股指期货持仓日度变动简评 11,708.0 2,181.0 11,922.0 38,840.0 -1,995.0 -2,689.0 9,611.0 36,840.0 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 IF IH IC IM 主力合约持仓变动 总持仓变动 数据来源：Wind 广发期货研究所整理 2025 年 11 月 24 日星期一 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓小幅下降 | 海通多空头各加仓超 1000 手 | | 上证 | 50 | IH2512 | 总持仓小幅下降 | 国君中信均减仓 | | 中证 | 500 | IC2512 | 总持仓明显上升 | 中信 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2512 | 总持仓明显上升 | 前二十席位加仓为主 | | 上证 | 50 | IH2512 | 总持仓小幅上升 | 前二十席位增减仓不一 | | 中证 | 500 | IC2512 | 总持仓明显上升 | 国君多空头各加仓近 2000 手 | | 中证 | 1000 | IM2512 | 总持仓小幅上升 | 中信多头、海通空头各减仓超千手 | 股指期货持仓日度变动简评 8,865.0 3,075.0 12,102.0 4,785.0 5,717.0 2,538.0 7,467.0 -4,000 -2,194.0 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 IF IH IC IM 主力合约持 ...

重点关注 股指期货全景日报 2025/11/20 | 数据指标 | 项目类别 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | IF主力合约（2512） 4539.2 | | | -31.6↓ IF次主力合约（2511） | 4558.0 | -28.8↓ | | IH主力合约（2512） 3002.6 | | | -14.8↓ IH次主力合约（2511） | 3008.6 | -14.8↓ | | IC主力合约（2512） 7000.0 | | | -59.6↓ IC次主力合约（2511） | 7063.4 | -63.0↓ | | IM主力合约（2512） 7263.6 | | | -35.2↓ IM次主力合约（2511） | 7347.6 | -41.6↓ | | IF-IH当月合约价差 1549.4 | 期货盘面 | | -16.0↓ IC-IF当月合约价差 | 2505.4 | -27.8↓ | | IM-IC当月合约价差 284.2 | | | +10.4↑ IC-IH当月合约价差 | 4054.8 | -43.8 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report provides a daily tracking of the positions of stock index futures, including the overall position changes and the important position changes of the top 20 seats for IF, IH, IC, and IM futures contracts [1]. 3. Summary by Related Catalogs IF Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IF variety decreased by 6,521 lots, and the position of the main contract 2512 decreased by 2,502 lots [3]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 40,336 lots. The seat with the largest increase in long positions was Yong'an Futures, with an intraday increase of 486 lots; the seat with the largest decrease in long positions was Guotai Junan Futures, with an intraday decrease of 1,801 lots [4]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on that day, CITIC Futures ranked first with a total position of 44,466 lots. The seat with the largest increase in short positions was Huatai Futures, with an intraday increase of 529 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 2,716 lots [6]. IH Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IH variety decreased by 2,454 lots, and the position of the main contract 2512 decreased by 1,076 lots [9]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 12,853 lots. The seat with the largest increase in long positions was Haitong Futures, with an intraday increase of 293 lots; the seat with the largest decrease in long positions was Guoxin Futures, with an intraday decrease of 398 lots [9]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on that day, CITIC Futures ranked first with a total position of 13,533 lots. The seat with the largest increase in short positions among the top 20 seats was Haitong Futures, with an intraday increase of 141 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 826 lots [10]. IC Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IC variety decreased by 5,507 lots, and the position of the main contract 2512 increased by 2,214 lots [14]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on that day, Guotai Junan Futures ranked first with a total position of 37,098 lots. The seat with the largest increase in long positions was Zheshang Futures, with an intraday increase of 336 lots; the seat with the largest decrease in long positions was Guotai Junan Futures, with an intraday decrease of 1,381 lots [15]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on that day, CITIC Futures ranked first with a total position of 41,278 lots. The seat with the largest increase in short positions was Dongzheng Futures, with an intraday increase of 414 lots; the seat with the largest decrease in short positions was Guotai Junan Futures, with an intraday decrease of 1,331 lots [17]. IM Futures - **Total Position and Main Contract Position Changes**: On November 19, the total position of the IM variety increased by 2,119 lots, and the position of the main contract 2512 increased by 11,495 lots [20]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 52,034 lots. The seat with the largest increase in long positions was Haitong Futures, with an intraday increase of 1,248 lots; the seat with the largest decrease in long positions was CITIC Futures, with an intraday decrease of 1,428 lots [20]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on that day, CITIC Futures ranked first with a total position of 74,481 lots. The seat with the largest increase in short positions among the top 20 seats was Haitong Futures, with an intraday increase of 1,845 lots; the seat with the largest decrease in short positions was Zhongtai Futures, with an intraday decrease of 757 lots [22].

免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） IH主力合约（2512） | 4565.2 3011.0 | +22.2↑ IF次主力合约（2511） +16.6↑ IH次主力合约（2511） | 4583.4 3018.0 | +23.4↑ +17.4↑ | | | IC主力合约（2512） | 7054.8 | -1.6↓ IC次主力合约（2511） | 7116.6 | -15.6↓ | | | IM主力合约（2512） | 7298.2 | -31. ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a daily tracking and analysis of the positions of stock index futures on November 18, 2025, including IF, IH, IC, and IM futures. It shows the changes in total positions, main - contract positions, and the position changes of the top twenty long and short seats for each type of futures [1][4][10][15][21]. 3. Summary by Related Catalog IF Futures - Total position increased significantly; both Citic and Guotai Junan increased their positions substantially. On November 18, the total position of the IF variety increased by 5,967 lots, and the position of the main contract 2512 increased by 4,718 lots [1][4]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 42,157 lots. Guotai Junan Futures had the largest increase in long positions, adding 1,949 lots, while Yong'an Futures had the largest decrease, reducing 453 lots [5]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 45,644 lots. Citic Futures had the largest increase in short positions, adding 2,688 lots, and GF Futures had the largest decrease, reducing 550 lots [7]. IH Futures - Total position decreased slightly; Haitong reduced both long and short positions by nearly 1,000 lots. On November 18, the total position of the IH variety decreased by 3,423 lots, and the position of the main contract 2512 decreased by 1,142 lots [1][10]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 12,878 lots. Hongyuan Futures had the largest increase in long positions, adding 135 lots, while Haitong Futures had the largest decrease, reducing 991 lots [10]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 13,732 lots. China Merchants Futures had the largest increase in short positions, adding 203 lots, and Haitong Futures had the largest decrease, reducing 982 lots [11]. IC Futures - Total position increased significantly; Guotai Junan increased long positions by over 3,000 lots. On November 18, the total position of the IC variety increased by 8,185 lots, and the position of the main contract 2512 increased by 6,266 lots [1][15]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 38,479 lots. Guotai Junan Futures had the largest increase in long positions, adding 3,002 lots, while Yong'an Futures had the largest decrease, reducing 335 lots [16]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 41,909 lots. Guotai Junan Futures had the largest increase in short positions, adding 1,909 lots, and Bank of China Futures had the largest decrease, reducing 748 lots [18]. IM Futures - Total position increased significantly; Guotai Junan increased both long and short positions by over 2,000 lots. On November 18, the total position of the IM variety increased by 6,867 lots, and the position of the main contract 2512 increased by 3,601 lots [1][21]. - Among the top twenty long seats, Guotai Junan Futures ranked first with a total position of 52,569 lots. Guotai Junan Futures had the largest increase in long positions, adding 2,014 lots, while Dongzheng Futures had the largest decrease, reducing 374 lots [21]. - Among the top twenty short seats, Citic Futures ranked first with a total position of 73,576 lots. Guotai Junan Futures had the largest increase in short positions, adding 2,058 lots, and Everbright Futures had the largest decrease, reducing 392 lots [23].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The report provides a daily tracking and analysis of the positions of stock index futures, including IF, IH, IC, and IM, with details on total positions, changes in the top 20 long and short positions, and key changes in the top 20 seats [1][4][10] Group 3: Summary by Related Catalogs IF (CSI 300) - Total positions significantly increased, with a rise of 7845 hands on November 17, and the main contract 2512's positions rose by 4150 hands [4] - Among the top 20 long positions, Guotai Junan Futures ranked first with 40208 hands. Everbright Futures had the most long - position increase (923 hands), and Dongzheng Futures had the most long - position decrease (1006 hands) [5] - Among the top 20 short positions, CITIC Futures ranked first with 42956 hands. Guotai Junan Futures had the most short - position increase (981 hands), and Dongzheng Futures had the most short - position decrease (1091 hands) [7] IH (SSE 50) - Total positions slightly increased, with a rise of 3993 hands on November 17, and the main contract 2512's positions rose by 1411 hands [10] - Among the top 20 long positions, Guotai Junan Futures ranked first with 13465 hands. Guoxin Futures had the most long - position increase (1145 hands), and Dongzheng Futures had the most long - position decrease (334 hands) [11] - Among the top 20 short positions, CITIC Futures ranked first with 14175 hands. Guoxin Futures had the most short - position increase (600 hands), and UBS Futures had the most short - position decrease (103 hands) [12] IC (CSI 500) - Total positions remained stable, with a rise of 816 hands on November 17, and the main contract 2512's positions rose by 2905 hands [16] - Among the top 20 long positions, Guotai Junan Futures ranked first with 35477 hands. CITIC Futures had the most long - position increase (852 hands), and Shenyin Wanguo Futures had the most long - position decrease (300 hands) [17] - Among the top 20 short positions, CITIC Futures ranked first with 40780 hands. Dongzheng Futures had the most short - position increase (843 hands), and Zhongtai Futures had the most short - position decrease (358 hands) [19] IM (CSI 1000) - Total positions slightly decreased, with a decline of 2069 hands on November 17, while the main contract 2512's positions rose by 3608 hands [22] - Among the top 20 long positions, Guotai Junan Futures ranked first with 50555 hands. Haitong Futures had the most long - position increase (1772 hands), and Zhongtai Futures had the most long - position decrease (713 hands) [22] - Among the top 20 short positions, CITIC Futures ranked first with 72303 hands. Haitong Futures had the most short - position increase (1554 hands), and Zhongtai Futures had the most short - position decrease (1057 hands) [24]

Report Summary 1. Core View - The rebound of the US dollar index has put pressure on global stock indices, which are undergoing an adjustment. After the adjustment of the technology sector, the overall trading volume in the market has declined, showing a rotational pattern with generally low sustainability. Some sectors have gradually fallen to support levels, and attention should be paid to the effectiveness of these supports. The overall index is still moving around the previous central level, but individual stocks are showing significant differentiation. Caution is needed in operations, and hasty bottom - fishing should be avoided [2] 2. Summary by Directory Macro - economic Charts - The report includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][11] Spot Market Tracking Charts - On November 17, 2025, the Shanghai Composite Index closed at 3972.03, down 0.46%; the Shenzhen Component Index was at 13202.00, down 0.11%; the ChiNext Index was at 3105.20, down 0.20%; the CSI 300 Index was at 4598.05, down 0.65%; the SSE 50 Index was at 3012.07, down 0.87%; the CSI 500 Index was at 7235.35, unchanged; and the CSI 1000 Index was at 7523.08, up 0.27%. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.9 trillion yuan [14][1] Stock Index Futures Tracking Charts - In the futures market, the basis of stock index futures rebounded, and the current - month contract of IH was at a premium. The trading volume and open interest of IF, IH, and IC increased simultaneously. Specifically, the trading volume of IF was 114,292 (an increase of 4,303), and the open interest was 272,721 (an increase of 7,845); the trading volume of IH was 57,196 (an increase of 8,963), and the open interest was 101,114 (an increase of 3,993); the trading volume of IC was 116,917 (an increase of 305), and the open interest was 245,834 (an increase of 816). The trading volume of IM was 197,327 (an increase of 4,748), and the open interest was 355,153 (a decrease of 2,069) [1][18] - The report also provides data on the basis of stock index futures contracts (including current - month, next - month, current - quarter, and next - quarter contracts) and inter - period spreads of different contracts (such as next - month minus current - month, next - quarter minus current - month, etc.) [39][48]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 11 月 17 日） 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2512 | 震荡 | 强势 | 偏强 | 区间震荡 | 资金止盈意愿与政策利好预期相 互博弈 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：强势 参考观点：区间震荡 核心逻辑：上周各股指均呈现震荡整理的走势，上周五股指高位回落大幅收跌。随着昨日股指反弹至 前期高点附近，叠加最新公布的国内投资消费数据走弱以及海外 AI 科技股票降温，部分投资者止 盈意愿上升，股指技术性回调。目前政策利好预期与资金净流入股市趋势共同构成股 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides a daily tracking of the positions of stock index futures, including the overall position changes of IF, IH, IC, and IM varieties and the significant changes in the top 20 seats [1]. 3. Summary by Related Catalog IF (CSI 300) - **Total Position and Main Contract Position Changes**: On November 14, the total position of the IF variety increased by 5,374 lots, and the position of the main contract 2512 increased by 543 lots [3]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IF variety, Guotai Junan Futures ranked first with a total position of 39,495 lots. Guotai Junan Futures had the largest increase in long positions, adding 1,550 lots, while CITIC Construction Investment Futures had the largest decrease, reducing 619 lots [4]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IF variety, CITIC Futures ranked first with a total position of 42,930 lots. Guotai Junan Futures had the largest increase in short positions, adding 2,208 lots, while CITIC Construction Investment Futures had the largest decrease, reducing 696 lots [6]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On November 14, the total position of the IH variety increased by 806 lots, and the position of the main contract 2512 increased by 1,112 lots [9]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IH variety, Guotai Junan Futures ranked first with a total position of 13,269 lots. Guotai Junan Futures had the largest increase in long positions, adding 443 lots, while Haitong Futures had the largest decrease, reducing 565 lots [10]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IH variety, CITIC Futures ranked first with a total position of 13,923 lots. Galaxy Futures had the largest increase in short positions, adding 309 lots, while Haitong Futures had the largest decrease, reducing 320 lots [11]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On November 14, the total position of the IC variety increased by 1,308 lots, and the position of the main contract 2512 increased by 610 lots [15]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IC variety, Guotai Junan Futures ranked first with a total position of 35,285 lots. Yide Futures had the largest increase in long positions, adding 1,705 lots, while Huatai Futures had the largest decrease, reducing 1,011 lots [15]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IC variety, CITIC Futures ranked first with a total position of 40,494 lots. Guotai Junan Futures had the largest increase in short positions, adding 1,255 lots, while Everbright Futures had the largest decrease, reducing 218 lots [16]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On November 14, the total position of the IM variety increased by 1,057 lots, and the position of the main contract 2512 decreased by 1,368 lots [19]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IM variety, Guotai Junan Futures ranked first with a total position of 50,399 lots. Zhongtai Futures had the largest increase in long positions, adding 1,551 lots, while Haitong Futures had the largest decrease, reducing 836 lots [19]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IM variety, CITIC Futures ranked first with a total position of 73,210 lots. Guotai Junan Futures had the largest increase in short positions, adding 1,555 lots, while Haitong Futures had the largest decrease, reducing 695 lots [20].