金融期货早班车-20260108

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For stock index futures, the report maintains a long - term bullish view on the economy and suggests buying long - term contracts of various varieties on dips [3]. - For bond futures, considering the upward risk appetite and economic recovery expectations in the medium and long term, it is recommended to hedge T and TL contracts on rallies [3]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures and Spot Market Performance - On January 7th, the four major A - share stock indexes all rose, with the Shanghai Composite Index up 0.05% (4085.77 points), the Shenzhen Component Index up 0.06% (14030.56 points), the ChiNext Index up 0.31% (3329.69 points), and the STAR 50 Index up 0.99% (1443.39 points). Market turnover was 28,816 billion yuan, an increase of 493 billion yuan from the previous day [2]. - In terms of industry sectors, non - ferrous metals (+0.3%), non - bank finance (- 1.13%), and basic chemicals (+0.28%) had significant changes. From a market strength perspective, IC>IM>IF>IH. The number of rising, flat, and falling stocks was 2,164, 107, and 3,188 respectively. Institutional, main, large - scale, and retail investors' net inflows of funds in the Shanghai and Shenzhen stock markets were - 214, - 258, 71, and 401 billion yuan respectively, with changes of - 247, - 48, +121, and +174 billion yuan [2]. - The basis of the next - month contracts of IM, IC, IF, and IH were 91.22, 43.68, 15.67, and 2.92 points respectively, and the annualized basis yields were - 9.95%, - 4.78%, - 2.83%, and - 0.8% respectively, with three - year historical quantiles of 42%, 53%, 38%, and 40% respectively [3]. - The report provides detailed data on the performance of various stock index futures contracts such as IC2601, IF2601, etc., including price, trading volume, open interest, basis, and annualized basis yield [5]. 3.2 Treasury Bond Futures and Spot Market Performance - On January 7th, interest - rate bonds weakened. Among the active contracts, TS fell 0.03%, TF fell 0.06%, T fell 0.08%, and TL fell 0.44% [3]. - For the current active 2603 contract, the CTD bond information of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures is provided, including yield changes, net basis, and IRR [3]. - In terms of the money supply, the central bank's currency injection was 286 billion yuan, currency withdrawal was 5,288 billion yuan, and the net withdrawal was 5,002 billion yuan [3]. - The report also presents detailed data on the performance of various treasury bond futures contracts such as TS2603, TF2603, etc., including price, trading volume, open interest, net basis, and CTD bond implicit interest rate [6]. 3.3 Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is currently lower than in the past, while the prosperity of infrastructure is similar to that in the past [9].