Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the significant decline in external demand in October, which supported GDP in the first three quarters, is expected to drag down the Q4 economic fundamentals and have a certain negative impact on the stock market sentiment. Currently, after the disclosure of A-share Q3 reports and with no important domestic meetings scheduled within the month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to show a random walk, and stock index futures will maintain volatility. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Contract Data - **IF Contracts**: The latest price of the IF (2512) main contract is 4672.0, up 13.0 from the previous period; the IF (2511) sub - main contract is 4686.2, up 13.2. The IF - IH monthly contract spread is 1631.4, down 2.8; IF's quarterly - to - monthly spread for the current quarter is - 46.2, up 0.6, and for the next quarter is - 90.8, down 4.8. The net position of the top 20 in IF is - 26,057.00, down 1661.0 [2]. - **IH Contracts**: The latest price of the IH (2512) main contract is 3054.0, up 13.8; the IH (2511) sub - main contract is 3054.8, up 13.6. The IH quarterly - to - monthly spread for the current quarter is - 5.2, down 1.0, and for the next quarter is - 11.2, unchanged. The net position of the top 20 in IH is - 14,565.00, down 343.0 [2]. - **IC Contracts**: The latest price of the IC (2512) main contract is 7235.8, up 5.0; the IC (2511) sub - main contract is 7302.8, up 10.4. The IC - IF monthly contract spread is 2616.6, down 2.4; the IC - IH monthly contract spread is 4248.0, down 5.2. The IC quarterly - to - monthly spread for the current quarter is - 237.8, down 7.2, and for the next quarter is - 428, down 11.0. The net position of the top 20 in IC is - 21,784.00, down 2150.0 [2]. - **IM Contracts**: The latest price of the IM (2512) main contract is 7421.0, up 9.4; the IM (2511) sub - main contract is 7508.8, up 16.2. The IM - IC monthly contract spread is 206.0, up 4.6; the IM - IF monthly contract spread is 2822.6, up 2.2; the IM - IH monthly contract spread is 4454.0, down 0.6. The IM quarterly - to - monthly spread for the current quarter is - 309.6, down 7.2, and for the next quarter is - 524.6, down 6.2. 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