1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Due to the weak employment market, Fed officials' remarks were dovish, and the market's expectation of a December rate cut has increased. The Sino-US presidential dialogue boosted market sentiment, leading to gains in the three major US stock indexes. The domestic market showed a trend of bottoming out and rebounding. As the accumulated market sentiment is gradually released, it is expected to start a volatile upward trend. The specific pace still needs to focus on policy dynamics [3] 3. Summary by Relevant Catalogs Market Analysis - **Macro and Overseas**: The Sino-US presidents had a dialogue, and Fed officials believed the labor market was weak and advocated a December rate cut [1] - **Spot Market**: A-share and US stock indexes closed higher. The defense and military, media, computer, and social service sectors led the gains, while the petroleum and petrochemical, coal, banking, and food and beverage sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets was 1.7 trillion yuan. The Ministry of Industry and Information Technology launched the creation of national emerging industry development demonstration bases [2] - **Futures Market**: The degree of futures index discount narrowed, and the trading volume and open interest of stock index futures decreased simultaneously [2] Strategy - Overseas, due to the weak employment market, Fed officials' remarks were dovish, increasing the market's expectation of a December rate cut. The Sino-US presidential dialogue boosted market sentiment, and the three major US stock indexes closed higher. The domestic market showed a trend of bottoming out and rebounding, and is expected to start a volatile upward trend. The specific pace still needs to focus on policy dynamics [3] Macro Economic Charts - The charts include the relationship between the US dollar index and A-share trends, the US Treasury yield and A-share trends, the RMB exchange rate and A-share trends, and the US Treasury yield and A-share style trends [7][8] Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: On November 24, 2025, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.37%, the ChiNext Index rose 0.31%, the CSI 300 Index fell 0.12%, the SSE 50 Index fell 0.18%, the CSI 500 Index rose 0.76%, and the CSI 1000 Index rose 1.26% [13] - **Other Charts**: Include the trading volume of the Shanghai and Shenzhen stock markets and the margin balance [14] Futures Market Tracking Charts - **Futures Index Position and Volume**: The trading volume and open interest of stock index futures decreased simultaneously. For example, the trading volume of the IF contract decreased by 52,863, and the open interest decreased by 7,338 [16] - **Futures Index Basis**: The basis of stock index futures showed certain changes. For example, the basis of the IF contract's current-month contract was -12.85, with a change of -40.44 [41] - **Futures Index Inter - Period Spread**: The inter - period spread of stock index futures also changed. For example, the spread between the next - month and current - month contracts of the IF contract was -15.80, with a change of +37.00 [48]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Market concerns about the adverse impact of large - scale tax cuts and weak demand for the 20 - year US Treasury bond auction led to a significant rise in long - term yields and a sharp decline in US stock indices. Multiple departments issued policies to support small and micro - enterprise financing, aiming to ease their financing difficulties and stabilize market expectations. It is expected that the stock index will continue its recovery trend [1][2][3] Summary by Directory 1. Market Analysis - Policy support for small and micro - enterprises: Eight departments including the Financial Regulatory Administration jointly issued measures to increase the supply of various types of loans, guide banks to manage loan interest rates, and reduce additional loan fees. Overseas, a new tax bill extended Trump's tax - cut policies and cut government spending, causing concerns about increased federal debt. The 20 - year US Treasury bond auction had poor results, indicating weak market demand [1] - Stock index performance: A - share indices rose. The Shanghai Composite Index increased by 0.21% to 3387.57 points, and the ChiNext Index rose by 0.83%. Coal, non - ferrous metals, and power equipment sectors led the gains, while beauty care, electronics, media, and social services sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was around 1.2 trillion yuan. US stock indices fell, with the Dow Jones Industrial Average dropping 1.91% to 41860.44 points. In the futures market, only the basis of IH recovered, the trading volume of IF increased, and the open interest of IC rose [2] 2. Strategy - The market's concerns about the tax bill and weak Treasury bond auction demand led to a decline in US stocks. The policies for small and micro - enterprises are expected to help the stock index continue to recover [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury bond yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury bond yields and A - share style trends [6][11][10] 4. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on May 21, 2025. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all increased, with daily increases of 0.21%, 0.44%, and 0.83% respectively [13] 5. Futures Market Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. The trading volume of IF increased, and the open interest of IC rose [15] - Table 3 shows the basis of stock index futures. Only the basis of IH recovered on the day [35] - Table 4 shows the inter - delivery spread of stock index futures [40]