1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - On October 23, 2025, the main contracts of stock index futures IF2512, IH2512, IC2512, and IM2512 opened slightly lower. During the day, they are expected to show weak and volatile trends with specific support and resistance levels [2][7][8][9][10] 3. Summary by Relevant Catalogs 3.1 Market Outlook Highlights - On October 23, the main contracts of stock index futures IF2512 and IH2512 opened slightly lower and oscillated downward slightly, while IC2512 and IM2512 oscillated downward. The expected intraday support and resistance levels for each contract are as follows: IF2512 (support: 4498 and 4485 points; resistance: 4563 and 4578 points), IH2512 (support: 2972 and 2963 points; resistance: 3014 and 3019 points), IC2512 (support: 6863 and 6840 points; resistance: 7000 and 7054 points), IM2512 (support: 6995 and 6938 points; resistance: 7163 and 7201 points) [2] 3.2 Macroeconomic and Stock Market News - Trump expects to reach a good trade agreement with China during the APEC leaders' informal meeting next week, but the meeting may be cancelled. The Chinese Foreign Ministry responded that there is no information to provide currently [3] - Chinese Minister of Commerce Wang Wentao met with Airbus CEO Guillaume Faury to discuss cooperation. Wang hopes Airbus will strengthen cooperation with China based on the second A320 assembly line in Tianjin [3] - The National Bureau of Statistics released September unemployment data: 16 - 24 years old (17.7%), 25 - 29 years old (7.2%), 30 - 59 years old (3.9%) [3] - Shenzhen launched an action plan to promote high - quality M&A, aiming to complete over 200 M&A projects with a total transaction value over 100 billion yuan by the end of 2027. It also proposes to explore inter - connectivity between the Shenzhen and Hong Kong stock exchanges in M&A and equity - debt financing mechanisms [3] - As of October 21, the US federal government debt exceeded $38 trillion, just over two months after reaching $37 trillion in mid - August [4] - The US government shutdown has lasted 22 days, and it may continue until November and exceed the 35 - day record [6] - Trump cancelled the meeting with Putin in Budapest. The US also imposed sanctions on Russia's largest oil producer [6] - The EU approved the 19th round of sanctions against Russia, including a ban on importing Russian liquefied natural gas [6] 3.3 Technical Analysis and Market Outlook - On October 23, IF2512 opened slightly lower, rebounded but was blocked and then oscillated downward. It is expected to show a weak and volatile trend during the day, with support at 4498 and 4485 points, and resistance at 4563 and 4578 points. In October 2025, it is likely to have a weak and wide - range oscillation, with support at 4426 and 4307 points, and resistance at 4750 and 4850 points [7][8][10] - IH2512 opened slightly lower, rebounded but was blocked and then oscillated downward slightly. It is expected to have a weak and volatile trend during the day, with support at 2972 and 2963 points, and resistance at 3014 and 3019 points. In October 2025, it is likely to have a wide - range oscillation, with support at 2908 and 2872 points, and resistance at 3050 and 3117 points [8][9][10] - IC2512 opened slightly lower and oscillated downward. It is expected to have a weak and volatile trend during the day, with support at 6863 and 6840 points, and resistance at 7000 and 7054 points. In October 2025, it is likely to have a weak and wide - range oscillation, with support at 6789 and 6565 points, and resistance at 7550 and 7680 points [9][10][11] - IM2512 opened slightly lower and oscillated downward. It is expected to have a weak and volatile trend during the day, with support at 6995 and 6938 points, and resistance at 7163 and 7201 points. In October 2025, it is likely to have a weak and wide - range oscillation, with support at 6976 and 6800 points, and resistance at 7550 and 7660 points [10][12]

宏 观 及 期 指 点 评 2025 年 10 月 21 日 股指期货 IF2512 和 IH2512 偏强震荡 IC2512 和 IM2512 震 荡偏强 陶金峰 投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构成 具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行作 出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【行情前瞻要点】 10 月 21 日，股指期货主力合约 IF2512、IH2512、IC2512 和 IM2512 小幅高开；开盘后，IF2512 和 IH2512 震荡上行；IC2509 和 IM2509 偏强震荡上行。 预计日内 IF2512 大概率将偏强震荡，并将上攻阻力位 4600 和 4632 点，4632 点短线阻力偏强，支撑 位 4515 和 4498 点，4498 点支撑较强。 预计日内 IH2 ...