股指期货早报2025.12.26：大盘临近4000点-20251226

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - Overseas, financial markets were closed for the Christmas holiday. Domestically, the market continued its steady rebound, with the broader market rising 0.47%, the Shenzhen Component Index rising 0.33%, and the ChiNext Index rising 0.3%. The market is in a structural rally during the index's steady climb, with capital clearly positioning for the spring market. The index may experience significant fluctuations after hitting the 4,000 - point mark [1]. - The recent appreciation of the RMB has boosted market confidence, and the A - share market has achieved seven consecutive positive days [1]. - Sino - US technological competition with a pattern of "talking while fighting" may become the norm [1]. 3. Summary by Directory 3.1 Important News - Russia's plan to produce 100 million tons of liquefied natural gas annually has been postponed for several years due to sanctions, but factory construction continues [3]. - Japanese Prime Minister Kōichi Saezawa announced that the total issuance of new Japanese government bonds in the next fiscal year will reach 29.6 trillion yen [4]. - Cambodia and Thailand continued border meetings to discuss a cease - fire [5]. - The spokesperson of the Foreign Affairs Committee of the National People's Congress commented on the negative China - related clauses in the US "National Defense Authorization Act for Fiscal Year 2026", hoping that the US would view China's development and Sino - US relations objectively and rationally and work towards the implementation of the important consensus reached at the Sino - US summit in Busan [5]. - The Ministry of Commerce firmly opposed the US imposing a 301 - tariff on Chinese semiconductor products and has lodged solemn representations [6]. - The Ministry of Commerce responded to questions about relaxing restrictions on rare - earth magnet exports to the US, stating that it would promote and facilitate compliant trade [6]. - The Ministry of Commerce responded to TikTok's plan to establish a joint venture in the US, hoping that the company would reach a solution that complies with Chinese laws and regulations and balances interests [6]. - Guotou Silver LOF was suspended from trading from the opening on the 26th until 10:30, and the regular fixed - amount investment limit for Class A fund shares was set at 100 yuan [6]. - China set a new world record in superconducting electric magnetic levitation propulsion, accelerating a ton - class test vehicle to 700 km/h in two seconds [6]. - Four leading silicon wafer companies jointly raised their quotes significantly, mainly due to the large increase in upstream silicon material prices [6]. 3.2 Futures Market Tracking - Futures Performance: The Shanghai 50 Index rose 0.25%, the CSI 300 Index rose 0.18%, the CSI 500 Index rose 0.80%, and the CSI 1000 Index rose 0.97%. The corresponding futures contracts also showed varying degrees of increase [8]. - Trading Volume and Open Interest: The total trading volume of futures was 398,693 lots, a decrease of 45,910 lots. The total open interest was down 37,775 lots. Different contracts of various indices had different changes in trading volume, open interest, and net positions [9]. 3.3 Spot Market Tracking - Market Index Performance: The Wind All - A Index rose 0.60%, the Shanghai Composite Index rose 0.47%, the Shenzhen Component Index rose 0.33%, and the ChiNext Index rose 0.30%. Other indices also showed different degrees of increase or decrease [32]. - Sector Performance: Military, light manufacturing, machinery, and automotive sectors led the gains, while non - ferrous metals, commerce and retail, coal, and communication sectors led the losses [1]. - Influence of Market Styles: Different market styles (cyclical, consumer, growth, financial, stable) had different daily, weekly, monthly, and annual contributions to the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices [33][34]. - Valuation: The report presented the current valuations, historical average valuations, and percentile rankings of important indices and Shenwan sectors [32][36][39]. - Other Market Indicators: The report also included data on market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, index trading volume changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and margin trading net purchases and their proportion in A - share trading volume [41][43][44][45]. 3.4 Liquidity Tracking - The report presented data on central bank open - market operations (money injection, money withdrawal, and net money injection) and Shibor interest rate levels [47][48][49].