隔夜外围继续科技回落，大盘震荡整固：股指早报-20260205

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Overseas data shows a decline in the US labor market and a recovery in manufacturing, with continued tech decline in overseas markets and lingering or potentially escalating risk - aversion sentiment. The focus on tech is more on performance realization rather than long - term narratives [1]. - The domestic market shows an oscillating trend with significant internal divergence, where the market index is stronger than individual stocks, and hotspots are concentrated in photovoltaic electrical equipment. High - valuation sectors with difficult - to - realize performance face risks, and there is a shift in capital from high - to low - valuation sectors, which is an important factor for the rise of the resource sector at the beginning of this year. The index is in a state of oscillatory consolidation, with strong support at 4000 - 4050 points and pressure at 4200 points. Market trading sentiment will further decline approaching the Spring Festival holiday, and is expected to pick up after the holiday. Attention should be paid to the performance of traditional cyclical sectors [2]. 3. Summary by Relevant Catalogs 3.1 Important Information - The US ADP employment in January was 22,000, lower than the expected 48,000 and the previously - reported figure. The US Department of Labor will resume normal full operation on February 4, with the release of non - farm payroll data on February 11 and CPI data rescheduled to February 13 [1][4]. - The US Treasury maintains its debt - issuing strategy unchanged. Iran - US nuclear negotiations will be held in Oman on Friday. The US announced cooperation with Japan, Mexico, and the EU to jointly develop key mineral resources [5][6]. - On the evening of February 4, Chinese President Xi Jinping had a phone call with US President Trump. In the afternoon of February 4, President Xi Jinping had a video meeting with Russian President Putin. The central bank held a 2026 credit market working meeting, focusing on supporting key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises. The Ministry of Commerce expressed high concern and strong dissatisfaction over the EU's frequent use of the "Foreign Subsidies Regulation" to investigate Chinese enterprises. An expert seminar on the "14th Five - Year Plan for the Gold Industry (Discussion Draft)" was held in Beijing [7][8][9]. 3.2 Futures Market Tracking - Futures Market Performance: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various stock index futures contracts, including those of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [11]. - Futures Trading Volume and Open Interest: It presents data on the trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, weekly position increases, net positions, net position changes, short - position open interest changes, and long - position open interest changes of various futures contracts and their corresponding indices, as well as the total data [12]. - Futures Basis and Spread Charts: There are multiple charts showing the basis of each contract and the inter - period spreads of different indices, such as the Shanghai 50 Index and CSI 300 Index [14][15][17]. 3.3 Spot Market Tracking - Spot Market Performance: Data on the current year's price changes, trading value, daily price change rates, monthly price change rates, current points, weekly price change rates, and other indicators of major stock indices and sectors are provided, including the Shanghai Composite Index, Shenzhen Component Index, and various industry sectors [35]. - Market Style Impact on Indexes: The report analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including the number of stocks, weights, daily contributions, weekly contributions, monthly contributions, and annual contributions [36][37]. - Index Valuation: Charts show the current valuations and historical percentile rankings of important indices and Shenwan sectors [39][43]. - Market Trading Volume and Turnover Rate: Charts present the Sunday - average trading volume, Sunday - average turnover rate, the number of rising and falling stocks in the two markets, index trading value changes, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading value [45][46][47]. 3.4 Liquidity Tracking - Central Bank's Open - Market Operations: A chart shows the currency injection, currency withdrawal, and net currency injection of the central bank's open - market operations [50][51]. - Shibor Interest Rate Levels: A chart presents the levels of different - term Shibor interest rates [50][52].