Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Last week, the four stock index futures varieties showed continuous upward trends, with relatively large increases in CSI 500 and CSI 1000. The depth of the basis discount of the four stock index futures varieties narrowed, and most of the main contracts maintained the futures discount mode. The A-share market had a continuous upward trend, with the Shanghai Composite Index reaching a 10 - year high with 16 consecutive positive days and a weekly increase of nearly 4%. The Shenzhen Component Index and the ChiNext Index also rose, showing bull - market characteristics. The continuous growth of trading volume and the increase in investment risk preference are positive signals. The medium - term upward space has opened, and the market has many hotspots, mainly following the technology growth and pro - cyclical mainlines. In terms of heavy - weight stocks, there was obvious inflow of incremental funds in the non - ferrous and securities sectors, and the military and technology sectors remained active, with the AI industry chain and application segments taking turns to drive the market [3]. - In December 2025, the PPI performance slightly exceeded market expectations, with a month - on - month increase of +0.2%, the highest since 2024, driven by the over - increase in the prices of non - ferrous metals such as copper, aluminum, and silver. The CPI increased year - on - year for four consecutive months to +0.8%, and the core CPI year - on - year remained at a high level of +1.2%, basically in line with market expectations. Overseas, in December 2025, the number of new non - farm jobs and the unemployment rate in the US were both lower than expected, with the unemployment rate dropping to 4.4% and new non - farm jobs concentrated in some service industries. The early - year market rally was due to the concentrated entry of funds that missed the year - end market, and the chasing of rising prices by some previously cautious funds accelerated the market trend. However, the rally mainly occurred in theme sectors and small - cap stocks with significant quantitative influence, rather than the allocation direction of institutional funds [4][5]. Group 3: Summary by Related Catalogs Market Review - Last week, the four stock index futures varieties mainly showed continuous upward trends, with relatively large increases in CSI 500 and CSI 1000. The basis discount of the four stock index futures varieties narrowed, and most main contracts were in the futures discount mode. The futures - spot basis of the main contracts of stock index futures were: IH at 0.48, IF at - 15.12, IC at - 18.89, and IM at - 80.78. The A - share market had a continuous upward trend, with the Shanghai Composite Index reaching a 10 - year high with 16 consecutive positive days and a weekly increase of nearly 4%. The Shenzhen Component Index and the ChiNext Index also rose, and the trading volume continuously increased, indicating an increase in investment risk preference. The medium - term upward space has opened, and the market hotspots mainly follow the technology growth and pro - cyclical mainlines. In terms of heavy - weight stocks, there was obvious inflow of incremental funds in the non - ferrous and securities sectors, and the military and technology sectors remained active, with the AI industry chain and application segments taking turns to drive the market [3]. Comprehensive Analysis - In December 2025, the PPI performance slightly exceeded market expectations, with a month - on - month increase of +0.2%, the highest since 2024, driven by the over - increase in the prices of non - ferrous metals such as copper, aluminum, and silver. The CPI increased year - on - year for four consecutive months to +0.8%, and the core CPI year - on - year remained at a high level of +1.2%, basically in line with market expectations. Overseas, in December 2025, the number of new non - farm jobs and the unemployment rate in the US were both lower than expected, with the unemployment rate dropping to 4.4% and new non - farm jobs concentrated in some service industries. The early - year market rally was due to the concentrated entry of funds that missed the year - end market, and the chasing of rising prices by some previously cautious funds accelerated the market trend. However, the rally mainly occurred in theme sectors and small - cap stocks with significant quantitative influence, rather than the allocation direction of institutional funds [4][5].
股指期货周报：指数连阳，热情高涨-20260112
Cai Da Qi Huo·2026-01-12 04:11