宝城期货股指期货早报-20260121

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The short - term view of the stock index futures is that they will be mainly in a range - bound consolidation phase, with the overall short - term trend of IH2603 being volatile, the medium - term being volatile, and the intraday being weak, with the view of volatile consolidation. The short - and medium - term views of IF, IH, IC, and IM are weak intraday and volatile in the medium - term, also with a view of volatile consolidation [1][5]. - Although the stock index needs to consolidate due to factors such as the lack of strong performance - end repair expectations and the cooling of optimistic sentiment, the long - term upward logic remains unchanged due to positive policy expectations and the continuous net inflow of incremental funds [5]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2603 | Volatile | Volatile | Weak | Volatile consolidation | Optimistic sentiment has cooled, and there is still a need for volatile consolidation [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Viewpoints: The intraday view is weak, the medium - term view is volatile, and the reference view is volatile consolidation [5]. - Core Logic: The stock indexes slightly declined in a volatile manner yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2804.1 billion yuan, an increase of 72 billion yuan from the previous day. Since the stock market gains this year have mainly come from the increase in the valuation end under loose liquidity, and the performance - end repair expectations are not strong from the perspective of macro - economic indicators, the stock indexes need to consolidate. Coupled with the policy signals of de - leveraging and risk control released by the regulatory authorities, the optimistic sentiment in the stock market has cooled, the trading volume has declined, and the stock indexes have entered a volatile consolidation phase. However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, so the long - term upward logic of the stock indexes remains unchanged [5].