Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.150%, UK 4.415%, France 3.521%, Germany 2.849%, Italy 3.514%, Spain 3.251%, Switzerland 0.241%, Greece 3.379%, Japan 2.116%, Brazil 6.234%, China 1.892%, Australia 4.758%, New Zealand 4.492% [3] - The latest yields of 2 - year government bonds in major economies: US 3.472%, UK 3.673%, Germany 2.088%, Japan 1.162%, Italy 2.200%, China (1Y yield) 1.339%, Australia 4.078% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil (latest 5.389), Russia (-), South Africa zar 16.453, Korean won 1448.250, Thai baht 31.280, Malaysian ringgit 4.058 [3] - The latest exchange rates related to the RMB: on - shore RMB 6.992, off - shore RMB 6.994, RMB mid - price 7.019, RMB 12 - month NDF 6.871 [3] - The latest values of major economies' stock indices: S&P 500 6920.930, Dow Jones Industrial Average 48996.080, Nasdaq 23584.280, Mexican stock index 64871.700, UK stock index 10048.210, France CAC 8233.920, Germany DAX 25122.260, Spanish stock index 17596.400, Russian stock index (-), Nikkei 51961.980, Hang Seng Index 26458.950, Shanghai Composite Index 4085.772, Taiwan stock index 30435.470, Korean stock index 4551.060, Indian stock index 8944.813, Thai stock index 1280.820, Malaysian stock index 1676.830, Australian stock index 9017.996, emerging - economy stock index 1462.970 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3549.910, euro - zone investment - grade credit - bond index 266.569, emerging - economy investment - grade credit - bond index 290.690, US high - yield credit - bond index 2923.370, euro - zone high - yield credit - bond index 411.980, emerging - economy high - yield credit - bond index 1826.798 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - shares' closing price is 4085.77 with a 0.05% change; CSI 300's closing price is 4776.67 with a - 0.29% change; SSE 50's closing price is 3145.12 with a - 0.43% change; ChiNext's closing price is 3329.69 with a 0.31% change; CSI 500's closing price is 7875.08 with a 0.78% change [4] - Valuation: PE(TTM) of CSI 300 is 14.44 with a - 0.08 change; SSE 50 is 12.05 with a - 0.08 change; CSI 500 is 35.66 with a 0.28 change; S&P 500 is 27.64 with a - 0.10 change; Germany DAX is 19.49 with a 0.18 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.53 with a 0.04 change; Germany DAX is 2.28 with a - 0.06 change [4] - Fund flow: The latest value of A - shares' fund flow is - 1026.33, the main board is - 902.23, the ChiNext is - 175.31, and the CSI 300 is - 368.61. The 5 - day average of A - shares is - 99.55, the main board is - 174.28, the ChiNext is 38.66, and the CSI 300 is 60.80 [4] Group 3: Other Trading Data - Transaction amount: The latest value of the Shanghai and Shenzhen stock markets is 28541.41 with a 476.34 change; CSI 300 is 6648.98 with a - 605.17 change; SSE 50 is 1693.07 with a - 107.41 change; small - and - medium - sized board is 6082.81 with a 347.24 change; ChiNext is 7569.99 with a 4.70 change [5] - Main contract basis and spread: IF's basis is - 23.67 with a - 0.50% spread; IH's basis is - 1.32 with a - 0.04% spread; IC's basis is - 72.48 with a - 0.92% spread [5] - Treasury futures: T2303's closing price is 107.61 with a - 0.08% change; TF2303 is 105.50 with a - 0.07% change; T2306 is 107.56 with a - 0.09% change; TF2306 is 105.49 with a - 0.08% change [5] - Fund interest rates: R001 is 1.3365% with a - 15.00 BP change; R007 is 1.5323% with a 4.00 BP change; SHIBOR - 3M is 1.5970% with a 0.00 BP change [5]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: January 7, 2026 [2] IM Futures Market Summary - The closing price of CSI 1000 was 7,906.42, up 0.53%. The total trading volume of the four IM contracts was 177,522 lots, a decrease of 22,592 lots from the previous day. The total open interest was 371,281 lots, a decrease of 2,026 lots from the previous day. The main contract rose 0.31% to close at 7,760.2 points [4][5]. - The main contract was at a discount of 146.22 points, a decrease of 43.72 points from the previous day. The annualized basis rate was -9.42%. The dividend impacts of the four contracts were 0.29 points, 0.29 points, 0.29 points, and 43.28 points respectively [5]. Main Seats - In IM2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The trading volume of the top five seats was 99,025 lots, a decrease of 4,964 lots from the previous day [19]. - Similar data was provided for IM2602, IM2603, and IM2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [21][23] IF Futures Market Summary - The closing price of the CSI 300 was 4,776.67, down 0.29%. The total trading volume of the four IF contracts was 112,698 lots, a decrease of 23,622 lots from the previous day. The total open interest was 282,763 lots, a decrease of 7,604 lots from the previous day. The main contract fell 0.28% to close at 4,753 points [24][25]. - The main contract was at a discount of 23.67 points, a decrease of 10.98 points from the previous day. The annualized basis rate was -2.49%. The dividend impacts of the four contracts were 4.66 points, 6.88 points, 6.91 points, and 37.91 points respectively [25]. Main Seats - In IF2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and CITIC Construction Investment (on behalf of clients). The trading volume of the top five seats was 33,064 lots, a decrease of 10,090 lots from the previous day [38]. - Similar data was provided for IF2602, IF2603, and IF2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [40][41] IC Futures Market Summary - The closing price of the CSI 500 was 7,875.08, up 0.78%. The total trading volume of the four IC contracts was 149,529 lots, a decrease of 17,874 lots from the previous day. The total open interest was 302,506 lots, a decrease of 888 lots from the previous day. The main contract rose 0.63% to close at 7,802.6 points [43][44]. - The main contract was at a discount of 72.48 points, a decrease of 44.74 points from the previous day. The annualized basis rate was -4.64%. The dividend impacts of the four contracts were 0.56 points, 0.56 points, 0.56 points, and 63.02 points respectively [44]. Main Seats - In IC2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The trading volume of the top five seats was 84,953 lots, a decrease of 7,260 lots from the previous day [57]. - Similar data was provided for IC2602, IC2603, and IC2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [59][61] IH Futures Market Summary - The closing price of the SSE 50 was 3,145.12, down 0.43%. The total trading volume of the four IH contracts was 47,545 lots, a decrease of 14,948 lots from the previous day. The total open interest was 90,245 lots, a decrease of 8,228 lots from the previous day. The main contract fell 0.36% to close at 3,143.8 points [63]. - The main contract was at a discount of 1.32 points, a decrease of 4.36 points from the previous day. The annualized basis rate was -0.21%. The dividend impacts of the four contracts were 7.99 points, 7.99 points, 7.99 points, and 26.85 points respectively [64]. Main Seats - In IH2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huatai Futures (on behalf of clients). The trading volume of the top five seats was 29,403 lots, a decrease of 8,271 lots from the previous day [74]. - Similar data was provided for IH2602, IH2603, and IH2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [77][79]

Group 1: Index Trends - On January 6th, the Shanghai Composite Index rose 1.5% to close at 4083.67 points with a trading volume of 1175.769 billion yuan; the Shenzhen Component Index rose 1.4% to close at 14022.55 points with a trading volume of 1630.739 billion yuan [1] - The CSI 1000 Index rose 1.43% with a trading volume of 580.815 billion yuan, opening at 7756.16, closing at 7864.9, with a daily high of 7864.9 and a low of 7755.07 [1] - The CSI 500 Index rose 2.13% with a trading volume of 571.675 billion yuan, opening at 7663.94, closing at 7814.14, with a daily high of 7814.65 and a low of 7663.66 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan, opening at 3106.52, closing at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan; it opened at 3106.52, closed at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 111.02 points from the previous close, with sectors such as electronics, power equipment, and computer significantly driving the index up [2] - The CSI 500 rose 162.94 points from the previous close, with sectors such as electronics, non - ferrous metals, and national defense and military industry significantly driving the index up [2] - The SSE 300 rose 72.94 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] - The SSE 50 rose 59.01 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was - 3.62, IM01 was - 59.76, IM02 was - 111.71, and IM03 was - 334.86 [13] - For IC contracts, the average daily basis for IC00 was 7.39, IC01 was - 25.74, IC02 was - 47.13, and IC03 was - 215.14 [13] - For IF contracts, the average daily basis for IF00 was 2.31, IF01 was - 7.94, IF02 was - 11.17, and IF03 was - 55.76 [13] - For IH contracts, the average daily basis for IH00 was 0.34, IH01 was - 0.55, IH02 was 1.4, and IH03 was - 8.09 [13]

Report Overview - The report is a daily data report on stock index futures dated January 6, 2026, covering IM, IF, IC, and IH futures [1][2] IM Futures Market Conditions - The closing price of CSI 1000 was 7,864.90, up 1.43%. The total trading volume of the four IM contracts was 200,114 lots, an increase of 18,204 lots from the previous day. The total open interest was 373,307 lots, a decrease of 176 lots from the previous day. The main contract rose 1.73% to close at 7,762.4 points [4][5] Basis - The main contract had a discount of 102.5 points, up 12.38 points from the previous day, with an annualized basis rate of -6.51%. The dividend impacts of the four contracts were 0.32 points, 0.32 points, 0.32 points, and 43.22 points respectively [5][11] Position Analysis - In the IM2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Dongzheng Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [15] IF Futures Market Conditions - The closing price of CSI 300 was 4,790.69, up 1.55%. The total trading volume of the four IF contracts was 136,320 lots, an increase of 12,633 lots from the previous day. The total open interest was 290,367 lots, an increase of 6,165 lots from the previous day. The main contract rose 1.7% to close at 4,778 points [19][20] Basis - The main contract had a discount of 12.69 points, up 8.06 points from the previous day, with an annualized basis rate of -1.31%. The dividend impacts of the four contracts were 6.28 points, 6.9 points, 6.93 points, and 37.78 points respectively [20][28] Position Analysis - In the IF2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and CITIC Construction Investment (on behalf of clients) [32] IC Futures Market Conditions - The closing price of CSI 500 was 7,814.14, up 2.13%. The total trading volume of the four IC contracts was 167,403 lots, an increase of 27,205 lots from the previous day. The total open interest was 303,394 lots, an increase of 6,560 lots from the previous day. The main contract rose 2.56% to close at 7,786.4 points [37][38] Basis - The main contract had a discount of 27.74 points, up 27.46 points from the previous day, with an annualized basis rate of -1.76%. The dividend impacts of the four contracts were 0.54 points, 0.54 points, 0.54 points, and 62.86 points respectively [38][48] Position Analysis - In the IC2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [52] IH Futures Market Conditions - The closing price of SSE 50 was 3,158.76, up 1.90%. The total trading volume of the four IH contracts was 62,493 lots, an increase of 6,465 lots from the previous day. The total open interest was 98,473 lots, an increase of 6,283 lots from the previous day. The main contract rose 2% to close at 3,161.8 points [59][60] Basis - The main contract had a premium of 3.04 points, up 3.99 points from the previous day, with an annualized basis rate of 0.47%. The dividend impacts of the four contracts were 7.96 points, 7.96 points, 7.96 points, and 26.8 points respectively [60][66] Position Analysis - In the IH2601 contract, the top five members in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Huatai Futures (on behalf of clients) [70]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs Index Trends - On January 5th, the Shanghai Composite Index rose 1.38% to close at 4023.42 points with a trading volume of 1067.334 billion yuan; the Shenzhen Component Index rose 2.24% to close at 13828.63 points with a trading volume of 1478.937 billion yuan [1] - The CSI 1000 Index rose 2.09% with a trading volume of 542.231 billion yuan, opening at 7639.54, closing at 7753.88, with a daily high of 7753.96 and a low of 7623.75 [1] - The CSI 500 Index rose 2.49% with a trading volume of 504.69 billion yuan, opening at 7523.88, closing at 7651.2, with a daily high of 7651.24 and a low of 7523.25 [1] - The SSE 50 Index rose 2.26% with a trading volume of 169.562 billion yuan, opening at 3052.13, closing at 3099.75, with a daily high of 3105.4 and a low of 3052.13 [1] - The CSI 300 Index rose 1.9% with a trading volume of 630.577 billion yuan, opening at 4661.62, closing at 4717.75, with a daily high of 4721.64 and a low of 4661.62 [1] Impact of Sector Fluctuations on Index - The CSI 1000 rose 158.6 points from the previous closing price, with sectors such as Medicine and Biology, Electronics, and Computer significantly pulling the index upwards [2] - The CSI 500 rose 185.63 points from the previous closing price, with sectors such as Electronics and Medicine and Biology significantly pulling the index upwards [2] - The CSI 300 rose 87.81 points from the previous closing price, with sectors such as Electronics, Non - Banking Finance, and Power Equipment significantly pulling the index upwards [2] - The SSE 50 rose 68.62 points from the previous closing price, with sectors such as Non - Banking Finance, Electronics, and Food and Beverage significantly pulling the index upwards [2] Stock Index Futures Basis and Annualized Opening Costs Converted from Basis - IM00 average daily basis was - 1.83, IM01 was - 71.31, IM02 was - 129.65, and IM03 was - 365.56 [13] - IC00 average daily basis was 3.91, IC01 was - 40.19, IC02 was - 71.53, and IC03 was - 257.64 [13] - IF00 average daily basis was - 1.41, IF01 was - 14.05, IF02 was - 21.11, and IF03 was - 68.62 [13] - IH00 average daily basis was - 0.73, IH01 was - 2.59, IH02 was - 0.68, and IH03 was - 10.96 [13] Stock Index Futures Roll - over Point Differences and Their Annualized Costs Converted - For IM, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [22][27] - For IC, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [24] - For IF, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [25] - For IH, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided [26]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年1月6日，4品种股指期货主力合约均涨超1%，续创近期新高。 | 序号 合约名称 最新 测手 买价 软价 我们 来源： | | --- | | 1 300股指2603 * 4748.6 2 4748.6 4748.8 1.08% 2 15746 50.8 169524 -4208 | | 2 50服指2603ª 3141.4 2 3141.2 3141.4 1.30% 4 1 9056 40.4 54435 -2179 | | 3 500]能指2603 * 7688.6 7690.0 1.40% = 1 7 = 16791 106.0 154882 = 154882 = 5261 | | 4 1000 脂肪2603 ª 7708.0 2 7706.0 7708.0 1.08% 2 4 2 21836 82.6 182790 -7052 | | がいっていました。 この とて こ こ 人 は 十 「 」 、 」 、 | 新浪合作大平台期货开户 安全快捷有保障 新浪合作大平台期货开户 安全快捷有保障 责任编辑：赵思远 热点栏目 自选股 数据 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of the stock index futures is that they will run with a bias towards strength in a volatile manner, and the medium - term view is that they will be volatile. The reference view is also a volatile and upward - biased trend. The main driving logic is the policy - favorable expectations, the inflow trend of funds, the strong resilience of macro - economic indicators, and the return of market liquidity after the holiday [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2603 variety, the short - term view is "volatile", the medium - term view is "volatile", the intraday view is "biased towards strength", and the reference view is "volatile and upward - biased". The core logic is the unchanged policy - favorable expectations and the trend of net capital inflow [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is "biased towards strength", the medium - term view is "volatile", and the reference view is "volatile and upward - biased". The core logic is that the stock indexes rose significantly yesterday, with the trading volume of the Shanghai, Shenzhen, and Beijing stock markets reaching 2567.2 billion yuan, an increase of 501.5 billion yuan from the previous day. After the holiday, market liquidity returned, policy - favorable expectations continued to ferment, and the risk appetite of the stock market significantly recovered. The strong resilience of macro - economic indicators, policy - favorable expectations, and the net capital inflow trend drive the upward movement of the stock index. The policy has determined to implement a more proactive fiscal policy and a moderately loose monetary policy in 2026, which will boost domestic demand and promote the performance restoration of listed companies. With the decline of the domestic risk - free interest rate, funds seeking high returns will increase the proportion of stock market asset allocation, and the long - term trend of net capital inflow into the stock market is established [5]

（文章来源：每日经济新闻） 每经AI快讯，周一（1月5日）纽约尾盘，标普500股指期货最终涨0.60%，道指期货涨1.23%，纳斯达克 100股指期货涨0.71%。罗素2000股指期货涨1.50%。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - Multiple factors support the upward movement of A - shares. The collective rebound of the three official PMI indices in December implies economic recovery signs. The National Fiscal Work Conference held from December 27 - 28, 2025, especially the arrangement for trade - in programs, boosts market sentiment, creating a warm overall macro - atmosphere and strong bottom support for A - shares. The market's expectation of a dovish stance from the new Federal Reserve Chairman weakens the US dollar, and the strengthening of the offshore RMB during the New Year holiday supports the expectation of loose monetary policy in January. Due to the relatively late Spring Festival this year, the A - share spring market may be advanced [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - IF主力合约（2603）最新4697.0，环比+103.8↑；IF次主力合约（2601）最新4714.0，环比+95.6↑。IH主力合约（2603）3098.8，环比+77.2↑；IH次主力合约（2601）3097.4，环比+73.2↑。IC主力合约（2603）7596.0，环比+229.4↑；IC次主力合约（2601）7664.8，环比+209.6↑。IM主力合约（2603）7639.0，环比+200.0↑；IM次主力合约（2601）7759.2，环比+179.6↑ [2]。 3.2 Futures Spread and Seasonal Spread - IF - IH当月合约价差1616.6，环比+20.4↑；IC - IF当月合约价差2950.8，环比+117.4↑；IM - IC当月合约价差94.4，环比 - 31.4↓；IC - IH当月合约价差4567.4，环比+137.8↑；IM - IF当月合约价差3045.2，环比+86.0↑；IM - IH当月合约价差4661.8，环比+106.4↑。IF当季 - 当月 - 17.0，环比+5.4↑；IF下季 - 当月 - 64.2，环比+3.0↑；IH当季 - 当月1.4，环比+2.4↑；IH下季 - 当月 - 8.6，环比+1.0↑；IC当季 - 当月 - 68.8，环比+24.0↑；IC下季 - 当月 - 247.8，环比+32.4↑；IM当季 - 当月 - 120.2，环比+25.0↑；IM下季 - 当月 - 355.8，环比+27.6↑ [2]。 3.3 Futures Net Positions of Top 20 - IF前20名净持仓 - 30,761.00，环比+158.0↑；IH前20名净持仓 - 13,999.00，环比+454.0↑；IC前20名净持仓 - 29,174.00，环比+1274.0↑；IM前20名净持仓 - 49,284.00，环比+7072.0↑ [2]。 3.4 Spot Prices and Basis - 沪深300为4717.75，环比+87.8↑，IF主力合约基差 - 20.8，环比+9.4↑；上证50为3,099.8，环比+68.6↑，IH主力合约基差 - 0.9，环比+5.2↑；中证500为7,651.2，环比+185.6↑，IC主力合约基差 - 55.2，环比+47.6↑；中证1000为7,753.9，环比+158.6↑，IM主力合约基差 - 114.9，环比+44.2↑ [2]。 3.5 Market Sentiment - A股成交额（日，亿元）25,672.40，环比+5014.52↑；两融余额（前一交易日，亿元）25,406.82，环比 - 146.01↓；北向成交合计（前一交易日，亿元）2223.14，环比 - 157.04↓；逆回购（到期量，操作量，亿元） - 4823.0，环比+135.0；主力资金（昨日，今日，亿元） - 397.51，环比+40.78；上涨股票比例（日，%）76.57，环比+31.32↑；Shibor（日，%）1.264，环比+0.006↑；IO平值看涨期权收盘价（2601）57.20，环比+29.20↑；IO平值看涨期权隐含波动率（%）13.48，环比 - 1.95↓；IO平值看跌期权收盘价（2601）41.20，环比 - 60.60↓；IO平值看跌期权隐含波动率（%）13.48，环比 - 1.54↓；沪深300指数20日波动率（%）12.80，环比+1.58↑；成交量PCR（%）59.96，环比+3.16↑；持仓量PCR（%）79.75，环比+7.42↑；Wind市场强弱分析中全部A股7.70，环比+3.10↑，技术面7.70，环比+3.20↑，资金面7.80，环比+3.20↑ [2]。 3.6 Industry News - A股主要指数收盘集体大幅上涨,上证指数重回4000点,沪深两市成交额大幅回升,全市场近4200只个股上涨,行业板块普遍上涨,传媒、医药生物等板块大幅走强,石油石化板块领跌。海外方面,特朗普预计1月宣布下一任美联储主席人选,此前表示希望新任美联储主席在市场表现良好时降低利率。国内方面,12月三大官方PMI指数均由荣枯线下方回升至扩张区间,12月27 - 28日全国财政工作会议指出2026年继续实施积极财政政策并安排资金支持消费品以旧换新 [2]。 3.7 Key Points to Watch - 1/5 23:00美国12月ISM制造业PMI；1/7 21:15美国12月ADP就业人数，23:00美国11月JOLTs职位空缺；1/8 20:30美国12月挑战者企业裁员人数；1/9 9:30中国12月CPI、PPI；1/9 21:30美国12月非农就业人口、失业率、劳动参与率 [3]。

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - Last week, with only 3 trading days before the holiday, the market transitioned smoothly with no significant changes in the index. The sector was mainly driven by thematic investment trading, and some technology hotspots remained active. Multiple factors such as the unexpected rebound of China's December PMI, improved trade conditions boosting exports, a longer stocking cycle due to the late Spring Festival, and the effectiveness of previous policies led to a better - than - expected stabilization of the fundamentals [1]. - The Hong Kong stock market during the holiday showed strong performance mainly driven by the technology sector, which is beneficial for the continuation of domestic thematic investment enthusiasm. The US military strike on Venezuela is the first "black swan" event in 2026. It may have an indirect impact on China through the transmission of US inflation expectations, risk appetite, and liquidity expectations, but the direct impact is expected to be limited. Overall, Sino - US economic and trade relations may remain stable. If there is some shock consolidation this week due to risk preference, it still presents a buying opportunity on the dip. Before the Spring Festival, expectations of policy开门红 and monetary easing such as the initial - of - the - year reserve requirement ratio cut still provide support [2]. - Factors to watch include domestic economic data, local two - sessions, the new chairman of the Federal Reserve, and geopolitical trends [3]. Summary by Relevant Catalogs 1. Spot Market Review - Last week, global stock indices showed mixed performance. Among them, the UK's FTSE 100 rose 0.61%, the Spanish index rose 1.06%, while the Nasdaq fell 1.49%, and the Nikkei 225 fell 0.81%. The Shanghai Composite Index rose 0.13% [9]. - Since 2025, major indices have shown different degrees of increase. The CSI 1000 rose 27.5%, and the ChiNext Index rose 49.6%. Last week, the major domestic indices also showed mixed performance. The Shanghai Composite Index rose 0.13%, while the GEM Index fell 1.25% [11]. - Last week, industries in the CSI 300 and CSI 500 indices showed mixed performance. In the CSI 300, the energy sector rose 2.91%, while the utilities sector fell 2.84%. In the CSI 500, the telecommunications sector rose 2.35%, and the pharmaceutical sector rose 5.6% [13]. 2. Stock Index Futures Market Review - Last week, among the stock index futures' main contracts, the IH contract had the largest decline, and the IC contract had the largest amplitude. Both the trading volume and open interest of stock index futures declined [15]. 3. Index Valuation Tracking - As of December 26th, the price - to - earnings ratio (TTM) of the Shanghai Composite Index was 16.54 times, the CSI 300 Index was 14.16 times, the SSE 50 Index was 11.78 times, the CSI 500 Index was 32.69 times, and the CSI 1000 Index was 46.78 times [16][18]. 4. Market Capital Flow Review - Last week, the capital interest rate once rebounded, and the central bank had a net investment situation [21]. Strategy Recommendations Short - term Strategy - The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set at 93 points/116 points, 76 points/45 points, 186 points/261 points, and 228 points/304 points respectively [4]. Trend Strategy - Maintain a bullish view. It is expected that the core operating range of the IF2601 main contract is between 4484 and 4715 points, the IH2601 main contract is between 2950 and 3087 points, the IC2601 main contract is between 7232 and 7717 points, and the IM2601 main contract is between 7316 and 7809 points [4]. Cross - variety Strategy - Hold the strategy of shorting IF (or IH) and going long on IC (or IM) [5]