Report Summary 1. Core View - The rebound of the US dollar index has put pressure on global stock indices, which are undergoing an adjustment. After the adjustment of the technology sector, the overall trading volume in the market has declined, showing a rotational pattern with generally low sustainability. Some sectors have gradually fallen to support levels, and attention should be paid to the effectiveness of these supports. The overall index is still moving around the previous central level, but individual stocks are showing significant differentiation. Caution is needed in operations, and hasty bottom - fishing should be avoided [2] 2. Summary by Directory Macro - economic Charts - The report includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][11] Spot Market Tracking Charts - On November 17, 2025, the Shanghai Composite Index closed at 3972.03, down 0.46%; the Shenzhen Component Index was at 13202.00, down 0.11%; the ChiNext Index was at 3105.20, down 0.20%; the CSI 300 Index was at 4598.05, down 0.65%; the SSE 50 Index was at 3012.07, down 0.87%; the CSI 500 Index was at 7235.35, unchanged; and the CSI 1000 Index was at 7523.08, up 0.27%. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.9 trillion yuan [14][1] Stock Index Futures Tracking Charts - In the futures market, the basis of stock index futures rebounded, and the current - month contract of IH was at a premium. The trading volume and open interest of IF, IH, and IC increased simultaneously. Specifically, the trading volume of IF was 114,292 (an increase of 4,303), and the open interest was 272,721 (an increase of 7,845); the trading volume of IH was 57,196 (an increase of 8,963), and the open interest was 101,114 (an increase of 3,993); the trading volume of IC was 116,917 (an increase of 305), and the open interest was 245,834 (an increase of 816). The trading volume of IM was 197,327 (an increase of 4,748), and the open interest was 355,153 (a decrease of 2,069) [1][18] - The report also provides data on the basis of stock index futures contracts (including current - month, next - month, current - quarter, and next - quarter contracts) and inter - period spreads of different contracts (such as next - month minus current - month, next - quarter minus current - month, etc.) [39][48]