期指：震荡格局，关注地缘等驱动

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - On January 26, 2026, the four major index futures contracts showed mixed performance. IF rose 0.1%, IH rose 0.55%, IC fell 1.53%, and IM fell 1.91%. The total trading volume of index futures increased, indicating rising trading enthusiasm among investors. The total trading volume of IF, IH, IC, and IM increased by 49,067, 22,590, 50,384, and 54,174 lots respectively. In terms of positions, the total positions of IF and IH increased, while those of IC increased slightly and IM decreased [1][2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market showed a downward trend in shock, with resource stocks rising and most theme stocks adjusting. The Shanghai Composite Index fell 0.09%, the Shenzhen Component Index fell 0.85%, and the ChiNext Index fell 0.91%. The trading volume of A - shares increased from 3.12 trillion yuan the previous day to 3.28 trillion yuan [6]. - The Hang Seng Index rose 0.06%, the Hang Seng Technology Index fell 1.24%, and the Hang Seng China Enterprises Index fell slightly by 0.15%. The market trading volume increased to HK$261.699 billion from HK$240.872 billion the previous day [7]. 3. Summary by Related Catalogs 3.1 Index Futures Data Tracking - Stock Index and Futures Prices: The closing price of CSI 300 was 4,707, up 0.10%; IF2602 was 4,713.8, up 0.10%; IF2603 was 4,719.4, up 0.11%; IF2606 was 4,701.6, up 0.24%; IF2609 was 4,653.4, up 0.34%. The closing price of SSE 50 was 3,049.6, up 0.57%; IH2602 was 3,053.2, up 0.55%; IH2603 was 3,058.2, up 0.52%; IH2606 was 3,059, up 0.57%; IH2609 was 3,029.4, up 0.62%. The closing price of CSI 500 was 8,506.7, down 0.97%; IC2602 was 8,485.2, down 1.53%; IC2603 was 8,470, down 1.72%; IC2606 was 8,371, down 1.95%; IC2609 was 8,260.2, down 2.15%. The closing price of CSI 1000 was 8,365.4, down 1.24%; IM2602 was 8,327.2, down 1.91%; IM2603 was 8,289.2, down 2.24%; IM2606 was 8,141.6, down 2.23%; IM2609 was 7,980.2, down 2.33% [1]. - Trading Volume and Position Changes: The trading volume of IF, IH, IC, and IM increased, with increases of 49,067, 22,590, 50,384, and 54,174 lots respectively. The total positions of IF increased by 28,734 lots, IH increased by 9,853 lots, IC increased by 2,781 lots, and IM decreased by 1,501 lots [2]. - Basis: The basis of IF2602 was 6.84, IF2603 was 12.44, IF2606 was - 5.36, IF2609 was - 53.56; the basis of IH2602 was 3.61, IH2603 was 8.61, IH2606 was 9.41, IH2609 was - 20.19; the basis of IC2602 was - 21.49, IC2603 was - 36.69, IC2606 was - 135.7, IC2609 was - 246.5; the basis of IM2602 was - 38.23, IM2603 was - 76.23, IM2606 was - 223.8, IM2609 was - 385.2 [1]. 3.2 Top 20 Member Position Changes - For IF contracts, the long - position changes of IF2601, IF2602, IF2603, and IF2606 were 4, 15,378, 3,884, and 4,878 respectively; the short - position changes were - 496, 15,384, 4,074, and 6,185 respectively. For IH contracts, the long - position changes of IH2601, IH2602, and IH2603 were 1,734, 5,382, and 1,265 respectively; the short - position changes were 1,245, 7,112, and 1,028 respectively. For IC contracts, the long - position changes of IC2601, IC2602, IC2603, and IC2606 were 355, 545, 3,376, and 4,172 respectively; the short - position changes were 194, - 2,759, 3,079, and 4,715 respectively. For IM contracts, the long - position changes of IM2601, IM2602, and IM2603 were - 458, 297, and - 668 respectively; the short - position changes were - 1,851, - 3,172, and - 484 respectively [5]. 3.3 Market Conditions and Policy Information - A - share Market: A - shares showed a downward trend in shock. Resource stocks such as non - ferrous metals and precious metals were strong, while theme stocks such as commercial aerospace adjusted. The trading volume of A - shares increased to 3.28 trillion yuan [6]. - Hong Kong Stock Market: The Hang Seng Index rose slightly, the Hang Seng Technology Index fell, and the trading volume increased to HK$261.699 billion [7]. - Policy Information: The Ministry of Commerce will introduce policies to cultivate new growth points in service consumption, and will expand market access in the service industry in 2026. The People's Bank of China will strengthen macro - prudential management, prevent systemic financial risks, and improve the RMB cross - border use policy [7][8][9].