期指：结构性行情稳定风偏

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - On January 21, the four major stock index futures contracts showed mixed performance. IF rose 0.35%, IH fell 0.07%, IC rose 1.79%, and IM rose 1.55%. The total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. A-shares and Hong Kong stocks showed certain trends, with A-shares having sector rotations and Hong Kong stocks rising with increased trading volume [1][2][6][7] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - Stock Index Futures Data: - For CSI 300, the closing price was 4723.1, up 0.09%, with a trading volume of 665.33 billion. For IF2602, the closing price was 4724.2, up 0.35%, with a basis of 1.13, trading volume of 36.24 billion, and 25,500 contracts traded, a decrease of 437. For IF2603, the closing price was 4722.8, up 0.41%, with a basis of -0.27, trading volume of 105.3 billion, and 74,116 contracts traded, a decrease of 5750. Similar data are provided for other contracts [1] - For SSE 50, the closing price was 3067.2, down 0.11%, with a trading volume of 198.83 billion. For IH2602, the closing price was 3069.8, down 0.07%, with a basis of 2.62, trading volume of 9.99 billion, and 10,796 contracts traded, an increase of 1062. Similar data are provided for other contracts [1] - For CSI 500, the closing price was 8340.1, up 1.12%, with a trading volume of 517.59 billion. For IC2602, the closing price was 8373.2, up 1.79%, with a basis of 33.09, trading volume of 54.05 billion, and 32,474 contracts traded, a decrease of 5409. Similar data are provided for other contracts [1] - For CSI 1000, the closing price was 8247.7, up 0.79%, with a trading volume of 564.72 billion. For IM2602, the closing price was 8260, up 1.55%, with a basis of 12.32, trading volume of 61.3 billion, and 37,231 contracts traded, a decrease of 4359. Similar data are provided for other contracts [1] - Trading Volume and Open Interest Changes: - On this trading day, the total trading volume of stock index futures declined. Specifically, the total trading volume of IF decreased by 9379 contracts, IH increased by 5763 contracts, IC decreased by 41,699 contracts, and IM decreased by 31,314 contracts. In terms of open interest, IF decreased by 6447 contracts, IH increased by 4576 contracts, IC decreased by 8110 contracts, and IM decreased by 6771 contracts [2] - Top 20 Member Open Interest Changes: - For IF contracts, the long positions of IF2601 decreased by 360, and the short positions decreased by 497. The long positions of IF2602 decreased by 6223, with a net change of -7250, and the short positions decreased by 6121, with a net change of -7842. Similar data are provided for other contracts [5] - For IH contracts, the long positions of IH2601 increased by 1508, and the short positions increased by 1445. The long positions of IH2602 increased by 1577, with a net change of 3072, and the short positions increased by 1812, with a net change of 3204. Similar data are provided for other contracts [5] - For IC contracts, the long positions of IC2601 decreased by 2267, and the short positions decreased by 1270. The long positions of IC2602 decreased by 7135, with a net change of -9436, and the short positions decreased by 3523, with a net change of -5279. Similar data are provided for other contracts [5] - For IM contracts, the long positions of IM2601 decreased by 2564, and the short positions decreased by 1847. The long positions of IM2602 decreased by 6867, with a net change of -8845, and the short positions decreased by 3691, with a net change of -5708. Similar data are provided for other contracts [5] 2. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from -2 to 2, where -2 indicates the most bearish and 2 indicates the most bullish [6] 3. Important Drivers - The Minister of Housing and Urban - Rural Development, Ni Hong, stated that this year's focus in urban renewal includes three aspects: continuously promoting the renovation of old urban residential areas, comprehensively promoting the construction of complete communities, and carrying out the renovation of small - scale public spaces in cities. The government will also focus on stabilizing the real estate market and implementing relevant institutional reforms [6] - US Trade Representative Greer expressed hope for another round of potential trade negotiations with China. The Chinese Foreign Ministry Spokesperson, Guo Jiakun, said that China and the US should jointly implement the important consensus reached by the two heads of state [6] 4. Stock Market Performance - A - shares: The three major A - share indexes fluctuated higher. The Shanghai Composite Index rose 0.08% to close at 4116.94 points, the Shenzhen Component Index rose 0.7%, the ChiNext Index rose 0.54%, the Beijing Stock Exchange 50 rose 0.14%, the Science and Technology Innovation 50 rose 3.53%, the Wind All - A rose 0.57%, and the Wind A500 rose 0.37%. The total trading volume of A - shares was 2.62 trillion yuan, compared with 2.8 trillion yuan the previous day. Gold stocks had a daily limit up, and the non - ferrous metals sector strengthened. On the other hand, the large - consumption sectors such as liquor and retail declined, and the large - finance sectors such as banks and insurance weakened. The trading volume of several broad - based ETFs increased significantly at the end of the session, with the trading volume of the SSE 50 ETF exceeding 15 billion yuan, setting a record high [6] - Hong Kong Stocks: Hong Kong stocks rose with increased trading volume. The Hang Seng Index rose 0.37% to close at 26,585.06 points, the Hang Seng Tech Index rose 1.11% to 5746.3 points, and the Hang Seng China Enterprises Index rose 0.31% to 9122.95 points. The market trading volume was HK$250.451 billion, an increase from HK$237.766 billion the previous day. Some stocks in the Hang Seng Index and Hang Seng Tech Index had significant price changes [7]