2026/2/12：申万期货品种策略日报——股指-20260212

Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - In February, the overall market is expected to continue the phased positive pattern. It is in the "Spring Market" window period, with the release of policy dividends at the beginning of the "15th Five - Year Plan", clear profit expectations for AI and overseas expansion themes, and seasonal recovery in the consumer sector and implementation of investment projects will further boost market confidence. However, due to the upcoming Spring Festival holiday, there may be significant fluctuations in overseas capital markets during the holiday, especially geopolitical risks, and potential disturbances need to be vigilant [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - IF Contracts: The previous day's closing prices of IF contracts for different periods (current month, next month, next quarter, and the quarter after next) showed different changes compared to the day before. The trading volume and open interest also varied, with open interest changes of -2160, -1114, 1719, and 1091 respectively for different periods. The price changes and percentage changes of the underlying CSI 300 index were also presented [1] - IH Contracts: Similar to IF contracts, the previous day's closing prices, price changes, trading volume, and open interest of IH contracts for different periods (current month, next month, next quarter, and the quarter after next) were reported, along with the price changes and percentage changes of the underlying SSE 50 index [1] - IC Contracts: The previous day's closing prices, price changes, trading volume, and open interest of IC contracts for different periods (current month, next month, next quarter, and the quarter after next) were provided, and the price changes and percentage changes of the underlying CSI 500 index were also given [1] - IM Contracts: The previous day's closing prices, price changes, trading volume, and open interest of IM contracts for different periods (current month, next month, next quarter, and the quarter after next) were shown, and the price changes and percentage changes of the underlying CSI 1000 index were presented [1] - Inter - month Spreads: The inter - month spreads between different contracts (IF, IH, IC, IM) were reported, including the current values and previous values [1] 3.2 Stock Index Spot Market - Major Indexes: The previous values, previous two - day values, and percentage changes of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were provided, along with their trading volumes (in billions of lots) and total trading amounts (in billions of yuan) [1] - Industry Indexes: The previous values, previous two - day values, and percentage changes of different industry indexes (energy, raw materials, industry, optional consumption, etc.) were reported [1] 3.3 Futures - Spot Basis - The basis between futures contracts (IF, IH, IC, IM) and their underlying spot indexes (CSI 300, SSE 50, CSI 500, CSI 1000) were reported, including the previous values and previous two - day values [1] 3.4 Other Domestic and Overseas Indexes - Domestic Indexes: The previous values, previous two - day values, and percentage changes of domestic major indexes (Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, ChiNext Index) were provided [1] - Overseas Indexes: The previous values, previous two - day values, and percentage changes of overseas major indexes (Hang Seng Index, Nikkei 225, S&P 500, DAX Index) were reported [1] 3.5 Macro Information - On February 11, the State Council conducted the 18th special study on deepening and expanding "Artificial Intelligence +" to empower all industries. Premier Li Qiang emphasized promoting AI innovation, industry development, and application [2] - In January, China's CPI rose 0.2% month - on - month and 0.2% year - on - year, with core CPI rising 0.8% year - on - year. PPI rose 0.4% month - on - month, up for four consecutive months, and fell 1.4% year - on - year, with the decline narrowing by 0.5 percentage points [2] - In the US, the seasonally adjusted non - farm payrolls increased by 130,000 in January, far exceeding market expectations. The unemployment rate was 4.3%, the lowest since August 2025. Hourly wages rose 0.4% month - on - month, exceeding expectations [2] - A French institution proposed a 30% overall tariff on China to the EU. China may initiate anti - dumping, anti - subsidy investigations on EU wines and anti - discrimination investigations on France and the EU. If the EU unilaterally imposes tariffs on China, China will take "reciprocal tariffs" on relevant EU products [2] 3.6 Industry Information - The General Office of the State Council issued an implementation opinion on improving the national unified power market system, aiming to fully establish the system by 2035 and proposing a shift from "separate quotation and separate trading" to "unified quotation and joint trading" [2] - The State - owned Assets Supervision and Administration Commission of the State Council held a deployment meeting on the "AI +" special action for central enterprises, emphasizing investment in computing power, promoting the coordinated development of "computing power + electricity", and enhancing data governance capabilities [2] - In January, China's automobile production and sales were 2.45 million and 2.346 million respectively, with a year - on - year increase of 0.01% and a decrease of 3.2%. New energy vehicle production and sales were 1.041 million and 0.945 million respectively, with year - on - year increases of 2.5% and 0.1%. New energy vehicle exports reached 302,000, doubling year - on - year [2] - In January, the scale of bank wealth management decreased by billions of yuan, failing to achieve the traditional "good start". The scale fluctuation was due to the re - balance of funds among deposits, wealth management, insurance, and equity assets and the active adjustment of wealth management companies in terms of fees, products, and investment strategies [2]