Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-01-06 08:57Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - Multiple factors support the upward movement of A - shares. The collective rebound of the three official PMI indices in December implies economic repair signs. The positive tone for 2026 economic work set by a series of important meetings at the end of 2025 creates a warm macro - environment, providing strong bottom support for A - shares [2]. - Weak U.S. economic data negatively impacts the U.S. dollar value. The offshore RMB remains strong after the holiday, and the strengthening exchange rate supports the expectation of loose monetary policy in January [2]. - Due to the relatively late timing of the Spring Festival this year, the market may pre - trade the policy expectations of the Two Sessions to be held in early March before the Spring Festival, suggesting the possibility of an early A - share spring market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Prices: IF, IH, IC, and IM main and sub - main contracts all showed increases. For example, the IF main contract (2603) rose to 4778.0, up 80.2; the IC main contract (2603) reached 7786.4, up 203.8 [2]. - Futures Spreads: Most spreads showed changes. The IF - IH current - month contract spread increased by 20.0 to 1636.6, and the IC - IF current - month contract spread rose by 89.8 to 3040.6 [2]. - Futures Maturity Spreads: Some maturity spreads changed. The IF current - quarter to current - month spread decreased by 0.4 to - 17.4, while the IF next - quarter to current - month spread increased by 2.8 to - 61.4 [2]. - Futures Net Positions: The net positions of the top 20 in IF, IH, and IC increased, while that of IM decreased. The IF top 20 net position increased by 583.0 to - 32,818.00, and the IM top 20 net position decreased by 1781.0 to - 47,935.00 [2]. 3.2 Spot Market - Spot Prices: The Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all rose. The Shanghai - Shenzhen 300 reached 4790.69, up 73.0 [2]. - Futures Basis: The basis of IF, IH, IC, and IM main contracts all increased. The IF main contract basis increased by 8.1 to - 12.7 [2]. 3.3 Market Sentiment - Transaction Volume and Balance: A - share trading volume and margin trading balance increased. The A - share daily trading volume reached 28,322.78 billion yuan, up 2650.38 billion yuan, and the margin trading balance of the previous trading day was 25,606.48 billion yuan, up 199.66 billion yuan [2]. - North - bound Trading and Repurchase: North - bound trading volume increased, and the repurchase operation volume changed. The previous trading day's north - bound trading volume was 2959.05 billion yuan, up 735.90 billion yuan, and the repurchase operation volume increased by 162.0 billion yuan to - 3125.0 billion yuan [2]. - Other Indicators: Some indicators such as the proportion of rising stocks decreased, while the closing price of IO at - the - money call options increased. The proportion of rising stocks decreased by 1.45% to 75.12%, and the closing price of IO at - the - money call options (2601) increased by 32.00 to 52.60 [2]. 3.4 Industry News - Domestic PMI: In December, China's official manufacturing PMI rose to 50.1, up 0.9 percentage points from the previous month; the non - manufacturing business activity index was 50.2%, up 0.7 percentage points; the composite PMI output index was 50.7%, up 1.0 percentage point [2]. - U.S. PMI: The U.S. ISM manufacturing index in December 2025 slightly decreased from 48.2 to 47.9, remaining below 50 for 10 consecutive months and hitting a new low since October 2024 [2]. - A - share Market Performance: A - share major indices closed higher, with the Shanghai Composite Index breaking through the previous high and reaching a new high in over a decade. The CSI 500 performed the strongest among the four broad - based indices. The Shanghai Composite Index rose 1.5%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index rose 0.75%. Most industry sectors rose, with only the communication sector falling [2]. 3.5 Key Data to Follow - January 7, 21:15: U.S. December ADP employment figures; 23:00: U.S. November JOLTs job openings [3]. - January 8, 20:30: U.S. December Challenger corporate layoff figures [3]. - January 9, 9:30: China's December CPI and PPI; 21:30: U.S. December non - farm payrolls, unemployment rate, and labor participation rate [3].