期指：政策降温，合理整固

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - On January 14, 2026, the four major stock index futures contracts of the current month showed mixed trends. IF fell by 0.63%, IH fell by 0.79%, IC rose by 0.64%, and IM rose by 0.08% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 35,576 lots, 13,666 lots, 81,143 lots, and 73,493 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 12,419 lots, 3,997 lots, 17,852 lots, and 13,386 lots respectively [2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The adjustment of the margin ratio for margin trading by the Shanghai, Shenzhen, and Beijing Stock Exchanges, the performance of the A - share market, and other policies and market conditions are important driving factors [6]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data Tracking - Closing Price and Fluctuation: The closing price of CSI 300 was 4741.9, down 0.40%; the closing price of SSE 50 was 3112.1, down 0.67%; the closing price of CSI 500 was 8227.7, up 1.04%; the closing price of CSI 1000 was 8257.2, up 0.66%. Among the corresponding futures contracts, the price trends were also mixed [1]. - Basis: The basis of different futures contracts varied, such as IF2601 with a basis of - 4.33, IH2601 with a basis of - 3.07, etc. [1]. - Trading Volume and Turnover: The trading volume and turnover of different contracts also showed different changes. For example, the turnover of IF2603 was 1717.2 billion yuan, and the trading volume increased by 22,545 lots [1]. - Open Interest: The open interest of each contract also had corresponding changes. For example, the open interest of IF2601 decreased by 8,395 lots [1]. 3.2 Top 20 Member Position Changes in Stock Index Futures - The position changes of long and short orders of the top 20 members in different contracts were different. For example, in IF2601, the long - order change was - 6541, and the short - order change was - 6248 [5]. 3.3 Important Driving Factors - Policy Adjustment: The Shanghai, Shenzhen, and Beijing Stock Exchanges adjusted the margin ratio for margin trading, raising the minimum margin ratio for investors' margin - buying securities from 80% to 100% [6]. - Tax Policy: The Ministry of Finance and other three departments announced the continuation of the personal income tax policy to support residents' housing exchange and purchase, providing tax - refund incentives for eligible taxpayers from January 1, 2026, to December 31, 2027 [7]. - Foreign Trade Data: In 2025, China's foreign trade imports and exports reached 45.47 trillion yuan, a year - on - year increase of 3.8%. Exports were 26.99 trillion yuan, up 6.1%, and imports were 18.48 trillion yuan, up 0.5% [8].