股指期货周报：震荡整理，量能充裕-20260119

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The adjustment of the margin for margin trading does not affect the general upward trend of the market but will influence its structure. The game in thematic sectors intensifies, and the unilateral trend driven solely by narratives and capital relay ends, with the weight of performance clues rising again [5]. 3. Summary by Relevant Catalogs Market Review - Last week, the four stock index futures varieties showed a trend of shock consolidation, with relatively large adjustment ranges for the Shanghai Stock Exchange 50 and CSI 300. The depth of the basis discount of the four stock index futures varieties narrowed, but most of the main contracts remained in the futures discount mode. The futures - spot basis of the main contracts of the index futures were: IH at 4.64, IF at -8.67, IC at -22.27, and IM at -53.53 [3]. - The A - share market showed a shock consolidation trend last week. The adjustment was mainly due to the excessive short - term gains in commercial aerospace and AI applications where a large amount of funds were concentrated. The exchange's increase in the margin for margin trading reflected the regulatory authorities' intention to cool down the over - rapid market rise. Although the index pulled back, the abundant market liquidity and high market sentiment meant that this technical correction was not a cause for concern. The market was still centered around technology, as seen from the performance of various sectors and the differentiation between the main board index and the STAR Market and ChiNext index [3]. Comprehensive Analysis - Macroscopically, the central bank took a "combination punch" to support high - quality economic development, including lowering the rediscount and re - loan rates by 0.25 percentage points, merging the re - loan and rediscount quotas for supporting agriculture and small businesses, increasing the re - loan quota for supporting agriculture and small businesses by 500 billion yuan, and setting up a separate 1 trillion yuan re - loan for private enterprises to focus on supporting small and medium - sized private enterprises [4][5]. - Overseas, the year - on - year growth rate of the US CPI in December dropped to 2.7%, in line with market expectations. The year - on - year growth rate of the core CPI was 2.6%, slightly lower than the market expectation of 2.7%, and the month - on - month growth rate of the core CPI was 0.2%, lower than the market expectation of 0.3% [5].