1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - After high - level fluctuations 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 assets. With the Fed's rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In the fourth quarter, the market style may return to value and be more balanced compared to the third quarter [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4539.60, 4495.80, 4485.20, and 4463.00 respectively, and the previous day's closing prices were 4519.80, 4506.80, 4482.00, and 4447.20 respectively. The price changes were - 20.06, 9.40, - 2.60, and - 15.80 respectively, with corresponding changes in the CSI 300 index of - 0.44, 0.21, - 0.06, and - 0.35. The trading volumes were 25145.00, 71457.00, 12171.00, and 3514.00 respectively, and the positions were 40679.00, 156399.00, 56967.00, and 3406.00 respectively. The changes in positions were 40679.00, 112532.00, - 106267.00, and - 55287.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2983.00, 2964.20, 2963.00, and 2963.60 respectively, and the previous day's closing prices were 2972.00, 2970.40, 2972.00, and 2969.80 respectively. The price changes were - 11.27, 7.40, 10.40, and 7.20 respectively, with corresponding changes in the SSE 50 index of - 0.38, 0.25, 0.35, and 0.24. The trading volumes were 13161.00, 34271.00, 4201.00, and 986.00 respectively, and the positions were 14994.00, 60464.00, 13478.00, and 956.00 respectively. The changes in positions were 14994.00, 44254.00, - 54024.00, and - 13254.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 7064.00, 6922.40, 6863.20, and 6702.00 respectively, and the previous day's closing prices were 6972.00, 6909.20, 6747.40, and 6567.00 respectively. The price changes were - 92.34, - 12.60, - 117.60, and - 136.60 respectively, with corresponding changes in the CSI 500 index of - 1.31, - 0.18, - 1.71, and - 2.04. The trading volumes were 28764.00, 81712.00, 17991.00, and 6366.00 respectively, and the positions were 48948.00, 135493.00, 52568.00, and 6207.00 respectively. The changes in positions were 48948.00, 82817.00, - 87905.00, and - 47231.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 7230.20, 7100.00, 7020.80, and 6805.00 respectively, and the previous day's closing prices were 7137.60, 7059.20, 6841.60, and 6637.40 respectively. The price changes were - 92.73, - 44.80, - 182.60, and - 170.60 respectively, with corresponding changes in the CSI 1000 index of - 1.28, - 0.63, - 2.60, and - 2.51. The trading volumes were 44989.00, 143577.00, 28288.00, and 11429.00 respectively, and the positions were 71066.00, 189654.00, 82550.00, and 11067.00 respectively. The changes in positions were 71066.00, 112051.00, - 116798.00, and - 76204.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 13.00, - 1.60, - 62.80, and - 78.40 respectively, while the previous values were - 43.80, - 18.80, - 141.60, and - 130.20 respectively [1] 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300 index had a previous value of 4538.22, a previous two - day value of 4514.23, and a change rate of 0.53. The SSE 50 index had a previous value of 2974.86, a previous two - day value of 2967.77, and a change rate of 0.24. The CSI 500 index had a previous value of 7069.64, a previous two - day value of 7016.07, and a change rate of 0.76. The CSI 1000 index had a previous value of 7239.18, a previous two - day value of 7185.48, and a change rate of 0.75 [1] - **Industry Performance**: Among different industries, the energy, industrial, optional consumption, pharmaceutical and healthcare, real estate and finance, information technology, and telecommunications industries had positive change rates of 1.98%, 0.93%, 0.99%, 0.15%, 0.15%, 0.98%, and 3.21% respectively, while the raw materials, major consumption, and public utilities industries had negative change rates of - 1.17%, - 0.48%, and - 0.05% respectively [1] 3.3 Basis between Futures and Spot - **IF Contracts**: The basis between IF contracts (current month, next month, next quarter, and far - quarter) and the CSI 300 index had previous values of - 18.42, - 31.42, - 56.22, and - 91.02 respectively, and previous two - day values of 25.37, - 18.43, - 29.03, and - 51.23 respectively [1] - **IH Contracts**: The basis between IH contracts (current month, next month, next quarter, and far - quarter) and the SSE 50 index had previous values of - 2.86, - 4.46, - 2.86, and - 5.06 respectively, and previous two - day values of 15.23, - 3.57, - 4.77, and - 4.17 respectively [1] - **IC Contracts**: The basis between IC contracts (current month, next month, next quarter, and far - quarter) and the CSI 500 index had previous values of - 97.64, - 160.44, - 322.24, and - 502.64 respectively, and previous two - day values of 47.93, - 93.67, - 152.87, and - 314.07 respectively [1] - **IM Contracts**: The basis between IM contracts (current month, next month, next quarter, and far - quarter) and the CSI 1000 index had previous values of - 101.58, - 179.98, - 397.58, and - 601.78 respectively, and previous two - day values of 44.72, - 85.48, - 164.68, and - 380.48 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index had previous values of 3863.89, 12813.21, 7870.96, and 2993.45 respectively, previous two - day values of 3839.76, 12688.94, 7815.57, and 2935.37 respectively, and change rates of 0.63%, 0.98%, 0.71%, and 1.98% respectively [1] - **Overseas Indexes**: The Hang Seng Index, Nikkei 225, S&P Index, and DAX Index had previous values of 25858.83, 47582.15, 6735.13, and 24258.80 respectively, previous two - day values of 25247.10, 48277.74, 6664.01, and 23830.99 respectively, and change rates of 2.42%, - 1.44%, 1.07%, and 1.80% respectively [1] 3.5 Macroeconomic Information - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China started on October 20 in Beijing. China and the US are about to return to the negotiation table. The GDP in the first three quarters of China increased by 5.2% year - on - year. In September, the added value of large - scale industries increased by 6.5% year - on - year, and the total retail sales of consumer goods increased by 3%. The national fixed - asset investment in the first three quarters decreased by 0.5% year - on - year, and the per - capita disposable income of residents was 32,509 yuan, with a real increase of 5.2% after deducting price factors. The housing prices in 70 cities decreased month - on - month, and the year - on - year decline continued to narrow. The 1 - year and 5 - year LPRs in October remained unchanged for the fifth consecutive month [2] 3.6 Industry Information - The Ministry of Industry and Information Technology emphasized the implementation of the work plan for stabilizing growth in the building materials industry. The transfer fees of residential land in 300 cities increased by 12% year - on - year in the first three quarters, but the transaction area decreased by 8%. China's wind power installation targets were comprehensively raised. As of the end of September, the total number of electric vehicle charging infrastructure in China reached 18.063 million, a year - on - year increase of 54.5%. In September, the production of raw coal decreased by 1.8% year - on - year, the production of crude oil increased by 4.1%, the production of natural gas increased by 9.4%, and the production of crude steel and pig iron reached new lows since December 2023 [2]