央行“组合拳”有助于市场回升

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View The central bank's "combination punch" of policies is expected to enhance market liquidity. The targeted support for the scientific and technological innovation field strengthens the growth driving force of the technology sector in the equity market. With the continuous release of macro - level liquidity, its positive effects are gradually permeating the equity market, injecting impetus for the long - term upward movement of stock indexes. It is recommended to buy IC and IM on the dips [3]. 3. Summary by Relevant Catalogs Macro Economy Charts (No detailed data analysis, just listing of charts) - Charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, US Treasury yields and A - share style trends [10][8] Spot Market Tracking Charts - Domestic main stock index daily performances on January 15, 2026: The Shanghai Composite Index closed at 4112.60, down 0.33% from the previous day; the Shenzhen Component Index was at 14306.73, up 0.41%; the ChiNext Index was at 3367.92, up 0.56%; the CSI 300 Index was at 4751.43, up 0.20%; the SSE 50 Index was at 3105.58, down 0.21%; the CSI 500 Index was at 8223.27, down 0.05%; the CSI 1000 Index was at 8240.78, down 0.20% [13] - Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Stock Index Futures Tracking Charts - Stock index futures trading volume and open interest: For IF, the trading volume was 145,842 (down 62,463), and the open interest was 306,187 (down 13,642); for IH, the trading volume was 58,884 (down 22,160), and the open interest was 92,963 (down 5,892); for IC, the trading volume was 195,398 (down 98,059), and the open interest was 325,259 (down 9,679); for IM, the trading volume was 247,764 (down 130,831), and the open interest was 395,211 (down 19,793) [15] - Stock index futures basis (futures - spot): For IF, the basis of the current - month contract was 0.57 (up 4.90); for IH, it was - 0.98 (up 2.09); for IC, it was - 5.87 (up 0.83); for IM, it was 14.02 (up 29.19) [37] - Stock index futures inter - delivery spread: For example, for the IF contract, the spread between the next - month and current - month contracts was - 0.40 (down 3.00) [42] - Charts show contract open interest, open interest ratio, foreign net open interest, basis, and inter - delivery spread of different stock index futures contracts [16][24][38]