光大期货金融期货日报-20260205

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A - share market fluctuated and then rose, with the Wind All - A index up 0.45% and a trading volume of 2.5 trillion yuan, and the pro - cyclical sectors were strong. The CSI 1000 index fell 0.02%, the CSI 500 index rose 0.15%, the SSE 300 index rose 0.83%, and the SSE 50 index rose 1.14%. Recent economic control policies provide fundamental support for the index. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors and push up valuations in the long - term. The adjustment of the minimum margin ratio for margin trading increases risk - aversion sentiment, and the market enters a high - level shock mode with increased short - term volatility [1]. - On Wednesday, the 30 - year Treasury bond futures main contract fell 0.23%, the 10 - year main contract fell 0.01%, the 5 - year main contract fell 0.04%, and the 2 - year main contract fell 0.02%. After the central bank's structural interest rate cut, the fiscal policy continues to exert force. Against the background of continuous introduction of growth - stabilizing policies, the bond market lacks the impetus for continuous strengthening, and the pattern of interest rate range fluctuations continues [1][2]. 3. Summary by Related Catalogs 3.1 Research Views - Stock Index Futures: The market is in a shock state. The recent economic control policies from various departments support the index. The central bank's interest rate cut on structural monetary policy tools is beneficial to relevant sectors. The adjustment of the margin ratio for margin trading increases market volatility, and it is advisable to be cautious about chasing high prices and mainly wait and see [1]. - Treasury Bond Futures: The market is in a shock state. After the central bank's structural interest rate cut, the fiscal policy continues to exert force. The bond market lacks the impetus for continuous strengthening, and the interest rate range - shock pattern continues [1][2]. 3.2 Daily Price Changes | Category | Instrument | 2026 - 02 - 04 | 2026 - 02 - 03 | Change | Change Rate | | --- | --- | --- | --- | --- | --- | | Stock Index Futures | IH | 3,071.8 | 3,033.0 | 38.8 | 1.28% | | | IF | 4,693.6 | 4,653.0 | 40.6 | 0.87% | | | IC | 8,313.6 | 8,282.0 | 31.6 | 0.38% | | | IM | 8,203.4 | 8,183.0 | 20.4 | 0.25% | | Stock Index | SSE 50 | 3,069.2 | 3,034.6 | 34.7 | 1.14% | | | SSE 300 | 4,698.7 | 4,660.1 | 38.6 | 0.83% | | | CSI 500 | 8,299.1 | 8,286.7 | 12.4 | 0.15% | | | CSI 1000 | 8,207.1 | 8,209.1 | - 2.0 | - 0.02% | | Treasury Bond Futures | TS | 102.40 | 102.41 | - 0.016 | - 0.02% | | | TF | 105.85 | 105.91 | - 0.055 | - 0.05% | | | T | 108.24 | 108.26 | - 0.02 | - 0.02% | | | TL | 111.70 | 111.96 | - 0.26 | - 0.23% | [3] 3.3 Market News On February 3, the Ministry of Housing and Urban - Rural Development and the Communist Youth League Central Committee held a symposium. The Minister of the Ministry of Housing and Urban - Rural Development, Ni Hong, said that it is necessary to ensure the basic housing needs of young people through measures such as "a bed, a room, a set of housing" to make young people stay and start businesses. On one hand, it is necessary to develop rental - type affordable housing and public rental housing; on the other hand, for young people with certain economic affordability, develop affordable housing for sale [4]. 3.4 Chart Analysis - Stock Index Futures: There are charts showing the trends of IH, IF, IM, IC main contracts and their monthly basis trends [5][6][7][8][9][10]. - Treasury Bond Futures: There are charts showing the trends of Treasury bond futures main contracts, Treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [12][13][16][17][18]. - Exchange Rates: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between different currencies [20][21][22][23][25][26].