瑞达期货股指期货全景日报-20251222

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The economic indicators released in November put pressure on the upside of A-shares, but the positive tone set by the Politburo meeting and the Central Economic Work Conference provides strong support for the bottom of the A-share market. - This week, the market is in a macro data vacuum period, and it will maintain range - bound trading in the absence of clear trading signals. - Although the US dollar index has rebounded recently, the RMB exchange rate is strengthening, supporting the expectation of loose monetary policy in January 2026. [2] 3. Summary by Related Catalogs 3.1 Futures Market - Contract Prices: The prices of IF, IH, IC, and IM main and secondary contracts all increased. For example, the IF main contract (2603) rose to 4564.8, up 40.0; the IM main contract (2603) rose to 7203.6, up 61.6. - Contract Spreads: Most of the spreads between different contracts increased, such as the IF - IH monthly contract spread rising to 1572.4, up 27.2. - Net Positions: The net positions of the top 20 in IF, IH, IC, and IM all increased. For example, the IF top 20 net position increased by 1372.0 to - 26,070.00. - Basis: The basis of IF, IH, and IC main contracts decreased, while the A - share trading volume and margin trading balance increased. [2] 3.2 Spot Market - Index Prices: The prices of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose, with the Shanghai Composite Index rising 0.69%, the Shenzhen Component Index rising 1.47%, and the ChiNext Index rising 2.23%. - Market Sentiment: The north - bound trading volume increased, the main funds showed an inflow, and the proportion of rising stocks decreased. [2] 3.3 Industry News - The LPR remained unchanged in December, with the 1 - year LPR at 3.0% and the 5 - year - plus LPR at 3.5%. - A - share major indexes closed higher, with most industry sectors rising. The communication sector was strong, while the media and banking sectors declined. - Overseas, the US November CPI dropped more than expected, increasing the market's expectation of a Fed rate cut in January. Domestically, the economic fundamentals were weak in November, and the PPI - CPI gap widened for two consecutive months, with deflation pressure remaining. [2] 3.4 Key Events to Watch - The US, Europe, and Hong Kong will be closed for Christmas from December 24 - 25. - China's November industrial enterprise profits data will be released at 9:30 on December 27. [3]