Report Information - Report Title: Stock Index Futures Morning Report - November 4, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market rebounded after reaching a low point yesterday, with the Sci - Tech Innovation and Communication sectors leading the decline, and the Oil, Coal, and Photovoltaic sectors leading the rise. The market sectors are differentiated, and there is a lack of obvious short - term drivers [2]. - The margin trading balance is 24,689 billion yuan, a decrease of 122 billion yuan, which is bearish [2]. - IH2512 has a premium of 0.25 points, and IF2512 has a discount of 18.6 points, showing a neutral situation [2]. - The order of the indices is IH > IC > IF > IM, and IH, IF, IC, and IM are above the 20 - day moving average, which is bullish [2]. - The long positions of IF and IC main contracts are reduced, while the long positions of IH main contract are increased, which is bullish [2]. - The meeting between Chinese and US leaders reached major consensuses, and the Fourth Plenary Session was held. The short - term market benefits have been realized, and investors took profits. The index pulled back from a high level. Currently, it is recommended to appropriately reduce positions when the index rises sharply during the day. The index will maintain a high - level shock, and there is a lack of obvious short - term drivers [2]. Summary by Relevant Catalogs Futures Market - **Futures Contract Data**: Provides detailed data on futures contracts of Shanghai 50, CSI 300, CSI 500, and CSI 1000, including contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividend yields, spreads, premium/discount ratios, annualized premium/discounts, contract values, delivery dates, and remaining terms [3]. - **Base and Spread Charts**: Presents the base and spread charts of Shanghai 50 and CSI 500, showing historical data trends [5][8]. Spot Market - **Important Index Daily Price Changes**: Displays the daily price changes of important indices such as the Shanghai Composite Index, Shanghai 50, CSI 300, etc. [11]. - **Style Index Daily Price Changes**: Shows the daily price changes of style indices including cycle, non - cycle, low - price - to - earnings ratio, etc. [14][17]. Market Structure - **AH Share Premium/Discount**: Presents the historical data of the Hang Seng AH Premium Index [20]. - **Price - to - Earnings Ratio (PE)**: Displays the historical PE (TTM) data of Shanghai 50, CSI 300, CSI 500, and ChiNext Index [22]. - **Price - to - Book Ratio (PB)**: Shows the historical PB data of Shanghai 50, CSI 300, CSI 500, and ChiNext Index [24]. Market Fundamentals - **Stock Market Fund Inflow**: Presents the historical data of A - share fund net inflow and CSI 300 [26]. - **Margin Trading Balance**: Displays the historical data of margin trading balance and CSI 300 [28]. - **Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect**: Shows the historical data of net inflows of Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect [30]. - **Stock Unlocking**: No specific content provided, only the title [33]. - **Fund Cost**: Presents the historical data of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week [36]. Market Sentiment - **Trading Activity**: Displays the historical data of turnover rates (free - floating market value) of Shanghai 50, CSI 300, CSI 500, and ChiNext [39][41][42][44]. - **Public - Offering Hybrid Fund Positions**: No specific content provided, only the title [45]. - **Dividend Yield and Treasury Yield**: Presents the historical data of futures index dividend yields and 10 - year treasury bond yields [48]. Other - **Exchange Rate**: Displays the historical data of the US dollar - RMB exchange rate [50]. - **New Account Openings and Index Tracking**: No specific content provided, only the title [52]. - **Newly Established Fund Scale Changes**: Includes the newly established scale changes of stock - type, hybrid, and bond - type funds [54][56][58].

Report 1: Steel Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The steel market has neutral supply - demand with no prominent contradictions. The future trend of the black market depends on the coking coal supply. With prices rising to the upper limit of the range, the game intensifies. For long positions, attention should be paid to the previous high - pressure levels (3200 yuan for rebar and 3400 yuan for hot - rolled coils) and appropriate reduction of positions can be considered. Also, pay attention to the coking coal supply. The long - coking coal and short - hot - rolled coil arbitrage can be held [2]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally increased. For example, rebar 01 contract rose from 3091 to 3133 yuan/ton, and hot - rolled coil 05 contract rose from 3316 to 3358 yuan/ton [2]. Cost and Profit - Steel billet price increased by 20 yuan to 3000 yuan, while plate billet price remained unchanged at 3730 yuan. Profits of rebar and hot - rolled coils in different regions showed different changes, with some decreasing [2]. Production - The daily average pig iron output decreased by 1.0 to 239.9, a decline of 0.4%. The output of five major steel products increased by 8.4 to 865.3, a rise of 1.0%. Rebar and hot - rolled coil production also increased, with rebar production rising by 5.9 to 207.1 (a 2.9% increase) [2]. Inventory - The inventory of five major steel products decreased by 27.4 to 1554.9, a decline of 1.7%. Rebar inventory decreased by 18.9 to 622.1 (a 3.0% decrease), and hot - rolled coil inventory decreased by 4.3 to 414.9 (a 1.0% decrease) [2]. Transaction and Demand - Building materials trading volume increased by 1.1 to 11.5, a rise of 10.7%. The apparent demand for five major steel products increased by 17.3 to 892.7, a rise of 2.0%. The apparent demand for rebar and hot - rolled coils also increased [2]. Report 2: Iron Ore Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The iron ore futures reached the peak and then declined. Although the macro situation is slightly positive after the Sino - US leaders' meeting, the decline in pig iron output still suppresses iron ore. After several days of rebound, the driving force of iron ore weakens. Unilateral long positions should be closed and wait and see, with the reference range of 760 - 830. The iron ore 1 - 5 positive arbitrage is recommended [4]. 3. Summary by Relevant Catalogs Iron Ore - Related Prices and Spreads - The warehouse receipt costs of some iron ore varieties decreased, such as the warehouse receipt cost of Carajás fines decreased by 6.6 to 844.0, a decline of 0.8%. Some basis values and spreads also changed [4]. Spot Prices and Price Indexes - Spot prices of some iron ore varieties at Rizhao Port decreased, like Carajás fines decreased by 6.0 to 920.0, a decline of 0.6%. The Singapore Exchange 62% Fe swap and Jinshi 62% Fe increased slightly [4]. Supply - The weekly arrival volume at 45 ports decreased by 490.3 to 2029.1, a decline of 19.5%, while the global shipping volume increased by 54.9 to 3388.4, a rise of 1.6%. The national monthly import volume increased by 1111.6 to 11632.6, a rise of 10.6% [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 3.5 to 236.4, a decline of 1.5%. The daily average port clearance volume at 45 ports decreased by 23.8 to 312.7, a decline of 7.1%. The national monthly pig iron and crude steel output decreased [4]. Inventory Changes - The inventory at 45 ports decreased by 12.4 to 14311.15, a decline of 0.8%. The imported ore inventory of 247 steel mills increased by 96.5 to 9079.2, a rise of 1.1% [4]. Report 3: Coke Industry Spot and Futures Daily Report 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The short - term fluctuations do not affect the bullish view in the fourth quarter. For speculation, it is recommended to go long on coke 2601 at low levels, with the reference range of 1700 - 1850. For coking coal, it is recommended to go long on coking coal 2601 at low levels, with the reference range of 1200 - 1350. The long - coking coal and short - coke arbitrage can be carried out, but pay attention to risks [7]. 3. Summary by Relevant Catalogs Coke - Related Prices and Spreads - Some coke prices showed different changes. For example, the 01 contract of coke decreased by 15 to 1787, a decline of 0.8%. The basis values also changed [7]. Coking Coal - Related Prices and Spreads - The price of some coking coal varieties increased, such as Mongolian 5 raw coal (warehouse receipt) increased by 36 to 1380, a rise of 2.7%. The 01 contract of coking coal decreased by 14 to 1288, a decline of 1.1% [7]. Supply - The daily average output of all - sample coking plants remained unchanged at 64.6, and the daily average output of 247 steel mills increased by 0.1 to 46.2, a rise of 0.2%. The output of some coking coal mines increased slightly [7]. Demand - The pig iron output of 247 steel mills decreased by 3.5 to 236.4, a decline of 1.5%. The demand for coke is affected by the decline in pig iron output [7]. Inventory Changes - Coke inventory: The total coke inventory increased by 8.1 to 900.0, a rise of 0.9%. Steel mills reduced inventory, while coking plants and ports increased inventory. Coking coal inventory: Some inventories increased, while some decreased, with the overall inventory slightly decreasing [7].

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, along with their core driving logics. The current pattern of strong meal and weak oil in the beans and oils market persists [5][6][7] 3. Summary by Variety Soybean Meal (M) - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - **Core Logic**: The consensus on expanding agricultural product imports reached in the Sino - US leaders' meeting has boosted short - term sentiment. However, the market is still in a situation of "strong supply and weak demand". Only when trade policy breakthroughs resonate with seasonal demand recovery can the market break free from this situation. The futures price of soybean meal is oscillating strongly but faces pressure at the upper limit of the range [5] Palm Oil (P) - **Time - cycle Views**: Short - term: weak; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7] - **Core Logic**: The main pressure on the palm oil market comes from the expected 10% year - on - year increase in Indonesia's palm oil production in 2025 to about 56 - 57 million tons, and weak exports of Malaysian palm oil. The optimistic expectations from Sino - US negotiations cannot offset the industrial chain pressure. The futures price of palm oil has fallen below the lower limit of the previous oscillating range and will continue to be weak [7] Soybean Oil (2601) - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6] - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]