Market Overview - The futures market shows a bearish sentiment with 23 contracts rising and 56 contracts falling, indicating a concentration of trading activity in declining varieties [2] - The main contracts with significant price increases include pure benzene (+2.04%), eggs (+1.95%), and apples (+1.26%), while low-sulfur fuel oil (-3.5%) and coking coal (-3.17%) experienced notable declines [5][6] Capital Flow - The most significant capital inflows were observed in the CSI 500 (3.693 billion), CSI 300 (2.605 billion), and CSI 1000 (1.334 billion), indicating strong interest from major funds [9] - Conversely, the largest capital outflows were seen in gold futures (-2.804 billion) and ten-year government bonds (-0.852 billion), suggesting a withdrawal of funds from these assets [9] Position Changes - Notable increases in open interest were recorded for styrene (+14.53%) and silicon iron (+13.71%), indicating heightened trading activity and potential new capital inflows [10] - Significant decreases in open interest were noted for pulp (-12.52%) and ten-year bonds (-12.74%), suggesting a potential exit of major funds from these positions [10] Key Events - The Shanghai Gold Exchange emphasized the importance of risk control amid market volatility, urging members to maintain emergency plans and manage investor risks effectively [11] - Jiangsu Province issued a yellow alert for heavy pollution, although steel production in the affected areas remains unaffected for now [12] Commodity Insights - The lithium carbonate contract saw a slight increase of 0.84%, with market expectations of demand potentially softening in the coming months, suggesting caution in trading strategies [20] - Coking coal prices have been on a downward trend, with recent prices hitting a two-and-a-half-month low, reflecting cautious purchasing behavior from downstream industries [21] - The glass market is experiencing a dual weakness in supply and demand, with prices continuing to decline and no significant positive indicators in the fundamentals [22]

投资咨询业务资格:证监许可【2012】31号 == 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2025/11/20 | | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 较前值变动 收盘价 | | | | | | | | | (bp) | | | DRO01 | 1.42 | -10.66 | DR007 | 1.51 | -1.08 | | | GC001 | 1.63 | -6.50 | GC007 | 1.51 | -5.00 | | नि | | | | | | | | | SHBOR 3M | 1.58 | 0.00 | LPR 5年 | 3.50 | 0.00 | | 市 | | 1.40 | -0.30 | | 1 રેતે | 0.70 | | 市 | 1年期国债 | | | 5年期国债 | | | | | 10年期国债 | 1.81 | 0.40 | 10年期美债 | 4.12 ...

- The report tracks the performance of various broad-based indices in the A-share market, including their daily, weekly, monthly, and yearly changes. For instance, on November 18, 2025, all tracked indices fell, with the CSI 2000 and CSI 500 experiencing the largest declines of -1.32% and -1.17%, respectively[1][2][10] - The report compares the indices against their moving averages and their positions relative to the highest and lowest points over the past 250 trading days. For example, all tracked indices have fallen below their 5-day and 10-day moving averages, with the CSI 2000 still above its 20-day moving average[13] - The report provides data on the trading volume and turnover rates of the indices. On November 18, 2025, the CSI 2000 had the highest trading volume share at 24.98%, followed by the CSI 300 at 22.28% and the CSI 1000 at 22.17%. The turnover rates for these indices were 4.48, 2.85, and 2.83, respectively[15] - The report analyzes the distribution of daily returns for the indices, noting that the ChiNext Index has the largest negative kurtosis deviation, while the CSI 1000 has the smallest. The CSI 2000 has the smallest negative skewness, while the SSE 50 has the largest[21][23] - The report examines the risk premiums of the indices relative to the 10-year government bond yield. As of November 18, 2025, the SSE 50 and CSI 300 had relatively high 5-year percentile risk premiums of 37.62% and 24.29%, respectively, while the CSI 2000 and CSI 500 had lower values of 15.95% and 13.41%[25][28][29] - The report evaluates the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) of the indices as a measure of valuation. The CSI 1000 and CSI 500 had high 5-year percentile values of 96.86% and 95.45%, respectively, while the CSI 2000 and ChiNext Index had lower values of 82.64% and 55.04%[37][40][41] - The report assesses the stock-bond yield ratio, which compares the inverse of the PE-TTM to the 10-year government bond yield. None of the indices were above their 80% percentile (opportunity value), and none were below their 20% percentile (danger value)[43] - The report tracks the dividend yields of the indices, noting that the ChiNext Index and CSI 1000 had relatively high 5-year historical percentile values of 70.58% and 39.17%, respectively, while the CSI 500 and CSI 2000 had lower values of 16.94% and 13.55%[45][50][51] - The report monitors the net asset value break rates of the indices, indicating the proportion of stocks trading below their net asset value. As of the latest data, the break rates were 22.0% for the SSE 50, 16.0% for the CSI 300, 11.6% for the CSI 500, 7.2% for the CSI 1000, 2.45% for the CSI 2000, 1.0% for the ChiNext Index, and 5.65% for the CSI All Share Index[52]

Group 1: Market Data - DROO1 and GC001 closed at 1.37 and 1.26 respectively, with changes of 5.30bp and 28.00bp compared to the previous value; DR007 and GC007 closed at 1.47 and 1.49 respectively, with changes of -1.09bp and 2.00bp [4] - SHBOR 3M closed at 1.58 with no change; LPR 5 - year closed at 3.50 with no change; 1 - year, 5 - year, 10 - year Chinese treasury bonds closed at 1.41, 1.58, 1.81 respectively, with changes of 0.00bp, 0.32bp, -0.16bp; 10 - year US treasury bond closed at 4.14 with a 3.00bp change [4] - Last week, the central bank conducted 1122 billion yuan of reverse repurchase operations, with 495.8 billion yuan of reverse repurchase maturing, resulting in a net injection of 626.2 billion yuan [4] - This week, 1122 billion yuan of reverse repurchase will mature in the central bank's open - market operations, and 12 billion yuan of treasury cash fixed - deposit will mature on Thursday [5] Group 2: Stock Index Data - The closing prices of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4628, 3038, 7235, and 7503 respectively, with changes of -1.57%, -1.15%, -1.63%, -1.16% compared to the previous day; the closing prices of IF, IH, IC, and IM current - month contracts were 4614, 3034, 7208, and 7468 respectively, with changes of -1.7%, -1.3%, -1.7%, -1.3% [6] - Last week, CSI 300 fell 1.08% to 4628.1, SSE 50 remained unchanged at 3038.4, CSI 500 fell 1.26% to 7235.5, and CSI 1000 fell 0.52% to 7502.8 [6] - In the Shenwan primary industry index, last week, the comprehensive, textile and apparel, commercial and retail, pharmaceutical and biological, and food and beverage sectors led the gains, while the communication, electronics, computer, machinery, and national defense and military industries led the losses [6] - Last week, the daily trading volumes of A - shares were 1992.9 billion yuan, 1822 billion yuan, 1785 billion yuan, 1878.3 billion yuan, and 1796.5 billion yuan respectively, with the average daily trading volume increasing by 39.9 billion yuan compared to the previous week [6] Group 3: Economic Data and Market Outlook - In October, economic data showed a weakening trend, with investment growth and real - estate prices accelerating their decline; from January to October, the cumulative year - on - year decline in fixed - asset investment was 1.7%, with the growth rate falling 1.2 percentage points compared to September [7] - In terms of investment structure, real - estate investment decreased by 14.7% year - on - year, with the decline expanding by 0.8 percentage points; infrastructure investment increased by 1.51% year - on - year, with the growth rate falling 1.83 percentage points; manufacturing investment increased by 2.7% year - on - year, with the growth rate falling 1.3 percentage points [7] - In October, CPI year - on - year growth turned positive to 0.2%, and the month - on - month increase was 0.1 percentage points to 0.2%, driven by rising service prices, food prices, and gold prices [7] - The current macro - level is a mix of long and short factors. After the overall adjustment of the technology sector, the market lacks a core driving force. The market is divided on whether the valuation of technology stocks will further increase and whether the market can shift from a structural market to a full - scale slow - bull market [7] - The stock index is expected to continue the volatile pattern of having a bottom support and facing upward pressure. Short - term market differences are expected to be gradually digested during the stock - index's volatile adjustment, and new driving forces are awaited for the stock index to rise further [7] Group 4: Futures Premium and Discount Data - The premium and discount rates of IF, IH, IC, and IM for current - month, next - month, current - quarter, and next - quarter contracts are presented in the table, with specific values such as 22.30%, 6.63%, 3.55%, 3.54% for IF [8]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The US government's potential reopening boosted the capital market, increasing expectations of further overseas liquidity release, leading to a stronger performance of stock indices with the Shanghai Composite Index slightly breaking through a new high [7]. - After the cooling of AI and chip sectors since October, the lithium - battery sector took over and led the rally, supporting the strong performance of stock indices [7]. - The current macro - level situation is a mix of bullish and bearish factors, lacking a core driving force. There are disagreements in the market about whether the valuation of technology stocks will further increase and whether the market can shift from a structural to a full - fledged slow - bull market. Short - term market disagreements are expected to be digested through index fluctuations, and new driving factors are needed for further upward movement [7]. 3. Summary by Related Content Money Market - DRO01 closed at 1.32 with a - 9.93bp change, DR007 at 1.48 with a - 1.22bp change, GC001 at 0.98 with a - 56.50bp change, GC007 at 1.47 with a - 3.00bp change, SHBOR 3M at 1.58 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.41 with a 0.26bp change, 5 - year treasury at 1.58 with a 1.54bp change, 10 - year treasury at 1.81 with a 0.46bp change, and 10 - year US treasury at 4.09 with a 2.00bp change [4]. - The central bank conducted 190 billion yuan of 7 - day reverse repurchase operations yesterday, with 92.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 97.2 billion yuan. This week, 495.8 billion yuan of reverse repurchases will mature, with 78.3 billion, 117.5 billion, 65.5 billion, 92.8 billion, and 141.7 billion maturing from Monday to Friday respectively [4]. - The central bank's Q3 2025 China Monetary Policy Implementation Report stated that it will maintain a moderately loose monetary policy, use various tools to keep social financing conditions relatively loose, improve the monetary policy framework, and strengthen policy implementation and transmission. It also aims to promote a reasonable recovery of prices [4]. Stock Index Market - The CSI 300 rose 1.21% to 4702.1, the SSE 50 rose 0.96% to 3073.7, the CSI 500 rose 1.55% to 7355.3, and the CSI 1000 rose 1.39% to 7590.6. The trading volume of the Shanghai and Shenzhen stock markets was 2.042 trillion yuan, an increase of 96.9 billion yuan from the previous day [6]. - Most industry sectors rose, with energy metals, batteries, fertilizers, precious metals, power equipment, non - metallic materials, non - ferrous metals, chemical raw materials, chemical products, and small metals leading the gains. Only railway and highway, banking, and power sectors declined [6]. - The trading volume and open interest of stock index futures contracts generally decreased. For example, IF trading volume decreased by 7.3% and open interest by 5.1%, IH trading volume by 2.2% and open interest by 1.2%, IC trading volume by 9.2% and open interest by 7.4%, and IM trading volume by 11.9% and open interest by 5.5% [6]. Stock Index Futures Premium and Discount - IF premium rates for the current - month, next - month, current - quarter, and next - quarter contracts were 8.22%, 5.41%, 3.44%, and 3.58% respectively [8]. - IH premium rates for different contracts were 1.58%, 1.60%, 0.90%, and 0.77% respectively [8]. - IC premium rate for the current - month contract was 12.34% [8]. - IM premium rates for different contracts were 14.77%, 14.98%, 13.05%, and 12.76% respectively [8].

Group 1: Interest Rates and Central Bank Operations - DR001 closed at 1.42 with a -9.02bp change, DR007 at 1.49 with a -2.21bp change, GC001 at 1.54 with a -10.00bp change, and GC007 at 1.50 with a -3.00bp change [3] - SHBOR 3M remained at 1.58 with no change, and LPR 5 - year stayed at 3.50 with no change [3] - 1 - year, 5 - year, and 10 - year Chinese government bonds closed at 1.35 (-1.80bp), 1.52 (-2.00bp), and 1.80 (-1.60bp) respectively, while 10 - year US Treasury bonds closed at 4.09 with a 2.00bp increase [3] - The central bank conducted 1955 billion yuan of 7 - day reverse repurchase operations, with 655 billion yuan of reverse repurchases maturing, resulting in a net injection of 1300 billion yuan [3] - This week, 4958 billion yuan of reverse repurchases will mature, with 783 billion, 1175 billion, 655 billion, 928 billion, and 1417 billion maturing from Monday to Friday respectively [4] Group 2: Monetary Policy - The central bank's Q3 2025 China Monetary Policy Implementation Report stated that it will maintain a moderately loose monetary policy, use various tools to keep social financing conditions relatively loose, improve the monetary policy framework, and strengthen policy implementation and transmission [4] - Promoting a reasonable recovery of prices is an important consideration for monetary policy to keep prices at a reasonable level [4] Group 3: Stock Indexes and Futures - The CSI 300 fell 0.13% to 4645.9, the SSE 50 rose 0.32% to 3044.3, the CSI 500 fell 0.66% to 7243.2, and the CSI 1000 fell 0.72% to 7486.4 [5] - The trading volume of the Shanghai and Shenzhen stock markets was 19450 billion yuan, a decrease of 486 billion yuan from the previous day [5] - Industry sectors showed more declines than gains, with insurance, mining, pharmaceutical commerce, medical devices, and beauty care sectors leading the gains, while photovoltaic equipment, non - metallic materials, wind power equipment, power supply equipment, power grid equipment, and electronic chemicals sectors leading the losses [5] - IF, IH, IC, and IM contracts showed different price changes and volume/position changes. For example, IF volume increased by 93 to 120690, and its open interest increased by 3.9% to 273421 [5] Group 4: Market Outlook - The macro news was calm, and the stock index continued to fluctuate. The current macro situation is a mix of positives and negatives, lacking a core driving force [6] - There are disagreements in the market regarding the further increase of technology stock valuations and the transition from a structural market to a full - fledged slow - bull market [6] - Short - term market differences are expected to be digested during the stock index's volatile adjustment, and new driving factors such as overseas liquidity release or domestic fundamental improvement will be key for the market to rise [6] Group 5: Futures Contract Premium/Discount - IF showed premiums of 0.79%, 3.80%, 2.76%, and 3.15% for the current, next, current - quarter, and next - quarter contracts respectively [7] - IH had a - 3.33% discount for the current contract and premiums for other contracts [7] - IC and IM contracts generally showed premiums [7]

Market Data Summary - DRO01 closed at 1.51 with a 2.52 bp increase, DR007 at 1.51 with a 1.33 bp increase, GC001 at 1.64 with a 43.50 bp increase, and GC007 at 1.53 with a 5.00 bp increase [4] - SHBOR 3M remained at 1.58, LPR 5 - year at 3.50, 1 - year treasury at 1.40 with a 0.56 bp increase, 5 - year treasury at 1.57 with a - 0.88 bp change, 10 - year treasury at 1.81 with a - 0.05 bp change, and 10 - year US treasury at 4.13 with a 2.00 bp increase [4] - The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations, with 1175 billion yuan of reverse repurchases maturing, resulting in a net injection of 2863 billion yuan [4] - This week, 4958 billion yuan of reverse repurchases will mature, with 783 billion, 1175 billion, 655 billion, 928 billion, and 1417 billion maturing from Monday to Friday respectively [4] - The central bank will maintain a moderately loose monetary policy, aiming to promote a reasonable recovery of prices and keep social financing conditions relatively loose [4] Stock Index Market - CSI 300 closed at 4652, down 0.91%; SSE 50 at 3035, down 0.63%; CSI 500 at 7292, down 0.71%; and CSI 1000 at 7541, down 0.30% [6] - IF volume was 110400 with a 3.4% increase, IH volume 50142 with a 9.2% increase, IC volume 112484 with an 8.4% decrease, and IM volume 186082 with a 4.3% decrease [6] - IF open interest was 263184 with a 1.9% decrease, IH open interest 94744 with a 2.0% decrease, IC open interest 241256 with a 3.2% decrease, and IM open interest 354095 with a 0.2% decrease [6] - The trading volume of the Shanghai and Shenzhen stock markets was 19936 billion yuan, a decrease of 1809 billion yuan from the previous day [6] - Photovoltaic equipment, chemical raw materials, non - metallic materials, food and beverage, and pharmaceutical commerce sectors led the gains, while insurance, energy metals, aerospace, electronic components, and software development sectors led the losses [6] Market Outlook - The stock index closed down in a volatile manner. The current macro - level is a mix of bullish and bearish factors, lacking a core driving force [7] - Market differences are expected to be gradually digested during the stock index's volatile adjustment. New driving factors such as overseas liquidity release or domestic fundamental improvement will be key for the market to rise [7] Stock Index Futures Basis - IF basis was 9.39% for the current - month contract, 5.24% for the next - month contract, 3.15% for the current - quarter contract, and 3.32% for the next - quarter contract [8] - IH basis was 1.24% for the current - month contract, 0.52% for the next - month contract, 0.47% for the current - quarter contract, and 0.66% for the next - quarter contract [8] - IC basis was 24.73% for the current - month contract, 15.62% for the next - month contract, 11.17% for the current - quarter contract, and 10.87% for the next - quarter contract [8] - IM basis was 31.07% for the current - month contract, 19.16% for the next - month contract, 14.03% for the current - quarter contract, and 13.00% for the next - quarter contract [8]

Report Summary 1. Core View - In the short term, the macro - level is in a relative policy window period. The A - share market lacks a clear upward mainline, trading volume remains low, and stock indices continue to fluctuate and are in an accumulation phase. The US government's continuous shutdown risks increase the adjustment pressure on US stocks and impact the domestic equity market, but the impact is mainly at the A - share opening stage, and the intraday trend can be repaired by domestic liquidity and market sentiment, providing space for short - term stock index operations. In the long - term, the market is expected to have further upward space, but the pace will be gradual. Key factors such as overseas liquidity release or substantial improvement in domestic fundamentals will drive the market upward [6]. 2. Data Summary 2.1 Currency Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DR001 | 1.33 | 1.55 | | DR007 | 1.41 | - 1.24 | | GC001 | 1.20 | - 12.00 | | GC007 | 1.47 | - 0.50 | | SHBOR 3M | 1.58 | - 0.35 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.40 | - 0.04 | | 5 - year Treasury Bond | 1.59 | 0.53 | | 10 - year Treasury Bond | 1.81 | 0.77 | | 10 - year US Treasury Bond | 4.11 | 0.00 | Last week, the central bank conducted 495.8 billion yuan of reverse repurchases and 700 billion yuan of 91 - day outright reverse repurchases in the open market. There were 2068 billion yuan of reverse repurchases and 700 billion yuan of 91 - day outright reverse repurchases due, resulting in a net withdrawal of 1572.2 billion yuan. This week, 495.8 billion yuan of reverse repurchases will mature, with 78.3 billion, 117.5 billion, 65.5 billion, 92.8 billion, and 141.7 billion yuan maturing from Monday to Friday respectively [4]. 2.2 Stock Index Market | Variety | Closing Price | Change from Previous Day (%) | | --- | --- | --- | | CSI 300 | 4679 | - 0.31 | | IF Current Month | 4673 | - 0.2 | | SSE 50 | 3038 | - 0.21 | | IH Current Month | 3039 | - 0.1 | | CSI 500 | 7328 | - 0.24 | | IC Current Month | 7292 | - 0.2 | | CSI 1000 | 7542 | - 0.13 | | IM Current Month | 7493 | 0.1 | | IF Trading Volume | 86450 | - 22.4 | | IF Open Interest | 257486 | - 2.7 | | IH Trading Volume | 37804 | - 26.6 | | IH Open Interest | 90943 | - 5.5 | | IC Trading Volume | | - 19.9 | | IC Open Interest | 240492 | - 3.6 | | IM Trading Volume | 187617 | - 7.8 | | IM Open Interest | 356424 | 1.9 | Last week, the CSI 300 rose 0.82% to 4678.8, the SSE 50 rose 0.89% to 3038.3, the CSI 500 fell 0.04% to 7327.9, and the CSI 1000 rose 0.47% to 7541.9. Among the Shenwan primary industry indices, power equipment (5%), steel (4.4%), basic chemicals (3.5%), banks (2.8%), and comprehensive (2.6%) led the gains, while computer (- 2.5%), medicine and biology (- 2.4%), automobile (- 1.2%), food and beverage (- 0.6%), and household appliances (- 0.5%) led the losses. The daily trading volumes of A - shares last week were 1910.4 billion, 1753.4 billion, 1718.3 billion, 1860 billion, and 1833.1 billion yuan respectively, with the average daily trading volume decreasing by 260.55 billion yuan compared to the previous week [5]. 2.3 Stock Index Futures Premium and Discount | | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | 3.77% | 3.78% | 3.13% | 3.23% | | IH Premium/Discount | - 0.45% | 0.04% | 0.34% | 0.58% | | IC Premium/Discount | 14.91% | 12.17% | 10.13% | 10.16% | | IM Premium/Discount | 19.55% | 15.71% | 12.96% | 12.36% | Note: The values in brackets are the annualized premium/discount rates (green indicates premium, red indicates discount) [7].

Core Insights - Liu Lin achieved the fifth place in the lightweight group of the 19th National Futures (Options) Live Trading Competition, showcasing a unique trading style and robust risk management [1] Group 1: Trading Strategy - Liu Lin focuses on popular trading products such as polysilicon, CSI 1000, and gold, believing that identifying leading products and trends increases the probability of profit [2] - His trading strategy is primarily based on market volatility, emphasizing that as long as there is market fluctuation, there is room for options trading [2] - Liu Lin employs an intraday short-term strategy, primarily engaging in buying positions and avoiding overnight trades, aligning his strategy with his personal trading style [2][3] Group 2: Risk Management - Liu Lin's trading career began with ETF options, and he transitioned to commodity options after experiencing a lack of market activity, accumulating about one year of trading experience [3] - He emphasizes the importance of strict position management and timely stop-loss measures to control drawdowns, which he views as essential for long-term success [3] - His trading philosophy includes a short holding period and profiting from volatility, with a strong focus on the necessity of stop-loss strategies to prevent significant losses [3] Group 3: Future Outlook - Liu Lin views his competition results as a new starting point and plans to further optimize his intraday short-term strategy while monitoring potential market opportunities from 2025 to 2026 [4] - He highlights the significance of policy changes and market sentiment fluctuations as key factors that will create more trading opportunities [4] - Liu Lin advises traders to experiment with various strategies to find their personal trading style and to prioritize profit-taking to build trading confidence [4]

Group 1: Financial Instrument Prices and Changes - DROO1 closed at 1.31, down 0.53bp; DR007 closed at 1.42, down 3.65bp [3] - GC001 closed at 1.54, up 21.50bp; GC007 closed at 1.49, up 1.00bp [3] - SHBOR 3M closed at 1.60, down 0.10bp; LPR 5 - year remained at 3.50 [3] - 1 - year treasury bond closed at 1.33, up 1.20bp; 5 - year treasury bond closed at 1.53, up 0.10bp [3] - 10 - year treasury bond closed at 1.74, down 0.40bp; 10 - year US treasury bond closed at 4.09, down 0.20bp [3] - IF当月 closed at 4646, up 0.1%; IH当月 closed at 3018, unchanged; IC当月 closed at 7293, unchanged; IM当月 closed at 7471, up 0.4% [5] - IF成交量 was 115046, down 17.7%; IF持仓量 was 270097, down 0.4% [5] - IH成交量 was 51158, down 19.2%; IH持仓量 was 96979, down 2.6% [5] - IC成交量 was 140206, down 3.5%; IC持仓量 was 254358, unchanged [5] - IM成交量 was 229133, down 9.5%; IM持仓量 was 362939, up 0.2% [5] Group 2: Central Bank Operations - The central bank conducted 783 billion yuan of 7 - day reverse repurchase operations yesterday, with 3373 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 2590 billion yuan [3] - This week, 20680 billion yuan of reverse repurchases will mature in the central bank's open market, with 3373 billion, 4753 billion, 5577 billion, 3426 billion, and 3551 billion yuan maturing from Monday to Friday respectively. Additionally, 7000 billion yuan of 91 - day outright reverse repurchases will mature on Friday [4] Group 3: Stock Index Performance - The CSI 300 rose 0.27% to 4653.4; the SSE 50 rose 0.16% to 3016.4; the CSI 500 rose 0.04% to 7333.6; the CSI 1000 rose 0.42% to 7538.1 [5] - The trading volume of the two stock markets reached 21071 billion yuan, a decrease of 2107 billion yuan from the previous trading day [5] - Most industry sectors closed higher, with shipbuilding, gaming, culture and media, coal, photovoltaic equipment, power supply equipment, petroleum, mining, and airport sectors leading the gains, while small metals, batteries, and jewelry sectors leading the losses [5] Group 4: Market Outlook and Strategy - In the short term, as positive factors such as the progress of China - US economic and trade negotiations are gradually released, market sentiment may shift from relatively optimistic to cautious, and the stock index may enter a volatile stage to accumulate momentum for the next upward movement. In the medium - to - long term, the stock index still has room to rise, but the upward pace will not be rapid [6] - The strategy suggests taking advantage of opportunities to go long and using the discount structure of stock index futures to enhance the advantages of medium - to - long - term long - position strategies [6] Group 5: Stock Index Futures Premium and Discount - IF升贴水 was 3.14% for the current - month contract, 3.17% for the next - month contract, 2.48% for the current - quarter contract, and 2.71% for the next - quarter contract [7] - IH升贴水 was - 0.84% for the current - month contract, - 0.07% for the next - month contract, - 0.15% for the current - quarter contract, and 0.12% for the next - quarter contract [7] - IC升贴水 was 11.28% for the current - month contract, 10.17% for the next - month contract, 9.16% for the current - quarter contract, and 9.43% for the next - quarter contract [7] - IM升贴水 was 17.95% for the current - month contract, 14.75% for the next - month contract, 12.20% for the current - quarter contract, and 11.67% for the next - quarter contract [7]