Report Industry Investment Rating - The investment rating for stock index futures is "sideways", and for government bond futures is "relatively strong" [1] Core Viewpoints - The A-share market oscillated and closed lower yesterday, with TMT performing well and coal and power equipment sectors correcting. The overall market is expected to be range - bound in the short term as the liquidity-driven market since June ended and the focus returns to fundamentals. Traditional economic sectors are in a slow recovery, and overseas tech stocks also face expectation divergence [1]. - Government bond futures closed higher yesterday. The central bank's actions and economic expectations have a positive impact on the bond market, but the "stock - bond seesaw" effect causes some disturbances. The bond market is expected to continue its oscillating pattern [1][2] Summary by Directory 1. Research Views Stock Index Futures - Yesterday, the A - share market closed down with Wind All - A dropping 0.93% and a trading volume of 1.95 trillion yuan. The CSI 1000, CSI 500, SSE 50, and CSI 300 indices all declined. New - quality productivity themes led by AI have optimistic growth expectations, especially in the upstream hardware manufacturing of the tech sector, but they lack catalysts and have entered a sideways trend since November. Traditional economic sectors are in a slow recovery and are unlikely to enter a fundamental bull market in the short term. Overseas tech stocks also face expectation divergence [1]. Government Bond Futures - Yesterday, government bond futures closed higher, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising. The central bank conducted 4075 billion yuan of 7 - day reverse repurchases, with a net injection of 37 billion yuan. DR001 rose 2BP to 1.53%, and DR007 remained flat at 1.52%. The central bank's actions strengthen the expectation of reasonable and sufficient funds, which is positive for the bond market. However, the "stock - bond seesaw" effect causes some disturbances, and the bond market is expected to oscillate [1][2] 2. Daily Price Changes Stock Index Futures - On November 18, 2025, IH dropped 0.39% to 2,997.6, IF dropped 0.58% to 4,555.0, IC dropped 0.89% to 7,079.8, and IM dropped 0.58% to 7,351.8 compared to November 17 [3]. Stock Indices - The SSE 50 dropped 0.30% to 3,003.0, the CSI 300 dropped 0.65% to 4,568.2, the CSI 500 dropped 1.17% to 7,151.0, and the CSI 1000 dropped 1.00% to 7,448.1 on November 18, 2025, compared to November 17 [3]. Government Bond Futures - On November 18, 2025, TS rose 0.01% to 102.49, TF rose 0.01% to 105.92, T rose 0.01% to 108.50, and TL rose 0.07% to 116.53 compared to November 17 [3] 3. Market News - As of the week ending October 18, the number of initial jobless claims in the US was 232,000, and the number of continuing jobless claims was 1,957,000, up from 1,947,000 the previous week. The US Federal government shutdown led to a lack of regular weekly data [4]. - China's Foreign Ministry held consultations with Japan's officials. China sternly protested against Japanese Prime Minister Kaochi Sanae's wrong remarks on China, urging Japan to retract the remarks and stop causing trouble on China - related issues [4] 4. Chart Analysis Stock Index Futures - The report provides charts of the trends of IH, IF, IM, IC main contracts, and their respective basis trends [6][7][9] Government Bond Futures - The report includes charts of the trends of government bond futures main contracts, bond yields, basis, inter - period spreads, cross - variety spreads, and fund rates [13][14][19] Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [22][23][26]