Group 1: Report Overview - The report is the stock index futures morning report of Baocheng Futures on November 3, 2025, covering the financial futures stock index sector [1] Group 2: Investment Ratings - Not provided Group 3: Core Views - The short - term view of IH2512 is shock, the medium - term view is rising, the intraday view is shock - biased - strong, and the overall view is wide - range shock. The core logic is the game between the profit - taking willingness of funds and the expectation of policy benefits [1] - For IF, IH, IC, and IM, the intraday view is shock - biased - strong, the medium - term view is rising, and the reference view is wide - range shock. The core logic is that the future trend depends on the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of funds, and the stock index will mainly show wide - range shock in the short term [4] Group 4: Summary by Related Content Variety View Reference - For IH2512, short - term: shock; medium - term: rising; intraday: shock - biased - strong; view reference: wide - range shock; core logic: the game between the profit - taking willingness of funds and the expectation of policy benefits [1] Main Variety Price Market Driving Logic - On Friday, the stock indexes showed shock and differentiation, with only IM slightly rising and others falling. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2464.3 billion yuan, an increase of 173.6 billion yuan from the previous day. The trading volume continued to increase, and there were more falling stocks than rising ones, indicating rising fear of high prices and increased profit - taking willingness of funds. With the marginal decrease of the impact of the mitigation of external uncertainties and less incremental policy expectations in November, the increase in stock valuation has led to increased profit - taking demand, and the stock index needs a technical adjustment. The future trend depends on the game between policy benefit expectations and profit - taking rhythms, and the stock index will mainly be in wide - range shock in the short term [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly [1][5] - The subsequent trend of the stock index focuses on the game between the fermentation rhythm of policy - positive expectations and the stop - profit rhythm of profit - making funds [5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term is upward, the intraday is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the conflict between short - term funds' stop - profit willingness and the fermentation of medium - and long - term policy - positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation [5] - The core logic is that yesterday, each stock index opened and closed higher, with the whole - day trading volume of 2671.8 billion yuan in the Shanghai, Shenzhen, and Beijing stock markets, 474.6 billion yuan more than the previous trading day. The Shanghai Composite Index broke through 3900 points and reached a new high in nearly 10 years. External risk factors during the holiday had limited impact on A - shares, domestic consumption data was good, funds flowed back into the stock market after the holiday, and the policy - positive expectations of the important meeting in October continued to ferment, significantly increasing the risk preference of the stock market. However, the profit - repair expectations of enterprises were under pressure due to the slow repair of price indexes, and the stop - profit willingness of profit - making funds increased after the significant rise in the stock valuation. The performance of small - cap stocks that had risen significantly before was not as good as that of mid - cap stocks recently [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating. The core logic is the game between short - term capital profit - taking willingness and long - term policy benefit expectation fermentation [1][5] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term capital profit - taking willingness and long - term policy benefit expectation fermentation [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. Yesterday, each stock index oscillated and declined, with the whole - day trading volume of 316.66 billion yuan in the Shanghai, Shenzhen, and Beijing stock markets, an increase of 76.37 billion yuan compared with the previous day. The short - term decline is due to large previous increases, significant valuation increases, and insufficient confidence of investors to chase up. In the long - term, there is strong support from macro - policy benefits and net capital inflows. The key window period for policy introduction is expected to be in October. However, due to significant valuation increases of some stocks, there is still profit - taking pressure, resulting in short - term technical adjustment pressure on the stock index. The follow - up focus is on the game between capital profit - taking rhythm and policy expectation fermentation [5]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - The short - term view of the stock index futures is that the market funds are divided, and the stock index is expected to maintain a wide - range shock. The medium - term and reference views are that the stock index will rise. The core logic includes policy support, high trading volume, risk - preference inclination, policy - driven optimization of supply - demand structure, and continuous inflow of incremental funds [1][5]. Group 3: Summary According to Related Contents 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is shock, the medium - term view is upward, the intraday view is shock - biased upward, and the reference view is upward. The core logic is that the positive policy expectations provide strong support [1]. 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is shock - biased upward, the medium - term view is upward, and the reference view is upward. Yesterday, the stock index trends were divided, with IH and IF in shock consolidation and IC and IM in shock decline. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2912.4 billion yuan, an increase of 134.8 billion yuan from the previous day. There is a risk of technical adjustment for IC and IH due to profit - taking. However, the trading volume remains high, the risk - preference is positive, and the upward logic of the stock market in the medium - to - long term still exists. Policies promote the optimization of the supply - demand structure, and the continuous inflow of incremental funds drives the repair of stock valuations [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is that it will fluctuate strongly, and the medium - term view is that it will rise. The reference view is also a rise. The policy - end positive expectations provide strong support, and investors' risk preference is actively optimistic [1][5] Group 3: Summary According to Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term is oscillating, the medium - term is rising, the intraday is oscillating strongly, and the overall view is rising, with policy - end positive expectations as the core support [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index oscillated and rose, with IC and IM having the highest increases. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 175.91 billion yuan, an increase of 14.33 billion yuan from the previous day. External risk factors are easing, domestic economic data shows resilience, and the stock market risk preference is high. The trading volume is above 1.5 trillion yuan, and the margin balance exceeds 2 trillion yuan with continuous net buying of margin - trading funds, indicating strong investor confidence. Although the expectation of short - term policy intensification has weakened, policy support expectations still exist [5]