Report Information - Report Title: Financial Futures Weekly Report [1] - Date: November 7, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - For the stock index, in the long - term, the upward trend remains unchanged due to the easing external environment and new policy expectations from the 15th Five - Year Plan. In the short - term, the index may oscillate around the key pressure level of 4000 points on the Shanghai Composite Index. A dumbbell strategy with balanced allocation of CSI 300 and CSI 500 is recommended [13]. - For treasury bonds, the negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. It is recommended to seize allocation opportunities when there is market over - adjustment [87]. - For shipping indexes, although the actual demand may not support large price increases, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108]. Summary by Section Stock Index Market Review - The A - share market has shown a pattern of "short - term correction followed by strong performance, and rebound after a sharp decline due to external shocks" since the beginning of the year. From November 3 - 7, the A - share market rose with reduced volume. The Wind All - A index rose 0.62%, and large - cap blue - chip stocks performed better. Futures were weaker than the spot index [7][8]. - Looking ahead, concerns about liquidity in the US market and high expectations for Sino - US tariff negotiations have led to a weakening market after the positive news was released. Domestically, the economic fundamentals in September faced more pressure, and the export data in October showed a downward trend. Although the margin trading balance provided support, the participation of retail investors was not high. The overall A - share trading volume returned to 2 trillion yuan, and its sustainable growth needs attention [12][13]. 成交持仓分析 - Stock index trading volume decreased. The average daily trading volumes of IF, IH, IC, and IM decreased by 1.13, 0.71, 0.79, and 0.46 million lots respectively compared with last week. The positions showed a differentiated trend. IF and IM positions increased, while IH and IC positions decreased [14]. 基差、跨期价差及跨品种价差分析 - The basis showed a differentiated trend. The basis of CSI 300 and CSI 500 widened, while that of SSE 50 changed from premium to discount, and the basis of CSI 1000 narrowed. The annualized basis rate of each index decreased. The spread between the next - month and current - month contracts of IF, IC, and IM widened, while that of IH narrowed. The spread between the current - quarter and current - month contracts of all varieties widened. Large - cap blue - chip stocks performed relatively better [16][26][32]. Industry Sector Overview - In the CSI 300, the energy, industrial, and financial sectors led the gains, while the pharmaceutical, optional consumer, and information sectors led the losses. In the CSI 500, the energy, public utilities, and industrial sectors led the gains, while the real estate, pharmaceutical, and information sectors led the losses. Among the first - level industries, the power equipment, coal, and petroleum and petrochemical sectors led the gains, while the beauty care, computer, and pharmaceutical biology sectors led the losses [33][35]. Valuation Comparison - As of November 7, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.3295, 11.9766, 33.464, and 47.8124 times respectively, and they were at the 88.07%, 91.32%, 79.72%, and 77.08% percentile levels in the past decade [38]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: The central bank's bond - buying was slightly lower than expected, and the warming of the A - share market suppressed the bond market. The performance of long - term futures was slightly stronger than that of spot bonds, while the opposite was true for short - term bonds. There is a certain positive arbitrage space for each variety's main contract, and there is a large reverse arbitrage space for non - CTD bonds of 30 - year, 10 - year, and 2 - year main contracts. The basis of the 10 - year main contract is slightly high and has the motivation to converge. The spread between the current - quarter and next - quarter contracts is expected to continue to narrow during the position - shifting process. A flattening strategy is recommended [42][44][51]. - **Bond Spot Market**: Most of the spot yields of treasury bonds increased this week, with a larger increase at the short end. The yield of US Treasury bonds first decreased and then increased [65]. - **Funding Situation**: At the beginning of the month, there was a net withdrawal of funds. The central bank conducted an equal - amount renewal of the 3 - month outright reverse repurchase due this month. The overall funding situation was stable, and there was no liquidity stratification between banks and non - banks [70]. - **Interest Rate Derivatives**: The yields of interest rate swap varieties increased slightly this week, and the liquidity expectation was stable [85]. Market Analysis - The bond market stabilized and strengthened in October. Currently, the economic fundamentals still face pressure, and the market's expectation of monetary easing may rise again. The restart of treasury bond trading has brought direct buying demand to the bond market, and the impact of wide - credit expectations on the bond market should be limited. Although there are some uncertain disturbances, the bond market environment has improved [87]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a total of 783 billion yuan of reverse repurchases due next week, and important economic data such as China's October social financing data and national economic activity data will be released [95]. Shipping Index Market Review - The reduction of quotes hit the sentiment of long - positions. This week, the SCFIS index turned down again. On the spot side, shipping companies reduced the price increase, which hit the sentiment of long - positions and led to a sharp decline in EC futures [96]. Container Shipping Market Situation - **Spot Market**: The freight rates of ocean routes continued to rebound, with the rates of European and American routes rising. Shipping companies continued to raise the quotes for November and December, but the increase was lower than before. Considering the general demand and the decline of the SCFIS index, it is uncertain whether the price increase can be fully implemented [102][103]. - **Supply - Demand Fundamentals**: On the supply side, the container shipping capacity in Europe in November remained at a relatively high level in the off - season, and the potential and actual shipping capacities are expected to continue to grow. The geopolitical conflict in the Middle East continues to deteriorate, and the probability of the Red Sea resuming navigation within the year is low. On the demand side, the macro - demand in the eurozone continues to recover weakly, and the demand at the end - of - year peak season may be lower than expected, so the support for container shipping prices is limited [106][107]. Market Outlook - Although the actual demand may not support a large price increase, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108].

Report Summary 1. Market Interest Rates - DR001 closed at 1.46% with a -0.49bp change, DR007 at 1.52% with -0.68bp [3] - GC001 closed at 1.13% with -37.00bp, GC007 at 1.47% with -6.50bp [3] - SHBOR 3M closed at 1.56% with -0.20bp, LPR 5 - year at 3.50% with 0.00bp [3] - 1 - year treasury closed at 1.35% with -0.50bp, 5 - year at 1.51% with -0.25bp [3] - 10 - year treasury closed at 1.66% with 0.00bp, 10 - year US treasury at 4.46% with -4.00bp [3] 2. Central Bank Operations - The central bank conducted 450.5 billion yuan of 7 - day reverse repurchase operations, with 90 billion yuan of reverse repurchases maturing, resulting in a net injection of 360.5 billion yuan [3] - This week, there are 425.7 billion yuan of reverse repurchases maturing in the central bank's open market, with 84.7 billion yuan maturing on Friday. The central bank's reverse repurchases continued to increase, signaling care for the capital market [4] 3. Stock Index Market - **Index Performance**: The CSI 300 rose 0.68% to 4034.5, the SSE 50 rose 0.12% to 2744.3, the CSI 500 rose 1.08% to 6082.5, and the CSI 1000 rose 1.14% to 6535.7 [5] - **Sector Performance**: Most industry sectors closed higher. Aerospace, biological products, electronic components, medical services, communication equipment, consumer electronics, energy metals, and chemical pharmaceuticals led the gains, while the precious metals sector led the losses [5] - **Market Analysis**: With a calm macro - news background, the stock index continued to rise, and market trading volume further increased. The large - and small - cap stocks showed a differentiated trend, with small - cap stocks performing strongly. In the short term, the stock index is expected to fluctuate strongly [5] - **Reasons for Strength**: The "asset shortage" and "national team" support increase the willingness to allocate equity assets. The "anti - involution" and the Politburo meeting at the end of July strengthen policy expectations and boost market sentiment [5] 4. Futures Contracts - **Volume and Open Interest**: IF volume increased by 5.4% to 105,631, and open interest increased by 2.9% to 263,172; IH volume increased by 5.2% to 52,058, and open interest increased by 3.6% to 94,545; IC volume decreased by 1.2% to 99,016, and open interest increased by 0.1% to 223,761; IM volume decreased by 1.0% to 195,970, and open interest increased by 1.6% to 331,365 [5] - **Basis**: IF basis was 33.39% for the next - quarter contract, 3.58% for the current - month contract, 3.21% for the next - month contract, and 3.52% for the current - quarter contract; IH basis was - 1.86% for the next - quarter contract, 1.04% for the current - month contract, 0.29% for the next - month contract, and 0.04% for the current - quarter contract; IC basis was 10.73% for the next - quarter contract, 0.39% for the current - month contract, 9.79% for the next - month contract, and 9.02% for the current - quarter contract; IM basis was 13.42% for the next - quarter contract, - 7.42% for the current - month contract, 12.68% for the next - month contract, and 11.99% for the current - quarter contract [5]

Group 1: Financial Market Data - DRO01 closed at 1.47 with a -6.11bp change, DR007 at 1.53 with a -4.05bp change, GC001 at 1.50 with a 0.50bp change, and GC007 at 1.54 with a -1.50bp change [3] - SHBOR 3M closed at 1.56 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.35 with a -0.60bp change, 5 - year treasury at 1.51 with a 0.60bp change, 10 - year treasury at 1.66 with a 0.40bp change, and 10 - year US treasury at 4.50 with a 7.00bp change [3] - The central bank conducted 520.1 billion yuan of reverse repurchase operations with an interest rate of 1.4%, and the net injection was 444.6 billion yuan after 75.5 billion yuan of reverse repurchases matured [3] Group 2: Market Analysis - This week, 425.7 billion yuan of reverse repurchases will mature in the central bank's open - market operations. Due to the tax period, liquidity has tightened, and the central bank's reverse repurchases have increased to signal care for the capital market [4] - The Shanghai and Shenzhen 300 fell 0.3% to 4007.2, the Shanghai 50 fell 0.23% to 2740.9, the CSI 500 fell 0.03% to 6017.2, and the CSI 1000 rose 0.3% to 6462.1. The trading volume of the two markets was 1.442 trillion yuan, a decrease of 170 billion yuan [5] - The stock index fluctuated throughout the day. The banking sector corrected, and small and medium - cap stocks rose slightly due to news about AMD. The stock index is expected to fluctuate strongly in the short term due to factors like the "asset shortage" and policy expectations [6] Group 3: Futures Data - IF's current - month contract closed at 3998 with a -0.3% change, IH at 2734 with a -0.2% change, IC at 6007 with no change, and IM at 6444 with a 0.3% change [5] - IF's trading volume was 100,264 with a -19.3% change, and its position was 255,864 with a -4.3% change; IH's trading volume was 49,486 with a -19.3% change, and its position was 91,270 with a -6.4% change; IC's trading volume was 100,200 with a -0.5% change, and its position was 223,573 with a -3.3% change; IM's trading volume was 197,891 with a -6.0% change, and its position was 326,014 with a -5.4% change [5] - IF's current - month contract had an annualized premium rate of 41.91%, IH 48.61%, IC 32.13%, and IM 49.88% [7]

Report Investment Ratings - Index: Bullish in the short term [1] - Treasury Bonds: Bullish in the long term, short - term upside limited [1] - Gold: Sideways in the short term, risk of pull - back after rally [1] - Copper: Bearish [1] - Aluminum: Sideways to bearish [1] - Alumina: Sideways to bullish [1] - Zinc: Bearish, look for shorting opportunities [1] - Nickel: Sideways, short - term shorting opportunities, long - term bearish due to surplus [1] - Stainless Steel: Sideways, short - term trading, look for cash - and - carry opportunities [1] - Tin: Sideways in the short term, risk of price decline in the long term [1] - Polysilicon: Bullish [1] - Lithium Carbonate: Sideways [1] - Iron Ore: Sideways, fundamental weakening [1] - Manganese Silicon: Supply - demand balanced [1] - Ferrosilicon: Supply - demand balanced [1] - Black Metals: Bullish in the short term, bearish in the medium term due to surplus [1] - Coking Coal: Sideways, avoid shorting in the short term, look for cash - and - carry opportunities [1] - Coke: Sideways, look for selling - hedging opportunities when futures are at a premium [1] - Palm Oil: Look for buying opportunities on pull - backs [1] - Rapeseed Oil: Sideways [1] - Canola Oil: Bearish in the short term [1] - Cotton: Sideways to bearish [1] - Sugar: Bullish due to expected production increase [1] - Corn: Sideways, look for shorting opportunities for 001 contract [1] - Soybean Meal: Sideways, look for buying opportunities on dips [1] - Pulp: Do not chase the rally [1] - Logs: Sideways [1] - Live Pigs: Futures stable [1] - Fuel Oil: Bullish in the short term due to consumption and supply factors [1] - Asphalt: Volatile due to cost and demand factors [1] - Shanghai Rubber: Sideways to bearish [1] - BR Rubber: Sideways with some support [1] - PTA: Sideways [1] - Ethylene Glycol: Sideways [1] - Short - fiber: Bullish [1] - Styrene: Bearish [1] - Urea: Sideways [1] - PE: Sideways to bullish [1] - PP: Sideways to bullish [1] - PVC: Sideways to bullish [1] - Caustic Soda: Sideways [1] - LPG: Sideways to bearish [1] - Container Shipping to Europe: Sideways, expected price peak in mid - July [1] Core Viewpoints - The stock index is expected to be bullish in the short term due to "asset shortage", "national team" support, and positive market sentiment [1] - Asset shortage and weak economy are favorable for bond futures, but short - term interest rate risks from the central bank limit upside [1] - Gold prices will mainly fluctuate due to market uncertainties [1] - Copper prices face a risk of catch - up decline due to inflation and tariff factors [1] - Aluminum prices will move sideways to bearishly due to high prices suppressing demand and inventory build - up [1] - Alumina prices will stabilize and rise due to supply - side reform expectations [1] - Zinc prices are under pressure, and shorting opportunities should be watched [1] - Nickel prices will move sideways, with short - term shorting opportunities and long - term surplus pressure [1] - Stainless steel futures will move sideways, and cash - and - carry opportunities should be grasped [1] - Tin prices have short - term support but face a risk of decline in the long term [1] - Polysilicon is bullish due to supply - side reform expectations and high market sentiment [1] - Lithium carbonate prices will move sideways [1] - Iron ore has good market sentiment but weakening fundamentals [1] - Black metals are bullish in the short term and bearish in the medium term due to supply - demand imbalance [1] - Coking coal and coke should focus on cash - and - carry and selling - hedging opportunities [1] - Palm oil should look for buying opportunities on pull - backs [1] - Cotton prices will move sideways to bearishly [1] - Sugar production in Brazil is expected to increase, and the impact of crude oil on sugar production should be watched [1] - Corn prices will move sideways, and shorting opportunities for the 001 contract should be watched [1] - Soybean meal prices will move sideways, and buying opportunities on dips should be considered [1] - Pulp should not be chased higher [1] - Live pig futures are stable [1] - Fuel oil and asphalt prices are affected by supply, demand, and cost factors [1] - Rubber prices will move sideways to bearishly [1] - Chemical product prices are affected by supply, demand, cost, and other factors, showing different trends [1] - Container shipping to Europe is in a pattern of stable reality and weak expectation, with an expected price peak in mid - July [1] Summary by Category Index - Short - term bullish trend due to "asset shortage", "national team" support, and positive market sentiment [1] Treasury Bonds - Bullish in the long term due to asset shortage and weak economy, but short - term upside limited by central bank - hinted interest rate risks [1] Gold - Sideways in the short term due to market uncertainties, risk of pull - back after rally [1] Non - ferrous Metals - Copper: Bearish due to inflation and tariff factors [1] - Aluminum: Sideways to bearish due to high prices suppressing demand and inventory build - up [1] - Alumina: Sideways to bullish due to supply - side reform expectations [1] - Zinc: Bearish, look for shorting opportunities due to inventory build - up pressure [1] - Nickel: Sideways, short - term shorting opportunities, long - term surplus pressure [1] - Stainless Steel: Sideways, focus on cash - and - carry opportunities [1] - Tin: Sideways in the short term, risk of decline in the long term [1] Energy and Chemicals - Polysilicon: Bullish due to supply - side reform expectations and high market sentiment [1] - Lithium Carbonate: Sideways [1] - Iron Ore: Sideways, fundamental weakening [1] - Manganese Silicon and Ferrosilicon: Supply - demand balanced [1] - Black Metals: Bullish in the short term, bearish in the medium term due to supply - demand imbalance [1] - Coking Coal and Coke: Focus on cash - and - carry and selling - hedging opportunities [1] - Fuel Oil and Asphalt: Affected by supply, demand, and cost factors [1] - Rubber: Sideways to bearish [1] - Chemical Products: Different trends affected by supply, demand, cost, etc [1] Agricultural Products - Palm Oil: Look for buying opportunities on pull - backs [1] - Rapeseed Oil: Sideways [1] - Canola Oil: Bearish in the short term [1] - Cotton: Sideways to bearish [1] - Sugar: Bullish due to expected production increase in Brazil [1] - Corn: Sideways, look for shorting opportunities for the 001 contract [1] - Soybean Meal: Sideways, look for buying opportunities on dips [1] Others - Pulp: Do not chase the rally [1] - Live Pigs: Futures stable [1] - Container Shipping to Europe: Stable reality and weak expectation, expected price peak in mid - July [1]

Group 1: Market Interest Rates and Central Bank Operations - The closing prices and changes of various interest rate varieties are presented, such as DR001 closing at 1.53% with a 10.6bp increase, and DR007 closing at 1.57% with a 3.36bp increase [3]. - The central bank conducted 3425 billion yuan of 7 - day reverse repurchase operations yesterday, with 690 billion yuan of reverse repurchases and 1000 billion yuan of MLF maturing, resulting in a net injection of 1735 billion yuan. Also, it will conduct 14000 billion yuan of outright reverse repurchase operations on July 15 [3]. - This week, there are 4257 billion yuan of reverse repurchases maturing in the central bank's open market. Recently, liquidity has slightly tightened, with the overnight inter - bank pledged repo weighted average rate rising 10.6bp to 1.53% and the 7 - day inter - bank pledged repo rate rising 3.36bp to 1.4957% [3]. Group 2: Stock Index Futures and Stock Market Performance - The closing prices and daily changes of major stock indices and their corresponding futures contracts are provided. For example, the CSI 300 closed at 4019 with a 0.03% increase, and the IF current - month contract closed at 4010 with no change [4]. - The trading volume and open interest of stock index futures contracts have significant changes. For instance, the IF trading volume increased by 55.3% to 124297, and the open interest increased by 1.5% to 267331 [4]. - Yesterday, the total turnover of the Shanghai and Shenzhen stock markets was 16121 billion yuan, an increase of 1533 billion yuan from the previous day. Most industry sectors closed down, with the Internet service sector rising [4]. Group 3: Economic Data and Market Outlook - In the first half of 2025, China's GDP reached 660536 billion yuan, a year - on - year increase of 5.3%. The supply side remained strong with a 6.8% year - on - year increase in industrial added value in June, while the demand side weakened, with real estate investment from January to June falling to - 11.2% and the consumer growth rate in June dropping to 4.8% [5]. - After the economic data was released, the stock index initially weakened but then showed a "V" - shaped trend. Recently, the stock index has been less sensitive to negative news, and the market trading volume and sentiment have remained strong. In the short term, the stock index is expected to fluctuate strongly [5]. Group 4: Stock Index Futures Basis Situation - The basis rates of IF, IH, IC, and IM contracts for different delivery months are presented, including the current - month, next - month, current - quarter, and next - quarter contracts [6].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The market has shown a significant dulling in its reaction to negative news, with trading volume and sentiment remaining strong. The "asset shortage" and "national team" support have increased the willingness to allocate to equity assets, while "anti - involution" and real estate policy expectations have boosted market sentiment. However, due to the lack of substantial positive factors at home and abroad and the reduced discount advantage of stock index futures, it is advisable to be cautious about chasing the rise in the short term [7]. 3. Summary by Related Catalogs 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.42%, up 8.13bp; DR007 at 1.54%, up 6.42bp; GC001 at 1.49%, up 14.00bp; GC007 at 1.56%, up 5.50bp; SHBOR 3M at 1.56%, up 0.40bp; LPR 5 - year at 3.50%, unchanged; 1 - year treasury at 1.37%, unchanged; 5 - year treasury at 1.52%, up 0.25bp; 10 - year treasury at 1.67%, unchanged; 10 - year US treasury at 4.43%, up 8.00bp [3]. - **Central Bank Operations**: The central bank conducted 2262 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. With 1065 billion yuan of reverse repurchases maturing, the net daily injection was 1197 billion yuan. This week, 4257 billion yuan of reverse repurchases will mature, and 1000 billion yuan of MLF will mature on July 15 [3][4]. 3.2 Stock Index Futures and Spot Market - **Stock Index Futures**: IF volume was 80048, down 51.0; IF open interest was 263468, down 6.8; IH volume was 41336, down 54.4; IH open interest was down 13.2; IC volume was 66406, down 46.3; IC open interest was 227301, down 6.1; IM volume was 132782, down 50.4; IM open interest was 326601, down 8.0. The premium and discount rates of IF, IH, IC, and IM contracts in different periods are also provided [5][8]. - **Stock Index Spot**: The CSI 300 rose 0.07% to 4017.7; the SSE 50 rose 0.04% to 2757.8; the CSI 500 fell 0.1% to 6020.9; the CSI 1000 rose 0.02% to 6462.3. The trading volume of the two markets was 14588 billion yuan, a decrease of 2534 billion yuan from last Friday. Industry sectors were mostly up, with precious metals, energy metals, etc. leading the gains, and diversified finance, gaming, etc. leading the losses [6]. 3.3 Export Data - China's exports in June increased by 5.8% year - on - year in US dollars, up from 4.8% in the previous period. During the Sino - US "reciprocal tariff" suspension period in June, Sino - US foreign trade recovered significantly, with exports to the US improving by 32.44% month - on - month to 381.7 billion US dollars, and the proportion in total exports rising from 9.12% in May to 11.74%. Exports to Africa also had a good performance. However, with the implementation of reciprocal tariff measures in August, Sino - US trade may face challenges [6].

Core Viewpoint - The article discusses the complexities of market behavior, emphasizing that while short-term fluctuations may seem irrational, the market ultimately reflects underlying realities over time [2][4][15]. Group 1: Market Dynamics - The market index returning to 3300 points is puzzling, suggesting that traditional pricing models may be incomplete, as other factors like policy and market sentiment also influence stock prices [4]. - The current market is characterized by a strong influence from government policies and market emotions, which may distort typical market reactions to economic indicators [4][15]. - The sentiment among investors is shifting, with many believing that government intervention will mitigate the impacts of trade tensions, leading to a more optimistic outlook [15]. Group 2: Long-term Perspectives - Historical trends indicate that markets can recover from downturns, as seen in the aftermath of the COVID-19 pandemic, which initially led to a bull market but was followed by a bear market from 2021 to 2024 [10]. - The resilience of the market is highlighted, suggesting that despite short-term challenges, the economy shows signs of strength and adaptability [16][17]. - Investors are encouraged to focus on long-term strategies rather than short-term market timing, as the market often rewards patience and informed decision-making [3][5]. Group 3: Investor Behavior - Many investors maintain a long-term position in the market, often holding 100% of their portfolio in equities, which reduces the concern of missing out on market movements [5]. - The article suggests that a significant portion of capital is flowing into the stock market as a safer alternative to traditional business ventures, driven by the perception of lower risk [12]. - The current market environment is described as a "patriotic bull market," indicating a collective sentiment among investors to support domestic growth despite external uncertainties [8].

Group 1 - The core viewpoint of the article highlights the emergency intervention by the state-backed Central Huijin Investment in the A-share market, which aimed to stabilize the market during a significant downturn, particularly with a notable drop in the ChiNext index [1][2]. - The announcement of large-scale ETF purchases by Central Huijin during trading hours marked a rare and decisive action, signaling strong support for the market and leading to a surge in trading volume, particularly in the Huatai-PineBridge CSI 300 ETF [1][2]. - The total market value of ETFs held by Central Huijin reached 1.05 trillion yuan by the end of 2024, reflecting a 78% increase since the beginning of the year, indicating a robust strategy to support blue-chip stocks while avoiding risks associated with small-cap stocks [1][2]. Group 2 - The psychological impact of the announcement was significant, breaking market inertia and enhancing investor confidence, as it conveyed a clear message of support from the state [2]. - Central Huijin's long-term investment strategy is evident, with over 460 billion yuan added to its investments last year, and an average holding period of over three years for the ETFs purchased, showcasing a strong belief in the future of the A-share market [2][4]. - The article suggests that the recent surge in ETF trading volume could signal a market bottom, drawing parallels to past instances where similar conditions led to substantial market recoveries [4]. Group 3 - Investor sentiment remains divided, with some optimistic about potential gains from the market rebound, while others express skepticism based on past experiences with state interventions [2][4]. - Expert recommendations suggest that, despite the risks of chasing high prices, investors might consider gradually entering sectors like consumer goods and new energy, especially after significant market declines [4]. - The article notes that foreign capital showed signs of returning, with a net inflow of 2 billion yuan, and reports indicate that A-shares are becoming increasingly attractive compared to U.S. stocks [5].