宝城期货股指期货早报（2026年2月3日）-20260203

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is shock consolidation, with the short - term and medium - term trends of IH2603 being shock, and the intraday trend being on the strong side. The overall short - term view of IF, IH, IC, and IM is on the strong side, and the medium - term view is shock. The reference view is shock consolidation [1][5] - Although the short - term upward driving force of the stock index has weakened and there is a need for shock consolidation, in the medium and long term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market still form the main logic for the upward movement of the stock index [5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term and medium - term trends are shock, the intraday trend is on the strong side, and the view is shock consolidation. The core logic is that the valuation end has increased rapidly, and the stock index needs shock consolidation due to rising demand [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is on the strong side, the medium - term view is shock, and the reference view is shock consolidation. The core logic is that the stock index fell unilaterally yesterday, with the trading volume of the Shanghai, Shenzhen, and Beijing stock markets being 2606.6 billion yuan, a decrease of 255.8 billion yuan from the previous day. Resource cycle sectors such as metals, oil and gas, chemicals, coal, and steel tumbled, dragging down the index. The "weak reality" pressure emerged as the manufacturing PMI in January returned to the contraction range, and the short - term upward driving force of the stock index weakened. The sharp correction in the commodity market led to a weakening of market sentiment, and the willingness of funds to take profits and leave the market increased, resulting in a contraction in trading volume. However, in the medium and long term, positive policy expectations and the continuous net inflow of incremental funds into the stock market still support the upward movement of the stock index [5]