宏观金融数据日报-20260122

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The recent stability of LPR quotes is due to the unchanged 7 - day reverse - repurchase rate set by the central bank and stable bank liability costs with low net interest margins, which reduce commercial banks' motivation to cut LPR [4] - Yesterday's stock index rose first and then fell, with small and medium - cap stocks performing strongly and large - cap stocks under pressure. In the context of policy "cooling" the market, trading volume continued to shrink. Given the strong capital - driven force and the domestic fundamentals in the bottom - building stage, the upward trend of the stock index is expected to continue. Short - term shock adjustment space is limited, and long - term bulls can choose the right time to enter the market [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - Interest Rates: DRO01 closed at 1.32, down 5.02bp; DR007 at 1.50, up 0.04bp; GC001 at 1.57, up 0.50bp; GC007 at 1.55, down 1.00bp; SHBOR 3M at 1.60, unchanged; 1 - year Treasury bond at 1.28, up 1.00bp; 5 - year Treasury bond at 1.59, unchanged; 10 - year Treasury bond at 1.83, down 0.20bp; 10 - year US Treasury bond at 4.30, up 6.00bp; 1 - year LPR at 3.0%, 5 - year LPR at 3.5%, both unchanged from last month [3][4] - Central Bank Operations: The central bank conducted 3635 billion yuan of 7 - day reverse - repurchase operations with an interest rate of 1.40% yesterday. With 2408 billion yuan of reverse - repurchases maturing, the net injection was 1227 billion yuan [3] 3.2 Stock Index Futures and Stock Market - Index Performance: The CSI 300 rose 0.09% to 4723.1; the SSE 50 fell 0.11% to 3067.2; the CSI 500 rose 1.12% to 8340.1; the CSI 1000 rose 0.79% to 8247.7. The trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 26240 billion yuan, a decrease of 1804 billion yuan from the previous day. Most industry sectors rose, with precious metals, energy metals, and mining industries leading the gains, while the coal, brewing, and commercial department store industries leading the losses [5] - Stock Index Futures Performance: IF当月 rose 0.3%, IH当月 fell 0.1%, IC当月 rose 1.4%, IM当月 rose 1.2%. IF trading volume decreased by 7.2% to 120330, and its open interest decreased by 2.2% to 286813; IH trading volume increased by 11.8% to 54491, and its open interest increased by 5.0% to 96124; IC trading volume decreased by 19.5% to 171870, and its open interest decreased by 2.4% to 330051; IM trading volume decreased by 12.7% to 214526, and its open interest decreased by 1.7% to 381688 [5] - Premium and Discount Situation: IF's premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are - 0.29%, 0.04%, 1.83%, and 2.93% respectively; IH's are - 1.04%, - 1.32%, - 0.23%, and 1.52% respectively; IC's are - 4.83%, - 2.33%, 2.07%, and 3.32% respectively; IM's are - 1.82%, 1.27%, 5.82%, and 6.60% respectively [7]