沪指继续收阳线

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The market volume remains high, but large funds control the market rhythm well. This round of the market does not follow the "crazy bull" pattern. The narrowing short - term gains do not affect the long - bull situation, and investors can actively seize investment opportunities in stock index futures [3] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Macro - economic Information: In China, the Deputy Minister of Finance, Liao Min, met with the CEO of the London Stock Exchange Group, indicating that China's economy will be stable and improving in 2025. In the United States, the number of initial jobless claims last week rose to 208,000, slightly lower than market expectations. The number of layoffs in December last year was 35,553, the lowest in 17 months. The trade deficit in October 2025 narrowed by 39% month - on - month to $29.4 billion, the lowest since June 2009 [1] - Spot Market: A - share indexes fluctuated. The Shanghai Composite Index had 15 consecutive positive lines but fell 0.07% to close at 4082.98 points on the day. The ChiNext Index fell 0.82%. Most sector indexes declined, with National Defense and Military Industry, Media, Building Decoration, and Real Estate leading the gains, while Non - Banking Finance, Non - ferrous Metals, and Communication leading the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at 2.8 trillion yuan. Overseas, the three major US stock indexes closed mixed, with the Dow Jones rising 0.55% to 49,266.11 points and the Nasdaq falling 0.44% to 23,480.02 points [1] - Futures Market: In the futures market, the basis of stock index futures rebounded. The trading volume and open interest of IF and IM increased simultaneously [2] 3.2 Strategy - Although the short - term gains are narrowing, it does not affect the long - bull pattern. Investors can actively seize investment opportunities in stock index futures [3] 3.3 Charts 3.3.1 Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][7][9] 3.3.2 Spot Market Tracking Charts - Stock Index Performance: The Shanghai Composite Index closed at 4082.98, down 0.07%; the Shenzhen Component Index closed at 13,959.48, down 0.51%; the ChiNext Index closed at 3302.31, down 0.82%; the CSI 300 Index closed at 4737.65, down 0.82%; the SSE 50 Index closed at 3122.06, down 0.73%; the CSI 500 Index closed at 7894.54, up 0.25%; the CSI 1000 Index closed at 7971.59, up 0.82% [12] - Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [6][13] 3.3.3 Stock Index Futures Tracking Charts - Trading Volume and Open Interest: The trading volume of IF was 119,688, an increase of 6990; the open interest was 288,744, an increase of 5981. The trading volume of IH was 44,844, a decrease of 2701; the open interest was 91,182, an increase of 937. The trading volume of IC was 147,847, a decrease of 1682; the open interest was 294,237, a decrease of 8269. The trading volume of IM was 196,014, an increase of 18,492; the open interest was 374,177, an increase of 2896 [14] - Basis: The basis of each contract of IF, IH, IC, and IM showed different changes. For example, the basis of IF's current - month contract was 0.15, an increase of 4.02 [40] - Inter - period Spread: The inter - period spreads of IF, IH, IC, and IM also showed different changes. For example, the spread between the next - month and current - month contracts of IF was - 11.60, an increase of 0.20 [45]