XGIMI Technology, focusing on its growth in revenue and market presence in the smart projection industry. Company Overview - XGIMI Technology Co., Ltd. specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services. The main revenue sources include projectors and accessories (91.45%), other products (4.90%), and internet operations (3.66%) [6][8]. - The company was established on November 18, 2013, and went public on March 3, 2021. It is located in Chengdu, Sichuan, China, and operates in the home appliance sector, specifically in the black home appliance category [6]. Financial Performance - For the period from January to September 2025, XGIMI achieved a revenue of 2.327 billion yuan, reflecting a year-on-year growth of 1.99%. The net profit attributable to the parent company was 79.65 million yuan, showing a significant increase of 297.49% [7][8]. - In the 2022 annual report, the company reported overseas revenue of 790 million yuan, which is a year-on-year increase of 82.04%. The products are primarily sold in Europe, Japan, and the United States, with plans to expand into emerging markets like Australia and South Korea [2]. Market Activity - On December 3, XGIMI's stock rose by 1.06%, with a trading volume of 71.91 million yuan and a turnover rate of 0.92%, bringing the total market capitalization to 7.884 billion yuan [1]. - The company has seen a net inflow of 2.7203 million yuan from major investors today, marking a continuous increase in investment over the past three days [3][4]. Strategic Partnerships - Baidu holds a 9.88% stake in XGIMI, indicating a strategic partnership that may enhance the company's technological capabilities and market reach [2]. Product and Service Focus - XGIMI's main products include smart micro-projectors, laser TVs, and innovative product series, emphasizing its commitment to the smart projection field and a strategic development model centered around hardware, algorithms, and software systems [2][6].

Market Overview - The Hong Kong stock market opened positively in December, with all three major indices rising. The Hang Seng Index closed at 26,033.26 points, up 0.67% or 174.37 points, with a total turnover of 2,008.84 million HKD [1] - The Hang Seng China Enterprises Index rose 0.47% to 9,172.84 points, while the Hang Seng Tech Index increased by 0.82% to 5,644.76 points [1] - Huatai Securities suggests that the market is nearing a "bad news fully priced" state, indicating limited downside potential at current levels [1] Blue Chip Performance - Sunny Optical Technology (02382) led blue-chip stocks, rising 6.22% to 67.45 HKD, contributing 4.34 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.28% and JD Health (06618) up 3.93% [2] - Li Auto (02015) and China Biologic Products (01177) experienced declines of 2.29% and 1.84%, respectively, negatively impacting the index [2] Sector Highlights - Large tech stocks mostly rose, with Alibaba increasing over 2% and Tencent over 1% [3] - Precious metals saw significant price increases, with silver and copper reaching record highs, benefiting related stocks like Jiangxi Copper, which surged over 10% [3][4] - The consumer electronics sector was active, with ZTE Corporation rising nearly 14% following the release of the Doubao mobile assistant [4][5] Cryptocurrency Market - The cryptocurrency market experienced a significant drop, with Bitcoin falling below 86,000 USD and Ethereum below 2,900 USD [6] - The People's Bank of China emphasized the illegal nature of virtual currency activities, reinforcing its prohibitive stance on cryptocurrencies [6] Notable Stock Movements - Guanghe Tong (00638) saw a strong performance, rising 14.55% due to the popularity of its AI toy launched in collaboration with Huawei [7] - Zhida Technology (02650) reached a new high, increasing 6.94% after securing a significant contract for charging stations in Saudi Arabia [8] - Cat's Eye Entertainment (01896) performed well, with its film "Zootopia 2" breaking box office records in China [9] - Kintor Pharmaceutical (01888) rose 5.39% amid increased demand for high-end PCB products driven by AI [10] - New Higher Education Group (02001) fell 10.81% after announcing no dividend despite a revenue increase [12]

Core Viewpoint - The news highlights the performance and business operations of XGIMI Technology, focusing on its revenue growth, market expansion, and stock performance. Company Overview - XGIMI Technology Co., Ltd. specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services. The main revenue sources include projectors and accessories (91.45%), other supplementary products (4.90%), and internet operations (3.66%) [6][8]. - The company was established on November 18, 2013, and went public on March 3, 2021. It is located in Chengdu, Sichuan, China, and has a secondary office in Hong Kong [6]. Financial Performance - For the period from January to September 2025, XGIMI achieved a revenue of 2.327 billion yuan, representing a year-on-year growth of 1.99%. The net profit attributable to shareholders was 79.65 million yuan, showing a significant increase of 297.49% [6][7]. - The company reported overseas revenue of 790 million yuan in 2022, marking a year-on-year increase of 82.04%. Its products are primarily sold in Europe, Japan, and the United States, with plans to expand into emerging markets like Australia and South Korea [2]. Market Activity - On December 1, XGIMI's stock price decreased by 0.74%, with a trading volume of 121 million yuan and a turnover rate of 1.59%. The total market capitalization stood at 7.727 billion yuan [1]. - The stock has seen a net inflow of 6.5486 million yuan from major investors, indicating a lack of clear trend in major holdings [3][4]. Strategic Focus - XGIMI is concentrating on the smart projection sector, developing a strategic model centered around hardware, algorithms, and software systems [2][6]. - The company has established partnerships with major online platforms and retail channels, including Amazon and Rakuten, and has entered various overseas retail outlets [2]. Shareholder Information - As of September 30, 2025, XGIMI had 8,062 shareholders, an increase of 34.55% from the previous period. The average number of circulating shares per person decreased by 25.68% to 8,682 shares [6].

Group 1: Market Trends - The market showed strong performance in two main sectors: the metals sector and the consumer electronics sector. The metals sector, including industrial metals, precious metals, and minor metals, saw significant gains, with leading stocks like Zijin Mining and Luoyang Molybdenum rising sharply. Factors such as tightening global supply and increased expectations for a Federal Reserve rate cut in December have made silver and copper focal points in the commodities market, with spot silver and London copper reaching historical highs [2] - The consumer electronics sector experienced a surge, particularly in the AI smartphone segment, with ZTE Communications hitting the daily limit up, bringing its market capitalization to 221.48 billion yuan. As of the morning close, there were still over 700,000 hands of buy orders on the limit-up board [2] Group 2: Company Developments - Emei Mountain A stock hit the daily limit up, with a market capitalization of 7.461 billion yuan. The stock's price increased by 10.02% to 14.16 yuan, driven by shareholder return initiatives, natural scenic attractions, and state-owned enterprise reforms [9][10] - Emei Mountain A announced a shareholder return event scheduled from December 1, 2025, to January 31, 2026, offering benefits such as tickets, cable cars, hotels, hot springs, skiing, tea, and cultural products to shareholders holding 500 shares or more [10] - The trend of "physical dividends" is increasing among A-share companies, with examples including Xiangyuan Cultural Tourism offering free tickets for scenic spots and other benefits to shareholders [11][12] Group 3: Film and Entertainment Sector - The film and cinema sector saw an increase, with China Film hitting the daily limit up for two consecutive days. Other stocks like Happiness Blue Ocean and Aofei Entertainment also experienced gains [14] - The film "Zootopia 2" achieved a total box office of 1.913 billion yuan within five days of release, breaking multiple records and becoming the highest-grossing imported animated film in Chinese history [16] - The total box office for the 2025 film year has surpassed 48 billion yuan, indicating a significant recovery in the film market compared to the previous year's total of 42.502 billion yuan. The upcoming holiday season is expected to feature over 50 films, catering to diverse audience preferences [17]

Market Overview - A-shares and Hong Kong stocks experienced a strong upward trend, with major indices rising over 1% [1][2] - By midday, the Shanghai Composite Index rose 0.42% to 3904.9 points, while the Shenzhen Component and ChiNext Index increased nearly 1%, and the North Star 50 Index surged approximately 2% [2] Sector Performance Non-ferrous Metals - The non-ferrous metals sector showed strong performance, with significant gains in copper and aluminum stocks. Notable stocks included Jiangxi Copper, which saw a peak increase of over 7% [4][5] - According to Huaxi Securities, copper is viewed as a strategic asset due to its role in energy transition, with a projected supply reduction of 20,000 tons by Q4 2025, leading to a quarterly production decrease of about 3%-4% [5] - The macroeconomic environment, including potential interest rate cuts by the Federal Reserve, is expected to support copper prices, with a forecast of continued dollar depreciation [5] Commercial Aerospace - The commercial aerospace sector experienced a collective surge, with stocks like Yujie Co. rising nearly 16% and several others exceeding 10% gains [7] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration signifies a regulatory framework aimed at promoting high-quality development in the sector [8] - The action plan for 2025-2027 aims for significant growth in the commercial aerospace industry, with expectations for a well-coordinated ecosystem and enhanced innovation capabilities [8][9] Consumer Electronics - The consumer electronics sector was notably active, with stocks such as Haosheng Electronics hitting a 30% limit up, and several others achieving 20% gains [11] - The recent launch of AI-powered products, such as Huawei's "Smart Companion" toy, has generated significant market interest, leading to immediate sellouts [12] - The global smart glasses market is projected to see a shipment volume of 4.065 million units in the first half of 2025, reflecting a year-on-year growth of 64.2%, with expectations for the market to exceed 40 million units by 2029 [13]

Core Insights - The overall financial environment remains loose, with the bond market continuing to weaken and most convertible bonds experiencing declines. Major European economies have seen a general rise in 10-year government bond yields [1][4]. Group 1: Domestic News - The State Council, led by Premier Li Qiang, held a meeting to discuss high-quality development and healthcare insurance coordination, emphasizing the need to enhance grassroots medical service capabilities [2]. - In October, profits of large-scale industrial enterprises in China fell by 5.5% year-on-year, with total profits from January to October reaching 59,502.9 billion yuan, marking a 1.9% increase [2]. - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include more sectors such as urban renewal, hotels, and commercial office facilities [2]. Group 2: International News - The UK government, under Chancellor Reeves, announced a new budget plan that includes an additional £26 billion in taxes, raising the overall tax burden to a historic high of 38% of GDP by the end of the parliamentary term. This has led to significant political backlash [4]. Group 3: Commodity Market - International crude oil futures prices continued to rise, with Brent crude for January closing up 0.33% at $63.34 per barrel, while NYMEX natural gas prices increased by 0.35% to $4.634 per ounce [5]. Group 4: Financial Market Operations - On November 27, the central bank conducted a 7-day reverse repurchase operation of 356.4 billion yuan at a fixed rate of 1.40%, resulting in a net cash injection of 56.4 billion yuan for the day [6][7]. - The money market showed a downward trend in rates, with DR001 falling by 0.13 basis points to 1.311% and DR007 down by 2.80 basis points to 1.446% [7][8]. Group 5: Bond Market Dynamics - The bond market continued to show weakness, with the yield on the 10-year government bond rising by 1.00 basis point to 1.8440% and the 10-year policy bank bond yield increasing by 1.35 basis points to 1.9175% [9]. - In the secondary market, seven industrial bonds saw price deviations exceeding 10%, with significant declines in several bonds issued by Vanke [11]. Group 6: Convertible Bonds - The convertible bond market experienced a collective decline, with major indices such as the CSI Convertible Bond Index falling by 0.53% and trading volume decreasing significantly [14]. - On November 27, 401 convertible bonds were traded, with 319 declining and only 72 increasing in value, indicating a bearish trend in the market [14][15].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Company Movements - Wahaha Group has completed a core personnel change, with Zong Fuli officially stepping down as legal representative, chairman, and general manager, succeeded by Xu Simin [8] - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and continuously optimizes performance through high-difficulty samples [8] - After 12 years of listing, Joy City Property officially delisted from the Hong Kong Stock Exchange on November 27, due to its privatization plan [8] - Jinfutech announced that its existing business and Blue Origin Technology's business belong to different industries, presenting certain industry integration risks [8] - Toyota reported a 2.1% year-on-year increase in global sales for October, reaching 922,700 units, with a significant 26.4% increase in U.S. sales, while sales in China declined by 6.6% to 160,900 units [8] - Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CITIC Securities and CICC. The prospectus shows that Avita's revenue for the first half of this year was 12.208 billion yuan, a year-on-year increase of 98.52%, with vehicle sales revenue of 11.49 billion yuan [8] Investment News - On November 27, the A-share market experienced a pullback, with the Shanghai Composite Index closing up 0.29% at 3,875.26 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44%, respectively, with a market turnover of 1.72 trillion yuan [7] - Vanke's stock and bonds saw further declines, with "21 Vanke 02" closing down over 57%, "21 Vanke 06" down over 46%, and "22 Vanke 02" down over 42%, leading to temporary suspensions of six Vanke bonds due to significant declines. H-shares of Vanke fell nearly 8%, hitting a historical low, while Vanke A shares dropped over 7%, marking an 11-year low [7] - JPMorgan has upgraded its investment rating for the Chinese stock market to "overweight," suggesting a greater likelihood of substantial gains next year due to multiple supporting factors, including the implementation of AI applications, consumer stimulus measures, and governance reforms [7] - The Asset Management Association of China reported that by the end of October, the scale of private equity funds reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September, setting a historical high. In October, 1,389 new private equity funds were registered, with a new registered scale of 67.01 billion yuan [7]

Report Industry Investment Rating - No relevant information provided Core View of the Report - On November 27, the main contracts of stock index futures opened slightly higher, then冲高遇阻回落 and showed a relatively strong oscillation. The year-on-year growth of industrial enterprise profits from January to October will help the short-term rebound of stock index futures [2]. Summary by Related Catalogs Market Outlook Points - On November 27, the main contracts IF2512, IH2512, IC2512, and IM2512 of stock index futures opened slightly higher, then冲高遇阻回落 and showed a relatively strong oscillation. The year-on-year growth of industrial enterprise profits from January to October will help the short-term rebound of stock index futures. It is expected that IF2512, IH2512, IC2512, and IM2512 will all show a relatively strong oscillation during the day, with specific resistance and support levels provided [2][3]. Macroeconomic and Stock Market News - From January to October, the total profit of large-scale industrial enterprises nationwide reached 5950.29 billion yuan, a year-on-year increase of 1.9%, with the cumulative growth rate remaining positive for three consecutive months since August. In October, the profit of large-scale industrial enterprises decreased by 5.5% year-on-year [4]. - On November 27, the State Council Information Office released the white paper "China's Arms Control, Disarmament and Non-Proliferation in the New Era" [4]. - On November 27, the State Council held a regular policy briefing to introduce measures to enhance the adaptability of consumer goods supply and demand and further promote consumption. The Ministry of Commerce will promote pilot reforms in automobile circulation and consumption, expand the circulation of second-hand cars, and expand the entire chain of automobile consumption [4]. - The Fed's Beige Book shows that economic activity has remained basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 district reporting a slight increase. The overall outlook remains largely unchanged, with some pointing out an increased risk of economic slowdown in the coming months [5]. - On November 27, the stock market opened higher and continued to rebound. The ChiNext Index rose more than 2% during the session. Technology stocks were in the spotlight, with the CPO concept rotating between high and low levels. Solid-state battery and consumer electronics concepts were active, while real estate stocks fluctuated significantly. As of the midday close, the Shanghai Composite Index rose 0.49%, the Shenzhen Component Index rose 0.38%, the ChiNext Index rose 0.56%, and the half-day trading volume of A-shares reached 1.1 trillion yuan [7]. Technical Analysis and Market Outlook - Through macro - fundamental and technical analysis, it is expected that the main contracts of stock index futures will show a relatively strong oscillation during the day. The specific resistance and support levels for IF2512, IH2512, IC2512, and IM2512 are provided. It is also expected that the main contracts of IF, IH, IC, and IM in November 2025 will likely show a weak and wide - range oscillation, with corresponding support and resistance levels given [8][9][10].