Core Viewpoint - The article discusses the impact of geopolitical tensions and economic conditions on various commodities, particularly precious metals, oil, and stock indices, highlighting the ongoing volatility and strategic investment opportunities in these markets [2][18]. Group 1: Precious Metals - Recent international silver prices have shown significant volatility, with a peak at $117.74 per ounce before retreating below $105, reflecting a daily increase of less than 1% after a prior surge of nearly 14% [1]. - The rise in gold prices to historical highs is attributed to geopolitical instability, economic uncertainty, and a loose liquidity environment, which has increased demand for gold as a safe-haven asset [2][18]. - Concerns over the sustainability of U.S. debt and the independence of the Federal Reserve have weakened the dollar's credibility, prompting central banks to diversify their reserve assets and increase gold purchases [2][18]. Group 2: Stock Indices - The U.S. stock market has shown positive momentum, with major indices rising and a market turnover of 3.28 trillion yuan, driven by a shift towards profitability and the release of policy dividends [3][11]. - The ongoing economic recovery, coupled with the return of overseas capital, is expected to support a continued upward trend in the stock market, with supply-side reforms likely to boost commodity prices and resource stocks [3][11]. Group 3: Oil Market - Oil prices have experienced fluctuations, with recent comments from President Trump indicating potential diplomatic engagement with Iran and easing tensions in Venezuela, which could impact oil supply dynamics [13]. - The U.S. average daily crude oil production has decreased slightly to 13.732 million barrels, while still showing a year-on-year increase of 255,000 barrels [13]. Group 4: Industry News - The latest statistics from the Ministry of Public Security indicate that by the end of 2025, the number of motor vehicles in China reached 469 million, with new registrations exceeding 30 million for the 11th consecutive year [8]. - The domestic futures market has seen regulatory actions aimed at cooling down trading activities, including adjustments to trading limits and margin requirements for silver and copper futures [7].

Group 1: Key Insights on the Tool Industry - The report suggests that the tool industry is entering a clear upward cycle driven by the supply-side reform, with tungsten carbide price fluctuations being a critical factor influencing the industry's performance [3][4]. - The demand for tools is positively correlated with industrial value-added, indicating a long-term increase in tool demand [3]. - The supply of tungsten is tightening due to a decrease in domestic mining quotas and export controls, leading to a projected global supply gap that will expand significantly by 2027 [4]. Group 2: Competitive Landscape and Market Dynamics - The tool industry is experiencing a shift towards consolidation, with a decline in foreign imports and an increase in domestic production, as evidenced by the drop in import market share from 37.26% in 2016 to 27.16% in 2022 [5]. - Private enterprises are gaining market share due to their innovation capabilities, while state-owned enterprises face challenges in management and innovation [5]. - The financial health of the tool industry is improving, with revenue and net profit growth rates for the first three quarters of 2025 showing significant increases compared to previous years [6]. Group 3: Investment Recommendations - The report recommends focusing on companies with strong R&D capabilities or those that can collaborate effectively with upstream raw material suppliers, as the industry transitions to a technology-driven competitive landscape [6][7]. - The tool industry is expected to see a value reassessment as it exits a deflationary phase and enters an upward cycle, making it an attractive investment opportunity [6].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. The market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reforms will continue, pushing up the prices of commodities and driving up resource - based stocks. With the continuous release of policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds allocating Chinese assets, the stock market is expected to continue its volatile upward trend [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (IF当月, IF下月, IF下季, IF隔季) were 4722.00, 4719.40, 4683.00, 4626.00 respectively, and the previous day's closing prices were 4704.00, 4709.20, 4687.60, 4647.00. The price changes were - 16.20, - 7.20, 6.80, 23.60, and the corresponding price change rates of the CSI 300 were - 0.34, - 0.15, 0.15, 0.51. The trading volumes were 28815.00, 84474.00, 20706.00, 6487.00, and the positions were 42005.00, 173887.00, 72508.00, 11330.00. The changes in positions were 3960.00, - 417.00, 4100.00, 2530.00 [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (IH当月, IH下月, IH下季, IH隔季) were 3057.00, 3061.20, 3057.60, 3025.80 respectively, and the previous day's closing prices were 3032.40, 3037.80, 3036.00, 3006.00. The price changes were - 22.20, - 20.20, - 19.60, - 15.60, and the corresponding price change rates of the SSE 50 were - 0.73, - 0.66, - 0.64, - 0.52. The trading volumes were 11094.00, 38693.00, 8525.00, 3725.00, and the positions were 16044.00, 63802.00, 23537.00, 5388.00. The changes in positions were 2026.00, 4793.00, 2711.00, 1709.00 [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (IC当月, IC下月, IC下季, IC隔季) were 8404.00, 8400.00, 8309.60, 8195.20 respectively, and the previous day's closing prices were 8656.20, 8658.20, 8578.80, 8491.00. The price changes were 277.00, 281.20, 297.00, 320.60, and the corresponding price change rates of the CSI 500 were 3.31, 3.36, 3.59, 3.92. The trading volumes were 29259.00, 103171.00, 32896.00, 10967.00, and the positions were 51809.00, 179892.00, 88549.00, 20975.00. The changes in positions were - 995.00, 5740.00, 3581.00, 3280.00 [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (IM当月, IM下月, IM下季, IM隔季) were 8318.00, 8292.60, 8119.20, 7952.00 respectively, and the previous day's closing prices were 8531.80, 8516.60, 8366.20, 8219.00. The price changes were 239.80, 252.80, 275.60, 295.00, and the corresponding price change rates of the CSI 1000 were 2.89, 3.06, 3.41, 3.72. The trading volumes were 39087.00, 128628.00, 39676.00, 15595.00, and the positions were 66131.00, 195577.00, 107740.00, 26555.00. The changes in positions were 3449.00, 8990.00, 4814.00, 6473.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF下月 - IF当月, IH下月 - IH当月, IC下月 - IC当月, IM下月 - IM当月 were 5.20, 5.40, 2.00, - 15.20 respectively, and the previous values were - 2.60, 4.20, - 4.00, - 25.40 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4702.50, with a trading volume of 314.64 billion lots and a total trading amount of 7556.18 billion yuan. The previous two - day value was 4723.71, with a trading volume of 274.20 billion lots and a total trading amount of 6902.35 billion yuan. The price change rate was - 0.45 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3032.19, with a trading volume of 69.02 billion lots and a total trading amount of 2004.56 billion yuan. The previous two - day value was 3053.13, with a trading volume of 62.92 billion lots and a total trading amount of 1934.11 billion yuan. The price change rate was - 0.69 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 8590.17, with a trading volume of 319.69 billion lots and a total trading amount of 6394.21 billion yuan. The previous two - day value was 8387.60, with a trading volume of 268.81 billion lots and a total trading amount of 5461.38 billion yuan. The price change rate was 2.42 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 8470.74, with a trading volume of 393.04 billion lots and a total trading amount of 6819.48 billion yuan. The previous two - day value was 8309.35, with a trading volume of 328.56 billion lots and a total trading amount of 5718.06 billion yuan. The price change rate was 1.94 [1] - **Industry Indexes**: The price change rates of different industries in the CSI 300 industry index were as follows: energy - 1.82%, raw materials 0.99%, industry 0.72%, optional consumption - 0.70%, major consumption - 0.23%, medical and health 0.10%, real estate and finance - 0.89%, information technology - 0.70%, telecommunications business - 3.13%, public utilities - 0.91 [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of IF当月 - CSI 300, IF下月 - CSI 300, IF下季 - CSI 300, IF隔季 - CSI 300 were 1.50, 6.70, - 14.90, - 55.50 respectively, and the previous two - day values were - 1.71, - 4.31, - 40.71, - 97.71 [1] - **IH Contracts and SSE 50**: The previous values of IH当月 - SSE 50, IH下月 - SSE 50, IH下季 - SSE 50, IH隔季 - SSE 50 were 0.21, 5.61, 3.81, - 26.19 respectively, and the previous two - day values were 3.87, 8.07, 4.47, - 27.33 [1] - **IC Contracts and CSI 500**: The previous values of IC当月 - CSI 500, IC下月 - CSI 500, IC下季 - CSI 500, IC隔季 - CSI 500 were 66.03, 68.03, - 11.37, - 99.17 respectively, and the previous two - day values were 16.41, 12.41, - 78.00, - 192.40 [1] - **IM Contracts and CSI 1000**: The previous values of IM当月 - CSI 1000, IM下月 - CSI 1000, IM下季 - CSI 1000, IM隔季 - CSI 1000 were 61.06, 45.86, - 104.54, - 251.74 respectively, and the previous two - day values were 8.65, - 16.75, - 190.15, - 357.35 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4136.16, 14439.66, 8883.33, 3349.50 respectively, and the previous two - day values were 4122.58, 14327.05, 8822.34, 3328.65. The price change rates were 0.33%, 0.79%, 0.69%, 0.63% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26749.51, 53846.87, 6915.61, 24900.71 respectively, and the previous two - day values were 26629.96, 53688.89, 6913.35, 24856.47. The price change rates were 0.45%, 0.29%, 0.03%, 0.18% respectively [1] 3.5 Macro Information - The "Several Measures of Beijing Municipality on Promoting the Development and Utilization of Commercial Satellite Remote - Sensing Data Resources (2026 - 2030)" encourages capable enterprises to conduct mergers and acquisitions of upstream and downstream satellite data enterprises, integrate and improve the ground station network and data application service industrial chain, and build leading enterprises with global competitiveness. It also supports enterprises in planning and building commercial satellite constellations with differentiated advantages, clear commercial value, and clear application prospects [2] - According to the National Bureau of Statistics' monitoring of the market prices of 50 important production materials in 9 major categories in the national circulation field, from mid - January to early January 2026, the prices of 29 products increased, 13 decreased, and 8 remained unchanged. The price of live pigs (external ternary) increased by 0.4 yuan/kg, a 3.2% increase [2] - During the Spring Festival, Sichuan Province will hold more than 2400 cultural, tourism, business, and sports activities and launch ten major boutique activities. The province's consumption discounts will exceed 40 million yuan, including 20 million yuan in cultural and tourism consumption vouchers, 16 million yuan in movie consumption vouchers, and 100,000 free scenic - spot tickets [2] - As of now, 8 banks in the A - share market have successively disclosed their 2025 performance reports, and all of these institutions achieved positive growth in net profit attributable to shareholders. The performance reports have three notable features: the asset scales of the 8 listed banks all expanded steadily, with small and medium - sized banks leading in growth; the non - performing loan ratio remained favorable, and no bank had an obvious rebound in the non - performing ratio; most banks increased their provision for bad debts, but the provision coverage ratio was still declining [2] - After the disclosure of the Q4 2025 fund reports, the latest positions of public FOFs, the "professional buyers", emerged. In Q4 last year, FOFs continued to favor low - risk products, and short - term financing ETFs became their top - held variety. Amid the record - high international gold prices, FOFs generally reduced their holdings of gold ETFs and instead significantly increased their holdings of gold - stock ETFs, showing a unique "gold - hunting" strategy [2] 3.6 Industry Information - The 2026 Beijing International Commercial Space Exhibition was held from January 23rd to 25th, and a number of star products and solutions representing the forefront of China's commercial space technology were on display. In the field of launch vehicles, LandSpace Technology exhibited models of the improved Zhuque - 2 liquid - oxygen methane launch vehicle and the reusable Zhuque - 3 launch vehicle [2] - The National Development and Reform Commission recently issued the "Opinions on Promoting the Healthy and Sustainable Development of Inter - city Railways", proposing to give priority to supporting the planning and construction of inter - city railways in key urban agglomerations with active economies and high population density, such as the Beijing - Tianjin - Hebei region, the Yangtze River Delta, the Guangdong - Hong Kong - Macao Greater Bay Area, and the Chengdu - Chongqing economic circle. It is strictly prohibited to build high - speed railways and urban rail transit projects in the name of inter - city railways. Projects with illegal debt - raising or without clear sources of debt repayment and operation subsidy funds will not be approved. Debt - high - risk regions are not allowed to increase local government debt for new inter - city railway projects [2] - As the Spring Festival approaches, the enthusiasm for "traveling south to avoid the cold" and duty - free shopping on Hainan Island continues to heat up, and ticket bookings have entered a peak period. Data from multiple online travel platforms show that Haikou and Sanya are among the top domestic destinations. Hainan Airport's passenger throughput during the 2026 Spring Festival travel season is expected to reach 8.175 million person - times, setting a new record for the same period [2] 3.7 Stock Index Views - U.S. stocks were mixed. In the previous trading day, stock indexes continued to diverge, with the power equipment sector leading the gains and the communication sector leading the losses. The market turnover was 3.12 trillion yuan. In terms of funds, on January 22nd, the margin trading balance increased by 3.972 billion yuan to 2.707543 trillion yuan [2]

Core Insights - The Chinese consumer market is experiencing deep financial empowerment, with continuous release of fiscal interest subsidies, collaboration between financial institutions and e-commerce companies, and ongoing innovation in consumer financial products [1][2] - Financial policies play a multi-dimensional role in promoting consumption, particularly targeting young consumers and specific groups to reduce their consumption costs [2][5] - The focus should shift from merely increasing lending to enhancing supply-side capabilities and providing high-quality services to meet consumer demands [6][7] Group 1: Financial Empowerment and Consumer Behavior - The collaboration between financial institutions and e-commerce is facilitating easier access to financial services for youth, "credit white households," and new citizens, promoting a healthy consumption cycle [1] - Financial policies should be precise and collaborative, aiming to alleviate the financial burden on specific consumer groups, particularly the youth [2][3] - The recent inclusion of credit card installment plans in personal consumption loan fiscal subsidy policies directly addresses the pain points of young consumers, encouraging them to spend without excessive repayment concerns [2] Group 2: Targeted Financial Services - The consumer market in Beijing is characterized by a large elderly population, numerous students, and parents investing in their children's consumption, necessitating tailored financial services [3][4] - Financial services must be customized based on consumer preferences identified through data analysis, embedding financial products into emerging consumption scenarios [3][8] - The focus should be on new consumption and service sectors, with financial institutions supporting high-quality service supply rather than just increasing credit availability [6][7] Group 3: Policy Recommendations and Implementation - Recommendations include enhancing consumer financial literacy, strict regulation of high-risk consumption models, and industry self-regulation to protect consumer rights [4] - Financial policies should target three core areas: bulk goods, services, and new consumption, with specific financial products designed for unique scenarios in Beijing [7][8] - Effective implementation requires deep integration of financial products into consumer processes, precise targeting of services for different demographics, and collaboration among government, banks, and merchants to ensure benefits reach consumers [8][9]

Investment Rating - The industry rating is "Outperform the Market" [7][66] Core Insights - The report indicates that the construction materials sector is experiencing a downturn in investment and construction starts, necessitating proactive policy measures to stabilize the market [3][5] - National real estate development investment is projected to be 8.3 trillion yuan in 2025, reflecting a year-on-year decrease of 17.2%, with new housing starts and completions also showing significant declines [3][12] - The report highlights that the easing of monetary policy in Europe and the U.S. may provide more room for China's monetary and fiscal policies, which could positively impact the real estate market [3][5] - The report emphasizes that the construction materials sector may benefit from supply-side reforms and a potential recovery in housing demand, leading to a stabilization of the real estate market [5][20] Summary by Sections Investment Highlights - The report notes that the construction materials sector is expected to see a turning point in capacity cycles due to accelerating supply-side reforms and a recovery in purchasing intentions driven by lower interest rates [5][20] - It suggests that the fundamental conditions of the real estate market are likely to stabilize, which may also lead to a recovery in post-cycle demand for construction materials [5][20] Recent High-Frequency Data - As of January 23, 2026, the average price of bulk P.O 42.5 cement is 333.4 yuan/ton, showing a month-on-month decrease of 0.8% and a year-on-year decrease of 15.1% [4][13] - The average price of glass (5.00mm) is reported at 1097.1 yuan/ton, with a year-on-year decline of 17.2% [4][21] Sector Review - The Shanghai Composite Index rose by 0.84%, while the Shenzhen Composite Index increased by 2.21%. The construction materials index saw a significant rise of 9.23% [4][54] - Sub-sectors such as glass manufacturing and fiberglass manufacturing experienced notable gains, with increases of 11.13% and 8.97%, respectively [4][54]

Core Viewpoint - The Chinese consumer market is experiencing deep financial empowerment, with continuous release of fiscal interest subsidies, collaboration between financial institutions and e-commerce companies, and ongoing innovation in consumer financial products, which facilitates a positive cycle of "daring to consume, willing to consume, and healthy consumption" [1] Group 1: Financial Empowerment and Consumer Behavior - Financial policies should focus on supply-side improvements rather than merely increasing borrowing, emphasizing the need for innovative credit products tailored to young consumers [1][2] - The current consumption market shows structural differentiation, with physical goods consumption slowing down while service consumption continues to grow, indicating a shift towards better experiences and services as income levels rise [2] - Financial institutions are encouraged to embed financial tools into consumption scenarios, moving beyond traditional lending to support quality service supply in areas like elderly care, childcare, and healthcare [1][3] Group 2: Targeting Specific Consumer Groups - Young people, new citizens, and rural residents are identified as key consumer groups with high consumption potential but relatively weak financial service coverage, necessitating a reduction in information asymmetry to better serve them [4][5] - Financial products should be customized for different life stages and consumption preferences, leveraging data-driven insights to create tailored solutions for diverse consumer needs [8][11] Group 3: Policy Recommendations and Implementation - Financial policies should aim to lower the consumption burden on young consumers through effective fiscal-financial collaboration, such as the recent inclusion of credit card installment plans in fiscal subsidy policies [7][11] - The focus should be on three core areas: bulk goods, services, and new consumption, with specific financial products designed for sectors like electric vehicles and cultural tourism [10][11] - Collaboration among government, banks, and businesses is essential to ensure that financial policy benefits reach consumers effectively, creating a closed loop of financial support [11][12]

Core Viewpoint - The Chinese consumption market is experiencing deep financial empowerment, with continuous release of fiscal interest subsidies, collaboration between financial institutions and e-commerce companies, and ongoing innovation in consumer finance products, which facilitates a positive cycle of consumption among various groups, including youth and new citizens [1] Group 1: Financial Empowerment and Consumer Behavior - Financial policies should focus on supply-side improvements rather than merely increasing borrowing, emphasizing the need for innovative credit products tailored to young consumers [1][6] - The current consumption market shows structural differentiation, with a slowdown in physical consumption growth while service consumption continues to release potential [4][5] - Financial support should target new consumption and service sectors, enhancing the overall consumption experience rather than just increasing spending [5][6] Group 2: Targeting Specific Consumer Groups - Key consumer groups include youth, new citizens, and rural residents, who exhibit strong consumption willingness but face weak financial service coverage [6][7] - Financial institutions need to innovate by using future revenue rights of IPs as underlying assets to develop financial products that support the growth of related industries [6] - Data-driven insights are essential for creating customized financial services that cater to the preferences of different consumer demographics [11] Group 3: Policy Recommendations and Implementation - Financial policies should be precise and collaborative, involving fiscal and financial coordination to lower consumption costs for specific groups [10][14] - The focus should be on embedding financial products into various consumption scenarios, ensuring that financial tools are effectively utilized in real-time [14][15] - The development of a robust credit repair policy can help expand the consumer base by improving access to financial services for those with past credit issues [14][15]

Core Viewpoint - The Chinese consumer market is experiencing deep financial empowerment, with continuous release of fiscal interest subsidies, collaboration between financial institutions and e-commerce companies, and ongoing innovation in consumer finance products, which facilitate a positive cycle of consumption among various demographic groups [1][4]. Group 1: Financial Empowerment and Consumer Behavior - Financial policies should focus on supply-side improvements rather than merely increasing borrowing, emphasizing the need for innovative credit products tailored to young consumers [1][6]. - The current consumption market shows structural differentiation, with physical goods consumption slowing while service consumption, such as tourism and entertainment, continues to grow [4][5]. - Financial institutions are encouraged to develop products that support the entire industry chain behind popular cultural events, enhancing the overall consumption experience [5][6]. Group 2: Targeting Specific Demographics - Young people, new citizens, and rural residents are identified as key consumer groups with high spending potential but limited access to financial services, necessitating a reduction in information asymmetry [6][7]. - Financial institutions should leverage data to create comprehensive credit profiles for these groups, enabling better access to financial products [7][9]. Group 3: Policy Recommendations and Financial Products - Financial policies should be precise and collaborative, aiming to reduce the consumption costs for specific groups, particularly the youth [10][11]. - The introduction of fiscal subsidies for credit card installment plans is seen as a direct response to the financial pressures faced by young consumers [10][11]. - Financial products should be customized to meet the diverse needs of different demographic groups, such as the elderly and students, to maximize consumption potential [11][12]. Group 4: Strategic Focus Areas - Financial policies should target three core areas: large consumer goods, service consumption, and new consumption models, particularly in sectors like electric vehicles and cultural tourism [13][14]. - The integration of financial products into everyday consumption scenarios is crucial for enhancing user experience and ensuring accessibility [14][15]. - The recent upgrades in consumer loan subsidies have led to increased financial incentives for consumers, enhancing their purchasing power [15].

Core Viewpoint - The photovoltaic (PV) industry is experiencing significant momentum, particularly in the equipment sector, with clear RSR signals indicating strong market activity [1]. Group 1: Company Performance - Jiejia Weichuang is highlighted as a key player in the industry [3]. - Maiwei Co., Ltd. is noted for leading the market with unusual trading volumes and signals of acceleration into the second phase of growth [4]. - Aotwei and Jingcheng Machinery are also mentioned as companies that have entered the second phase of acceleration [5][7]. - High Measurement Co. and Dier Laser are part of the group showing strong performance, with most companies just entering the second phase [8][10]. - The characteristics of these stocks include significant price increases of over 50% and a strong breakout above previous highs, indicating a bullish trend [12]. Group 2: Market Dynamics - The photovoltaic industry is classified as a typical cyclical industry, with performance fluctuations similar to non-ferrous metals and chemicals, driven by expectations of industry recovery and supply-side reforms [16]. - Equipment manufacturers often outperform the core industry stocks, as seen in the non-ferrous sector where mining equipment stocks have shown greater gains [16]. - Component stocks are lagging behind equipment stocks, with JinkoSolar showing potential due to its advanced technology and market position, surpassing previous leaders [18]. Group 3: Historical Context - Historical bull stocks serve as a guide for current market behavior, with current bull stocks following similar patterns of clear upward trends and compact adjustment structures [19].

| 申万期货品种策略日报——股指 | 2026/1/23 | 星期五 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4724.20 | 4722.80 | 4687.80 | 4632.00 | 前日收盘价 | 4722.00 | 4719.40 | 4683.00 | 4626.00 | | | 涨跌 | -8.40 | -9.20 | -8.00 | -7.60 | 沪深300 | 涨跌幅 | -0.1 ...