股指震荡调整，关注抛售行为

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The current large - capital continuous selling trend in the domestic market has not stopped, indicating that the regulatory authorities may have higher expectations for the current market cooling effect and there may be further cooling measures. It is recommended to focus on the opportunity to intervene in IC after the callback and the opportunity for IH to stabilize and make up for the rise [3] 3. Summary by Directory 3.1 Market Analysis - Macro - policy: Domestically, policies to expand inbound consumption will be introduced, a national digital trade demonstration zone will be established, and measures to promote consumption of large - durable goods such as cars and home appliances will be optimized. Overseas, in November 2025, US durable goods orders increased by 5.3% month - on - month, and core durable goods orders increased by 0.5% month - on - month [1] - Index adjustment: In the spot market, A - share three major indexes fluctuated and adjusted. The Shanghai Composite Index fell 0.09% to 4132.60 points, and the ChiNext Index fell 0.91%. Industry sector indexes mostly declined, with non - ferrous metals, petroleum and petrochemicals, and coal leading the gains, and national defense and military industry, automobiles, social services, and electronics leading the losses. The trading volume of the Shanghai and Shenzhen stock exchanges was 3.2 trillion yuan. Overseas, the three major US stock indexes rose collectively, with the Dow rising 0.64% to 49412.4 points [1] - Futures market: In the futures market, the basis of stock index futures declined. The trading volume of stock index futures increased, and the positions of IH, IC, and IF increased simultaneously [2] 3.2 Strategy - Focus on the opportunity to intervene in IC after the callback and the opportunity for IH to stabilize and make up for the rise [3] 3.3 Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][10][11] 3.4 Spot Market Tracking Charts - Stock index performance: On January 26, 2026, the Shanghai Composite Index fell 0.09% to 4132.61 points, the Shenzhen Component Index fell 0.85%, the ChiNext Index fell 0.91%, the CSI 300 Index rose 0.09%, the SSE 50 Index rose 0.57%, the CSI 500 Index fell 0.97%, and the CSI 1000 Index fell 1.24% [13] - Also include charts of the trading volume of the Shanghai and Shenzhen stock exchanges and the margin trading balance [6][14] 3.5 Futures Market Tracking Charts - Position and trading volume: The trading volume of IF, IH, IC, and IM increased, with increases of 49067, 22590, 50384, and 54174 respectively, and the positions of IF, IH, IC increased by 28734, 9853, 2781 respectively, while the position of IM decreased by 1501 [15] - Basis: The basis of IF, IH, IC, and IM for different contracts changed, with the basis of IC and IM mostly declining [39] - Inter - period spread: The inter - period spreads of IF, IH, IC, and IM for different periods changed, with different trends in each period [44][46] - Also include various charts related to contract positions, position ratios, and net positions of foreign capital [6]