期指：内因支撑为主

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On December 31, all the current-month contracts of the four major stock index futures declined. IF dropped by 0.57%, IH by 0.37%, IC by 0.11%, and IM by 0.24% [1] - On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 8,609 lots, IH by 8,515 lots, while that of IC decreased by 6,494 lots and IM by 5,902 lots [2] - Regarding positions, the total positions of IF decreased by 5,128 lots, IH increased by 240 lots, IC decreased by 14,673 lots, and IM decreased by 12,524 lots [2] - At the end of 2025 trading, the Shanghai Composite Index closed up 0.09% at 3,968.84 points, the Shenzhen Component Index fell 0.58%, the ChiNext Index fell 1.23%, the North Securities 50 fell 0.7%, the Science and Technology Innovation 50 fell 1.15%, and the Wind All A fell 0.17%. The full - day trading volume of A - shares was 2.07 trillion yuan, compared with 2.16 trillion yuan the previous day [6] - In 2025, the Shanghai Composite Index rose more than 18% cumulatively, once regaining 4,000 points and reaching a ten - year high; the ChiNext Index soared nearly 50% [6] - In the Hong Kong stock market, on the half - day trading day at the end of the year, the Hang Seng Index closed down 0.87%, and the Hang Seng Tech Index fell 1.12%. The medical, financial, and consumer industries led the decline, while non - ferrous stocks rose against the trend. In 2025, the Hang Seng Index rose 27.77% cumulatively, achieving its best performance since 2017; the Hang Seng Tech Index rose 23.45% cumulatively [7] - On the first trading day of 2026, the Hong Kong stock market had a "good start". The Hang Seng Index closed up 2.76% at 26,338.47 points, the Hang Seng Tech Index soared 4% to 5,736.44 points, and the Hang Seng China Enterprises Index rose 2.86% to 9,168.99 points. The trading volume of the broader market was HK$140.864 billion, an increase compared with the previous trading day [7] Group 3: Summary by Relevant Catalogs 3.1期指期现数据跟踪 - IF Contracts: The closing prices of IF2601, IF2602, IF2603, and IF2606 were 4,622.2, 4,609.6, 4,599.8, and 4,555 respectively, all showing a decline. The trading volumes were 28,844, 2,673, 63,352, and 8,169 respectively, with some increases. The positions were 58,209, 5,401, 166,875, and 45,516 respectively, with some changes [1] - IH Contracts: The closing prices of IH2601, IH2602, IH2603, and IH2606 were 3,026, 3,025.2, 3,025, and 3,016.4 respectively, all declining. The trading volumes were 11,956, 1,296, 31,896, and 4,533 respectively, with some increases. The positions were 19,381, 1,500, 53,650, and 14,116 respectively, with some changes [1] - IC Contracts: The closing prices of IC2601, IC2602, IC2603, and IC2606 were 7,455.6, 7,407.8, 7,362.8, and 7,175.4 respectively, all declining. The trading volumes were 28,756, 6,340, 62,267, and 13,618 respectively, with some changes. The positions were 59,168, 13,060, 145,074, and 56,872 respectively, with some decreases [1] - IM Contracts: The closing prices of IM2601, IM2602, IM2603, and IM2606 were 7,581.4, 7,504.4, 7,436.2, and 7,198 respectively, all declining. The trading volumes were 39,459, 8,416, 93,696, and 15,854 respectively, with some changes. The positions were 80,925, 17,176, 181,081, and 80,955 respectively, with some changes [1] 3.2期指前20大会员持仓增减 - For IF contracts, the long - position changes of IF2601, IF2602, IF2603, and IF2606 were - 649, not announced, - 2,830, and 724 respectively; the short - position changes were - 544, not announced, - 4,308, and 939 respectively [5] - For IH contracts, the long - position changes of IH2601, IH2602, IH2603, and IH2606 were 721, not announced, 689, and - 63 respectively; the short - position changes were 432, not announced, 421, and - 57 respectively [5] - For IC contracts, the long - position changes of IC2601, IC2602, IC2603, and IC2606 were - 3,287, 939, - 5,620, and - 826 respectively; the short - position changes were - 4,323, 890, - 7,664, and - 1,146 respectively [5] - For IM contracts, the long - position changes of IM2601, IM2602, IM2603, and IM2606 were - 4,022, 1,255, - 5,599, and not announced respectively; the short - position changes were - 4,169, 1,255, - 6,888, and not announced respectively [5] 3.3趋势强度 - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3.4重要驱动 - In 2025, among the Wind theme industries, the precious metals index had the largest increase, rising more than 110% cumulatively; among the concept sectors, the CPO index had the largest increase, rising more than 180% cumulatively [6] - In 2025, Shangwei New Materials rose 1,820% cumulatively, becoming the top - performing stock; Tianpu Co., Ltd. rose 1,645% annually, ranking second [6] - During the New Year's Day holiday in 2026, the number of domestic tourist trips was 142 million, and the total domestic tourism consumption was 84.789 billion yuan. Winter - themed cultural and tourism products were in high demand [7] - The US claimed to have successfully attacked Venezuela and captured Venezuelan President Maduro and his wife. China firmly opposed this act, and the UN Security Council will hold an emergency meeting on the US military action in Venezuela [8]