Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-01-14 09:00Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - A-share market still has many positive factors in the current situation. China's trade surplus in 2025 hit a record high, and net exports are expected to support the GDP of that year. Although the Fed's rate - cut expectations have decreased and the US dollar index has strengthened, the RMB is still in an appreciation channel. The strong exchange rate supports the expectation of loose monetary policy in Q1, and the stock market is gradually converging with the foreign exchange market. Also, due to the relatively late Spring Festival this year, the market has started to trade the policy expectations of the Two Sessions in early March in advance, and the A - share spring market is significantly advanced [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Contract Prices: - IF main contract (2603) closed at 4740.0, down 14.0; IF secondary main contract (2601) closed at 4737.6, down 30.2. - IH main contract (2603) closed at 3114.0, down 19.6; IH secondary main contract (2601) closed at 3109.0, down 24.8. - IC main contract (2603) closed at 8197.8, up 76.6; IC secondary main contract (2601) closed at 8221.0, up 52.6. - IM main contract (2603) closed at 8156.0, up 5.2; IM secondary main contract (2601) closed at 8242.0, up 6.2 [2] - Futures Price Spreads: - IF - IH current - month contract spread was 1628.6, down 1.0; IC - IF current - month contract spread was 3483.4, up 76.8. - IM - IC current - month contract spread was 21.0, down 40.0; IC - IH current - month contract spread was 5112.0, up 75.8. - IM - IF current - month contract spread was 3504.4, up 36.8; IM - IH current - month contract spread was 5133.0, up 35.8 [2] - Futures Seasonal Spreads: - IF current - season minus current - month was 2.4, up 10.0; IF next - season minus current - month was - 40.8, up 10.4. - IH current - season minus current - month was 5.0, up 4.0; IH next - season minus current - month was 3, up 11.0. - IC current - season minus current - month was - 23.2, up 18.4; IC next - season minus current - month was - 182.2, up 5.4. - IM current - season minus current - month was - 86.0, down 12.6; IM next - season minus current - month was - 277, down 3.6 [2] - Futures Net Positions of Top 20: - IF top 20 net positions were - 41,343.00, up 533.0. - IH top 20 net positions were - 16,409.00, up 1004.0. - IC top 20 net positions were - 32,805.00, up 3053.0. - IM top 20 net positions were - 50,614.00, up 526.0 [2] 3.2 Spot Market - Spot Indexes: - CSI 300 closed at 4741.93, down 19.1; IF main contract basis was - 1.9, up 0.5. - SSE 50 closed at 3,112.1, down 20.9; IH main contract basis was 1.9, down 2.7. - CSI 500 closed at 8,227.7, up 84.4; IC main contract basis was - 29.9, down 17.8. - CSI 1000 closed at 8,257.2, up 54.0; IM main contract basis was - 101.2, down 58.4 [2] 3.3 Market Sentiment - A - share trading volume (daily, in billion yuan) was 39,868.62, up 2880.50. Margin trading balance (previous trading day, in billion yuan) was 26,829.92, up 89.30. - North - bound trading volume (previous trading day, in billion yuan) was 4209.36, up 219.55. Reverse repurchase (maturity, operation volume, in billion yuan) was - 286.0, up 2408.0. - Main funds (yesterday, today, in billion yuan) were - 1805.56 and - 889.40 respectively. - Proportion of rising stocks (daily, %) was 50.18, up 20.54. Shibor (daily, %) was 1.390, down 0.001. - IO at - the - money call option closing price (2601) was 17.60, down 19.00; IO at - the - money call option implied volatility (%) was 13.78, up 0.08. - IO at - the - money put option closing price (2601) was 31.00, up 8.60; IO at - the - money put option implied volatility (%) was 13.78, up 0.08. - CSI 300 index 20 - day volatility (%) was 13.26, down 0.16. Volume PCR (%) was 55.90, up 19.28. - Position PCR (%) was 75.15, down 2.53 [2] 3.4 Wind Market Strength and Weakness Analysis - All A - shares score was 5.70, up 2.30; technical aspect score was 5.00, up 2.10. - Capital aspect score was 6.40, up 2.50 [2] 3.5 Industry News - China's exports in December 2025 (in RMB) increased by 5.2% year - on - year (previous value: 5.7%); imports increased by 4.4% (previous value: 1.7%); trade surplus was 8087.7 billion yuan (previous value: 7925.8 billion yuan). Exports (in US dollars) increased by 6.6% year - on - year (previous value: 5.9%); imports increased by 5.7% (previous value: 1.9%); trade surplus was 1141.4 billion US dollars (previous value: 1116.8 billion US dollars) [2] - US CPI in December 2025 increased by 2.7% year - on - year and 0.3% month - on - month; core CPI increased by 2.6% year - on - year and 0.2% month - on - month, with the year - on - year growth rates remaining the same as the previous values [2] - As of January 13, over 140 A - share companies had released their 2025 performance forecasts or bulletins, with 63 companies expecting performance growth and 5 companies expecting a turnaround from losses. Based on the mid - values of bulletins or forecasts, 72 companies had a net profit of over 1 billion yuan, and 22 had a net profit of over 10 billion yuan [2] 3.6 Market Performance - Most A - share major indexes closed higher. The three major indexes fluctuated upwards in the morning and dived in the afternoon. Small - and medium - cap stocks outperformed large - cap blue - chip stocks, with CSI 500 performing the strongest. At the close, the Shanghai Composite Index fell 0.31%, the Shenzhen Component Index rose 0.56%, and the ChiNext Index rose 0.82%. The trading volume of the Shanghai and Shenzhen stock markets refreshed the historical record again. Industry sectors showed mixed performance, with the computer sector strengthening significantly and the banking and real estate sectors leading the decline [2]