FICC日报：指数震荡调整-20260121

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - Overseas factors such as Trump's remarks and concerns about Japan's fiscal deterioration have led to a decline in major global indexes. Domestically, market enthusiasm has cooled under policy guidance, with a decrease in trading volume and index levels. Currently, investors can focus on the entry opportunities for IC [1][3]. 3. Summary by Directory Macro - economic Charts - The report presents charts showing the relationships between the US dollar index, US Treasury yields, RMB exchange rate, and A - share trends, as well as the relationship between US Treasury yields and A - share styles [6][8][10]. Spot Market Tracking Charts - A - share indexes showed mixed performance. The Shanghai Composite Index closed at 4113.65 points, down 0.01%; the ChiNext Index fell 1.79%. Industries such as petroleum and petrochemicals, building materials, real estate, and transportation led the gains, while communications, national defense and military industry, and computer industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.8 trillion yuan. Overseas, the three major US stock indexes all closed down, with the Nasdaq falling 2.39% to 22954.32 points [1]. - The daily performance table of major domestic stock indexes shows the closing prices and daily changes on January 20, 2026, and January 19, 2026 [13]. Stock Index Futures Tracking Charts - In the futures market, the current - month contracts of IH and IC were at a premium. The trading volume and open interest of stock index futures increased simultaneously [2]. - The table of stock index futures trading volume and open interest shows the current values and changes of IF, IH, IC, and IM contracts [15]. - The table of stock index futures basis shows the current values and changes of the basis of IF, IH, IC, and IM contracts for the current - month, next - month, current - quarter, and next - quarter contracts [38]. - The table of stock index futures inter - period spreads shows the current values and changes of inter - period spreads for different contract combinations of IF, IH, IC, and IM [43][44].