Report Industry Investment Rating - Not provided in the report Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity - based assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme in the current upward market trend, considering the potential increase in Q4's growth - stabilizing policies and the resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **Futures Price and Volume**: For IF contracts, the previous day's closing prices of IF current month, next month, next quarter, and far - quarter were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80 and increases of 1.50%, 1.49%, 1.37%, and 1.48%. Similar data are provided for IH, IC, and IM contracts. The trading volumes and open interests of each contract are also presented, along with the changes in open interests [1] - **Inter - month Spread**: The current values of the inter - month spreads of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month are - 13.60, 0.20, - 52.00, and - 71.20 respectively, compared with previous values of - 12.80, - 0.80, - 51.40, and - 69.80 [1] 2. Stock Index Spot Market - **Index Performance**: The previous value of the CSI 300 index was 4660.68, with a previous two - day value of 4606.34 and an increase of 1.18%. Similar data are provided for the SSE 50, CSI 500, and CSI 1000 indices. The total trading amounts and trading volumes are also given [1] - **Industry Performance**: Different industries showed different growth rates. For example, the energy industry decreased by 0.42%, while the telecommunications business increased by 5.50% [1] 3. Futures - Spot Basis - The previous values of the basis of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively, compared with previous two - day values of - 12.74, - 25.54, - 52.54, and - 89.54. Similar data are provided for IH, IC, and IM contracts [1] 4. Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index had previous values of 3950.31, 13289.18, 8139.58, and 3171.57 respectively, with increases of 0.71%, 2.02%, 1.81%, and 3.57% [1] - **Overseas Indices**: The Hang Seng Index, Nikkei 225, S&P, and DAX Index had certain previous values and growth rates, such as the Hang Seng Index increasing by 0.74% [1] 5. Macroeconomic Information - **Sino - US Economic and Trade Consultation**: From October 25th to 26th, Sino - US economic and trade consultations were held in Kuala Lumpur, Malaysia. The two sides reached a basic consensus on important economic and trade issues [2] - **Central Bank Operations**: The People's Bank of China carried out 900 billion yuan of MLF operations on October 27th, with a net investment of 200 billion yuan this month. It also conducted 1.7 trillion yuan of outright reverse repurchases, resulting in a net investment of 400 billion yuan after hedging the matured ones. The total net investment of medium - term liquidity this month is 600 billion yuan [2] - **APEC Meeting**: President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in South Korea from October 30th to November 1st [2] 6. Industry Information - **Fund Industry**: The draft regulatory guidelines for the performance comparison benchmarks of public funds may be released soon. As of October 26th, 176 funds have adjusted their performance comparison benchmarks this year [2] - **Banking Industry**: Since October, many banks have raised the minimum investment threshold for gold accumulation. Short - term gold price fluctuations may become the norm [2] - **Power Industry**: As of the end of September, the cumulative installed power generation capacity in China was 3.72 billion kilowatts, with solar power and wind power showing significant year - on - year growth [2]