Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The stock market showed resilience with a low - open and high - close trend, while the bond market still has positive factors. November is a period of oscillatory digestion for the stock market, and there may be opportunities for re - layout after December. The bond market is expected to be oscillatory and bullish [1][3]. Group 3: Summary by Relevant Catalogs 1. Market Views (1) Stock Index Futures - The market opened low and closed high, showing resilience. The basis of IF, IH, IC, and IM contracts changed, and the spreads between current and next - month contracts also had changes. Total positions increased. Micro - cap + dividend styles were dominant. November is an oscillatory digestion period, and it is advisable to hold IM + dividend in the short term [7]. (2) Stock Index Options - During the rebound, there were style differences. The trading volume of the options market increased by 2.78% compared with the previous day, and the 50ETF skewness index reached around 120. It is recommended to view it as an oscillatory market and choose to sell call options for hedging defense [2][7]. (3) Treasury Bond Futures - Long - term bond yields showed a V - shape. Most treasury bond futures contracts declined, with the 30 - year main contract down 0.08%, the 10 - year and 2 - year main contracts down 0.01%, and the 5 - year main contract remaining flat. The central bank's operations had a short - term negative impact on the bond market, but the fundamental environment is still favorable, and the bond market is expected to be oscillatory and bullish. Different trading strategies are recommended [3][8][9]. 2. Economic Calendar - The October SPGI manufacturing PMI in China was 50.6, lower than the forecast of 50.9. The October ISM manufacturing PMI in the US was 48.7, lower than the forecast of 49.5. The October ADP employment change in the US was 4.2 million, higher than the forecast of 2.5 million. Upcoming data include China's October trade balance in US dollars and the US November University of Michigan consumer confidence index preliminary value [10]. 3. Important Information and News Tracking - Starting from November 10, 2025, at 13:01, China will stop implementing the additional tariffs on some US - originated imported goods and continue to suspend the 24% additional tariff rate on the US for one year, retaining the 10% rate. The central bank conducted 655 billion yuan of 7 - day reverse repurchase operations, with 5577 billion yuan of 7 - day reverse repurchases maturing, resulting in a net withdrawal of 4922 billion yuan [10][11]. 4. Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content.

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-07-22 ⻛险偏好上移 股指期货：温和上攻 股指期权：红利及小盘情绪上方空间更高 国债期货：风险偏好提升压制债市表现 股指期货方面，周一市场温和上攻，沪指稳步站上3550点关口，反内 卷交易延续成为市场主线，其中建材、建筑、钢铁、电新等领涨，反内卷 方向有扩散化的迹象。另外需要注意的是，银行板块近日连续下跌，这一 现象有几种解释路径，其一，沪指破位重要指数关口之后，按照历史经验 外推会呈现成长补涨的格局，其二，景气度交易再起，近年常被提及的哑 铃结构受到挑战，资金集中涌入景气度反转或是景气度快速提升的领域， 使得市值因子的重要度边际下降。当下我们暂时倾向转向后者的可能性， 在政策主线明确之后，资金针对基本面环境纠偏，公募等中长期资金定价 权提升。展望后市，目前仍建议布局IM多单，除了Beta因素之外，不排除 贴水收敛的可能性。 股指期权方面，期权市场成交额53.98亿元，相较前一交易日下降14. 72%，但仍维持近段时间整体的高流动性。情绪指标方面，持仓量PCR多数 品种延续上行，部分品种如沪市300ETF、创业板E ...