期指：外部扰动，内部支撑

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On January 20, all four major stock index futures contracts for the current month declined, with IF down 0.44%, IH down 0.1%, IC down 0.49%, and IM down 0.98% [1] - The total trading volume of stock index futures rebounded on the trading day, indicating increased trading enthusiasm among investors. The total trading volume of IF, IH, IC, and IM increased by 9467 lots, 2195 lots, 47043 lots, and 39473 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 2594 lots, 135 lots, 18737 lots, and 8203 lots respectively [1][2] - A - share market was in shock adjustment, with the market style switching from high - valuation growth sectors to value sectors. The Shanghai Composite Index closed down 0.01% at 4113.65 points, and other major indices also showed declines [7] - The Hong Kong stock market continued to adjust, with the Hang Seng Index closing down 0.29% at 26487.51 points, and the Hang Seng Tech Index down 1.16% [8] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data Tracking - IF Contracts: The closing prices of different IF contracts (IF2602 - IF2609) all declined, with the decline ranging from 0.25% to 0.44%. The trading volume and positions of most contracts increased, and the net increase in long positions of some contracts was significant [1][5] - IH Contracts: The closing prices of different IH contracts (IH2602 - IH2609) also declined, with the decline ranging from 0.10% to 0.17%. The trading volume and positions of some contracts changed, and the net increase in long and short positions of some contracts was notable [1][5] - IC Contracts: The closing prices of different IC contracts (IC2602 - IC2609) decreased, with the decline ranging from 0.15% to 0.49%. The trading volume and positions of most contracts increased, and the net increase in long positions of some contracts was large [1][5] - IM Contracts: The closing prices of different IM contracts (IM2602 - IM2609) dropped, with the decline ranging from 0.91% to 1.03%. The trading volume and positions of most contracts increased, and the net increase in long positions of some contracts was significant [1][5] 3.2 Market Environment and Policy - The Ministry of Finance and other departments announced a package of five fiscal - financial policies to promote domestic demand, including policies to boost consumption and support private investment. The small and medium - sized enterprise loan discount policy focuses on 14 key industrial chains [6][7] - In 2026, the fiscal deficit, total debt, and total expenditure will be maintained at necessary levels. Special ultra - long - term treasury bonds will continue to be issued, and the management of the negative list of special bond projects will be improved [7]