流动性日报 | 2026-01-26 市场流动性概况 2026-01-23，股指板块成交9288.37亿元，较上一交易日变动+28.08%；持仓金额17750.07亿元，较上一交易日变动 +7.01%；成交持仓比为52.53%。 国债板块成交3345.32亿元，较上一交易日变动+30.75%；持仓金额8543.04亿元，较上一交易日变动+1.03%；成交 持仓比为39.53%。 基本金属板块成交9685.62亿元，较上一交易日变动+10.32%；持仓金额8184.70亿元，较上一交易日变动+3.10%； 成交持仓比为113.38%。 贵金属板块成交11408.31亿元，较上一交易日变动-7.02%；持仓金额6607.51亿元，较上一交易日变动+3.06%；成 交持仓比为210.77%。 能源化工板块成交7026.20亿元，较上一交易日变动+43.45%；持仓金额5147.34亿元，较上一交易日变动+5.12%； 成交持仓比为125.60%。 农产品板块成交2385.93亿元，较上一交易日变动-10.09%；持仓金额6324.73亿元，较上一交易日变动+0.93%；成 交持仓比为37.18%。 黑色建材板块成交 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Despite policy cooling, market liquidity remains abundant, and the speculation sentiment for small and medium - cap stocks is still strong. The regulatory orientation balances short - term market rhythm guidance and long - term stable growth, and short - term fluctuations are not expected to change the medium - to - long - term upward trend of stock indices [7] 3. Summary by Relevant Catalogs 3.1 Interest Rate and Bond Market - **Interest Rate Changes**: DROO1 closed at 1.40 with a - 1.88bp change, DR007 at 1.49 with a - 1.39bp change, GC001 at 1.29 with a - 24.00bp change, GC007 at 1.55 with a - 0.50bp change, SHBOR 3M at 1.60 with no change, LPR 5 - year at 3.50 with no change [4] - **Bond Yield Changes**: 1 - year Treasury bond yield was 1.28 with a - 0.70bp change, 5 - year at 1.60 with a - 1.01bp change, 10 - year at 1.83 with a - 0.44bp change, and 10 - year US Treasury bond at 4.24 with a - 2.00bp change [4] - **Central Bank Operations**: Last week, the central bank conducted 1181 billion yuan of reverse repurchase operations. With 951.5 billion yuan of reverse repurchases maturing, the net injection was 229.5 billion yuan. On Friday, 150 billion yuan of treasury cash fixed - term deposits matured, and the central bank conducted 900 billion yuan of MLF operations. This week, 1181 billion yuan of reverse repurchases will mature, and 200 billion yuan of MLF will mature on Monday [4][5] 3.2 Stock Index Market - **Stock Index Closing Prices and Changes**: The CSI 300 closed at 4702 with a - 0.45% change, the SSE 50 at 3032 with a - 0.69% change, the CSI 500 at 8590 with a 2.42% change, and the CSI 1000 at 8471 with a 1.94% change. Their corresponding futures contracts also had respective price changes [6] - **Trading Volume and Open Interest**: IF, IH, IC, and IM contracts all saw increases in trading volume and open interest. For example, IF trading volume increased by 22.5% to 140482, and its open interest increased by 3.5% to 299730 [6] - **Last Week's Stock Index Performance**: The CSI 300 fell 0.62% to 4702.5, the SSE 50 fell 1.54% to 3032.2, the CSI 500 rose 4.34% to 8590.2, and the CSI 1000 rose 2.89% to 8470.7. In the Shenwan primary industry index, building materials (9.2%), steel (7.3%), basic chemicals (7.3%), non - ferrous metals (6%), and real estate (5.2%) led the gains, while banks (- 2.7%), communications (- 2.1%), non - bank finance (- 1.5%), food and beverages (- 1.4%), and pharmaceutical biology (- 0.4%) led the losses. The average daily trading volume of A - shares last week decreased by 666.12 billion yuan compared to the previous week [6] - **ETF Fund Flows**: From January 12th to January 21st, various broad - based ETFs had significant outflows. The CSI 300 theme ETF had a net outflow of over 220 billion yuan, the CSI 1000 theme ETF had a net outflow of over 57 billion yuan, the SSE 50 and STAR 50 theme ETFs both had net outflows of over 40 billion yuan, and the ChiNext Index and CSI 500 theme ETFs also had net outflows of over 25 billion yuan [7] 3.3 Futures Contract Premium and Discount - **IF Premium and Discount**: The current - month contract had a - 0.45% premium/discount, the next - month contract - 0.96%, the current - quarter contract 0.80%, and the next - quarter contract 1.83% [8] - **IH Premium and Discount**: The current - month contract had a - 0.10% premium/discount, the next - month contract - 1.25%, the current - quarter contract - 0.32%, and the next - quarter contract 1.34% [8] - **IC Premium and Discount**: The current - month contract had a - 10.79% premium/discount, the next - month contract - 5.35%, the current - quarter contract 0.33%, and the next - quarter contract 1.79% [8] - **IM Premium and Discount**: The current - month contract had a - 10.12% premium/discount, the next - month contract - 3.66%, the current - quarter contract 3.11%, and the next - quarter contract 4.60% [8]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on January 22, 2026, including the trading volume, holding amount, and trading - holding ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials sectors, as well as their changes compared with the previous trading day [1][2] 3. Summary by Relevant Catalogs I. Plate Liquidity - The report shows data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, and their changes compared with the previous trading day, with data sources from Flush and Huatai Futures Research Institute [1][2][8] II. Stock Index Plate - On January 22, 2026, the trading volume was 725.214 billion yuan, a - 15.30% change from the previous trading day; the holding amount was 1658.8 billion yuan, a - 0.46% change; the trading - holding ratio was 43.92%. There are also figures on the price change rate, trading - holding ratio, and other aspects of each variety in the stock index plate [1][9] III. Treasury Bond Plate - The trading volume was 255.852 billion yuan, a - 26.77% change from the previous trading day; the holding amount was 845.597 billion yuan, a + 0.22% change; the trading - holding ratio was 29.60%. There are figures on the price change rate, trading - holding ratio, etc., of each variety in the treasury bond plate [1][16] IV. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 877.931 billion yuan, a - 6.48% change from the previous trading day; the holding amount was 793.824 billion yuan, a + 1.13% change; the trading - holding ratio was 107.95%. The trading volume of the precious metal plate was 1227 billion yuan, a - 2.92% change; the holding amount was 641.119 billion yuan, a - 0.96% change; the trading - holding ratio was 223.18%. There are figures on the price change rate, trading - holding ratio, etc., of each variety in the metal plate [1][23][29] V. Energy - Chemical Plate - The trading volume was 489.81 billion yuan, a + 12.94% change from the previous trading day; the holding amount was 489.675 billion yuan, a + 4.16% change; the trading - holding ratio was 96.85%. There are figures on the price change rate, trading - holding ratio, etc., of the main varieties in the energy - chemical plate [1][32][33] VI. Agricultural Product Plate - The trading volume was 265.368 billion yuan, a + 3.35% change from the previous trading day; the holding amount was 626.67 billion yuan, a + 2.00% change; the trading - holding ratio was 41.14%. There are figures on the price change rate, trading - holding ratio, etc., of the main varieties in the agricultural product plate [1][40][41] VII. Black Building Materials Plate - The trading volume was 144.182 billion yuan, a - 8.30% change from the previous trading day; the holding amount was 321.215 billion yuan, a + 0.23% change; the trading - holding ratio was 44.04%. There are figures on the price change rate, trading - holding ratio, etc., of each variety in the black building materials plate [2][47][49]

Group 1 - The People's Bank of China conducted a reverse repurchase operation of 125 billion yuan with a fixed rate and quantity tendering method, with a term of 7 days and an interest rate of 1.40% [1] - On the same day, 867 billion yuan in reverse repos matured, resulting in a net injection of 38.3 billion yuan for the day [1] - Additionally, the central bank carried out a 900 billion yuan Medium-term Lending Facility (MLF) operation with a one-year term, leading to a net injection of 700 billion yuan through MLF in January [1] Group 2 - The MLF operation was conducted in light of 200 billion yuan maturing this month, further improving the maturity structure of market liquidity [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Directory I. Plate Liquidity - On January 21, 2026, the trading volume and position amount of various plates showed different changes compared with the previous trading day, and the trading - position ratios also varied [1][2] II. Stock Index Plate - The trading volume was 856.17 billion yuan, a - 12.04% change from the previous trading day; the position amount was 1666.412 billion yuan, a - 0.52% change; the trading - position ratio was 51.27% [1] III. Treasury Bond Plate - The trading volume was 349.379 billion yuan, a + 5.05% change from the previous trading day; the position amount was 843.709 billion yuan, a + 1.08% change; the trading - position ratio was 41.77% [1] IV. Basic Metals and Precious Metals (Metal Plate) - The trading volume was 938.769 billion yuan, a + 13.38% change from the previous trading day; the position amount was 784.95 billion yuan, a + 2.14% change; the trading - position ratio was 114.47% [1] - The trading volume of the precious metals sub - plate was 1263.894 billion yuan, a + 49.14% change from the previous trading day; the position amount was 647.305 billion yuan, a + 4.43% change; the trading - position ratio was 234.98% [1] V. Energy and Chemical Plate - The trading volume was 433.696 billion yuan, a + 2.91% change from the previous trading day; the position amount was 470.126 billion yuan, a + 1.34% change; the trading - position ratio was 89.48% [1] VI. Agricultural Products Plate - The trading volume was 256.77 billion yuan, a - 1.64% change from the previous trading day; the position amount was 614.408 billion yuan, a + 1.07% change; the trading - position ratio was 37.17% [1] VII. Black Building Materials Plate - The trading volume was 157.224 billion yuan, a - 27.38% change from the previous trading day; the position amount was 320.481 billion yuan, a - 1.55% change; the trading - position ratio was 45.33% [2]

Group 1 - The main driving factors behind the recent market rally are market liquidity and the growth of listed companies' profits [1] Group 2 - Market liquidity is influenced by the Federal Reserve's interest rate cuts, leading to global liquidity easing. Many small countries and certain small-scale metals have seen significant price increases due to abundant liquidity [2] - The Chinese yuan is also experiencing ample liquidity, with a large amount of deposits maturing in 2026, which may lead to a portion of these funds flowing into other financial assets, including stocks [3][4] - It is expected that 5%-10% of the maturing deposits may enter stock assets, contributing to a potential bull market for small-cap stocks [4] Group 3 - The profitability of listed companies is projected to recover in 2025, particularly in the technology sector, which is expected to lead the market [6] - Some sectors, such as dividend stocks, may see slight profit growth, while others, like consumer stocks, are still expected to decline in profitability [6]

流动性日报 | 2026-01-21 市场流动性概况 2026-01-20，股指板块成交9734.06亿元，较上一交易日变动+17.99%；持仓金额16750.91亿元，较上一交易日变动 +1.97%；成交持仓比为57.39%。 国债板块成交3325.88亿元，较上一交易日变动+27.71%；持仓金额8346.97亿元，较上一交易日变动+2.93%；成交 持仓比为39.59%。 能源化工板块成交4214.43亿元，较上一交易日变动+7.41%；持仓金额4639.26亿元，较上一交易日变动+0.21%；成 交持仓比为87.10%。 农产品板块成交2610.50亿元，较上一交易日变动-13.51%；持仓金额6078.75亿元，较上一交易日变动+0.12%；成 交持仓比为40.04%。 黑色建材板块成交2164.95亿元，较上一交易日变动-4.77%；持仓金额3255.33亿元，较上一交易日变动-0.79%；成 交持仓比为59.60%。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 流动性日报 基本金属板块成交8280.16亿元，较上一交易日变动-12.77%；持仓金额7685.11亿元， ...

Group 1 - The core viewpoint of the articles highlights the rising demand for gold as a safe-haven asset due to trade tensions between the U.S. and Europe, alongside expectations of interest rate cuts by the Federal Reserve and a stable macroeconomic environment in China, which collectively drive up precious metal prices [1] - COMEX gold futures increased by 1.98% to $4,769.10 per ounce, while COMEX silver futures rose by 0.19% to $94.46 per ounce, indicating a significant uptick in precious metal prices amid geopolitical risks [1] - Analysts suggest that in an era of rising geopolitical risks and resource nationalism, gold is viewed as an ideal investment choice for risk-averse investors [1] Group 2 - For investors aged 50 and above, it is recommended to allocate 5% to 10% of total assets to gold, balancing diversification and growth potential while providing meaningful protection against inflation and market volatility [1][4] - Practical guidelines for older investors include adjusting gold allocations based on personal financial situations and risk tolerance, with annual reviews suggested to ensure appropriate asset distribution [4]

Market Liquidity Overview - R007 decreased from 1.5157% to 1.5137%, a reduction of 0.20 basis points; DR007 fell from 1.4727% to 1.4430%, down by 2.97 basis points. The spread between R007 and DR007 increased by 2.77 basis points [9] - The net outflow of funds this week was 82.499 billion yuan, with a decrease in net inflow of 11.712 billion yuan compared to last week. Fund supply was 78.941 billion yuan, while demand was 161.440 billion yuan. Specifically, fund supply decreased by 18.763 billion yuan, with net financing purchases increasing by 18.719 billion yuan and stock dividends rising by 42.153 billion yuan. The net redemption of stock ETFs decreased by 91.826 billion yuan [13] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index declined, with a weak overall market style and a continuation of sector differentiation. The number of declining sectors exceeded those that rose, with the computer sector showing the most significant increase at 4.31%, while the defense and agriculture sectors led the declines at 5.66% and 3.49%, respectively [19] - The electronic industry received the most net leveraged capital inflow, totaling 20.163 billion yuan, while the building materials sector experienced a net outflow of 0.205 billion yuan, marking the most significant reduction [20] Style Sector Liquidity Tracking - Growth style had the largest increase at 1.78%, while financial style saw the largest decline at 2.73%. Growth style accounted for 60.86% of the average daily trading volume, making it the most active sector [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading and position data of various market sectors, including the stock index, treasury bonds, basic metals, precious metals, energy chemicals, agricultural products, and black building materials, on January 15, 2026, along with their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - The report provides the trading volume, position amount, and trading - position ratio of multiple market sectors, as well as their changes compared to the previous trading day [1][2] 2. Stock Index Plate - On January 15, 2026, the trading volume was 984.469 billion yuan, a - 33.51% change from the previous trading day; the position amount was 1692.630 billion yuan, a - 4.14% change; the trading - position ratio was 57.87% [1] 3. Treasury Bond Plate - On January 15, 2026, the trading volume was 391.184 billion yuan, a - 7.16% change from the previous trading day; the position amount was 803.469 billion yuan, a + 0.10% change; the trading - position ratio was 48.28% [1] 4. Basic Metals and Precious Metals (Metal Plate) - On January 15, 2026, the basic metals trading volume was 1650.749 billion yuan, a + 24.25% change from the previous trading day; the position amount was 844.358 billion yuan, a - 1.19% change; the trading - position ratio was 188.81%. The precious metals trading volume was 1472.785 billion yuan, a + 10.92% change; the position amount was 616.250 billion yuan, a + 1.22% change; the trading - position ratio was 321.32% [1] 5. Energy Chemical Plate - On January 15, 2026, the trading volume was 572.472 billion yuan, a - 7.38% change from the previous trading day; the position amount was 481.431 billion yuan, a + 0.03% change; the trading - position ratio was 107.38% [1] 6. Agricultural Products Plate - On January 15, 2026, the trading volume was 294.058 billion yuan, a - 2.60% change from the previous trading day; the position amount was 616.292 billion yuan, a - 0.30% change; the trading - position ratio was 43.58% [1] 7. Black Building Materials Plate - On January 15, 2026, the trading volume was 187.874 billion yuan, a - 12.59% change from the previous trading day; the position amount was 329.159 billion yuan, a - 0.44% change; the trading - position ratio was 52.76% [2]