1. Report Industry Investment Ratings - Futures: Bullish [7] - Options: Neutral [7] - Bonds: Bullish [7] 2. Core Views - Futures: The market is in a consolidation phase, with limited downside potential due to policy support and potential inflows of funds. A dumbbell strategy is recommended, with a shift to growth stocks once trading volume recovers [7]. - Options: Volatility continues to decline, and the overall outlook remains positive. Consider covered call or bull spread strategies [7]. - Bonds: Bullish sentiment prevails. The central bank's decision to resume trading in government bonds is expected to support the bond market in the short term, and the potential implementation of additional quantitative tools could further boost the market in the second half of the fourth quarter [7]. 3. Summary by Directory 3.1 Market Views - **Futures** - Base spreads for IF, IH, IC, and IM decreased, while inter - period spreads changed. Open interest decreased across the board [7]. - The Shanghai Composite Index faced resistance at the 4000 - point level, but the decline was mainly due to the release of overcrowded funds. A dumbbell strategy is recommended, and the shift to growth stocks depends on volume recovery. The central bank's decision to resume trading in government bonds has increased the attractiveness of dividend - paying stocks [7]. - Recommended strategy: Long dividend ETFs and IM futures [7]. - **Options** - The underlying market was volatile, with a decline in trading volume and liquidity. The PCR ratio increased, indicating that sellers remain optimistic. Volatility declined, especially at the out - of - the - money end [7]. - Recommended strategy: Covered call or bull spread [7]. - **Bonds** - Trading volume and open interest increased for TF, TS, and TL, while T decreased. Inter - period spreads and basis spreads changed [7]. - The central bank's net injection of funds through reverse repurchase operations helped maintain a balanced liquidity situation. The market's reaction to the central bank's decision to resume trading in government bonds led to a bullish sentiment in the bond futures market, with a divergence in the cash bond market. The short - term outlook for the bond market is positive, and the implementation of additional quantitative tools could further support the market [7]. - Recommended strategies: Trend strategy - bullish; Hedging strategy - short - hedge at low basis levels; Basis strategy - long - end arbitrage opportunities; Curve strategy - consider curve steepening [7]. 3.2 Economic Calendar - China's industrial profits in September increased by 21.6% year - on - year, compared to 20.4% in the previous period [9]. - The annual growth rate of the eurozone's M3 money supply in September was 2.8%, down from 2.9% [9]. - Upcoming data releases include the US existing home sales index in September, the US federal funds rate target in October, Japan's unemployment rate in September, China's official manufacturing PMI in October, and the eurozone's HICP annual rate in October [9]. 3.3 Important Information and News Tracking - **15th Five - Year Plan**: The plan aims to improve the income distribution system, increase residents' property income, and promote a more equitable distribution of wealth [10]. - **Regulatory Rules**: The central bank will continue to prevent and resolve financial risks, support the debt restructuring of financing platforms, and promote the healthy development of the real estate market [11]. - **Pharmaceutical Industry**: The 11th batch of national drug procurement results were announced. Despite intense competition, a relatively high winning rate was maintained through various measures [11]. 3.4 Derivatives Market Monitoring - **Futures**: No specific data was provided in the given text [12]. - **Options**: No specific data was provided in the given text [16]. - **Bonds**: No specific data was provided in the given text [28].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View Stock index options' implied volatility is stable, and investors can consider selling strangles [2]. 3. Summary Based on Relevant Contents Market Data Statistics - **Underlying Market**: The closing prices of major indexes and ETFs mostly declined. For example, the Shanghai Composite 50 Index closed at 3050.42, down 19.11 points; the CSI 300 Index closed at 4691.97, down 24.05 points [3]. - **Option Market**: The trading volume of most options decreased, while the open interest increased. For instance, the trading volume of SSE 50 Index Options was 33,391, down 6,263; the open interest was 64,084, up 1,381 [3]. - **Option Volatility**: The ATM - IV of most options showed different degrees of change. For example, the ATM - IV of SSE 50 Index Options (near - month) was 15.14%, down 0.33% [6]. Option - Specific Analysis - **SSE 50 Index Options**: Multiple charts are provided, including the volatility chart, PCR chart, and volatility cone chart, to show the option's volatility, contract ratio, and volatility range over different periods [10][11]. - **CSI 300 Index Options**: Similar to SSE 50 Index Options, multiple charts are used to analyze its volatility, contract ratio, and other features [14][16]. - **CSI 1000 Index Options**: The report presents charts to analyze its volatility, PCR, and volatility term structure [19][20][21]. - **ETF Options**: Options such as SSE 50 ETF Options, Huatai - Berry 300 ETF Options, and others are analyzed through various charts, including volatility, PCR, and volatility cone charts [23][24][30].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report analyzes the market conditions of various financial and commodity futures, including financial derivatives (financial futures, precious metals), shipping indices, and multiple commodity futures (non - ferrous metals, black metals, agricultural products, energy chemicals, etc.). It provides insights into market trends, influencing factors, and offers corresponding operation suggestions based on the analysis of each sector. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The macro sentiment improved, and stock indices rose across the board. A - shares opened higher and increased in volume. The four major stock index futures rose with the index, and the basis premium narrowed. The market was boosted by domestic economic data and Sino - US trade talks. It is recommended to try light - selling put options at support levels or construct bullish call spreads [2][3][4]. - **Treasury Futures**: The expectation of loose monetary policy strengthened, and the futures were expected to rise. Although the futures closed down, the speech at the Financial Street Forum released a signal of loose money. It is expected that the futures will open higher, and it is recommended to go long on dips and pay attention to the cash - and - carry arbitrage strategy [5][6][7]. Precious Metals - **Gold and Silver**: The risk - aversion sentiment subsided, and the market awaited the Fed's decision. The prices of gold and silver fell. In the short term, the market may be volatile, but in the long term, precious metals are expected to have a bull market. It is recommended to buy gold at low prices below $4000 [8][9]. Shipping Index - **Container Shipping Index (European Line)**: The futures market was volatile and declined, mainly affected by the reduction of quotations by MSC. However, the SCFIS European line index continued to rise, so a cautious bullish attitude is maintained. It is recommended to go long on the December contract on dips [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: Sino - US reached a preliminary consensus, and copper prices reached a new high. The macro environment and supply - demand fundamentals supported the price increase. It is recommended to focus on the support at around 86,000 yuan [13][14][17]. - **Alumina**: The spot trading activity increased, but the short - term oversupply situation was difficult to change. The supply was abundant, while the demand was weak. It is expected that the price will be under pressure, and the main contract will fluctuate between 2,750 - 2,950 yuan [17][18][19]. - **Aluminum**: The price was strong, and the spot discount widened. The macro environment was mixed, and the fundamentals were in a tight balance. It is expected that the price will remain in a strong and volatile range of 20,800 - 21,400 yuan [20][21]. - **Aluminum Alloy**: The price followed aluminum and was volatile and strong. The cost support was obvious, and the supply - demand was in a tight balance. It is recommended that the main contract operate in the range of 20,300 - 20,900 yuan [22][23]. - **Zinc**: The price rose slightly due to the squeeze on LME zinc and macro - level benefits. The supply was loose but the subsequent increase might be limited, and the demand was stable. It is expected to be in a range of 21,800 - 22,800 yuan [24][25][27]. - **Tin**: Supported by strong fundamentals, the price was strong. The supply was tight, and the demand was weak. It is recommended to wait and see, and the price is expected to be in a wide - range fluctuation [27][29][30]. - **Nickel**: The price was volatile, and the fundamentals were weak during the policy window period. The production was high, the demand was average, and the inventory was increasing. It is expected to fluctuate in the range of 120,000 - 128,000 yuan [30][31][32]. - **Stainless Steel**: The price was mainly volatile, and the fundamentals were weak. The raw material cost support was weakening, the supply was increasing, and the demand was not significantly boosted. It is expected to operate in the range of 12,500 - 13,000 yuan [34][35][36]. - **Lithium Carbonate**: The price was strong, and the strong demand was gradually realized. The supply - demand gap was expanding in the peak season. It is expected to run strongly, and the main contract is recommended to operate in the range of 80,000 - 84,000 yuan [37][38][41]. Black Metals - **Steel**: The apparent demand for steel recovered, and the price rose with coking coal. The cost was supported, the supply was affected by environmental protection, the demand was expected to be supported by policies, and the inventory decreased. It is recommended to hold long positions and pay attention to the previous high pressure [42][43][44]. - **Iron Ore**: The price rebounded. The supply and demand situation was complex, with the decline in arrivals and the increase in inventory. It is recommended to go long on the 2601 contract on dips and engage in the 1 - 5 positive spread arbitrage [45][46]. - **Coking Coal**: The price of coking coal was strong, and the downstream replenishment demand recovered. The supply decreased, and the demand had replenishment needs. It is recommended to go long on the 2601 contract on the short - term and engage in the long - coking - coal and short - coke arbitrage [47][48][49]. - **Coke**: The second - round price increase was proposed. The cost was supported, the supply decreased, the demand was weak, and the inventory was moderately reduced. It is recommended to go long on the 2601 contract on dips and engage in the long - coking - coal and short - coke arbitrage [50][51][52]. Agricultural Products - **Meal Products**: Sino - US relations improved, and near - month soybeans had cost support. The price of domestic soybean meal decreased slightly, and the cost of imported soybeans was supported. It is expected that the domestic soybean meal will be on a strong trend [53][54][55]. - **Pigs**: The secondary fattening boosted the price of pigs. The spot price rose, and the market demand improved. However, there will be an increase in the number of pigs to be slaughtered in November and December. It is recommended to exit the arbitrage position and re - enter after the spot price stabilizes [56][57]. - **Corn**: The supply pressure remained, and the price was weak and volatile. The supply was abundant, the demand was mainly for rigid needs, and the price was affected by the selling rhythm of farmers and policy support [58][59].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Futures: Short - term stock indices are expected to fluctuate widely. Last week, all stock indices fluctuated upwards. With the release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee, the high - tech industry is expected to receive more policy support, leading to significant gains in technology - related stocks. Although the Sino - US economic and trade consultations did not reach a substantial agreement, external uncertainties have eased, and investors' risk appetite has recovered. However, the incremental policy benefits are expected to gradually weaken. Overall, short - term stock indices are expected to be characterized by wide - range fluctuations [3][9][83] - ETF and stock index options: Maintain a bullish spread with a mild bullish view. Recently, the implied volatility of options has been relatively stable. Since the probability of stock indices rising in the medium - to - long term is high, investors can hold bullish spreads or ratio spreads for a mild bullish position [4][84] Summary by Directory 1 Market Review 1.1 Stock Index Trends - Last week, all stock indices fluctuated upwards. Policy support for the high - tech industry led to significant gains in technology - related stocks. The Sino - US economic and trade consultations eased external uncertainties, and investors' risk appetite recovered. However, the incremental policy benefits are expected to weaken. Short - term stock indices are expected to fluctuate widely. The specific data of the four major indices are as follows: the Shanghai 50 Index closed at 3045.816, with a daily increase of 0.62% and a weekly increase of 2.63%; the CSI 300 Index closed at 4660.684, with a daily increase of 1.18% and a weekly increase of 3.24%; the CSI 500 Index closed at 7258.534, with a daily increase of 1.62% and a weekly increase of 3.46%; the CSI 1000 Index closed at 7419.24, with a daily increase of 1.52% and a weekly increase of 3.25% [9][14] 1.2 Option Price Trends - This week, the 50ETF rose 2.64% to close at 3.192; the 300ETF (SSE) rose 3.16% to close at 4.770; the 300ETF (SZSE) rose 3.10% to close at 4.916; the CSI 300 Index rose 3.24% to close at 4660.68; the CSI 1000 Index rose 3.25% to close at 7419.24; the 500ETF (SSE) rose 3.58% to close at 7.369; the 500ETF (SZSE) rose 3.38% to close at 2.940; the GEM ETF rose 7.96% to close at 3.147; the Shenzhen 100ETF rose 5.19% to close at 3.569; the Shanghai 50 Index rose 2.63% to close at 3045.82; the STAR 50ETF rose 7.12% to close at 1.54; the E Fund STAR 50ETF rose 7.13% to close at 1.49 [17] 1.3 Futures Basis and Monthly Spreads - The basis of the four stock index futures varieties: The basis of IF and IH is at a normal quantile level, while IM and IC show a significant premium in the far - month futures. The inter - period spreads of IC and IM futures have rebounded, indicating that the market's short - term risk preference for IC and IM has increased [23] 2 Option Indicators 2.1 PCR Indicators - The trading volume PCR and position PCR data of various options are provided, including the Shanghai 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, Shanghai 50 stock index options, STAR 50ETF options, and E Fund STAR 50ETF options [37] 2.2 Implied Volatility - The implied volatility of the at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, including the Shanghai 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, Shanghai 50 stock index options, STAR 50ETF options, and E Fund STAR 50ETF options [56] 3 Conclusion - Futures: Short - term stock indices are expected to fluctuate widely [83] - ETF and stock index options: Maintain a bullish spread with a mild bullish view [84]

- The report introduces the **Cinda-VIX volatility index**, which reflects investors' expectations of future volatility in the options market. The index is structured to capture volatility across different time horizons, providing insights into market sentiment and risk expectations[62][61][64] - The methodology for constructing the Cinda-VIX index is based on overseas practices and adjusted to fit the characteristics of China's options market. The calculation is detailed in the research series "Exploring Market Sentiment Embedded in the Options Market"[62][61] - As of October 24, 2025, the 30-day Cinda-VIX values for major indices are: 19.23 for SSE 50, 19.32 for CSI 300, 27.76 for CSI 500, and 24.15 for CSI 1000[62][63][64] - The report also introduces the **Cinda-SKEW index**, which measures the skewness of implied volatility across different strike prices of options. This index helps investors understand market expectations regarding the distribution of future returns and potential tail risks[66][67][61] - The SKEW index is particularly useful for identifying market concerns about extreme negative events, often referred to as "black swan" risks. A SKEW value above 100 indicates heightened investor concern about significant downside risks[67][66] - As of October 24, 2025, the SKEW values for major indices are: 101.75 for SSE 50, 103.69 for CSI 300, 102.25 for CSI 500, and 102.63 for CSI 1000[67][68][66]

Report Summary Core View - There are both positive and negative factors in the bond market. Geopolitical risks and the escalation of the Sino-US trade war support the bond market, while the accelerated bond supply and the weak performance of long-term interest rate bonds pose challenges. Traders can focus on short-term trading opportunities for rebounds while controlling risks [2] Factors Analysis Positive Factors - High geopolitical risks increase market risk aversion, supporting the bond market [2] - The escalation of the Sino-US trade war drives down the spot bond interest rate, which is beneficial to futures prices [2] Negative Factors - The accelerated bond supply may put pressure on market liquidity [2] - Long-term interest rate bonds are relatively weak, with the 30-year Treasury bond futures falling [2] Data Analysis - **Yield to Maturity**: The report presents the yield to maturity data of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bonds from 2024/04 to 2025/08 [3] - **Funding Rate**: It shows the funding rate data including the weighted average rate of pledged repo by deposit-taking institutions for 1-day and 7-day, and the 7-day reverse repo rate from 2023/12 to 2025/06 [3] - **Term Spread**: The term spreads of 7Y - 2Y and 30Y - 7Y Treasury bonds are presented from 2024/04 to 2025/08 [4][5] - **Futures Position and Trading Volume**: The position data of 2-year, 5-year, 10-year, and 30-year Treasury bond futures from 2015/12 to 2023/12 and the trading volume data from 2024/04 to 2025/08 are shown [7][8] - **Basis and Spread**: The basis data of 2-year, 5-year, 10-year, and 30-year Treasury bond futures for the current quarter, as well as the inter - quarterly spreads of these futures and the cross - variety spreads of TS*4 - T and T*3 - TL are provided [9][11][12][16][17][18][19][20]

Core Viewpoint - The article discusses the ongoing tug-of-war in the gold market, highlighting the shifting roles of institutional and retail investors amidst significant price volatility and the upcoming U.S. inflation data as a critical factor influencing market direction [5][9][11]. Market Dynamics - The gold market is experiencing a significant shift, with institutions seemingly exiting and retail investors entering, although the roles of both groups are fluid and change with market conditions [5][6]. - On October 23, an analyst suggested a short position on gold at $4102 per ounce, with a stop-loss at $4108 and a target at $4060, indicating a strategy of small losses for larger gains [5]. - However, the market reacted differently, with gold prices rising and breaking through key resistance levels, prompting the analyst to switch to a long position at $4104 per ounce [6][7]. Price Movements - On the same day, gold prices exhibited extreme volatility, closing at $4138.42 per ounce, reflecting a 1.81% increase [7]. - The options market showed a buildup of put options below $4100 per ounce, while call options above this level were quickly cleared, indicating a market under pressure and poised for a breakout around $4155 per ounce [8]. Inflation Data Impact - The upcoming U.S. September CPI data is seen as a pivotal variable for the gold market, with expectations of an increase from 2.9% to 3.1% and core CPI remaining at 3.1% [11]. - Market expectations suggest a 96.7% probability of a 25 basis point rate cut by the Federal Reserve in October, which could be influenced by the CPI data [11]. Potential Scenarios - Three potential scenarios based on the CPI data are outlined: 1. If CPI increases ≤0.2%, expectations for rate cuts may rise, pushing gold to $4175 per ounce [12]. 2. If CPI increases ≥0.5%, rate cut expectations may diminish, leading gold to drop below $4095 per ounce [12]. 3. If CPI is around 0.3%, gold may oscillate between $4095 and $4145 per ounce, creating opportunities for options strategies [12]. Historical Context - The article draws parallels between the current gold market and past situations, such as early 2013, where conflicting factors led to unpredictable price movements [15]. - The upcoming CPI data is positioned as a potential catalyst for breaking the current market equilibrium, with implications for both gold and the U.S. dollar [15][16].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The market shows signs of emotional repair. High - dividend sectors like coal, petrochemicals, and utilities lead the rise. The "technology + anti - involution" is expected to be the mid - term main line. In the short term, use a dumbbell structure for operation. For options, continue the covered call strategy, and for bonds, pay attention to policy signal releases [1][7] Summary by Relevant Catalogs Market Views Stock Index Futures - Yesterday's market showed a V - shaped trend with a significant afternoon rebound. The Wind All - A Index rose slightly by 0.14%. High - dividend sectors led the gains. Although the style was value - oriented, there were signs of emotional repair. The futures positions increased significantly, and the decline of hot topics like semiconductors narrowed in the afternoon. After the Fourth Plenary Session, "technology + anti - involution" is the mid - term main line. Use a dumbbell structure for operation. Suggest holding Red Chip ETF + IM [1][7] Stock Index Options - On Thursday, the trading volume of each option variety recovered compared to Wednesday but remained below 10 billion. The low trading volume on Wednesday implied a recent market trading idea of being inclined to fluctuate. The increase in trading volume on Thursday was due to the morning market decline and the increased hedging demand. The implied volatility of options increased by 0.84%. Currently, continue the covered call strategy [2][7] Treasury Bond Futures - Yesterday, treasury bond futures closed down across the board. The long - position holders may have strong motivation to leave the market, with the T main contract's position decreasing by 7491 lots. The central bank ended the continuous net injection and had a net withdrawal of 2.35 billion yuan, but the capital was still relatively loose. The bond market adjustment was affected by policies and the stock - bond seesaw. The Sino - US economic and trade consultations will be held from October 24th to 27th, and the Fourth Plenary Session's communiqué was released. In the short term, be cautious and pay attention to policy signals. In the medium term, the expectation of loose money may support the bond market [2][7][9] Economic Calendar - It shows the economic data of China and the US from October 20th, 2025, including China's LPR, urban fixed - asset investment, industrial added - value, retail sales, GDP, and the US's non - farm employment population change [10] Important Information and News Tracking - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20th to 23rd, 2025, and relevant reports and suggestions were passed. A Chinese shipbuilding company won a large foreign order for anti - rolling fins. The National People's Congress will continue to review the draft amendment to the Cybersecurity Law. Sino - US economic and trade consultations will be held from October 24th to 27th [11][12] Derivatives Market Monitoring - The content only lists the sub - items of stock index futures, stock index options, and treasury bond futures data, but no specific data is provided [13][17][29]

Group 1: Report Industry Investment Ratings - No information about the report industry investment ratings is provided in the content. Group 2: Report's Core Views - The stock index futures market showed a volume - shrinking adjustment with overall resilience. After two consecutive days of gains, the market took a rest on Wednesday. The Wind All - A Index slightly declined by 0.38%. Defensive sectors like oil and gas and banks led the rise, while military and agricultural products led the decline. The A - share trading volume dropped to 1.69 trillion yuan, and the total position of stock index futures decreased by over 30,000 lots. The market is in a state of limited upside and downside, and it is advisable to hold a dumbbell - shaped structure and then shift to a growth - oriented allocation structure when the situation changes [1][7]. - The stock index options market witnessed a simultaneous decline in volume and volatility. The trading volume of the options market was 7815 million yuan, a 20.39% decrease from the previous day. The market liquidity declined, especially for small - and medium - cap varieties. The implied volatility index decreased by 0.51% on average. It is recommended to use covered call strategies to increase returns and also consider holding short straddles [2][7]. - The treasury bond futures market should focus on policy signal releases. The bond market showed a volatile performance. The expectation of loose monetary policy continued to boost the bullish sentiment in the bond market, and the central bank continued to conduct net injections in the open market, with a net injection of 94.7 billion yuan on the day. In the fourth quarter, there is a possibility of the implementation of quantitative tools such as reserve requirement ratio cuts and interest rate cuts, but the timing may be late. In the short term, caution is still needed, and attention should be paid to policy signals after the Fourth Plenary Session [2][7][9]. Group 3: Summaries According to Relevant Catalogs Market Views - **Stock Index Futures**: The current situation is a volume - shrinking adjustment with overall resilience. The basis, spread, and total position of IF, IH, IC, and IM contracts have changed. The operation suggestion is to hold dividend ETF + IM [7]. - **Stock Index Options**: The volume and volatility have declined simultaneously, and covered call strategies can be used to deal with the situation. The trading volume of the options market decreased, the risk preference retracted, and the implied volatility continued to decline. The suggestions are covered call and short straddle strategies [7]. - **Treasury Bond Futures**: Attention should be paid to policy signal releases. The trading volume, position, spread, and basis of T, TF, TS, and TL contracts have changed. The central bank conducted 138.2 billion yuan of 7 - day reverse repurchases, with 43.5 billion yuan of reverse repurchases maturing. The operation suggestions include trend strategies (volatility), hedging strategies (pay attention to short - hedging at low basis levels), basis strategies (pay attention to basis widening), and curve strategies (the curve may remain steep) [7][9]. Economic Calendar - The economic data of China and the US for the week are presented, including China's October LPR, September fixed - asset investment, industrial added - value, social consumer goods retail sales, and the third - quarter GDP, as well as the US's September non - farm payrolls change [10]. Important Information and News Tracking - **Mergers and Acquisitions**: Shenzhen has launched an action plan for high - quality development of mergers and acquisitions from 2025 - 2027, aiming to improve the quality of listed companies, increase the total market value of listed companies, and promote the development of the mergers and acquisitions market [11]. - **Interest Rates**: In September 2025, the average interest rates of bank time deposits for different terms are provided, such as 0.944% for 3 - month deposits [11]. - **Huawei**: On October 22, Huawei released the HarmonyOS 6 special version, including the Harmony Galaxy Interconnection architecture with a transmission rate of 160MB/s, and enhanced functions such as "touch - to - share" [12]. - **US Government Shutdown**: The US government shutdown has entered the 22nd day, becoming the second - longest shutdown in history. The shutdown is likely to last until November [12]. Derivatives Market Monitoring - Information about the monitoring of stock index futures, stock index options, and treasury bond futures markets is mentioned, but specific data details are not provided in the given content [13][17][29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market preference is rising. The stock index futures are led by technology stocks, the implied volatility of stock index options continues to decline, and the bond market of treasury bond futures strengthens due to the increasing expectation of loose monetary policy [1]. - Before the release of the 15th Five - Year Plan suggestions, a bullish view is maintained. Technology and anti - involution may become the consensus directions, and there may be opportunities in elastic sectors recently. After the release of the 15th Five - Year Plan suggestions, focus on tracking the market trading volume [8]. - The bond market is affected by the change in tariff war expectations and the increasing expectation of loose monetary policy. The stock - bond跷跷板 effect may weaken [2][9]. 3. Summary According to Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - The equity market continued its upward trend, with technology stocks leading for the second consecutive day. The Sci - Tec 50 and ChiNext Index both rose by around 3%. The market trading volume increased to around 1.9 trillion, and the number of daily limit stocks reached 90. It is recommended to focus on the dumbbell configuration. After the release of the 15th Five - Year Plan suggestions, track the market trading volume [8]. 3.1.2 Stock Index Options - The trading volume of each option variety increased slightly by 1.47%, maintaining a liquidity level below 10 billion. The implied volatility of each option variety decreased by an average of 1.61%. It is recommended to continue to hold the covered call strategy [9]. 3.1.3 Treasury Bond Futures - Treasury bond futures rose across the board. The T, TF, TS, and TL main contracts rose by 0.05%, 0.05%, 0.04%, and 0.16% respectively. The bond market was affected by the change in tariff war expectations and the increasing expectation of loose monetary policy. It is recommended to adopt different strategies for trends, hedging, basis, and yield curve [9][10]. 3.2 Economic Calendar - On October 20, 2025, China released a series of economic data, including the one - year and five - year loan prime rates (LPR), September's urban fixed - asset investment annual rate, industrial added value annual rate, total retail sales of consumer goods annual rate, and the third - quarter GDP annual rate. The US also released the forecast for the September non - farm payrolls change [11]. 3.3 Important Information and News Tracking - On October 20, the Ministry of Commerce held a policy interpretation round - table meeting for foreign - funded enterprises. The central bank will accelerate legislation in key and emerging fields. Guangdong Province issued an action plan for AI to empower the high - quality development of the manufacturing industry. Japanese central bank officials believe there is no need to raise the benchmark interest rate next week [12][13]. 3.4 Derivatives Market Monitoring - The report includes data on stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content. Only the headings for data collection are given [14][18][30].