地产上涨，上证50反弹

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The recent significant shrinkage of ETF scale due to market fund selling is nearing its end, and the rise of the real - estate sector drove the rebound of the Shanghai 50 Index on the day. The adjustments of the CSI 500 and CSI 1000 indexes show a benign "cooling" feature, mainly short - term emotional release rather than a trend of weakening. Investors should focus on the entry opportunity [3] 3. Summary by Directory 3.1 Market Analysis - In terms of macro - economy, Chinese President Xi Jinping met with British Prime Minister Starmer, and Premier Li Qiang held talks with him. The two sides reached a series of positive results, including developing a long - term and stable comprehensive strategic partnership, establishing a China - UK financial working group, China considering unilateral visa - free policies for British citizens, and reducing the import tariff rate of whisky from 10% to 5%. The 2026 National Spring Festival Cultural and Tourism Consumption Month was launched, with about 30,000 cultural and tourism consumption activities, over 360 million yuan in consumption vouchers and other subsidies, and various preferential measures. Overseas, the U.S. Senate failed to advance the government appropriation bill passed by the House, and the U.S. federal government faces a partial "shutdown" crisis as the operating funds of several federal departments will be exhausted on January 30 [1] - In the spot market, the three major A - share indexes fluctuated. The Shanghai Composite Index rose 0.16% to close at 4157.98 points, while the ChiNext Index fell 0.57%. Most sector indexes rose, with food and beverage, media, real estate, and non - bank finance leading the gains, and electronics, national defense and military industry, power equipment, and machinery leading the losses. The trading volume of the Shanghai and Shenzhen stock markets rose to about 3.2 trillion yuan. Overseas, the three major U.S. stock indexes closed mixed, with the Dow Jones Industrial Average rising 0.11% to close at 49071.56 points [2] - In the futures market, the basis of IF, IH, and IM continued to rise, and the current - month contracts were in contango. The trading volume and open interest of stock index futures increased simultaneously [2] 3.2 Strategy - The recent significant shrinkage of ETF scale due to market fund selling is nearing its end, and the rise of the real - estate sector drove the rebound of the Shanghai 50 Index on the day. The adjustments of the CSI 500 and CSI 1000 indexes show a benign "cooling" feature, mainly short - term emotional release rather than a trend of weakening. Investors should focus on the entry opportunity [3] 3.3 Macro - economic Charts - The report includes charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rate and A - share trends, and U.S. Treasury yields and A - share style trends [6][11][9] 3.4 Spot Market Tracking Charts - The daily performance of major domestic stock indexes on January 29, 2026: the Shanghai Composite Index rose 0.16% to 4157.98, the Shenzhen Component Index fell 0.30% to 14300.08, the ChiNext Index fell 0.57% to 3304.51, the CSI 300 Index rose 0.76% to 4753.87, the Shanghai 50 Index rose 1.65% to 3110.91, the CSI 500 Index fell 0.97% to 8517.84, and the CSI 1000 Index fell 0.80% to 8332.21 [13] - Charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][14] 3.5 Futures Market Tracking Charts - The trading volume and open interest of stock index futures: IF trading volume was 159,804 (+16,902), open interest was 323,557 (-2,391); IH trading volume was 85,872 (+22,491), open interest was 128,229 (+9,827); IC trading volume was 204,278 (+33,619), open interest was 353,832 (+11,434); IM trading volume was 247,981 (+53,901), open interest was 411,595 (+28,829) [15] - Charts show the open interest, latest open - interest ratio, and foreign - capital net open interest of IH, IF, IC, and IM contracts [6][16][18] - The basis of stock index futures: for IF, the current - month contract basis was 20.73 (+10.92), the next - month contract basis was 30.13 (+15.32), the current - quarter contract basis was 17.73 (+18.92), and the next - quarter contract basis was - 26.87 (+20.92); for IH, the current - month contract basis was 13.29 (+8.25), the next - month contract basis was 19.49 (+10.25), the current - quarter contract basis was 21.69 (+12.25), and the next - quarter contract basis was - 2.31 (+12.25); for IC, the current - month contract basis was 13.36 (-8.68), the next - month contract basis was - 0.24 (-21.08), the current - quarter contract basis was - 54.84 (-28.48), and the next - quarter contract basis was - 143.84 (-11.68); for IM, the current - month contract basis was 19.19 (+11.58), the next - month contract basis was - 3.21 (+18.78), the current - quarter contract basis was - 132.61 (+24.58), and the next - quarter contract basis was - 284.21 (+40.58) [39] - The inter - delivery spread of stock index futures: for the next - month minus current - month spread, IF was 9.40 (+4.40), IH was 6.20 (+2.00), IC was - 13.60 (-12.40), IM was - 22.40 (+7.20); for the next - quarter minus current - month spread, IF was - 3.00 (+8.00), IH was 8.40 (+4.00), IC was - 68.20 (-19.80), IM was - 151.80 (+13.00); and other inter - delivery spreads are also provided [43][44]