Summary of Key Points Core Viewpoints - The report provides an analysis of dividend progress and index futures basis for major indices in January 2026, highlighting the current status and historical trends in dividends and basis rates [2][6][21]. Group 1: Dividend Statistics of Major Indices - In the year 2026, the dividend progress for major indices is as follows: - For the CSI 300, one company has passed the board proposal stage - For the SSE 50, one company has passed the board proposal stage - For the CSI 500, one company is in the implementation stage - For the CSI 1000, one company is in the proposal stage [11][13]. - The cumulative dividends for the CSI 500 index is 1.30 billion, while the other indices have not reported any cumulative dividends yet [13][15]. Group 2: Industry Dividend Statistics - The dividend progress for various industry indices in 2026 includes: - In the pharmaceutical and biological sector, one company is in the implementation stage and one has passed the board proposal stage - In the public utilities sector, one company has passed the board proposal stage - In the machinery equipment sector, one company is in the proposal stage and one is in the board proposal stage - In the coal sector, one company is in the implementation stage - In the oil and petrochemical sector, one company is in the implementation stage [12][15]. - The cumulative dividends reported for the pharmaceutical sector is 0.66 billion and for the coal sector is 1.30 billion [15]. Group 3: Index Futures Basis - The annualized basis rates considering dividends for various contracts are as follows: - For the CSI 300: near-month -0.25%, far-month 0.04%, near-quarter 0.44%, far-quarter 0.55% - For the SSE 50: near-month -0.89%, far-month -1.30%, near-quarter -1.67%, far-quarter -1.57% - For the CSI 500: near-month -4.14%, far-month -2.29%, near-quarter -0.53%, far-quarter 1.11% - For the CSI 1000: near-month -1.56%, far-month 1.25%, near-quarter 4.20%, far-quarter 5.11% [6][25]. - The report includes a detailed table of basis data for each contract, showing the latest closing prices, basis, dividend impact, and annualized basis rates [25][27].

Group 1: Index Trends - On January 29, the Shanghai Composite Index rose 0.16% to close at 4157.98 points with a trading volume of 1485.795 billion yuan; the Shenzhen Component Index fell 0.3% to close at 14300.08 points with a trading volume of 1744.213 billion yuan [1] - The CSI 1000 Index fell 0.8% with a trading volume of 677.736 billion yuan, opening at 8380.61, closing at 8332.21, with a daily high of 8463.12 and a low of 8308.82 [1] - The CSI 500 Index fell 0.97% with a trading volume of 666.257 billion yuan, opening at 8584.68, closing at 8517.84, with a daily high of 8658.94 and a low of 8503.09 [1] - The SSE 50 Index rose 1.65% with a trading volume of 294.888 billion yuan, opening at 3074.49, closing at 3110.91, with a daily high of 3122.14 and a low of 3048.41 [1] - The CSI 300 Index rose 0.76% with a trading volume of 917.966 billion yuan, opening at 4733.09, closing at 4753.87, with a daily high of 4770.96 and a low of 4696.05 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 dropped 67.58 points from the previous close. Media and other sectors significantly pulled the index up, while Machinery, Power Equipment, and Electronics sectors dragged it down [3] - The CSI 500 dropped 83.32 points from the previous close. Media and other sectors significantly pulled the index up, while National Defense and Military Industry, Power Equipment, and Electronics sectors dragged it down [3] - The CSI 300 rose 35.88 points from the previous close. Food and Beverage, Non - Banking Finance, and Non - Ferrous Metals sectors significantly pulled the index up, while the Electronics sector dragged it down [3] - The SSE 50 rose 50.35 points from the previous close. Food and Beverage, Non - Banking Finance, and Non - Ferrous Metals sectors significantly pulled the index up, while the Electronics sector dragged it down [3] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was 12.65, IM01 was -7.34, IM02 was -135.96, and IM03 was -294.03 [13] - For IC contracts, the average daily basis for IC00 was 18.85, IC01 was 16.11, IC02 was -30.7, and IC03 was -124.86 [13] - For IF contracts, the average daily basis for IF00 was 10.9, IF01 was 16.46, IF02 was 1.63, and IF03 was -44.08 [13] - For IH contracts, the average daily basis for IH00 was 6.1, IH01 was 10.77, IH02 was 13.81, and IH03 was -11.75 [13]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The scale of stock - type ETFs in the domestic market continues to decline, with a significant reduction of 15 billion shares in broad - based ETFs in a single day. Large - cap index is dragged down by large - order pressing on multiple weight stocks at the end of the session. Meanwhile, the CSI 500 index rebounds after filling the gap, and long opportunities in IH and IC should be continuously monitored [2]. - Enterprises' profits are recovering. In 2025, the total profit of industrial enterprises above the designated size in China reached 7.4 trillion yuan, a year - on - year increase of 0.6%, reversing the three - year decline trend. In December, the profit of industrial enterprises above the designated size changed from a 13.1% decline in November to a 5.3% increase [1]. - A - share major indices closed up in the spot market, with sector indices mostly falling. In the futures market, the basis of stock index futures rebounded, and the current - month contracts were all at a premium. The trading volume of stock index futures decreased, while the IM position increased [1]. 3. Summary by Directory Market Analysis - **Macro - economy**: In 2025, the total profit of industrial enterprises above the designated size in China was 7.4 trillion yuan, up 0.6% year - on - year. In December, the profit changed from a 13.1% decline in November to a 5.3% increase. Trump plans to raise the tariff on South Korean products from 15% to 25%. The US consumer confidence index in January dropped to 84.5, the lowest since 2014 [1]. - **Spot market**: A - share major indices closed up, with the Shanghai Composite Index rising 0.18% to 4139.9 points and the ChiNext Index rising 0.71%. Sector indices mostly fell, with electronics, communication, and national defense and military industries leading the gains, and coal, agriculture, forestry, animal husbandry, and steel industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets decreased to 2.9 trillion yuan. US major indices closed mixed, with the Dow Jones Industrial Average falling 0.83% and the Nasdaq rising 0.91% [1]. - **Futures market**: The basis of stock index futures rebounded, and the current - month contracts were at a premium. The trading volume of stock index futures decreased, and the IM position increased [1]. Strategy - The scale of stock - type ETFs in the domestic market continues to decline. The share of broad - based ETFs decreased by 15 billion shares in a single day. Pay attention to long opportunities in IH and IC [2]. Charts - **Macro - economic charts**: Include relationships between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends and styles [5][10][12][13]. - **Spot market tracking charts**: Show the daily performance of major domestic stock indices on January 27, 2026, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. [12]. - **Stock index futures tracking charts**: Provide information on the trading volume, position, basis, and inter - period spreads of stock index futures such as IF, IH, IC, and IM [14][37][41].

Group 1: Index Trends - On January 21st, the Shanghai Composite Index rose 0.08% to close at 4116.94 points with a trading volume of 1180.185 billion yuan; the Shenzhen Component Index rose 0.7% to close at 14255.12 points with a trading volume of 1420.414 billion yuan [1] - The CSI 1000 Index rose 0.79% with a trading volume of 564.721 billion yuan, opening at 8138.68, closing at 8247.68, with a high of 8289.13 and a low of 8136.92 [1] - The CSI 500 Index rose 1.12% with a trading volume of 517.592 billion yuan, opening at 8196.56, closing at 8340.11, with a high of 8351.45 and a low of 8196.56 [1] - The SSE 50 Index fell 0.11% with a trading volume of 198.826 billion yuan, opening at 3073.77, closing at 3067.18, with a high of 3097.66 and a low of 3060.65 [1] - The CSI 300 Index rose 0.09% with a trading volume of 665.331 billion yuan, opening at 4714.55, closing at 4723.07, with a high of 4758.28 and a low of 4714.24 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 64.93 points from the previous close, and sectors such as electronics, non - ferrous metals, and machinery had a significant upward pull on the index [2] - The CSI 500 rose 92.31 points from the previous close, and sectors such as electronics, non - ferrous metals, and machinery had a significant upward pull on the index [2] - The CSI 300 rose 4.19 points from the previous close. Sectors like electronics, non - ferrous metals, and computers had an upward pull, while non - bank finance, food and beverage, and banking had a downward pull [2] - The SSE 50 fell 3.47 points from the previous close. Sectors like electronics, non - ferrous metals, and computers had an upward pull, while non - bank finance, food and beverage, and banking had a downward pull [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was -3.44, IM01 was -36.68, IM02 was -217.4, IM03 was -384.82 [12] - IC00 average daily basis was 15.66, IC01 was 11.14, IC02 was -91.92, IC03 was -206.25 [12] - IF00 average daily basis was 0.78, IF01 was -1.9, IF02 was -40.52, IF03 was -97.61 [12] - IH00 average daily basis was 2.73, IH01 was 5.93, IH02 was 1.82, IH03 was -30.48 [12]

Group 1: Index Performance - On January 20th, the Shanghai Composite Index had a change of -0.01%, closing at 4113.65 points with a trading volume of 1221.486 billion yuan; the Shenzhen Component Index had a change of -0.97%, closing at 14155.63 points with a trading volume of 1556.172 billion yuan [1] - The CSI 1000 Index changed -1.0% with a trading volume of 579.037 billion yuan, opening at 8271.78, closing at 8182.75, with a daily high of 8300.05 and a low of 8104.92 [1] - The CSI 500 Index changed -0.48% with a trading volume of 588.171 billion yuan, opening at 8307.64, closing at 8247.8, with a daily high of 8342.87 and a low of 8142.14 [1] - The SSE 50 Index changed -0.17% with a trading volume of 175.736 billion yuan, opening at 3077.94, closing at 3070.65, with a daily high of 3090.09 and a low of 3058.61 [1] Group 2: Sector Impact on Index - The CSI 1000 dropped 82.9 points from the previous closing price, and sectors such as machinery, power equipment, and computer significantly pulled the index down [3] - The CSI 500 dropped 40.15 points from the previous closing price, and sectors like machinery, national defense and military, and power equipment significantly pulled the index down [3] - The SSE 300 dropped 15.58 points from the previous closing price, with sectors such as banks, basic chemicals, and transportation significantly pulling the index up, while power equipment, communication, and electronics pulling it down [3] - The SSE 50 dropped 5.29 points from the previous closing price, with non - banking finance, banks, and basic chemicals pulling the index up, while computer, medicine and biology, and electronics pulling it down [3] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM futures, IM00 had an average daily basis of -30.18, IM01 of -75.84, IM02 of -252.01, and IM03 of -411.61 [14] - For IC futures, IC00 had an average daily basis of -3.5, IC01 of -15.35, IC02 of -123.26, and IC03 of -229.56 [14] - For IF futures, IF00 had an average daily basis of -6.72, IF01 of -12.48, IF02 of -51.24, and IF03 of -107.52 [14] - For IH futures, IH00 had an average daily basis of 0.4, IH01 of 2.53, IH02 of -3.2, and IH03 of -33.07 [14]

Group 1: Index Trends - On January 19th, the Shanghai Composite Index rose by 0.29% to close at 4114.0 points, with a trading volume of 1190.138 billion yuan; the Shenzhen Component Index rose by 0.09% to close at 14294.05 points, with a trading volume of 1518.211 billion yuan [1]. - The CSI 1000 Index rose by 0.4%, with a trading volume of 581.676 billion yuan, opening at 8204.63, closing at 8265.65, with a daily high of 8298.48 and a low of 8187.94 [1]. - The CSI 500 Index rose by 0.67%, with a trading volume of 560.926 billion yuan, opening at 8199.5, closing at 8287.95, with a daily high of 8318.37 and a low of 8195.09 [1]. - The SSE 300 Index rose by 0.05%, with a trading volume of 655.149 billion yuan, opening at 4720.19, closing at 4734.46, with a daily high of 4761.63 and a low of 4715.09 [1]. - The SSE 50 Index fell by 0.12%, with a trading volume of 166.18 billion yuan, opening at 3077.81, closing at 3075.94, with a daily high of 3094.97 and a low of 3065.94 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 32.92 points from the previous close. Sectors such as power equipment, basic chemicals, and machinery had a significant upward pull on the index, while media, communication, and computer sectors had a downward pull [2]. - The CSI 500 rose 55.28 points from the previous close. Power equipment, basic chemicals, and non - ferrous metals sectors had a significant upward pull on the index, while computer and electronics sectors had a downward pull [2]. - The SSE 300 rose 2.59 points from the previous close. Power equipment, national defense and military industry, and basic chemicals sectors had a significant upward pull on the index, while electronics, computer, and banking sectors had a downward pull [2]. - The SSE 50 fell 3.82 points from the previous close. Basic chemicals, commerce and retail, and national defense and military industry sectors had an upward pull on the index, while pharmaceutical biology, banking, and non - ferrous metals sectors had a downward pull [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 6.83, IM01 had - 42.72, IM02 had - 237.19, and IM03 had - 411.27 [13]. - For IC contracts, IC00 had an average daily basis of 9.91, IC01 had - 0.61, IC02 had - 132.47, and IC03 had - 262.6 [13]. - For IF contracts, IF00 had an average daily basis of 2.38, IF01 had - 1.53, IF02 had - 43.71, and IF03 had - 101.76 [13]. - For IH contracts, IH00 had an average daily basis of 3.41, IH01 had 5.84, IH02 had 2.15, and IH03 had - 27.93 [13].

Report Summary 1. Index Movements - On January 15th, the Shanghai Composite Index dropped by 0.33% to close at 4112.6 points, with a trading volume of 1175.915 billion yuan. The Shenzhen Component Index rose by 0.41% to close at 14306.73 points, with a trading volume of 1729.581 billion yuan [1]. - The CSI 1000 Index fell by 0.2%, with a trading volume of 638.66 billion yuan. Its opening price was 8197.06, closing price 8240.78, daily high 8267.81, and daily low 8151.11 [1]. - The CSI 500 Index declined by 0.05%, with a trading volume of 600.802 billion yuan. Its opening price was 8170.35, closing price 8223.27, daily high 8249.03, and daily low 8148.79 [1]. - The SSE 50 Index decreased by 0.21%, with a trading volume of 158.768 billion yuan. Its opening price was 3104.33, closing price 3105.58, daily high 3130.99, and daily low 3097.11 [1]. - The SSE 50 Index decreased by 0.21%, with a trading volume of 158.768 billion yuan. Its opening price was 3104.33, closing price 3105.58, daily high 3130.99, and daily low 3097.11 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index dropped 16.39 points from the previous closing price. Sectors such as electronics, power equipment, and basic chemicals had a significant positive impact on the index, while national defense and military industry, media, and computer sectors had a negative impact [3]. - The CSI 500 Index decreased 4.43 points from the previous closing price. Electronics, non - ferrous metals, and basic chemicals sectors pulled the index up, while non - bank finance, computer, and national defense and military industry sectors pulled it down [3]. - The SSE 300 Index rose 9.5 points from the previous closing price. Electronics, communication, and non - ferrous metals sectors contributed positively, while computer, bank, and non - bank finance sectors had a negative effect [3]. - The SSE 50 Index dropped 6.49 points from the previous closing price. Electronics, non - ferrous metals, and national defense and military industry sectors pushed the index up, while communication, food and beverage, and bank sectors pulled it down [3]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was 3.56, IM01 was - 19.06, IM02 was - 62.87, and IM03 was - 254.72 [12]. - For IC contracts, the average daily basis for IC00 was 3.15, IC01 was - 4.82, IC02 was - 23.95, and IC03 was - 168.07 [12]. - For IF contracts, the average daily basis for IF00 was 0.87, IF01 was - 0.79, IF02 was - 5.45, and IF03 was - 47.17 [12]. - For IH contracts, the average daily basis for IH00 was - 1.86, IH01 was - 1.92, IH02 was 0.12, and IH03 was - 4.64 [12].

Group 1: Index Trends - On January 14th, the Shanghai Composite Index had a change of -0.31%, closing at 4126.09 points with a trading volume of 1607.041 billion yuan; the Shenzhen Component Index had a change of 0.56%, closing at 14248.6 points with a trading volume of 2334.348 billion yuan [1] - The CSI 1000 Index had a change of 0.66% with a trading volume of 884.281 billion yuan, opening at 8204.28, closing at 8257.17, with a daily high of 8415.1 and a low of 8154.24 [1] - The CSI 500 Index had a change of 1.04% with a trading volume of 815.959 billion yuan, opening at 8165.35, closing at 8227.7, with a daily high of 8368.22 and a low of 8123.4 [1] - The SSE 50 Index had a change of -0.67% with a trading volume of 216.078 billion yuan, opening at 3136.84, closing at 3112.07, with a daily high of 3169.75 and a low of 3106.13 [1] - The SSE 300 Index had a change of -0.4% with a trading volume of 891.334 billion yuan, opening at 4767.7, closing at 4741.93, with a daily high of 4818.1 and a low of 4720.25 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 54.04 points from the previous close, with sectors such as computer, electronics, and media having a significant upward pull on the index [3] - The CSI 500 rose 84.42 points from the previous close, with sectors such as computer, electronics, and non - ferrous metals having a significant upward pull on the index [3] - The SSE 300 rose -19.1 points from the previous close, with sectors such as electronics and computer having an upward pull, while food and beverage, non - bank finance, and banking had a downward pull [3] - The SSE 50 rose -20.86 points from the previous close, with the electronics sector having an upward pull, while food and beverage, non - bank finance, and banking had a downward pull [3] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of 13.22, IM01 of -5.71, IM02 of -42.54, and IM03 of -237.41 [13] - For IC contracts, IC00 had an average daily basis of 15.75, IC01 of 7.19, IC02 of -10.14, and IC03 of -158.45 [13] - For IF contracts, IF00 had an average daily basis of 4.14, IF01 of 4.0, IF02 of 0.9, and IF03 of -41.52 [13] - For IH contracts, IH00 had an average daily basis of 1.02, IH01 of 0.93, IH02 of 3.94, and IH03 of -0.83 [13]

Index Trends - On December 29, the Shanghai Composite Index rose 0.04% to close at 3965.28 points, with a trading volume of 903.82 billion yuan; the Shenzhen Component Index fell 0.49% to close at 13537.1 points, with a trading volume of 1235.518 billion yuan [1] - The CSI 1000 Index fell 0.15% with a trading volume of 466.873 billion yuan, opening at 7606.44, closing at 7594.16, with a daily high of 7637.91 and a low of 7574.77 [1] - The CSI 500 Index fell 0.38% with a trading volume of 390.446 billion yuan, opening at 7467.5, closing at 7430.61, with a daily high of 7491.69 and a low of 7411.45 [1] - The SSE 50 Index fell 0.35% with a trading volume of 117.12 billion yuan, opening at 3048.98, closing at 3034.63, with a daily high of 3057.36 and a low of 3030.38 [1] - The SSE 50 Index fell 0.35% with a trading volume of 117.12 billion yuan, opening at 3048.98, closing at 3034.63, with a daily high of 3057.36 and a low of 3030.38 [1] Impact of Sector Movements on Index - The CSI 1000 rose -11.37 points from the previous closing price. Sectors such as automobiles, machinery, and national defense and military industry significantly pulled the index up, while sectors such as basic chemicals, power equipment, and pharmaceutical biology pulled it down [3] - The CSI 500 rose -28.23 points from the previous closing price. Sectors such as national defense and military industry and computer significantly pulled the index up, while public utilities, non-ferrous metals, and pharmaceutical biology pulled it down [3] - The SSE 300 rose -17.87 points from the previous closing price. Sectors such as banks and electronics significantly pulled the index up, while non-bank finance, non-ferrous metals, and power equipment pulled it down [3] - The SSE 50 rose -10.77 points from the previous closing price. Sectors such as banks, electronics, and petroleum and petrochemicals significantly pulled the index up, while food and beverage, non-bank finance, and non-ferrous metals pulled it down [3] Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was -18.43, IM01 was -87.99, IM02 was -149.69, and IM03 was -380.19 [13] - IC00 average daily basis was -10.43, IC01 was -51.93, IC02 was -90.66, and IC03 was -267.92 [13] - IF00 average daily basis was -7.41, IF01 was -21.96, IF02 was -30.03, and IF03 was -75.33 [13] - IH00 average daily basis was 0.43, IH01 was -0.2, IH02 was 2.82, and IH03 was -4.51 [13]

Group 1: Index Trends - On December 16th, the Shanghai Composite Index dropped by 1.11% to close at 3824.81 points, with a trading volume of 733.294 billion yuan; the Shenzhen Component Index fell by 1.51% to 12914.67 points, with a trading volume of 990.879 billion yuan [1]. - The CSI 1000 Index decreased by 1.74% with a trading volume of 361.622 billion yuan, opening at 7302.16, closing at 7181.62, reaching a high of 7302.16 and a low of 7143.61 [1]. - The CSI 500 Index declined by 1.58% with a trading volume of 284.969 billion yuan, opening at 7101.67, closing at 7001.32, reaching a high of 7102.77 and a low of 6962.65 [1]. - The SSE 50 Index dropped by 1.08% with a trading volume of 103.324 billion yuan, opening at 2980.94, closing at 2954.79, reaching a high of 2986.08 and a low of 2946.6 [1]. - The SSE 50 Index dropped by 1.08% with a trading volume of 103.324 billion yuan, opening at 2980.94, closing at 2954.79, reaching a high of 2986.08 and a low of 2946.6 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 dropped 127.46 points from the previous close, with sectors such as non - ferrous metals, machinery, and power equipment significantly pulling the index down [2]. - The CSI 500 fell 112.64 points from the previous close, with non - ferrous metals, power equipment, and electronics sectors having a notable downward pull [2]. - The SSE 300 decreased 54.51 points from the previous close, and sectors like electronics, communication, and power equipment pulled the index down [2]. - The SSE 50 dropped 32.28 points from the previous close, with pharmaceutical biology, non - ferrous metals, and electronics sectors having a negative impact [2]. Group 3: Futures Basis and Annualized Opening Costs - For the IM series, IM00 had an average daily basis of - 4.47, IM01 of - 75.84, IM02 of - 234.12, and IM03 of - 475.0 [10]. - For the IC series, IC00 had an average daily basis of - 6.25, IC01 of - 60.11, IC02 of - 177.2, and IC03 of - 374.84 [10]. - For the IF series, IF00 had an average daily basis of - 10.05, IF01 of - 26.66, IF02 of - 54.69, and IF03 of - 98.76 [10]. - For the IH series, IH00 had an average daily basis of - 8.35, IH01 of - 13.44, IH02 of - 15.38, and IH03 of - 29.46 [10]. Group 4: Report Information - The report was written by the Macro - Finance Group of Everbright Futures Research Institute [19]. - The financial engineering analyst is Wang Dongying, with futures qualification number F03087149 and trading consultation number Z0019537 [19]. - The macro - finance team members include Zhu Jintao, Yu Jie, Zhao Fuchu, and Wang Dongying, each with their respective educational backgrounds, positions, and professional qualification numbers [20].