Report Industry Investment Rating - The investment rating for the stock index futures is to hold, for the stock index options is to hold a covered combination, and for the treasury bond futures is to expect a bullish trend with fluctuations [7][8][10] Core Viewpoints - For stock index futures, external events have concluded, leading to the release of the crowded technology funds. It is advisable to hold long positions in dividend + IM and wait for the next style switch [6][7] - For stock index options, there is a certain short - term hedging need. It is recommended to hold a covered combination to increase returns [7] - For treasury bond futures, the bond market sentiment remains bullish. The bond market is expected to fluctuate upward, especially in the mid - to - late fourth quarter [3][8][10] Summary by Relevant Catalogs Market Views Stock Index Futures - On Thursday, the Shanghai Composite Index fell after moving sideways, losing the 4000 - point mark, with trading volume slightly increasing to 2.46 trillion yuan. The conclusion of important events and the far - lower - than - expected third - quarter profits of a leading optical module company triggered profit - taking in funds. It is recommended to hold long positions in dividend + IM [7] - The current - month basis of IF, IH, IC, and IM closed at - 8.51 points, - 0.01 points, - 34.51 points, and - 46.68 points respectively, changing by - 4.07 points, - 2.59 points, 5.86 points, and 2.83 points compared to the previous trading day [6] - The inter - delivery spread (current month - next month) of IF, IH, IC, and IM was 11.4 points, 1.6 points, 52.2 points, and 74 points respectively, with a month - on - month change of 0.6 points, 0.8 points, 1.6 points, and 0.8 points [6] - The positions of IF, IH, IC, and IM changed by 12176 lots, 7069 lots, 7396 lots, and 20311 lots respectively [6] Stock Index Options - The underlying market fluctuated in the morning and declined across the board in the afternoon. The Shanghai 500ETF fell 1.28%, and the CSI 1000 fell 1.11%. The trading volume of the options market was 1.1571 billion yuan, a 32.80% increase from the previous day [2][7] - The put - holding ratios of the 500ETF and ChiNext ETF, which were high the previous day, declined. The skewness of each variety showed an upward trend, and short - term hedging intensity may increase. It is recommended to hold a covered combination [2][7] Treasury Bond Futures - Most of the main contracts of treasury bond futures rose. As of the close, the T, TF, TS, and TL main contracts changed by 0.05%, 0.00%, - 0.01%, and 0.19% respectively. The central bank's net injection of 130.1 billion yuan through 7 - day reverse repurchase operations continued to keep the capital market loose [3][8] - The US will cancel the 10% "fentanyl tariff" on Chinese goods and continue to suspend the 24% reciprocal tariff for one year. The stock - bond seesaw effect supported the performance of long - term bonds in the afternoon. The central bank's restart of treasury bond trading will be beneficial to the bond market in the short term [3][8][10] - The current - quarter trading volumes of T, TF, TS, and TL were 68993 lots, 54366 lots, 33991 lots, and 128226 lots respectively, with a one - day change of - 22365 lots, - 44952 lots, - 22127 lots, and 2790 lots. The open interests were 245110 lots, 149269 lots, 73541 lots, and 144078 lots respectively, with a one - day change of - 1169 lots, 160 lots, 2319 lots, and - 1963 lots [8] - The current - quarter to next - quarter spreads of T, TF, TS, and TL were 0.320 yuan, 0.105 yuan, 0.062 yuan, and 0.270 yuan respectively, with a one - day change of - 0.010 yuan, - 0.025 yuan, - 0.024 yuan, and - 0.040 yuan [8] - The current - quarter spreads of TF*2 - T, TS*2 - TF, TS*4 - T, and T*3 - TL were 103.500 yuan, 99.043 yuan, 301.586 yuan, and 209.740 yuan respectively, with a one - day change of - 0.070 yuan, - 0.039 yuan, - 0.148 yuan, and - 0.140 yuan [8] - The current - quarter basis of T, TF, TS, and TL were 0.116 yuan, - 0.033 yuan, - 0.066 yuan, and 0.229 yuan respectively, with a one - day change of 0.149 yuan, 0.054 yuan, 0.021 yuan, and 0.011 yuan [8] Economic Calendar - On October 27, 2025, China's year - on - year growth rate of industrial enterprise profits above designated size in September was 21.6%, higher than the previous value of 20.4% [11] - On October 27, 2025, the year - on - year growth rate of the eurozone's seasonally adjusted money supply M3 in September was 2.8%, lower than the previous value of 2.9% [11] - On October 29, 2025, the month - on - month rate of the seasonally adjusted pending home sales index in the US in September was 0%, lower than the previous value of 4% [11] - On October 30, 2025, the upper limit of the US federal funds rate target in October was 4%, down from the previous value of 4.25% [11] Important Information and News Tracking - In Sino - US trade, the US will cancel the 10% "fentanyl tariff" on Chinese goods and continue to suspend the 24% reciprocal tariff for one year. Both sides will adjust relevant export control measures and extend some tariff exclusion measures [12] - In environmental protection, the Ministry of Commerce issued an implementation opinion on expanding green trade, aiming to promote the green and low - carbon development of logistics [13] - In the anti - involution of the steel industry, Henan Province issued an action plan for the quality improvement and upgrading of the steel industry, focusing on enterprise restructuring and integration [13]