股指期货早报2025.12.29：大盘八连阳-20251229

Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints - After the Christmas holiday, the decline of US stocks may suppress the opening of today's A - share market. However, the current market index is still in a benign state with an overall tone of continued volatile upward movement, and there is no need to worry about a pull - back at the index level. But as the market approaches 4000 points, it is not advisable to chase higher in the short term, especially when only large - cap stocks are rising, as market volatility will increase [1][2] 3. Summary by Relevant Catalogs 3.1 Important News - CME globally increased the performance bond for metal varieties [4] - The price of silver has repeatedly hit new highs, and Elon Musk expressed concerns about it [4] - During the US - Ukraine presidential talks, there were differences in the statements about the US - Ukraine security guarantee agreement. Trump also had a phone call with Putin before meeting Zelensky. They also discussed a referendum for a peace plan, but the two sides have not reached an agreement on key territorial issues, and a tri - party meeting is not ruled out [4] - Starting from the early morning of December 27th, local time, the Russian army launched large - scale air strikes on multiple places in Ukraine, mainly targeting energy and civilian infrastructure, and controlled two cities in the Zaporizhzhia region [4] - The Japanese cabinet approved a record - high initial budget for fiscal year 2026, totaling 122.3 trillion yen, and it is expected to achieve a primary fiscal surplus for the first time in 28 years [4] - The Ministry of Finance will expand the scale of fiscal expenditure next year, implement a special action to boost consumption, continue to allocate funds to support the replacement of consumer goods with new ones, and promote employment and income growth for residents [4] - The National Venture Capital Guidance Fund was launched to guide financial capital to invest in long - term and hard - tech projects [5] - China imposed counter - measures on 20 US military - related enterprises and senior management personnel [6] - As of December 27th, the scale of Chinese ETFs reached 6.03 trillion yuan, breaking through the 6 - trillion - yuan mark for the first time in history [6] - The Shanghai and Shenzhen Stock Exchanges introduced fee - reduction measures for 2026, with an expected fee reduction of over 1.9 billion yuan [7] - The People's Bank of China and the State Administration of Foreign Exchange decided to promote the cross - border corporate RMB and foreign currency integrated fund pool business nationwide based on the pilot experience in some regions [7] 3.2 Futures Market Tracking - The report presents detailed data on the performance, trading volume, and positions of various futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, including closing prices, settlement prices, price changes, trading volume changes, position changes, etc. [9][10] 3.3 Spot Market Tracking - The report shows the performance of various spot market indices, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and price - to - earnings ratios of indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, and others. It also analyzes the performance of different sectors and the impact of market styles on major indices [33][34][35] 3.4 Liquidity Tracking - The report includes charts on central bank open - market operations (showing money injection, money withdrawal, and net money injection) and Shibor interest rates [49][50][51]