1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report presents the daily data tracking of stock index futures on January 12, 2026, including the index trends of major stock - market indices, the impact of sector fluctuations on these indices, and the basis and basis - converted annualized opening costs of stock index futures [1] 3. Summary by Directory Index Trends - On January 12, the Shanghai Composite Index rose 1.09% to close at 4165.29 points with a trading volume of 1.44623 trillion yuan; the Shenzhen Component Index rose 1.75% to close at 14366.91 points with a trading volume of 2.155146 trillion yuan [1] - The CSI 1000 Index rose 2.8% with a trading volume of 827.565 billion yuan, opening at 8196.08, closing at 8357.01, with a daily high of 8371.75 and a low of 8171.11 [1] - The CSI 500 Index rose 2.39% with a trading volume of 685.824 billion yuan, opening at 8141.63, closing at 8249.13, with a daily high of 8261.35 and a low of 8103.24 [1] - The SSE 50 Index rose 0.3% with a trading volume of 189.802 billion yuan, opening at 3146.51, closing at 3143.74, with a daily high of 3148.11 and a low of 3125.17 [1] - The SSE 300 Index rose 0.65% with a trading volume of 799.954 billion yuan, opening at 4769.65, closing at 4789.92, with a daily high of 4795.93 and a low of 4737.57 [1] Impact of Sector Fluctuations on Indices - The CSI 1000 rose 227.83 points compared to the previous closing price, and sectors such as computer, media, and national defense and military industry significantly boosted the index [3] - The CSI 500 rose 192.44 points compared to the previous closing price, and sectors such as national defense and military industry, computer, and electronics significantly boosted the index [3] - The SSE 300 rose 31.0 points compared to the previous closing price. Sectors such as computer, electronics, and machinery significantly boosted the index, while the power equipment sector pulled the index down [3] - The SSE 50 rose 9.42 points compared to the previous closing price. Sectors such as computer, electronics, and non - ferrous metals significantly boosted the index, while sectors such as petroleum and petrochemicals and non - bank finance pulled the index down [3] Stock Index Futures Basis and Basis - Converted Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of 20.17, IM01 had - 34.47, IM02 had - 80.61, and IM03 had - 292.94 [13] - For IC contracts, IC00 had an average daily basis of 17.1, IC01 had - 14.07, IC02 had - 38.09, and IC03 had - 191.13 [13] - For IF contracts, IF00 had an average daily basis of 3.06, IF01 had - 5.66, IF02 had - 13.04, and IF03 had - 54.94 [13] - For IH contracts, IH00 had an average daily basis of - 0.64, IH01 had - 1.76, IH02 had - 1.22, and IH03 had - 9.28 [13]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report presents the performance of multiple stock indices on January 08th, including the Shanghai Composite Index, Shenzhen Component Index, CSI 1000, CSI 500, SSE 50, and CSI 300, along with the impact of various sectors on these indices and the basis and annualized opening costs of stock index futures [1][2][13] 3. Summary by Directory Index Trends - On January 08th, the Shanghai Composite Index fell 0.07% to close at 4082.98 points, with a trading volume of 1183.189 billion yuan; the Shenzhen Component Index fell 0.51% to close at 13959.48 points, with a trading volume of 1617.077 billion yuan [1] - The CSI 1000 rose 0.82% with a trading volume of 605.389 billion yuan, opening at 7886.81, closing at 7971.59, with a high of 7993.63 and a low of 7886.63 [1] - The CSI 500 rose 0.25% with a trading volume of 564.453 billion yuan, opening at 7853.21, closing at 7894.54, with a high of 7938.59 and a low of 7849.07 [1] - The CSI 300 fell 0.82% with a trading volume of 630.656 billion yuan, opening at 4761.01, closing at 4737.65, with a high of 4765.49 and a low of 4717.01 [1] - The SSE 50 fell 0.73% with a trading volume of 187.896 billion yuan, opening at 3137.81, closing at 3122.06, with a high of 3142.85 and a low of 3107.02 [1] Impact of Sector Movements on Indices - The CSI 1000 rose 65.17 points from the previous close, with sectors such as National Defense and Military Industry, Electronics, and Medicine and Biology significantly pulling the index up [2] - The CSI 500 rose 19.46 points from the previous close, with sectors like National Defense and Military Industry, Computer, and Power Equipment pulling the index up, while Basic Chemicals, Non - Banking Finance, and Non - Ferrous Metals pulling it down [2] - The CSI 300 fell 39.02 points from the previous close, with National Defense and Military Industry pulling the index up, and Banking, Telecommunications, and Non - Banking Finance pulling it down [2] - The SSE 50 fell 23.06 points from the previous close, with Electronics and National Defense and Military Industry pulling the index up, and Food and Beverage, Banking, and Non - Banking Finance pulling it down [2] Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis of IM00 is - 12.56, IM01 is - 80.65, IM02 is - 139.25, and IM03 is - 366.77 [13] - For IC contracts, the average daily basis of IC00 is 0.82, IC01 is - 38.69, IC02 is - 68.42, and IC03 is - 242.22 [13] - For IF contracts, the average daily basis of IF00 is 1.09, IF01 is - 9.71, IF02 is - 18.24, and IF03 is - 64.07 [13] - For IH contracts, the average daily basis of IH00 is - 1.29, IH01 is - 1.76, IH02 is - 0.97, and IH03 is - 9.84 [13]

1. Index Trends - On October 23, the Shanghai Composite Index rose 0.22% to close at 3,922.41 points with a trading volume of 718.931 billion yuan; the Shenzhen Component Index rose 0.22% to close at 13,025.45 points with a trading volume of 924.978 billion yuan [1] - The CSI 1000 Index fell 0.06% with a trading volume of 328.575 billion yuan, opening at 7,292.39, closing at 7,308.1, with a daily high of 7,319.55 and a low of 7,192.42 [1] - The CSI 500 Index rose 0.2% with a trading volume of 286.304 billion yuan, opening at 7,108.85, closing at 7,142.95, with a daily high of 7,153.66 and a low of 7,022.29 [1] - The SSE 50 Index rose 0.56% with a trading volume of 121.208 billion yuan, opening at 3,002.0, closing at 3,026.9, with a daily high of 3,030.8 and a low of 2,985.43 [1] - The SSE 300 Index rose 0.3% with a trading volume of 420.8 billion yuan, opening at 4,578.7, closing at 4,606.34, with a daily high of 4,611.34 and a low of 4,541.69 [1] 2. Impact of Sector Movements on Indexes - The CSI 1000 rose -4.11 points compared to the previous close. Computer, coal, and power equipment sectors had a significant upward pull, while machinery, electronics, and pharmaceutical sectors had a downward pull [3] - The CSI 500 rose 14.47 points compared to the previous close. Computer, non - bank finance, and non - ferrous metals sectors had a significant upward pull, while automobile, electronics, and pharmaceutical sectors had a downward pull [3] - The SSE 300 rose 13.77 points compared to the previous close. Non - bank finance, bank, and power equipment sectors had a significant upward pull, while communication and electronics sectors had a downward pull [3] - The SSE 50 rose 16.8 points compared to the previous close. Bank, non - bank finance, and non - ferrous metals sectors had a significant upward pull, while the electronics sector had a downward pull [3] 3. Futures Basis and Annualized Opening Costs - IM00 average daily basis was -89.61, IM01 was -165.46, IM02 was -377.02, IM03 was -590.15 [13] - IC00 average daily basis was -73.27, IC01 was -129.89, IC02 was -291.47, IC03 was -470.15 [13] - IF00 average daily basis was -19.56, IF01 was -32.81, IF02 was -59.4, IF03 was -98.58 [13] - IH00 average daily basis was -5.81, IH01 was -5.96, IH02 was -5.77, IH03 was -7.96 [13] 4. Futures Roll - over Point Differences and Annualized Costs - For IM, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IM00 - 01 was -73.02267, IM00 - 02 was -259.4522, etc [26] - For IC, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IC00 - 01 was -68.64222, IC00 - 02 was -225.568, etc [23] - For IF, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IF00 - 01 was -12.31678, IF00 - 02 was -41.14122, etc [27] - For IH, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IH00 - 01 was 1.4593333, IH00 - 02 was 1.3637778, etc [25]