瑞达期货股指期货全景日报-20260212

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - A-share major indices closed generally higher with the three major indices showing differentiation. Among the four broad-based indices, the CSI 500 performed the strongest. The trading volume of the Shanghai and Shenzhen stock markets rebounded. Over 3,200 stocks in the entire market declined. Industry sectors showed mixed performance, with the comprehensive sector significantly strengthening and the beauty care and commerce and retail sectors leading the decline. In January, the year-on-year growth rate of domestic CPI declined, but the decline of PPI significantly narrowed. With the continuous advancement of the anti-involution policy, the recovery trend of PPI was obvious, and the PPI-CPI scissors gap narrowed. Overall, the domestic price level rebounded in January, with PPI outperforming CPI. Subsequently, as prices are transmitted from the production end to the consumption end, overall inflation is expected to rebound, which will also drive corporate and household investment and consumption. The expectation of the Two Sessions after the Spring Festival and stronger liquidity also makes it possible for some funds to pre - arrange growth stocks before the holiday to avoid missing out after the holiday. Some hot topics have started to move ahead, causing the market style to gradually tilt towards the growth sector before the holiday [2] 3. Summary by Relevant Catalog Futures Contract Data - IF Contracts: The IF main contract (2603) was at 4716.8, up 4.2; the IF secondary main contract (2602) was at 4719.4, up 3.2. The IF-IH monthly contract spread was 1636.6, up 12.0; IF current quarter - monthly was - 36.6, down 0.4; IF next quarter - monthly was - 90.8, down 0.4. The IF top 20 net position was - 44,069.00, down 2968.0 [2] - IH Contracts: The IH main contract (2603) was at 3083.0, up 4.2; the IH secondary main contract (2602) was at 3082.8, down 9.0. The IH current quarter - monthly was - 1.6, up 2.0; IH next quarter - monthly was - 31.6, up 6.6. The IH top 20 net position was - 22,991.00, down 104.0 [2] - IC Contracts: The IC main contract (2603) was at 8448.8, up 112.2; the IC secondary main contract (2602) was at 8448.2, up 103.2. The IC - IF monthly contract spread was 3728.8, up 102.6; IC - IH monthly contract spread was 5365.4, up 114.6; IC current quarter - monthly was - 98.2, up 9.0; IC next quarter - monthly was - 213.6, up 11.4. The IC top 20 net position was - 45,108.00, up 1.0 [2] - IM Contracts: The IM main contract (2603) was at 8338.0, up 93.6; the IM secondary main contract (2602) was at 8345.4, up 83.0. The IM - IC monthly contract spread was - 102.8, down 20.6; IM - IF monthly contract spread was 3626.0, up 82.0; IM - IH monthly contract spread was 5262.6, up 94.0; IM current quarter - monthly was - 163.4, up 10.2; IM next quarter - monthly was - 341.2, unchanged. The IM top 20 net position was - 65,215.00, down 2746.0 [2] Spot Price and Related Data - The CSI 300 spot price was 4719.58, up 5.8; the SSE 50 was 3079.7, down 8.7; the CSI 500 was 8423.6, up 97.8; the CSI 1000 was 8314.8. The A - share trading volume was 21,607.71 billion yuan, up 1597.27 billion yuan. The margin trading balance (previous trading day) was 26,444.35 billion yuan, down 160.40 billion yuan [2] Market Sentiment Data - Northbound trading volume (previous trading day) was 2527.26 billion yuan, down 58.37 billion yuan. The reverse repurchase (maturity volume, operation volume) was - 1185.0 billion yuan, up 5665.0 billion yuan. The main funds (yesterday, today) were - 528.08 billion yuan, down 70.93 billion yuan. The proportion of rising stocks (daily) was 38.48%, up 1.09 percentage points. The Shibor (daily) was 1.368%, up 0.002 percentage points. The closing price of the IO at - the - money call option (2602) was 45.00, down 0.80; the implied volatility was 20.16%, up 2.45 percentage points. The closing price of the IO at - the - money put option (2602) was 25.60, down 3.80; the implied volatility was 20.16%, up 2.45 percentage points. The 20 - day volatility of the CSI 300 index was - 0.02%; the trading volume PCR was 49.37%, down 4.55 percentage points; the position PCR was 62.94%, down 1.61 percentage points. The Wind market strength of all A - shares was 5.20, up 1.00; the technical aspect was 3.80, up 0.10; the capital aspect was 6.60, up 2.00 [2] Economic Data - In January 2026, China's national CPI increased by 0.2% year - on - year (previous value: 0.8%); it increased by 0.2% month - on - month (previous value: 0.2%). The national PPI decreased by 1.4% year - on - year (previous value: - 1.9%); it increased by 0.4% month - on - month (previous value: 0.2%). In the US, the seasonally adjusted non - farm payrolls in January increased by 130,000, far exceeding the market expectation of 70,000. The previous value was slightly revised down to 48,000. The unemployment rate was 4.3%, the lowest since August 2025; the hourly wage increased by 0.4% month - on - month, exceeding expectations [2]