股指期货周报：震荡整理，表现稳定-20260105

Report Summary 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - The macro - economic indicators show strong resilience, combined with positive policy expectations and the trend of capital inflow, which form the supporting force for stock index futures. After the holiday, as market liquidity returns and policy benefits further ferment, the risk appetite of the stock market is expected to continue to rise [6]. 3. Summary by Relevant Contents Market Review - Last week, the four stock index futures varieties showed an oscillatory consolidation trend, with relatively large adjustment ranges for the Shanghai 50 and CSI 300. The basis discount depth of the four stock index futures varieties deepened, and all the main contracts maintained a futures discount mode. The futures - spot basis of the main contracts were IH at - 6.1, IF at - 30.1, IC at - 102.8, and IM at - 159.1 [4]. - The A - share market as a whole oscillated and consolidated last week. Although the Shanghai Composite Index failed to extend its nine - day consecutive rise, the overall market performance remained stable. The commercial aerospace sector, where funds were most concentrated, had a significant adjustment but maintained good order. The emerging robot sector did not have a very negative impact on the commercial aerospace sector. The non - ferrous metals sector opened lower due to short - term sharp fluctuations in futures but quickly recovered and some leading varieties hit new highs. Market hotspots were spreading rather than simply switching, and the trading volume remained above 2 trillion for three consecutive days, indicating substantial support from trading volume [4]. Comprehensive Analysis - In terms of macro - economy, the manufacturing PMI in December was 50.1%, up 0.9 percentage points from the previous month, rising to the expansion range [5]. - Overseas, on January 3, 2026 (local time), the US military launched a military strike on Venezuela, which had limited impact on the equity market and commodities in the short term [6].