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].