Group 1: Report Overview - Report Title: Stock Index Futures Daily Report [1] - Date: November 25, 2025 [1] - Analyst: Liao Chenyue [1] - Investment Advisory License Number: Z0022951 [1] - Investment Advisory Business Qualification: CSRC License [2011] No. 1290 [1] Group 2: Market Review - The stock index showed strong performance today. The CSI 300 Index closed up 0.95%. [2] - The trading volume of the two markets rebounded by 84.374 billion yuan. [2] - Among stock index futures, IC rose with increasing volume, while the rest rose with decreasing volume. [2] Group 3: Important Information - Chinese President had a phone call with US President Trump, emphasizing that "cooperation benefits both, while confrontation hurts both" and highlighting the importance of Taiwan's return to China in the post - war international order. The two leaders also discussed the Ukraine crisis. [3] - Waller, a Fed governor and a leading candidate for Fed Chair, is mainly worried about the labor market and advocates a rate cut in December. Daly, the former San Francisco Fed President who usually followed Powell, also supports a December rate cut due to concerns about a sudden deterioration in the labor market. [3] - Japan plans to deploy offensive weapons on the south - western islands near Taiwan. China's Foreign Ministry responded that this move is extremely dangerous and requires high - level vigilance. [3] Group 4: Core View - Fed officials' dovish remarks last night increased the probability of a December rate cut to over 80%, supporting the repair of the stock index valuation. The positive signals from the China - US call also restored market risk appetite, leading to a higher - opening and higher - closing stock index today. [4] - However, the Sino - Japanese issue remains unresolved. Although the trading volume of the two markets increased slightly, it was still below 2 trillion yuan, and the collective deepening of the discount of stock index futures indicates cautious market sentiment. [4] - In the short term, the stock index is expected to be strong driven by the expectation of loose liquidity and gradually fill the previous gap. Future trends depend on external changes. If Sino - Japanese relations ease and the US PCE price index meets or is lower than market expectations, the stock index may continue to strengthen; otherwise, it is expected to continue to fluctuate after a phased rebound. [4] Group 5: Strategy Recommendation - Hold positions and wait and see. [4] Group 6: Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.66 | 0.35 | 0.85 | 0.85 | | Trading volume (10,000 lots) | 10.8933 | 4.3866 | 13.4717 | 21.3192 | | Trading volume change (10,000 lots) | - 0.4758 | - 0.0889 | 0.2797 | - 1.0643 | | Open interest (10,000 lots) | 26.4574 | 8.8482 | 25.8131 | 36.7936 | | Open interest change (10,000 lots) | - 0.3977 | - 0.0977 | 0.5282 | - 0.9256 | [4] Group 7: Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.87 | | Shenzhen Component Index change (%) | 1.53 | | Ratio of rising to falling stocks | 4.33 | | Trading volume of the two markets (billion yuan) | 1812.147 | | Trading volume change (billion yuan) | 84.374 | [6]

市场回顾 今日股指集体收涨，以沪深300指数为例，收盘上涨1.21%。从资金面来看，两市成交额回升969.28亿元。期 指均缩量上涨。 重要资讯 股指期货日报 2025年11月13日 廖臣悦(投资咨询证号：Z0022951) 投资咨询业务资格:证监许可【2011】1290号 放量上涨但持续性有待观察，关注明日国内经济数据公布情况 1. 证监会副主席李明：坚决防止市场大起大落、急涨急跌。 2. 特朗普签署临时拨款法案，美政府结束"停摆"。 核心观点 临时拨款法案通过，美国政府结束为期43天的停摆，提振市场情绪，今日股指放量走强。不过我们认为单纯 情绪面驱动难有较强持续性，同时从期指基差来看，今日IF、IH、IC合约成交量加权平均基差均回落，IM成 交量加权平均基差虽持续回升，但当季、下季合约基差贴水加深，持仓量下跌，表明整体多头离场意愿增 强，可见市场情绪并没有完全好转。关注明天将公布的国内经济数据，若整体向好，进一步强化经济修复逻 辑，提振盈利预期，将推动股指从"震荡筑底"向"估值修复"过渡；若无明显亮点，维持弱复苏态势，预 计股指将延续震荡格局。 策略推荐 持仓观望 股指日报期指市场观察 | | IF | ...

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - The report holds a positive view on the stock index. In the short - term, the stock index is expected to be volatile and strong, and in the medium - term, it is expected to rise. The overall reference view is also a rise. The main reasons include positive investor sentiment, policy support, and the inflow of incremental funds [1][5]. 3. Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is "volatile", the medium - term view is "rise", the intraday view is "volatile and strong", and the overall reference view is "rise". The core logic is that the positive policy expectations provide strong support [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Last Friday, all stock indexes rose significantly, with a gain of over 2%. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.5788 trillion yuan, an increase of 87.2 billion yuan from the previous day. The stock trading volume has exceeded 2 trillion yuan for multiple consecutive days, indicating positive investor sentiment [5]. - **Policy Support**: Policy expectations strongly support the stock index. Anti - involution policies and consumption - promotion policies optimize the supply - demand structure from the supply and demand sides, promote a moderate recovery of the price index, and help repair corporate profits, driving a positive cycle [5]. - **Funding Aspect**: The current funding situation is loose, and the yield of fixed - income assets is low. There is a strong demand for wealth management funds to transfer to high - yield assets, which will bring continuous incremental funds to the stock market. The significant year - on - year increase in non - bank deposit data in July reflects this trend [5].