2026/2/24：申万期货品种策略日报——股指-20260224

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - During the Spring Festival holiday in 2026, the overseas market was generally neutral to positive. The A50 futures, which are the main indicator for A-shares, fluctuated under the influence of the US and Hong Kong stock markets. The booming AI and robotics sectors are likely to drive the post - holiday A - share market, while the weakness of Hong Kong's heavy - weight internet stocks may lead to short - term adjustment pressure on related A - share sectors. The US Supreme Court's ruling that Trump's tariffs are invalid reduces the risk of A - shares weakening after the holiday, and the late - session rebound of A50 futures injects a positive expectation for the post - holiday opening of A - shares [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - For the IF contract: The closing prices of IF contracts for different periods decreased, with changes of - 76.20, - 90.40, - 96.00, and - 94.60 respectively. The trading volumes were 14390.00, 71794.00, 23917.00, and 10218.00, and the open interest changes were - 337.00, 4143.00, 5753.00, and 1134.00 [1] - For the IH contract: The closing prices decreased, with changes of - 56.80, - 63.60, - 64.40, and - 66.60. The trading volumes were 9191.00, 38269.00, 9246.00, and 4499.00, and the open interest changes were - 479.00, 6796.00, 1880.00, and 1082.00 [1] - For the IC contract: The closing prices dropped by - 162.40, - 171.00, - 182.60, and - 184.80. The trading volumes were 15402.00, 81351.00, 32994.00, and 12159.00, and the open interest changes were - 4591.00, - 1944.00, 4559.00, and 2588.00 [1] - For the IM contract: The closing prices decreased by - 142.00, - 145.60, - 156.20, and - 150.40. The trading volumes were 23295.00, 114424.00, 33376.00, and 15133.00, and the open interest changes were - 6643.00, - 1601.00, 1656.00, and 2233.00 [1] - The inter - month spreads of IF, IH, IC, and IM also changed compared to the previous values [1] 3.2 Stock Index Spot Market - For the CSI 300 index: The index decreased by - 0.22, with a previous value of 4713.82, a previous two - day value of 4724.30, a trading volume of 173.39 billion lots, and a total trading amount of 4334.29 billion yuan [1] - For the SSE 50 index: It decreased by - 1.47, with a previous value of 3034.35, a previous two - day value of 3079.73, a trading volume of 45.95 billion lots, and a total trading amount of 1259.66 billion yuan [1] - For the CSI 500 index: It decreased by - 1.47, with a previous value of 8299.59, a previous two - day value of 8423.57, a trading volume of 202.79 billion lots, and a total trading amount of 4063.20 billion yuan [1] - For the CSI 1000 index: It decreased by - 1.32, with a previous value of 8204.83, a previous two - day value of 8314.83, a trading volume of 261.15 billion lots, and a total trading amount of 4389.24 billion yuan [1] - Different industries in the CSI 300 index also had varying degrees of decline, with the energy, raw materials, and other industries having relatively large declines [1] 3.3 Basis between Futures and Spot - The basis between different contracts of IF, IH, IC, and IM and their corresponding spot indices changed compared to the previous two - day values [1] 3.4 Other Domestic and Overseas Indices - Domestic indices such as the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - cap Board Index, and ChiNext Index all decreased, with declines of - 1.26%, - 1.28%, - 0.85%, and - 1.57% respectively [1] - Overseas indices: The Hang Seng Index increased by 2.53%, while the Nikkei 225, S&P 500, and DAX Index all decreased, with declines of - 1.12%, - 1.04%, and - 1.06% respectively [1] 3.5 Macroeconomic Information - The US Supreme Court ruled that the tariffs imposed by the US government under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce is evaluating the impact, and the US Customs and Border Protection will stop collecting relevant tariffs. The European Parliament has suspended the approval process of the EU - US trade agreement. Trump warned countries against "playing tricks" and threatened higher tariffs [2] - Trump stated that reports of a possible war with Iran are false, and he prefers to reach an agreement rather than go to war [2] 3.6 Industry Information - The National Energy Administration plans to release and implement a new energy system and related energy plans, including promoting major projects and small - scale projects [2] - The large - model unicorn Kimi (Moon's Dark Side) has received over $1.2 billion in continuous financing, and its K2.5 model has seen significant revenue growth [2] - The average rent of commercial street shops in key cities decreased by 0.47% quarter - on - quarter in the second half of 2025, and the average rent of office buildings in major business districts decreased by 0.44% quarter - on - quarter in Q4 2025 [2]