FICC日报 | 2025-11-25 中美元首对话。宏观方面，国家主席习近平同美国总统特朗普通电话。习近平指出，釜山会晤以来，中美关系总 体稳定向好，受到两国和国际社会普遍欢迎，事实再次说明，中美"合则两利、斗则俱伤"是经过实践反复验证的 常识，中美"相互成就、共同繁荣"是看得见、摸得着的实景。双方要保持住这个势头，坚持正确方向，秉持平等、 尊重、互惠态度，拉长合作清单、压缩问题清单，争取更多积极进展，为中美关系打开新的合作空间。海外方面， 美联储理事沃勒表示，最新数据显示劳动力市场依然疲软，因此他主张在12月进行降息；美国旧金山联储主席、 2027年FOMC票委戴利表示，她支持在下个月降息，因为她认为就业市场突然恶化的可能性比通胀骤然上升更大， 也更难以控制。 股指收红。现货市场，A股三大指数震荡收涨，沪指涨0.05%收于3836.77点，创业板指涨0.31%。行业方面，板块 指数涨跌互现，国防军工、传媒、计算机、社会服务行业涨幅居前，石油石化、煤炭、银行、食品饮料行业跌幅 居前。当日沪深两市成交额为1.7万亿元。工信部近日印发通知，聚焦新一代信息技术、新能源、新材料、生物、 高端装备、智能网联新能源汽车 ...

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]