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 ...

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 24 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 | 震荡 | 偏弱 | 区间震荡 | 短期内资金了结意愿上升 | 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 期货研究报告 专业研究·创造价值 2/3 请务必阅读文末免责条款 日内观点：偏弱 中期观点：震荡 参考观点：区间震荡 核心逻辑：上周五各股指均大幅回调，全天弱势。沪深京三市全天成交额 19836 亿元，较上日放量 26 ...

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 21 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 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。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 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 | 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。 核心逻辑：昨日各股指均震荡小幅回调。沪深京三市全天成交额 17226 亿元，较上日缩量 200 亿 元。目前股指处于政策利好预期发酵节奏与获利资金止盈节 ...

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 ...

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 ...

Report Summary of Baocheng Futures Stock Index Futures Morning Report (November 20, 2025) 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The short - term trend of the stock index is in a range - bound state due to the game between the profit - taking sentiment of funds and the expectation of policy benefits. In the medium and long term, the expectation of policy benefits and the trend of capital inflow into the stock market strongly support the stock index [1][5] 3. Summary by Related Content 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillatory, the medium - term view is strong, the intraday view is bullish, and the reference view is range - bound. The core logic is 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 - All stock indexes oscillated and sorted yesterday, with differentiated trends. IF and IH closed slightly higher, while IM and IC closed slightly lower. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1742.7 billion yuan, a decrease of 203.3 billion yuan from the previous day. Due to the weakening of policy increment signals in November and the increasing profit - taking sentiment when the stock index approaches the previous high, there is still a need for technical consolidation of the stock index. Currently, the stock index is in a short - term oscillatory period of the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of profitable funds. In the long - term, policy benefit expectations and the trend of capital inflow into the stock market support the stock index. In short, the short - term long - short game in the market has intensified, and the stock index will maintain range - bound in the short term [5]

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].