投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-10-23 备兑增厚思路应对 股指期货：缩量调整，整体韧性 股指期权：量波同步回落，备兑应对 国债期货：关注政策信号释放 股指期货方面，连续两日上涨之后，周三盘面出现休整，Wind全A指 数微跌0.38%，其中油气、银行等防御板块领涨，军工、农产品领跌。量 能方面，A股成交额降至1.69万亿，较周二明显缩量，股指期货持仓合计 减仓超3万手，其中隐含博弈氛围渐弱的特征。个股方面，涨停家数虽有 72家，但其中含有大量的ST股，强势题材整体分化，仅芯片、机器人内部 有零星的机会。展望后市，目前仍处于上下空间均不大的状态，价格下沿 因政策看涨期权存在，大跌概率不高，价格上沿因贸易摩擦的潜在不确定 性而略有承压，整体处于蓄势待发状态，鉴于下方压力不大，仍持有哑铃 结构，待风向变化转为成长配置结构。 股指期权方面，昨日期权市场成交额78.15亿元，相较前一日下降20. 39%，市场流动性有所回落，尤其中小盘品种成交量下行幅度较大，风险 偏好进一步回缩。情绪指标方面，持仓量PCR各品种自前期高位回落后持 续震荡，卖方资金上方空间预期 ...

Core Insights - Huawei has launched HarmonyOS 6, enhancing user experience and interoperability with Apple devices, allowing for data transfer without internet connectivity [1] - The number of devices running HarmonyOS 5 has surpassed 23 million, indicating significant adoption [1] Group 1: Performance Enhancements - HarmonyOS 6 features a 15% improvement in smoothness compared to HarmonyOS 5 and a 40% improvement compared to HarmonyOS 4, providing faster application launch and content loading times [2] - The system's optimization includes a soft-hard cloud system-level enhancement, resulting in a "second start, second open, second load" experience [2] Group 2: Intelligent Experience - The upgrade includes over 80 Harmony applications powered by the Harmony intelligent framework, offering a new experience distinct from traditional AI assistants [5] - Users can perform various tasks through voice commands, such as travel planning and medical appointments, showcasing the system's advanced capabilities [5] Group 3: Ecosystem Development - Huawei's ecosystem is shifting focus from applications to intelligent agents, with a commitment of 1 billion yuan to support AI ecosystem innovation [6] - The launch of the Harmony Star River interconnection architecture allows for data transfer rates of up to 160MB/s, enhancing cross-device collaboration [6] Group 4: Partner Contributions - Companies like Runhe Software and Boyan Technology are actively participating in the Harmony ecosystem, developing applications and adapting systems for various industries [8] - Runhe Software has established strategic partnerships to promote application development in finance and other sectors, while Boyan Technology has provided adaptation services for banks and funds [8]

股指期货日报 投资咨询业务资格:证监许可【2011】1290号 缩量观望，关注二十届四中全会内容 市场回顾 今日股指走势震荡，小幅偏弱，以沪深300指数为例，收盘下跌0.33%。从资金面来看，两市成交额回落 2060.38亿元。期指各品种均缩量下跌。 重要资讯 1、10月22日，在鸿蒙操作系统 6 · 特别发布中，华为发布鸿蒙星河互联架构，传输速率达160MB/s，跨端 分享、多屏协作、应用接续等体验得到提升。 2、日本首相高市早苗正在准备经济刺激举措，预计将超过去年的13.9万亿日元。 3、高盛发布研报称，中国股市将进入更为持久的上涨阶段，预计关键指数到2027年底将有约30%的上涨空 间，主要由12%的盈利趋势增长和5%-10%的进一步重估潜力推动。 2025年10月22日 王映(投资咨询证号：Z0016367) 核心观点 今日股市走势震荡，基本符合预期，两市成交额继续缩量，且幅度较大，对应今日股市波动幅度明显收窄， 反映市场继续观望为主。不过临近二十届四中全会内容公布，若存在明显增量信息拉动，按照此前资金流入 流出节奏来看，一是入场节奏将较快，二是量能较为充沛，所以需重点关注信息面的变化。中美贸易层面， ...