Report Industry Investment Rating - Not provided in the report Core Viewpoints - In 2026, supply - side reform is expected to continue, pushing up commodity prices and driving up resource - based stocks [2]. - Since December, the RMB has appreciated against the US dollar. With the weakening of the US dollar in the interest - rate cut cycle, overseas funds are expected to flow back, leading to the revaluation of Chinese assets [2]. - Under multiple positive factors, the long - term and slow - rising pattern of A - shares is expected to be consolidated, forming a triple resonance of "policy support, capital escort, and industry drive" [2]. Summary by Relevant Catalogs 1. Stock Index Futures Market - IF Contracts: The previous day's closing prices of IF contracts (current month, next month, next quarter, and alternate quarter) were 4714.00, 4702.60, 4697.00, and 4649.80 respectively, with increases of 95.60, 98.40, 103.80, and 101.60. The trading volumes were 35243.00, 3875.00, 72812.00, and 11757.00, and the open interests were 57682.00, 6427.00, 173732.00, and 46361.00, with changes of - 527.00, 1026.00, 6857.00, and 845.00 respectively [1]. - IH Contracts: The previous day's closing prices of IH contracts were 3097.40, 3099.60, 3098.80, and 3088.80, with increases of 73.20, 78.40, 77.20, and 77.00. The trading volumes were 14001.00, 1501.00, 35869.00, and 4657.00, and the open interests were 19315.00, 1966.00, 56614.00, and 14295.00, with changes of - 66.00, 466.00, 2964.00, and 179.00 respectively [1]. - IC Contracts: The previous day's closing prices of IC contracts were 7664.80, 7624.80, 7596.00, and 7417.00, with increases of 209.60, 218.20, 229.40, and 234.60. The trading volumes were 34931.00, 6676.00, 79757.00, and 18834.00, and the open interests were 60955.00, 15432.00, 160143.00, and 60304.00, with changes of 1787.00, 2372.00, 15069.00, and 3432.00 respectively [1]. - IM Contracts: The previous day's closing prices of IM contracts were 7759.20, 7697.80, 7639.00, and 7403.40, with increases of 179.60, 192.00, 200.00, and 198.80. The trading volumes were 45173.00, 8782.00, 103703.00, and 24252.00, and the open interests were 79432.00, 20240.00, 189842.00, and 83969.00, with changes of - 1493.00, 3064.00, 8761.00, and 3014.00 respectively [1]. - Inter - month Spreads: The current inter - month spreads of IF, IH, IC, and IM contracts were - 11.40, 2.20, - 40.00, and - 61.40 respectively, compared with the previous values of - 12.60, - 0.80, - 47.80, and - 77.00 [1]. 2. Stock Index Spot Market - Major Indexes: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4717.75, 3099.75, 7651.20, and 7753.88, with increases of 1.90%, 2.26%, 2.49%, and 2.09% respectively. Their trading volumes (in billions of lots) were 234.14, 53.50, 251.85, and 305.37, and the total trading amounts (in billions of yuan) were 6305.77, 1695.62, 5046.90, and 5422.31 [1]. - Industry Indexes: Among different industries, the energy industry had a decline of 1.21%, while the raw materials, industrial, and optional consumption industries had increases of 2.02%, 1.56%, and 0.46% respectively. The main consumption, medical and health, real - estate finance, and information technology industries had increases of 2.13%, 3.60%, 1.50%, and 3.69% respectively. The telecommunications and public utilities industries had increases of 1.14% and 0.34% respectively [1]. 3. Futures - Spot Basis - CSI 300 Basis: The previous day's basis values of IF contracts (current month, next month, next quarter, and alternate quarter) against the CSI 300 were - 3.75, - 15.15, - 20.75, and - 67.95 respectively, compared with the previous two - day values of - 7.74, - 20.34, - 30.14, and - 74.94 [1]. - SSE 50 Basis: The previous day's basis values of IH contracts against the SSE 50 were - 2.35, - 0.15, - 0.95, and - 10.95 respectively, compared with the previous two - day values of - 5.13, - 5.93, - 6.13, and - 14.73 [1]. - CSI 500 Basis: The previous day's basis values of IC contracts against the CSI 500 were 13.60, - 26.40, - 55.20, and - 234.20 respectively, compared with the previous two - day values of - 9.97, - 57.77, - 102.77, and - 290.17 [1]. - CSI 1000 Basis: The previous day's basis values of IM contracts against the CSI 1000 were 5.32, - 56.08, - 114.88, and - 350.48 respectively, compared with the previous two - day values of - 13.88, - 90.88, - 159.08, and - 397.28 [1]. 4. Other Domestic and Overseas Indexes - Domestic Indexes: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4023.42, 13828.63, 8439.12, and 3294.55, with increases of 1.38%, 2.24%, 2.12%, and 2.85% respectively [1]. - Overseas Indexes: The previous day's values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26347.24, 0.00, 6902.05, and 24829.90, with increases of 0.03%, DIV/0!, 0.64%, and 1.18% respectively [1]. 5. Macro Information - The CSRC held a cross - departmental work promotion symposium on the comprehensive prevention and control system of financial fraud in the capital market, aiming to strengthen administrative, criminal, and civil coordination and combat financial fraud [2]. - Chinese President Xi Jinping held talks with South Korean President Lee Jae - myung, and the two sides signed 15 cooperation documents in multiple fields [2]. - Chinese Premier Li Qiang conducted research in Guangdong, emphasizing the promotion of new technologies and products such as robots and drones [2]. - Nine departments including the Ministry of Commerce jointly issued a document to promote green consumption, supporting the purchase of new - energy vehicles and green smart home appliances [2]. - Chinese Foreign Ministry Spokesperson Lin Jian responded to the issue of China's import of Venezuelan oil, stating that China - Venezuela cooperation is protected by international and bilateral laws [2]. 6. Industry Information - The China Tourism Academy predicted that the number of ice - snow tourism participants in the 2025 - 2026 winter would reach 360 million, and the revenue would reach 450 billion yuan [2]. - The preliminary estimate of the China Passenger Car Association showed that the new - energy vehicle wholesale volume of national passenger car manufacturers in December 2025 was 1.57 million, a year - on - year increase of 4% and a month - on - month decrease of 8%. The cumulative wholesale volume in 2025 was 15.33 million, a year - on - year increase of 25% [2]. - According to CRIC's monitoring, in 2025, the new land acquisition value, total price, and construction area of 100 real - estate enterprises were 2261.4 billion yuan, 1102.7 billion yuan, and 100.9 million square meters respectively, with year - on - year changes of + 2%, + 3%, and - 5%. Investment was concentrated in first - and second - tier cities [2]. - Chongqing will carry out a special rectification action on the online environment in the real - estate field, focusing on real - estate marketing accounts on major platforms [2].
申万期货品种策略日报——股指-20260106
Shen Yin Wan Guo Qi Huo·2026-01-06 06:46