股指期货：偏强震荡，关注政策走向

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - Last week, the K-shaped divergence in the market widened, with the small-cap growth style significantly outperforming the large-cap value style. The core drivers of the divergence include the absence of major systemic risks in the stock market, concerns about domestic policies cooling the market, and positive news in the industrial sector [1]. - In the pre-holiday period, with the macro environment remaining stable and the economy being supported, the "Spring Rally" in the stock market is expected to continue. However, the government's intention to regulate the pace of the slow bull market may affect market volatility. Attention should be paid to the growth targets set in local two sessions and the Federal Reserve's interest rate meeting and the selection of the new chairman [1]. 3. Summary by Directory 3.1 Market Review and Outlook - Stock Market Performance: Last week, global stock indices showed mixed performance. In the US, the Dow Jones Industrial Average fell 0.53%, the S&P 500 declined 0.35%, and the Nasdaq Composite dropped 0.06%. In Europe, the UK's FTSE 100 fell 0.9%, Germany's DAX declined 1.57%, and France's CAC 40 dropped 1.4%. In the Asia-Pacific market, Japan's Nikkei 225 fell 0.17%, and the Hang Seng Index declined 0.36%. The Shanghai Composite Index rose 0.84% [7]. - Sector Performance: In terms of weekly sector performance, building materials, petroleum and petrochemicals, and steel led the gains, while banks, communications, and non-bank finance were the top three decliners [1]. 3.2 Strategy Recommendations - Short - term Strategy: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 91/114 points, 74/45 points, 179/251 points, and 221/294 points respectively [3]. - Trend Strategy: Adopt a bullish approach. The core operating ranges for the IF2602, IH2602, IC2602, and IM2602 contracts are 4591 - 4803 points, 2962 - 3099 points, 8398 - 8961 points, and 8219 - 8772 points respectively [3]. - Cross - variety Strategy: Hold the strategy of shorting IF (or IH) and going long on IC (or IM) [3]. 3.3 Index Valuation Tracking As of January 16, the price - to - earnings ratio (TTM) of the Shanghai Composite Index was 17.14 times, that of the CSI 300 Index was 14.25 times, and that of the SSE 50 Index was 11.76 times. The price - to - earnings ratio (TTM) of the CSI 500 Index was 37.53 times, and that of the CSI 1000 Index was 50.31 times [12][14]. 3.4 Market Fundamentals Review - Margin Trading: The balance of margin trading in the two markets and the share of newly established equity - biased funds are presented in relevant charts [14]. - Funding Rates: Last week, the funding rate remained flat, and the central bank made net injections [15].