股指期货早报2025.12.23：外围圣诞节行情，A股震荡反弹-20251223

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The recent Christmas - approaching rally in overseas US stocks has a positive impact on A - shares. With the implementation of external negatives such as the Japanese interest rate hike, there are signs of incremental capital inflow into A - shares at the end of the year, with technology as the main line and consumption remaining active. The market continues to be optimistic about the cross - year market [2][3]. 3. Summary According to Relevant Catalogs 3.1 Important Information - Fed Governor Milan: The necessity of a 50 - basis - point interest rate cut has diminished. If no one takes over the governor position by January 31 next year, he may continue to serve [5]. - According to CNBC, people familiar with the matter revealed that US President Trump may appoint a new Fed Chairman in the first week of January next year [5]. - US media reported that Russia has begun to evacuate the families of its diplomats in Venezuela [6]. - The EU will extend economic sanctions against Russia for another 6 months until July 31, 2026 [6]. - Premier Li Qiang of the State Council chaired a meeting of the leading group for the preparation of the Outline Draft of the 15th Five - Year Plan, and Ding Xuexiang attended [6]. - The central bank issued a notice on the arrangements for implementing a one - time credit repair policy [7]. - Five major futures exchanges announced the reduction and exemption of relevant fees such as delivery fees in 2026 [8]. - The Shanghai Futures Exchange adjusted the trading fees and trading limits of relevant contracts for the silver futures variety [9]. - The Ministry of Commerce reported that Wingtech Technology and Nexperia Netherlands held their first - round consultations last week, explaining and clarifying issues of concern and agreeing to continue communication [9]. - All flights on 46 China - Japan routes will be cancelled in the next two weeks [10]. 3.2 Futures Market Tracking - Market Performance: The Shanghai Composite Index rose 0.69%, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 2.23% on Monday. The Shanghai 50 Index rose 0.53%, the CSI 300 Index rose 0.95%, the CSI 500 Index rose 1.20%, and the CSI 1000 Index rose 1.07%. Futures contracts of various indices also showed different degrees of increase [2][12]. - Trading Volume and Open Interest: The total trading volume of futures was 379,626 lots, a decrease of 187,708 lots; the total trading value was 520.4 billion yuan, a decrease of 247.1 billion yuan; the total open interest decreased by 7,492 lots [13]. 3.3 Spot Market Tracking - Market Performance: The total trading value of the spot market was 6,319 billion yuan, and the overall market showed an upward trend. Among the sectors, communication, electronics, non - ferrous metals, commercial and retail, and petroleum and petrochemicals led the gains, while media, banking, light industry manufacturing, and beauty care led the losses [2][37]. - Influence of Market Styles: For different indices such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000, the cyclical, growth, and other styles have different degrees of influence on their daily, weekly, monthly, and annual returns [38][39]. - Valuation: The current valuations and historical quantile positions of important indices and Shenwan sectors are presented [40][43]. - Other Indicators: Market indicators such as the average daily trading volume on Sundays, average daily turnover rate, number of rising and falling stocks in the two markets, and changes in index trading value are also shown [46]. 3.4 Liquidity Tracking - The content shows the central bank's open - market operations and the Shibor interest rate level, but specific numerical analysis is not elaborated in the summary part [52].