宝城期货股指期货早报（2026年1月26日）-20260126

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints - The overall view on the stock index futures is that they will fluctuate and consolidate. In the short - term (within a week), the sentiment is oscillating, and in the medium - term (two weeks to a month), it's also oscillating. For the intraday, it's on the weaker side [1][5]. - The main factors supporting the long - term upward trend of the stock index are the positive policy expectations and the continuous net inflow of incremental funds into the stock market. In the short - term, the expectations of policy bottom - support, support for technological innovation, and boosting consumption are clear, which strongly support the stock index. Although the regulatory authorities have signaled risk control, the high trading volume in the stock market indicates that the market sentiment remains optimistic [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is oscillating, the medium - term view is oscillating, and the intraday view is on the weaker side. The reference view is that it will fluctuate and consolidate, with the core logic being that the optimistic sentiment has cooled down and there is still a need for oscillatory consolidation [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is on the weaker side, the medium - term view is oscillating, and the reference view is that they will fluctuate and consolidate. The core logic is that last Friday, the stock indices fluctuated and diverged, with IM and IC leading the gains, while IH and IF slightly declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 311.81 billion yuan, an increase of 40.17 billion yuan from the previous day [5].