金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4564.95 | ↓0.51 | | 4150.6 | | | | | | IF2511 | 4558 | ↓0.63 | -6.95 | 347.8 | 25265 | ↓645 | 22593 | ↓7109 | | IF2512 | 4539.2 | ↓0.69 | -25.75 | 1139.7 | 83141 | ↑6321 | 165189 | ↑8865 | | IF2603 | 4506.2 | ↓0.71 | -58.75 | 200.8 | 14755 | ↑350 | 70516 | ↑2958 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On November 18, all four major stock index futures contracts for the current month declined. IF fell 0.44%, IH fell 0.17%, IC fell 0.86%, and IM fell 0.72%. On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. [1] - External disturbances are the main drag on stock index futures. [3] 3. Summary by Relevant Catalogs 3.1 Index Futures Data - **IF Contracts**: The closing prices of different IF contracts decreased, with varying degrees of decline. The basis of IF2511 was 1.41, and the trading volume and open interest of different contracts changed. The total trading volume increased by 7571 lots, and the total open interest increased by 5967 lots. [1][2] - **IH Contracts**: The closing prices of different IH contracts also decreased. The basis of IH2511 was 0.58. The total trading volume decreased by 2437 lots, and the total open interest decreased by 3423 lots. [1][2] - **IC Contracts**: The closing prices of different IC contracts dropped. The basis of IC2511 was 1.78. The total trading volume increased by 17523 lots, and the total open interest increased by 8185 lots. [1][2] - **IM Contracts**: The closing prices of different IM contracts declined. The basis of IM2511 was -2.5. The total trading volume increased by 20440 lots, and the total open interest increased by 6867 lots. [1][2] 3.2 Index Futures Basis - The basis data of IF, IH, IC, and IM are presented in the form of charts, showing the changes in the basis of different contracts over time. [4] 3.3 Index Futures Top 20 Member Position Changes - The long and short positions of different contracts of IF, IH, IC, and IM changed. For example, in IF2512, the long positions increased by 3457 lots and the net change was 4538 lots; the short positions increased by 4206 lots and the net change was 6021 lots. [5] 3.4 Trend Intensity and Important Drivers - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. [6] - In October, the unemployment rates of different age - groups of the national urban labor force were announced. The new energy vehicle production and sales maintained rapid year - on - year growth in October, with new energy vehicle sales accounting for over 50% of total vehicle sales. The Shanghai Composite Index fell 0.81%, the Shenzhen Component Index fell 0.92%, and the ChiNext Index fell 1.16%. The A - share market had over 4100 stocks falling, and the lithium - battery industry chain declined, while AI application themes were active. [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - On November 15, all four major stock index futures contracts declined. IF dropped 1.6%, IH dropped 1.19%, IC dropped 1.52%, and IM dropped 1.08% [1]. - On this trading day, the total trading volume of stock index futures declined, indicating a decrease in investors' trading enthusiasm. The total trading volume of IF decreased by 1,880 lots, IH decreased by 4,658 lots, IC decreased by 15,612 lots, and IM decreased by 22,224 lots. In terms of positions, the total positions of IF increased by 5,374 lots, IH increased by 806 lots, IC increased by 1,308 lots, and IM increased by 1,057 lots [2]. 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2511, IF2512, IF2603, and IF2606 all declined, with decreases of 1.60%, 1.56%, 1.48%, and 1.43% respectively. The trading volumes of IF2511 and IF2512 decreased, while those of IF2603 and IF2606 increased. The positions of IF2511 decreased, while those of IF2512, IF2603, and IF2606 increased [1]. - **IH Contracts**: The closing prices of IH2511, IH2512, IH2603, and IH2606 all declined, with decreases of 1.19%, 1.22%, 1.22%, and 1.29% respectively. The trading volumes of IH2511 and IH2512 decreased, while those of IH2603 and IH2606 showed different trends. The positions of IH2511 decreased, while those of IH2512, IH2603, and IH2606 increased [1]. - **IC Contracts**: The closing prices of IC2511, IC2512, IC2603, and IC2606 all declined, with decreases of 1.52%, 1.56%, 1.54%, and 1.51% respectively. The trading volumes of IC2511, IC2512, IC2603, and IC2606 all decreased. The positions of IC2511 decreased, while those of IC2512, IC2603, and IC2606 increased [1]. - **IM Contracts**: The closing prices of IM2511, IM2512, IM2603, and IM2606 all declined, with decreases of 1.08%, 1.22%, 1.27%, and 1.27% respectively. The trading volumes of IM2511, IM2512, IM2603, and IM2606 all decreased. The positions of IM2511 decreased, while those of IM2512, IM2603, and IM2606 increased [1]. 3.2. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The range of trend intensity is an integer in the [-2, 2] interval, where -2 represents the most bearish view and 2 represents the most bullish view [6]. 3.3. Important Drivers - In October, China's industrial added - value of large - scale industries increased by 4.9% year - on - year, with an expected increase of 5.2% and a previous value of 6.5%. From January to October, the industrial added - value of large - scale industries increased by 6.1% year - on - year [6]. - China's total retail sales of consumer goods in October were 4,629.1 billion yuan, a year - on - year increase of 2.9%, with an expected increase of 2.7% and a previous value of 3%. From January to October, the total retail sales of consumer goods were 41,216.9 billion yuan, an increase of 4.3%. Excluding automobiles, the retail sales of consumer goods increased by 4.9% [6]. - From January to October, China's fixed - asset investment (excluding rural households) was 40,891.4 billion yuan, a year - on - year decrease of 1.7%, and the previous value decreased by 0.5%. Among them, private fixed - asset investment decreased by 4.5% year - on - year [6]. - From January to October, the average urban survey unemployment rate in China was 5.2%. In October, the urban survey unemployment rate was 5.1%, a decrease of 0.1 percentage points from the previous month. The urban survey unemployment rate in 31 large - scale cities was 5.1%, a decrease of 0.1 percentage points from the previous month. The average weekly working hours of enterprise employees in the country were 48.4 hours [7]. - The State Council held a meeting to study the in - depth implementation of "two major" construction and promote consumption policies. The meeting pointed out that "two major" construction should be planned and promoted in the overall situation of the 15th Five - Year Plan, and artificial intelligence integration and empowerment should be strengthened [7]. - The Minister of Finance stated that during the 15th Five - Year Plan period, the proactive fiscal policy should be sufficient in intensity, precise in implementation, and coordinated in policies, and should focus on boosting consumption, expanding effective investment, and promoting the construction of a unified market [7]. - The Shanghai Composite Index rose and then fell, dropping 0.97% to 3,990.49 points, with a weekly decline of 0.18%. The Shenzhen Component Index dropped 1.93%, with a weekly decline of 1.4%. The ChiNext Index dropped 2.82%, with a weekly decline of 3.01%. The total trading volume of A - shares was 1.98 trillion yuan, compared with 2.07 trillion yuan the previous day [7]. - In the US stock market, the Dow Jones Industrial Average dropped 0.65% to 47,147.48 points, the S&P 500 Index dropped 0.05% to 6,734.11 points, and the Nasdaq Composite Index rose 0.13% to 22,900.59 points. Most Chinese concept stocks declined [8].

Report Summary 1) Industry Investment Rating No investment rating information is provided in the report. 2) Core View On November 13, 2025, all four major stock index futures contracts for the current month rose. However, the total trading volume of stock index futures declined on this trading day, indicating a cooling of investors' trading enthusiasm. Additionally, the total positions of all four major stock index futures decreased. [1][2] 3) Summary by Related Catalogs a) Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The CSI 300 index closed at 4702.07, up 1.21%. Among its futures contracts, IF2511 closed at 4693.6, up 1.07% with a basis of -8.47; IF2512 closed at 4677, up 1.06% with a basis of -25.07; IF2603 closed at 4645.8, up 1.00% with a basis of -56.27; IF2606 closed at 4601.4, up 1.01% with a basis of -100.67. [1] - **SSE 50 and Related Futures**: The SSE 50 index closed at 3073.67, up 0.96%. Among its futures contracts, IH2511 closed at 3072.6, up 0.81% with a basis of -1.07; IH2512 closed at 3068.8, up 0.81% with a basis of -4.87; IH2603 closed at 3064, up 0.83% with a basis of -9.67; IH2606 closed at 3059.6, up 0.99% with a basis of -14.07. [1] - **CSI 500 and Related Futures**: The CSI 500 index closed at 7355.29, up 1.55%. Among its futures contracts, IC2511 closed at 7335.4, up 1.63% with a basis of -19.89; IC2512 closed at 7269, up 1.71% with a basis of -86.29; IC2603 closed at 7087.4, up 1.64% with a basis of -267.89; IC2606 closed at 6885.4, up 1.61% with a basis of -469.89. [1] - **CSI 1000 and Related Futures**: The CSI 1000 index closed at 7590.58, up 1.39%. Among its futures contracts, IM2511 closed at 7566, up 1.60% with a basis of -24.58; IM2512 closed at 7478.4, up 1.67% with a basis of -112.18; IM2603 closed at 7246, up 1.60% with a basis of -344.58; IM2606 closed at 7012, up 1.57% with a basis of -578.58. [1] b) Trading Volume and Position Changes - **Trading Volume**: The total trading volume of IF decreased by 8821 lots, IH decreased by 1184 lots, IC decreased by 13405 lots, and IM decreased by 29092 lots. [2] - **Positions**: The total positions of IF decreased by 13919 lots, IH decreased by 1167 lots, IC decreased by 19353 lots, and IM decreased by 20677 lots. [2] c) Top 20 Member Position Changes - **IF Contracts**: For IF2511, long positions decreased by 3207 lots and short positions decreased by 2753 lots; for IF2512, long positions decreased by 4944 lots; for IF2603, long positions decreased by 1419 lots and short positions decreased by 1558 lots; for IF2606, long positions decreased by 8 lots and short positions increased by 70 lots. [5] - **IH Contracts**: For IH2511, long positions decreased by 194 lots and short positions increased by 64 lots; for IH2512, long positions decreased by 1093 lots and short positions decreased by 442 lots; for IH2603, long positions decreased by 14 lots and short positions decreased by 96 lots. [5] - **IC Contracts**: For IC2511, long positions decreased by 4850 lots and short positions decreased by 4795 lots; for IC2512, long positions decreased by 8355 lots; for IC2603, long positions decreased by 179 lots and short positions decreased by 568 lots; for IC2606, long positions decreased by 451 lots and short positions decreased by 673 lots. [5] - **IM Contracts**: For IM2511, long positions decreased by 5732 lots and short positions decreased by 5208 lots; for IM2512, long positions decreased by 5868 lots and short positions decreased by 6259 lots; for IM2603, long positions decreased by 1923 lots and short positions decreased by 2516 lots. [5] d) Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. [6] - **Important Drivers**: The Ministry of Commerce held a regular press conference, and the spokesperson mentioned the results of the China-US economic and trade consultations in Kuala Lumpur, including agricultural product trade. The US government ended its 43 - day shutdown after the President signed a temporary appropriation bill. China's new social financing in October was 810 billion yuan, new RMB loans were 220 billion yuan, and the M2 - M1 gap widened. China's CSRC Chairman Wu Qing visited financial regulatory authorities in France and Brazil and had discussions with international institutional investors. The A - share market opened lower and closed higher, with the Shanghai Composite Index rising 0.73% to 4029.5 points, a ten - year high. [6][7][8]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - On November 12, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.03%, IH rose 0.38%, IC fell 0.37%, and IM fell 0.38% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating that investors' trading enthusiasm has increased. The total trading volume and total open interest of IF, IH, IC, and IM all increased [1][2]. - The trend strength of IF and IH is 1, and the trend strength of IC and IM is also 1 [6]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **Prices and Fluctuations**: The closing prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4645.91, 3044.3, 7243.25, and 7486.38 respectively, with fluctuations of - 0.13%, + 0.32%, - 0.66%, and - 0.72%. The prices of their corresponding futures contracts also showed different fluctuations [1]. - **Trading Volume and Open Interest**: The total trading volume of IF, IH, IC, and IM increased by 10290 lots, 3933 lots, 33145 lots, and 57813 lots respectively. The total open interest of IF, IH, IC, and IM increased by 10237 lots, 2738 lots, 21807 lots, and 22747 lots respectively [1][2]. - **Basis**: The basis of each futures contract is different. For example, the basis of IF2511 is - 0.91, and the basis of IH2511 is 2.5 [1]. 3.2 Top 20 Member Open Interest Changes - The open interest of long and short positions of each futures contract has different changes. For example, the long - position net change of IF2511 is 1564, and the short - position net change is 8653 [5]. 3.3 Market News - Technology stocks declined again, the Dow Jones Industrial Average rose for four consecutive days to a new high, AMD rose 9%, gold rose for four consecutive days, and crude oil tumbled. The U.S. dollar fell 0.3% from its daily high, Bitcoin had a reverse trend, gold rose 1.7% intraday, and U.S. oil tumbled more than 4.2% [7]. - Vice - Premier He Lifeng met with relevant American representatives, emphasizing the broad cooperation space in Sino - US economic and trade fields [7]. - The Shanghai Stock Exchange International Investors Conference was officially opened. Relevant leaders of the CSRC and the Shanghai Stock Exchange made statements on deepening reforms and optimizing systems [7][8]. - The A - share market fluctuated throughout the day. The Shanghai Composite Index fell 0.07% to 4000.14 points, the Shenzhen Component Index fell 0.36%, and the ChiNext Index fell 0.39%. The trading volume of A - shares was 1.96 trillion yuan, lower than the previous day's 2.01 trillion yuan [8].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The stock index futures are in a volatile trend and still have support after a correction [2]. 3. Summary by Relevant Catalogs [期指期现数据跟踪] - On November 11, all the current-month contracts of the four major stock index futures declined. IF dropped 0.88%, IH dropped 0.62%, IC dropped 0.72%, and IM dropped 0.3% [3]. - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 3,615 lots, IH increased by 4,232 lots, IC decreased by 10,252 lots, and IM decreased by 8,391 lots. In terms of positions, the total positions of IF decreased by 5,129 lots, IH decreased by 1,967 lots, IC decreased by 8,077 lots, and IM decreased by 582 lots [3][4]. [趋势强度] - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [8]. [重要驱动] - NDRC Director Zheng Shanjie chaired a symposium for private enterprises to solicit opinions on accelerating the development of the service industry for the 14th Five-Year Plan. The participating enterprises included those in industrial automation control, software and information services, industrial internet, comprehensive production services, and catering [8]. - Weak ADP employment data suggested a cooling US labor market, boosting expectations of a Fed rate cut. Coupled with the expected end of the US government shutdown, the Dow Jones Industrial Average rose more than 1%, while the Nasdaq closed down due to the drag of technology stocks [8]. - The People's Bank of China's Q3 monetary policy report stated that it is natural for the growth rate of financial aggregates to decline in the future. It aims to maintain a reasonable interest rate ratio, develop the "technology board" of the bond market, use risk - sharing tools for science and technology innovation bonds, and formulate a development plan for financial technology during the 14th Five - Year Plan and promote the application of AI large models in the financial sector in an orderly manner [8]. - The market was in a weak consolidation, with slower sector rotation. The Shanghai Composite Index fell 0.39% to 4,002.76 points, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. The total A - share trading volume was 2.01 trillion yuan, down from 2.19 trillion yuan the previous day. The computing power hardware industry chain corrected again, with servers and CPO leading the decline. Military, AI applications, and consumer electronics also had significant declines. Photovoltaic and energy storage concepts were active, and the NDRC and NEA issued guidelines on promoting new energy consumption and regulation. The super - hard materials concept continued to be strong, and the Ministry of Commerce and the General Administration of Customs issued an announcement related to super - hard materials. Influenza concept stocks continued to strengthen as China's influenza monitoring system showed that the overall influenza activity is in an upward stage [8].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report indicates that on November 5, all four major stock index futures contracts for the current month rose. The total trading volume of stock index futures rebounded on the trading day, showing an increase in investors' trading enthusiasm. The total positions of all four major stock index futures also increased. The trend strength of IF and IH, as well as IC and IM, is 1. The market is influenced by various factors such as the performance of US stocks, cryptocurrency, oil prices, and economic data, and the A - share market showed a trend of opening low and closing high with certain sectors leading the rise and others experiencing adjustments [1][2][6]. 3) Summary by Relevant Catalogs 3.1期指期现数据跟踪 - **Index Futures Data**: The closing prices, price changes, basis, trading volumes, and open interest of various stock index futures contracts (IF, IH, IC, IM) for different expiration months are presented. For example, on November 5, the closing price of IF2511 was 4610.8, up 0.35%, with a basis of - 16.46, a trading volume of 382.6 billion yuan, and an open interest of 43841 contracts, an increase of 378 contracts [1]. - **Total Trading Volume and Open Interest Changes**: On the trading day, the total trading volume of IF decreased by 1583 lots, while that of IH, IC, and IM increased by 2586, 3196, and 5106 lots respectively. The total open interest of IF, IH, IC, and IM increased by 1580, 2204, 4279, and 3310 lots respectively [2]. - **Top 20 Member Position Changes**: The changes in long and short positions of the top 20 members in different stock index futures contracts are shown. For example, in IF2511, long positions increased by 28 lots and short positions increased by 140 lots [5]. 3.2 Trend Strength and Important Drivers - **Trend Strength**: The trend strength of IF and IH, as well as IC and IM, is 1, indicating a neutral trend [6]. - **Important Drivers**: In the US market, bargain - hunting buying emerged, some technology stocks supported the rebound of US stocks, cryptocurrency reversed its decline, and oil prices fell. In the A - share market, the Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 1.03%. The market opened low and closed high, with sectors such as energy storage and new energy leading the rise, while some concept stocks such as quantum technology and storage chips adjusted [6].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The futures index is in a volatile pattern with the "boots" gradually landing [4] 3. Summary by Relevant Catalogs 3.1. Periodic Index Data Tracking - On October 29, all the current - month contracts of the four major index futures rose. IF rose 1.2%, IH rose 0.41%, IC rose 2.06%, and IM rose 1.4% [2] - On the trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 11,905 lots, IH decreased by 6,016 lots, IC increased by 8,363 lots, and IM decreased by 23,657 lots. In terms of positions, the total position of IF increased by 439 lots, IH decreased by 762 lots, IC increased by 9,663 lots, and IM decreased by 5,250 lots [2][3] 3.2. Trend Intensity - The trend intensity of IF and IH is 1; the trend intensity of IC and IM is 1. The trend intensity ranges from - 2 to 2, with integer values, and the strength is classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 means the most bearish and 2 means the most bullish [7] 3.3. Important Drivers - Although the Fed cut interest rates by 25 basis points as expected and announced the end of QT, Powell's hawkish remarks on the prospect of a December interest - rate cut caused the market's probability of a December interest - rate cut to plummet from 95% to 65%. U.S. stocks, U.S. bonds, gold, and digital currencies tumbled briefly during the session, while the U.S. dollar rose. Eventually, the Nasdaq closed up supported by NVIDIA, and the Dow closed down [7] - The A - share market performed strongly. The Shanghai Composite Index reached 4,000 points, hitting a new high in the rebound; the ChiNext Index soared nearly 3%; the North Securities 50 soared more than 8%, hitting the largest daily increase in 9 months. The Shanghai Composite Index closed up 0.7% at 4,016.33 points, the Shenzhen Component Index rose 1.95%, the ChiNext Index rose 2.93%, the North Securities 50 rose 8.41%, the Science and Technology Innovation 50 rose 1.18%, and the Wind All - A rose 1.16%. The total trading volume of A - shares throughout the day was 2.29 trillion yuan, compared with 2.17 trillion yuan the previous day. The new energy sector exploded, with the energy - storage direction seeing a wave of limit - up stocks. The non - ferrous metals sector strengthened collectively, led by copper and zinc. Computing hardware stocks strengthened again, with many stocks hitting record highs. The quantum technology concept has been strengthening recently, and the Hainan Free Trade concept continued to rise [7] 3.4. Index Futures' Top 20 Member Position Changes - For IF contracts, the long - position changes of different contracts vary, such as - 111 for IF2511, 1981 for IF2512, etc.; the short - position changes also vary, like - 135 for IF2511, 1425 for IF2512 [6] - For IH contracts, the long - position changes of different contracts are different, such as - 222 for IH2511, - 1952 for IH2512, etc.; the short - position changes also show variations, like - 497 for IH2511, - 1497 for IH2512 [6] - For IC contracts, the long - position changes of different contracts are diverse, such as 1560 for IC2511, 4388 for IC2512, etc.; the short - position changes also have differences, like 1462 for IC2511, 4920 for IC2512 [6] - For IM contracts, the long - position changes of different contracts are different, such as - 948 for IM2512, - 262 for IM2603, etc.; the short - position changes also vary, like - 585 for IM2512, - 33 for IM2603 [6]

Report Investment Rating - Not provided Core View - New policies are constantly being implemented, and index futures are expected to fluctuate strongly [1] Summary by Directory 1. Index Futures and Spot Data Tracking - On October 27, all current-month contracts of the four major index futures rose. IF rose 1.3%, IH rose 0.77%, IC rose 1.74%, and IM rose 0.76% [1] - On the trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 2,849 lots, IH by 2,681 lots, IC by 1,034 lots, and IM by 9,711 lots. In terms of positions, the total positions of IF increased by 6,831 lots, IH by 2,833 lots, IC by 8,981 lots, and IM by 9,755 lots [1][2] 2. Index Futures Basis - The report presents the basis trends of IF, IH, IC, and IM from September 23 to October 27 [4] 3. Top 20 Member Positions Changes in Index Futures - The report shows the long and short positions changes of the top 20 members in different contracts of IF, IH, IC, and IM, with some data not announced [5] 4. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [6] 5. Important Drivers - Chinese Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio. Wang Yi expressed the hope that both sides would work towards each other to prepare for high-level interactions between China and the US and create conditions for the development of bilateral relations. Foreign Ministry Spokesperson Guo Jiakun also responded to multiple hot issues such as a possible meeting between the Chinese and US heads of state, the China-US trade agreement, and the final agreement on TikTok [6] 6. Market Performance - The 2025 Financial Street Forum Annual Conference opened, and central bank governor Pan Gongsheng, head of the Financial Regulatory Administration Li Yunze, and CSRC Chairman Wu Qing made important statements. Pan Gongsheng said that the central bank will continue to adhere to a supportive monetary policy stance; resume open market treasury bond trading operations; study and optimize the positioning of digital RMB in the monetary hierarchy; study and implement policies to support individuals in repairing their credit; accelerate the construction of a comprehensive macro-prudential management system; explore the mechanism of providing liquidity to non-bank institutions in specific scenarios; and continue to crack down on the operation and speculation of virtual currencies in China. Li Yunze said that a financial service model that emphasizes both investment in physical assets and human capital will be established, long-term capital support policies will be improved, and disorderly competition will be firmly corrected. Wu Qing said that the reform of the ChiNext will be deepened, a shelf registration system for refinancing will be launched at an appropriate time, high-level institutional opening-up will be steadily expanded, and a solid defense line for risk prevention and strong supervision will be built [7] - The Shanghai Composite Index rose 1.18% to 3,996.94 points, the Shenzhen Component Index rose 1.51%, and the ChiNext Index rose 1.98%. The total trading volume of A-shares for the day was 2.36 trillion yuan, compared with 1.99 trillion yuan the previous day. The market showed strong upward momentum, with the Shanghai Composite Index reaching a high of 3,999 points, just short of 4,000 points. In the afternoon, selling pressure was resolved by buying power. Technology leaders were actively involved, and the memory chip concept saw another wave of limit-up stocks. However, sectors other than hard technology performed generally, and the North Exchange 50 Index closed down. More than 3,300 stocks rose for the day. The memory chip, rare earth, and cross-strait integration concepts led the gains, while the Hainan, education, and oil and gas sectors declined [7]

Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core Views of the Report - On October 26, all four major stock index futures contracts for the current month rose. IF increased by 1.5%, IH by 1.03%, IC by 2.18%, and IM by 2.26% [1] - On the trading day, the total trading volume of stock index futures declined, indicating a decrease in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 12,093 lots, IH by 1,337 lots, IC by 7,417 lots, and IM by 35,994 lots. In terms of positions, the total positions of IF decreased by 9,252 lots, IH increased by 1,300 lots, IC decreased by 10,733 lots, and IM decreased by 26,392 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] 3) Summary by Relevant Catalogs [期指期现数据跟踪] - **Stock Index Data**: The closing price of CSI 300 was 4,660.68, up 1.18%; SSE 50 was 3,045.82, up 0.62%; CSI 500 was 7,258.53, up 1.62%; and CSI 1000 was 7,419.24, up 1.52% [1] - **Futures Contract Data**: For each of the four major stock index futures (IF, IH, IC, IM), data on closing price, percentage change, basis, trading volume (in billions), trading volume (lots), change in trading volume, open interest, and change in open interest for different contract months (2511, 2512, 2603, 2606) are provided [1] [期指前20大会员持仓增减] - Data on the increase or decrease of long and short positions of the top 20 member institutions for different stock index futures contracts (IF, IH, IC, IM) and different contract months are presented. Some data for the IM2606 contract are not disclosed [5] [趋势强度] - The trend strength of IF and IH is 1, and that of IC and IM is also 1, with the range of trend strength being integers from -2 to 2, representing different levels of bullishness or bearishness [6] [重要驱动] - The China - US economic and trade consultations in Kuala Lumpur reached a basic consensus on arrangements to address each other's concerns. The two sides had candid, in - depth, and constructive exchanges on important economic and trade issues [6] - The CPC Central Committee held a press conference to introduce and interpret the spirit of the Fourth Plenary Session of the 20th CPC Central Committee. The Financial System Learning and Implementing the Spirit of the Fourth Plenary Session of the 20th CPC Central Committee Meeting was held in Beijing, emphasizing the financial work in the "15th Five - Year Plan" period [7] - This week, Chinese and US leaders will go to South Korea. It is a super central bank week and a super earnings week. Multiple central banks will announce interest rate decisions, and many companies in the US and China will release earnings reports. Additionally, China's latest PMI and the Fed's favorite inflation indicator PCE will be announced [7] - The Shanghai Composite Index rose 0.71% to 3,950.31 points, the Shenzhen Component Index rose 2.02%, the ChiNext Index rose 3.57%, and the CSI A500 rose 1.38%. The total trading volume of A - shares was 1.99 trillion yuan, up from 1.66 trillion yuan the previous day [7]