每经AI快讯，2月3日，股指期货早盘收盘，中证1000指数期货连续涨2.06%， 沪深300指数期货连续涨 0.36%， 中证500指数期货连续涨2.35%， 上证50指数期货连续涨0.03%。 每经AI快讯，2月3日，股指期货早盘收盘，中证1000指数期货连续涨2.06%， 沪深300指数期货连续涨 0.36%， 中证500指数期货连续涨2.35%， 上证50指数期货连续涨0.03%。 ...

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡整理 | 估值端提升较快，股指震荡整固 需求升温 | 备注： 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2026 年 2 月 3 日） ◼ 品种观点参考—金融期货股指板块 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡整理 核心逻辑：昨日各股指均单边下跌。沪深京三市成交额 26066 亿元，较上日缩量 2558 亿元。板块方 面，由于大宗商品在亚太时段被大幅抛售，金属、石油天 ...

每经AI快讯，周一（2月2日）纽约尾盘，标普500股指期货最终涨0.57%，道指期货涨1.00%，纳斯达克 100股指期货涨0.83%。罗素2000股指期货涨0.81%。 （文章来源：每日经济新闻） ...

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Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is mainly for shock consolidation, with short - term upward driving force weakened, while the medium - and long - term is supported by policy - side positive expectations and the continuous net inflow of incremental funds into the stock market [5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is shock, the medium - term view is shock, the intraday view is bullish, and the reference view is shock consolidation. The core logic is that the valuation end has risen rapidly, the stock index is in shock consolidation, and demand is warming up [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is bullish, the medium - term view is shock, and the reference view is shock consolidation. The core logic is that last Friday, each stock index fluctuated and declined, showing a trend of bottom - hunting and rebound throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 286.24 billion yuan, a decrease of 39.7 billion yuan from the previous day. Affected by the fluctuation of precious metals, market sentiment weakened rapidly, and commodities with large previous increases generally corrected, and the stock index was also affected. Due to the clear expectation of the regulatory authorities to control risks and the fact that the increase of this round of stock rebound is mainly contributed by the valuation end, the short - term upward driving force of the stock index has weakened. The weakening of market sentiment caused by the precious metals market has led to an increase in the willingness of the capital side to take profits. In the medium and long term, the positive expectations on the policy side and the continuous net inflow of incremental funds into the stock market constitute the main supporting force for the upward movement of the stock index [5]

Report Industry Investment Rating - The investment rating for stock index futures is "oscillation" [1] Core Viewpoint of the Report - The A-share market is expected to experience a short - term correction, while the mid - term performance depends on economic and policy efforts. A long - term and stable bull market also requires fundamental support [2][10] Summary by Directory 1. One - week View and Overview of Macro Key Events - **Next - week View**: The stock market faces short - term adjustment pressure. The recent sharp correction will calm the market, and the weakening PMI in January indicates that the domestic economic recovery is still full of twists and turns [10] - **This - week Key Events**: - On January 26, Premier Li Qiang held a symposium to listen to opinions on the "Government Work Report" [11] - On January 27, it was announced that the industrial enterprise profits in December 2025 increased by 5.3% year - on - year [12] - On January 29, Chinese leaders met with the British Prime Minister, and both sides agreed to develop a long - term and stable comprehensive strategic partnership [13][14] - On January 29, the State Council issued a plan to cultivate new growth points in service consumption [15] - On January 30, it was reported that in December 2025, China had a goods trade surplus of 853.3 billion yuan and a service trade deficit of 96.6 billion yuan [16] 2. One - week Market Quotes Overview - **Global Stock Market Weekly Overview**: From January 26 to January 30, the global stock market denominated in US dollars rose. The MSCI Global Index rose 0.65%, with emerging markets (+1.80%) > developed markets (+0.50%) > frontier markets (-0.13%). The South Korean stock market rose 8.0%, while the Canadian stock market fell 2.03% [17] - **Chinese Stock Market Weekly Overview**: From January 26 to January 30, Chinese equities declined. In terms of different markets, Hong Kong stocks > A - shares > Chinese concept stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.0636 trillion yuan, a decrease of 264.4 billion yuan compared with last week. Most of the A - share broad - based indexes fell, with the Shanghai 50 Index rising 1.13% and the Beijing Stock Exchange 50 Index falling 3.59% [20] - **Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets**: Most of the global GICS primary industries rose this week, with the energy industry leading (+4.16%) and the optional consumption industry having the largest decline (-1.33%). In the Chinese market, the energy industry had the largest increase (+6.42%), and the optional consumption industry lagged (-4.21%) [23] - **Weekly Overview of China A - share CITIC Primary Industries**: Among the A - share CITIC primary industries, 10 rose (20 last week) and 20 fell (10 last week). The petroleum and petrochemical industry had the largest increase (+6.92%), and the national defense and military industry had the largest decline (-7.60%) [24] - **Weekly Overview of China A - share Styles**: The large - cap value style outperformed this week [29] - **Overview of Index Futures Basis**: Information about the basis of IH, IF, IC, and IM in the past 6 months is provided [30][33] 3. Overview of Index Valuation and Earnings Forecast - **Broad - based Index Valuation**: The report provides the PE and PB of various broad - based indexes this week, their eight - year percentile, and the changes compared with the beginning of the year [40] - **Primary Industry Valuation**: The report provides the PE and PB of various primary industries this week, their eight - year percentile, and the changes compared with the beginning of the year [41] - **Broad - based Index Equity Risk Premium**: The ERP of the CSI 300 decreased slightly this week, while the ERP of the CSI 500 and CSI 1000 increased slightly [42][47] - **Consensus Earnings Growth Rate of Broad - based Indexes**: The expected earnings growth rate of the CSI 300 in 2025 was raised to 8.35%, and in 2026 to 9.63%; the expected earnings growth rate of the CSI 500 in 2025 was lowered to 25.66%, and in 2026 was raised to 23.00%; the expected earnings growth rate of the CSI 1000 in 2025 was lowered to 27.37%, and in 2026 was raised to 24.03% [48] 4. Liquidity and Capital Flow Tracking - **Interest Rates and Exchange Rates**: This week, the 10 - year Treasury yield declined, the 1 - year yield rose, and the spread narrowed. The US dollar index was 97.1, and the offshore RMB exchange rate was 6.96 [57] - **Trading - type Capital Tracking**: The average daily trading volume of northbound funds increased by 50.6 billion yuan compared with last week, and the margin trading balance increased by 14.7 billion yuan [56] - **Tracking of Funds Flowing in through ETFs**: The share of ETFs tracking the CSI 300 decreased by 51.8 billion shares, the share of ETFs tracking the CSI 500 decreased by 51.8 billion shares, the share of ETFs tracking the CSI 1000 decreased by 13.2 billion shares, and the share of ETFs tracking the CSI A500 decreased by 3.2 billion shares [61][65] 5. Tracking of Domestic Macro High - frequency Data - **Supply Side**: The tire operating rate recovered after the Spring Festival [67] - **Consumption Side**: The second - hand housing transactions increased seasonally [73] - **Inflation Observation**: The prices of production materials declined, while the prices of agricultural products rebounded [83]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: January 30, 2026 [2] IM Futures Market Overview - The closing price of CSI 1000 was 8,254.86 points, down 0.93%. The main contract of IM fell 0.84% to close at 8,260.6 points. The total trading volume of the four IM contracts was 275,842 lots, an increase of 27,861 lots from the previous day, and the total open interest was 408,840 lots, a decrease of 2,755 lots from the previous day [4]. - The main contract of IM had a premium of 5.74 points, up 8.95 points from the previous day, and the annualized basis rate was 0.51%. The dividend impacts of the four IM contracts were 0.29 points, 0.29 points, 0.29 points, and 68.05 points respectively [5]. Position Analysis - The trading volume, open interest, and changes of major seats in IM2602, IM2603, IM2606, and IM2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [15][17][19] IF Futures Market Overview - The closing price of CSI 300 was 4,706.34 points, down 1.00%. The main contract of IF fell 1.32% to close at 4,711 points. The total trading volume of the four IF contracts was 179,201 lots, an increase of 19,397 lots from the previous day, and the total open interest was 332,644 lots, an increase of 9,087 lots from the previous day [20][21]. - The main contract of IF had a premium of 4.66 points, down 25.47 points from the previous day, and the annualized basis rate was 0.72%. The dividend impacts of the four IF contracts were 3.69 points, 3.72 points, 3.72 points, and 89.63 points respectively [21]. Position Analysis - The trading volume, open interest, and changes of major seats in IF2602, IF2603, IF2606, and IF2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [34][36][38] IC Futures Market Overview - The closing price of CSI 500 was 8,370.52 points, down 1.73%. The main contract of IC fell 2.07% to close at 8,362.4 points. The total trading volume of the four IC contracts was 248,185 lots, an increase of 43,907 lots from the previous day, and the total open interest was 349,459 lots, a decrease of 4,373 lots from the previous day [40][41]. - The main contract of IC had a discount of 8.12 points, down 7.88 points from the previous day, and the annualized basis rate was -0.71%. The dividend impacts of the four IC contracts were 0.44 points, 0.44 points, 0.44 points, and 98.36 points respectively [41]. Position Analysis - The trading volume, open interest, and changes of major seats in IC2602, IC2603, IC2606, and IC2609 contracts were detailed, including information on top 5, top 10, and top 20 seats [53][55][57] IH Futures Market Overview - The closing price of SSE 50 was 3,066.50 points, down 1.43%. The main contract of IH fell 1.64% to close at 3,074 points. The total trading volume of the four IH contracts was 77,049 lots, a decrease of 8,823 lots from the previous day, and the total open interest was 122,366 lots, a decrease of 5,863 lots from the previous day [59]. - The main contract of IH had a premium of 7.5 points, down 11.99 points from the previous day, and the annualized basis rate was 1.78%. The dividend impacts of the four IH contracts were 4.95 points, 4.95 points, 4.95 points, and 71.63 points respectively [60]. Position Analysis - The trading volume, open interest, and changes of major seats in IH2602, IH2603, and IH2606 contracts were detailed, including information on top 5, top 10, and top 20 seats [73][76][78]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Overnight, there was significant volatility in overseas markets, with large fluctuations in gold and US stocks. Although there were no event - based shocks, it was more like an internal behavior of funds, which would have a negative impact on A - shares today, but the impact was limited [1][2]. - Yesterday, the market funds in A - shares attempted a style switch. However, apart from RMB appreciation, there was no other positive support. Therefore, it was more likely a rotational make - up increase of blue - chip stocks yesterday, and the mainstream of the future market would still be technology and growth [2]. - The non - ferrous metal sector might have low - buying opportunities due to the overnight overseas influence. It is recommended to continue to pay attention to the chemical and non - ferrous metal sectors. The index is expected to have limited upward and downward space. Considering the approaching Spring Festival holiday, the management would stabilize the index, so rolling operations are advisable [2]. 3. Summary by Relevant Catalogs 3.1 Important News - Trump will announce the candidate for the Fed Chairman next week, stating that interest rates should be lowered by 2 to 3 percentage points, and the Fed should cut rates significantly now. He will also take a bipartisan approach to avoid a government shutdown [4]. - Trump said Putin agreed to a one - week ceasefire in some areas of Ukraine. Zelensky announced that a ceasefire on energy facilities would start on the night of the 29th [4]. - Iran issued a warning to merchant ships and will conduct live - fire naval exercises in the Strait of Hormuz on Sunday and Monday. The Iranian Parliament Speaker said it was difficult to trust US President Trump, and the deputy commander of the Islamic Revolutionary Guard Corps stated that Iran was not afraid of any threats [4]. - The CME raised the margin levels for gold, copper, and some aluminum futures [5]. - The US Senate failed to advance the appropriation bill, and the federal government is facing a "shutdown" crisis again. The appropriation for the Department of Homeland Security may be in a separate bill [5]. - The General Office of the State Council issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" [6]. - UK Prime Minister Starmer said the talks in China achieved substantial results [7]. - China will layout more "Space +" future industries, and space mining and space tourism will be on scheduled flights [8]. - The news that Kweichow Moutai participated in the Series A financing of SpaceX's listing is false [9]. - The central bank announced that the weighted average interest rate of newly issued commercial personal housing loans nationwide in the fourth quarter of 2025 was 3.06% [9]. 3.2 Futures Market Tracking - **Performance of Futures Contracts**: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various futures contracts, including those for the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [11]. - **Trading Volume and Open Interest**: It also shows the trading volumes, trading volume changes, trading amounts, trading amount changes, open interest, open interest changes, weekly position increases, net positions, net position changes, short - position changes, and long - position changes of various futures contracts [12]. 3.3 Spot Market Tracking - **Market Index Performance**: The current points, daily, weekly, monthly, and annual price changes, trading amounts, price - to - earnings ratios, and their historical quantiles of major market indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are presented [34]. - **Sector Performance**: The report details the performance of various sectors, including upstream (petroleum and petrochemicals, coal, non - ferrous metals, etc.), mid - stream (power equipment, machinery, etc.), consumer (food and beverage, medicine, etc.), TMT (electronics, computer, etc.), and financial and real estate sectors [34]. - **Influence of Market Styles**: The influence of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index is analyzed, including the number of stocks, weights, daily, weekly, monthly, and annual contributions [35][36]. - **Valuation and Market Indicators**: The report also includes information on the valuations of important indices and Shenwan sectors, as well as market indicators such as the average weekly trading volume, average weekly turnover rate, number of rising and falling stocks in the two markets, and changes in the trading amounts of the indices [37][42]. 3.4 Liquidity Tracking The report presents data on the central bank's open - market operations (including currency injection, currency withdrawal, and net currency injection) and the Shibor interest rate levels [48][49][50].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2026 年 1 月 30 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡整理 核心逻辑：昨日各股指震荡分化，IH 涨幅居前，IC 与 IM 冲高回落。沪深京三市成交额 32594 亿元， 较上日放量 2671 亿元。由于监管层希望控风险的预期较为明确，以及本轮股票反弹的涨幅主要由估 值端贡献，短期内股指上行驱动有所减弱。前期涨幅较大的 IM 与 IC 震荡整固的需求较强，而 IH 的 防御属性受到资金关注。中长期来看，政策面利好预期以及增量资金持续净流入股市的趋势构成股指 上行的主要支撑力量。不过短期内资金面在追涨与止盈之间出现分歧，股指陷入震荡整理的可能性较 大。总的来说，短期内股指震荡整理为主。 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震 ...

每经AI快讯，1月29日，股指期货午盘收盘，中证1000指数期货连续跌0.53%， 沪深300指数期货连续涨 1.00%， 中证500指数期货连续跌1.16%， 上证50指数期货连续涨1.95%。 （文章来源：每日经济新闻） ...