四大指数走势延续分化

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Overseas, Trump's easing attitude towards geopolitical risks has alleviated market concerns, and the three major US stock indexes closed higher overnight, but Japan's fiscal issues still need continuous attention. Domestically, market enthusiasm has heated up again, with the four major indexes continuing their divergent trends, and the risks of the Shanghai Stock Exchange 50 and CSI 300 indexes are relatively high [2] Summary by Directory Macro - economic Charts - The report includes charts of the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends, with data sources from Flush and Huatai Futures Research Institute [4][5][10] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on January 21, 2026, shows that the Shanghai Composite Index closed at 4116.94, up 0.08%; the Shenzhen Component Index closed at 14255.13, up 0.70%; the ChiNext Index closed at 3295.52, up 0.54%; the CSI 300 Index closed at 4723.07, up 0.09%; the Shanghai Stock Exchange 50 Index closed at 3067.18, down 0.11%; the CSI 500 Index closed at 8340.11, up 1.12%; and the CSI 1000 Index closed at 8247.68, up 0.79% [12] - The charts also include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance, with data sources from Flush and Huatai Futures Research Institute [5][13] Futures Market Tracking Charts - For the trading volume and open interest of stock index futures, the trading volume of IF was 120330 (down 9379), and the open interest was 286813 (down 6447); the trading volume of IH was 54491 (up 5763), and the open interest was 96124 (up 4576); the trading volume of IC was 171870 (down 41699), and the open interest was 330051 (down 8110); the trading volume of IM was 214526 (down 31314), and the open interest was 381688 (down 6771) [14] - Regarding the basis of stock index futures, for IF, the basis of the current - month contract was 1.13 (up 9.41), the basis of the next - month contract was - 0.27 (up 10.01), the basis of the current - quarter contract was - 35.27 (up 9.61), and the basis of the next - quarter contract was - 91.07 (up 12.81); for IH, the basis of the current - month contract was 2.62 (down 0.33), the basis of the next - month contract was 6.42 (up 1.67), the basis of the current - quarter contract was 2.82 (up 3.87), and the basis of the next - quarter contract was - 30.58 (down 0.73); for IC, the basis of the current - month contract was 33.09 (up 23.09), the basis of the next - month contract was 30.89 (up 29.89), the basis of the current - quarter contract was - 70.31 (up 35.49), and the basis of the next - quarter contract was - 182.11 (up 41.49); for IM, the basis of the current - month contract was 12.32 (up 32.87), the basis of the next - month contract was - 16.68 (up 45.27), the basis of the current - quarter contract was - 196.08 (up 40.67), and the basis of the next - quarter contract was - 357.68 (up 47.07) [41] - For the inter - period spreads of stock index futures, there are detailed data on the spreads between different contract periods of IF, IH, IC, and IM, such as the spread between the next - month and current - month contracts, the next - quarter and current - month contracts, etc. [46][47]