Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The short - term view of the stock index is that it will be mainly in an interval oscillation, with intense short - term games. The medium - term view is that it is strong. The overall reference view is interval oscillation. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits. In the short term, the incremental policy signals in November weaken, and as the stock index approaches the previous high, the profit - taking intention of profitable funds rises, so there is a need for technical consolidation. In the long term, the expectation of policy benefits and the trend of capital inflow into the stock market strongly support the upward trend of the stock index [1][5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2512 | Oscillation | Strong | Bullish | Interval Oscillation | The game between the profit - taking intention of funds and the expectation of policy benefits [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Viewpoints**: The intraday view is bullish, the medium - term view is strong, and the reference view is interval oscillation [5]. - **Core Logic**: Yesterday, all stock indexes oscillated and consolidated in a narrow range. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1930.3 billion yuan, a decrease of 50.1 billion yuan from the previous day. Currently, the stock index is in a short - term oscillation period due to the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of profitable funds. In the short term, there is a need for technical consolidation. In the long term, as long as the expectation of policy benefits and the trend of capital inflow into the stock market remain unchanged, the upward trend of the stock index will continue [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is range - bound, with the mid - term view being strong and the intraday view being bullish. Policy利好 expectations and the trend of capital inflow into the stock market form strong support for the medium - and long - term upward movement of the stock index, but in the short term, the profit - taking intention of funds and the weakening of policy incremental signals lead to the need for the stock index to consolidate technically [1][5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is volatile, the mid - term view is strong, the intraday view is bullish, and the overall view is range - bound. The core logic is the game between the profit - taking intention of funds and policy利好 expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the mid - term view is strong, and the reference view is range - bound. The core logic is that the stock indexes rebounded oscillating yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2065.7 billion yuan, an increase of 100.9 billion yuan from the previous day. Policy利好 expectations and capital inflow into the stock market support the medium - and long - term upward movement of the stock index. The policy will stabilize the macro - demand expectation and support technological innovation, benefiting the CSI 1000 and CSI 500 indexes. In the short term, the policy incremental signals are weakening, and the profit - taking intention of funds is rising, so the stock index needs to consolidate technically, and the Shanghai Composite Index may oscillate around 4000 points [5].

Group 1: Report Investment Rating and Core View - The short - term view of the stock index futures is "oscillation", the medium - term view is "strong", and the intraday view is "bullish". The reference view is "range - bound oscillation" [1][5] - The core logic is that as the Shanghai Composite Index reaches the 4000 - point mark, the stock valuation has risen significantly, the willingness of profit - taking funds to stop profits has increased, and the upward momentum of the stock index has weakened. However, the positive policy expectations and the trend of capital inflow into the stock market provide medium - and long - term support for the stock index. The future trend depends on the game between the fermentation rhythm of policy positive expectations and the profit - taking rhythm of funds [5] Group 2: Specific Information of IH2512 - For IH2512, the short - term view is "oscillation", the medium - term view is "strong", the intraday view is "bullish", and the reference view is "range - bound oscillation". The core logic is the game between the willingness of funds to take profits and the positive policy expectations [1] Group 3: Price and Trading Volume Information - Yesterday, all stock indexes opened higher and closed lower, with an overall decline. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2.0139 trillion yuan, a decrease of 180.5 billion yuan from the previous day [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index is interval oscillation, with the mid - term view being strong and the intraday view being bullish. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits. In the short term, the incremental policy signals weaken, and the profit - taking intention of profitable funds rises with the increase in stock valuations, so the stock index needs to consolidate through oscillation. In the long run, the expectation of policy benefits and the trend of capital inflow into the stock market support the stock index [1][5] Group 3: Summary According to the Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is strong, the intraday view is bullish, and the reference view is interval oscillation. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the mid - term view is strong, and the reference view is interval oscillation. Yesterday, each stock index oscillated slightly. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2.1944 trillion yuan, an increase of 174.2 billion yuan from the previous day. The stock market is in an oscillating market with mixed long and short factors. The fermentation rhythm of policy benefit expectations and the profit - taking rhythm of funds are in a game, limiting both the upward and downward momentum of the stock index. In the long run, policy benefit expectations and capital inflow trends support the stock index, especially as next year is the beginning of the "14th Five - Year Plan". However, in the short term, the stock index needs to consolidate through oscillation due to the weakening of incremental policy signals and the rise in profit - taking intention [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index futures is wide - range oscillation, mainly due to the game between the fermentation rhythm of policy - favorable expectations and the profit - taking rhythm of funds. The mid - term view is upward, and the intraday view is oscillating strongly [1][5] Group 3: Summary by Related Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is upward, the intraday view is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the game between the profit - taking willingness of funds and the policy - favorable expectations [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillating strongly, the mid - term view is upward, and the reference view is wide - range oscillation. The core logic is that the stock market fell with increased volume yesterday, the Shanghai Composite Index fell below 4000 points, showing weak chasing - up sentiment and rising profit - taking willingness of funds. The marginal effect of easing external uncertainty risks decreased, and the policy - favorable expectations for technology stocks were gradually digested. There is still a possibility of technical correction in the stock index in the future, and the short - term trend is mainly wide - range oscillation [5]

Group 1: Report's Investment Rating - There is no specific report industry investment rating provided in the content [1][5] Group 2: Core Viewpoints - The short - term view of IH2512 is volatile, the medium - term view is upward, and the intraday view is slightly bullish, with an overall view of wide - range volatility due to the game between capital profit - taking willingness and policy - driven positive expectations [1] - For IF, IH, IC, and IM, the intraday view is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. In the short term, the stock index is expected to be mainly in wide - range volatility as the game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is volatile, the medium - term is upward, the intraday is slightly bullish, with a wide - range volatility view, and the core logic is the game between capital profit - taking willingness and policy - driven positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. Yesterday, each stock index showed a trend of hitting the bottom and then rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1660.7 billion yuan, a decrease of 29.5 billion yuan from the previous day, indicating cautious market sentiment. The upcoming China - US economic and trade consultations from October 24th to 27th in Malaysia have reduced risk - aversion sentiment and improved market sentiment. Due to the significant increase in the valuation of some stocks and the marginal slowdown of the expected incremental policy benefits at the end of the year, there is still a need for capital to take profits. The game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The overall view of the stock index futures is wide - range fluctuation. In the short - term, it is expected to maintain wide - range fluctuation, with the intraday view being oscillating strongly, and the medium - term view being upward [1][5]. 3. Summary According to Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillating strongly, and the reference view is wide - range fluctuation. The core logic is the game between the short - term capital's profit - taking willingness and the medium - and long - term policy favorable expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range fluctuation. The core logic is that the stock indexes oscillated and rose yesterday. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1892.7 billion yuan, an increase of 141.4 billion yuan from the previous day. The inflation and credit data in September were weak, with the problem of insufficient effective domestic demand still existing, strengthening the expectation of policies to stabilize demand and providing medium - and long - term support for the stock index. The 20th Fourth Plenary Session was held from Monday to Wednesday this week, increasing the expectation of policy benefits. Coupled with the marginal mitigation of overseas tariff risks, market sentiment improved. The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy favorable expectations [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The stock index is expected to maintain wide - range fluctuations in the short term due to the game between profit - taking sentiment and policy support. In the medium term, it is expected to rise as the inflow trend of funds into A - shares remains unchanged and policy support is strong [1][5]. 3. Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is "oscillation", the medium - term view is "rise", the intraday view is "oscillation with a slight upward bias", and the overall view is "wide - range oscillation". The core logic is the conflict between short - term profit - taking willingness of funds and the fermentation of long - and medium - term policy - favorable expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is "oscillation with a slight upward bias", the medium - term view is "rise", and the reference view is "wide - range oscillation". Yesterday, all stock indexes oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.0904 trillion yuan, a decrease of 506.2 billion yuan from the previous day. The market sentiment is generally optimistic, and there is capital entering the market on dips. However, there is also caution among funds chasing higher near the previous high. In the short term, there are external uncertainties and high valuation levels, leading to technical correction pressure. In the long - and medium - term, policy support is strong due to issues such as insufficient domestic demand and external tariff disturbances [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly [1][5] - The subsequent trend of the stock index focuses on the game between the fermentation rhythm of policy - positive expectations and the stop - profit rhythm of profit - making funds [5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term is upward, the intraday is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the conflict between short - term funds' stop - profit willingness and the fermentation of medium - and long - term policy - positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation [5] - The core logic is that yesterday, each stock index opened and closed higher, with the whole - day trading volume of 2671.8 billion yuan in the Shanghai, Shenzhen, and Beijing stock markets, 474.6 billion yuan more than the previous trading day. The Shanghai Composite Index broke through 3900 points and reached a new high in nearly 10 years. External risk factors during the holiday had limited impact on A - shares, domestic consumption data was good, funds flowed back into the stock market after the holiday, and the policy - positive expectations of the important meeting in October continued to ferment, significantly increasing the risk preference of the stock market. However, the profit - repair expectations of enterprises were under pressure due to the slow repair of price indexes, and the stop - profit willingness of profit - making funds increased after the significant rise in the stock valuation. The performance of small - cap stocks that had risen significantly before was not as good as that of mid - cap stocks recently [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating [1][5] - The core logic is the game between the short - term profit - taking willingness of funds and the long - and medium - term policy positive expectation fermentation [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking willingness of funds and long - and medium - term policy positive expectation fermentation [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation [5] - Yesterday, each stock index oscillated and sorted in a narrow range. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 214.25 billion yuan, a decrease of 20.69 billion yuan from the previous day [5] - The LPR interest rate in September remained unchanged, and the central bank made a net investment in the open market, indicating that the central bank kept the market liquidity stable before the long holiday [5] - There are certain differences in market sentiment. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy positive expectations and the inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index [5] - In terms of policy, the credit and inflation data in August were weak, and the consumption growth rate slowed down, indicating weak demand from the real sector. There is a strong expectation of introducing policies to stabilize demand in October, and policy positive expectations are gradually fermenting [5] - In terms of funds, there is a sign that residents' deposits are changing to non - bank deposits, indicating a change in investors' wealth allocation direction. Coupled with the high - level operation of the margin trading balance, it shows that the stock market continues to attract incremental funds [5] - In the future, focus on the game between the profit - taking rhythm of funds and the fermentation of policy expectations [5]