成交放量，沪指12连阳

Report Industry Investment Rating No information provided. Core View of the Report The geopolitical situation is tense but under control, with the three major US stock indexes closing higher. A-shares had a good start on the first trading day of the new year, with active trading volume in the two markets, indicating a slow and long bull market. Although there may be periodic corrections in the future, the long-term upward trend remains unchanged. Investors are advised to actively focus on long opportunities in stock index futures [3]. Summary According to Relevant Catalogs Macro Economy - Domestically, the CSRC held a symposium on the inter - departmental work promotion of the comprehensive punishment and prevention system for financial fraud in the capital market, aiming to strengthen the system and governance [1]. - Overseas, the US ISM manufacturing index in December 2025 dropped slightly from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, export orders are still weak, and employment has declined for 11 consecutive months [1]. Spot Market - A - share indexes closed higher, with the Shanghai Stock Exchange Composite Index achieving 12 consecutive positive days, rising 1.38% to close at 4023.42 points, and the ChiNext Index rising 2.85%. Most industry sectors rose, with brain - computer interfaces leading the way in the daily limit, and sectors such as media, pharmaceutical biology, electronics, and non - bank finance rising more than 3%. A few sectors such as petroleum and petrochemicals, banking, and transportation closed lower. The trading volume of the two markets exceeded 2.5 trillion yuan [1]. - Overseas, the three major US stock indexes closed higher, with the Dow Jones Industrial Average rising 1.23% to 48977.18 points, setting a new record high [1]. Futures Market - In terms of basis, the basis of stock index futures was repaired, with the premium of the current - month contracts of IC and IM declining [2]. - In terms of trading volume and open interest, the trading volume and open interest of stock index futures increased simultaneously [2]. Strategy - Despite the tense but controllable geopolitical situation, the three major US stock indexes closed up. A - shares had a good start on the first trading day of the new year, with active trading volume in the two markets, showing a slow - and - long - bull market pattern. Although there may be periodic corrections in the future, the long - term upward trend remains unchanged. Investors are advised to actively focus on long opportunities in stock index futures [3]. Charts - Macro - economic Charts: This section includes charts such as the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][6]. - Spot Market Tracking Charts: It shows the daily performance of major domestic stock indexes on January 5, 2026 and January 4, 2026, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., along with their daily percentage changes [5][6][12]. - Stock Index Futures Tracking Charts: It includes information on the trading volume, open interest, basis, and inter - term spreads of stock index futures such as IF, IH, IC, and IM [5][6][14][36][40].