1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - Today's stock market first declined and then rose. In the afternoon, the upward trend was due to the confirmation of China - US economic and trade consultations, which reduced risk - aversion sentiment, and the upcoming announcement of the Fourth Plenary Session of the 20th Central Committee, leading to some positive market expectations. The upstream resource industries and banks led the gains, and the dividend index was among the top performers, continuing the defensive trading trend. With the continued slight decline in the trading volume of the two markets, the stock index will continue to fluctuate without substantial incremental information. As subsequent policy - level decisions and China - US economic and trade consultations are gradually finalized, it is expected to increase stock market volatility, bring about phased trend adjustments, and may deviate from the current operating center, waiting for information to drive the market [3] 3. Summary by Relevant Catalogs Market Review - Today, the stock index fluctuated slightly stronger. Taking the CSI 300 index as an example, it closed up 0.30%. In terms of capital, the trading volume of the two markets decreased by 239.47 billion yuan. All varieties of stock index futures increased in volume and price [2] Important Information - The European side launched illegal unilateral sanctions against Chinese enterprises on the grounds of their involvement with Russia, and the Chinese Foreign Ministry firmly opposed it. - After consultations between China and the US, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, will lead a delegation to Malaysia from October 24th to 27th to hold economic and trade consultations with the US. The two sides will discuss important issues in China - US economic and trade relations in accordance with the important consensus reached in the previous phone calls between the two heads of state this year [3] Strategy Recommendation - In the short term, pay attention to the opportunity of buying straddle option strategies and wait for incremental information to enter the market [4] Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.32 | 0.58 | 0.34 | 0.19 | | Trading volume (10,000 lots) | 12.8274 | 6.0316 | 14.5145 | 26.0447 | | Trading volume change compared to the previous period (10,000 lots) | 3.134 | 1.3227 | 3.5906 | 7.8086 | | Open interest (10,000 lots) | 26.4665 | 9.4029 | 25.4337 | 37.5481 | | Open interest change compared to the previous period (10,000 lots) | 1.5352 | 0.5556 | 1.7898 | 3.3845 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.22 | | Shenzhen Component Index change (%) | 0.22 | | Ratio of rising to falling stocks | 1.38 | | Trading volume of the two markets (billion yuan) | 16439.10 | | Trading volume change compared to the previous period (billion yuan) | - 239.47 | [5]

Report Title - The report is titled "Stock Index Futures Daily Report" dated October 22, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report Core View - The stock market showed a volatile trend today, which was in line with expectations. The trading volume of the two markets continued to shrink significantly, and the market remained in a wait - and - see mode. With the approaching release of the content of the Fourth Plenary Session of the 20th Central Committee, if there is significant incremental information, the capital inflow is expected to be rapid and large in volume. Attention should be paid to changes in information. In the Sino - US trade aspect, the situation is still fluctuating, and the stock index has become less sensitive to it as the market turns to a wait - and - see mode and trading volume contracts. A short - term strategy of buying straddle options is recommended in case of policy - related incremental information [4] Market Review - The stock index was volatile and slightly weaker today. The CSI 300 index closed down 0.33%. The trading volume of the two markets decreased by 2060.38 billion yuan, and all stock index futures varieties declined with shrinking volume [2] Important Information - On October 22, Huawei released the Hongmeng Galaxy Interconnection Architecture during the Hongmeng OS 6 Special Release, with a transmission rate of 160MB/s, enhancing cross - device sharing, multi - screen collaboration, and application continuation experiences [3] - Japanese Prime Minister Hayasuna Sanae is preparing economic stimulus measures expected to exceed last year's 13.9 trillion yen [3] - Goldman Sachs released a research report stating that the Chinese stock market will enter a more sustained upward phase, with a projected increase of about 30% in key indices by the end of 2027, driven by a 12% profit trend growth and a 5% - 10% further revaluation potential [3] Futures Market Observation | Variety | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.46 | -0.06 | -0.80 | -0.50 | | Trading volume (10,000 lots) | 9.6934 | 4.7089 | 10.9239 | 18.2361 | | Trading volume change (10,000 lots) | -2.5532 | -0.6344 | -3.6408 | -5.0712 | | Open interest (10,000 lots) | 24.9313 | 8.8473 | 23.6439 | 34.1636 | | Open interest change (10,000 lots) | -0.9453 | -0.2835 | -1.2637 | -1.3666 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.07 | | Shenzhen Component Index change (%) | -0.62 | | Ratio of rising to falling stocks | 0.73 | | Total trading volume of the two markets (billion yuan) | 16678.56 | | Trading volume change (billion yuan) | -2060.38 | [6]