Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - In the short term, although external disturbance factors have intensified, the stock index itself maintains strong resilience driven by domestic capital. The space for short - term stock index shock adjustment is expected to be limited. Long - term investors can gradually build long positions during this period [7] Group 3: Summary by Relevant Catalogs Interest Rate and Bond Market - The closing price of DRO01 is 1.33, with a change of - 3.36bp compared to the previous value; DR007 is 1.59, with a change of 0.19bp; GC001 is 1.61, with a change of 0.50bp; SHBOR 3M is 1.59, with a change of - 0.20bp; GC007 is 1.61, with a change of - 1.50bp; LPR 5 - year is 3.50, with a change of 0.00bp; 1 - year treasury bond is 1.30, with a change of 0.02bp; 5 - year treasury bond is 1.58, with a change of - 0.23bp; 10 - year treasury bond is 1.81, with a change of - 0.97bp; 10 - year US treasury bond is 4.26, with a change of 2.00bp [4] - Last week, the central bank conducted 1761.5 billion yuan of reverse repurchase operations in the open market. With 1181 billion yuan of reverse repurchases due, the net injection was 580.5 billion yuan. In addition, 200 billion yuan of MLF matured last week, and 150 billion yuan of treasury cash fixed - deposit operations were carried out [4] - This week, 1761.5 billion yuan of reverse repurchases in the central bank's open market will mature, with 150.5 billion, 402 billion, 377.5 billion, 354 billion, and 477.5 billion yuan maturing from Monday to Friday respectively. Also, 700 billion yuan of 91 - day repurchase agreements will mature on Wednesday [5] Stock Index Futures and Stock Market - The closing price of CSI 300 is 4706, down 1.00% compared to the previous day; IF current - month contract is 4710, down 1.4%; SSE 50 is 3066, down 1.43%; IH current - month contract is 3068, down 1.8%; CSI 500 is 8371, down 1.73%; IC current - month contract is 8377, down 1.8%; CSI 1000 is 8255, down 0.93%; IM current - month contract is 8282, down 0.8% [6] - The trading volume of IF is 179201, up 12.1%; the open interest is 332644, up 2.8%; the trading volume of IH is 77049, down 10.3%; the open interest is 122366, down 4.6%; the trading volume of IC is 248185, up 21.5%; the open interest is 349459, down 1.2%; the trading volume of IM is 275842, up 11.2%; the open interest is 408840, down 0.7% [6] - Last week, CSI 300 rose 0.08% to 4706.3; SSE 50 rose 1.13% to 3066.5; CSI 500 fell 2.56% to 8370.5; CSI 1000 fell 2.55% to 8254.9. Among the Shenwan primary industry indices, communication (5.8%), non - ferrous metals (3.4%), agriculture, forestry, animal husbandry and fishery (1.8%), food and beverage (1.6%), and non - bank finance (1%) led the gains, while national defense and military industry (- 7.7%), power equipment (- 5.1%), automobile (- 5.1%), computer (- 4.8%), and comprehensive (- 4.7%) led the losses. The daily trading volumes of A - shares last week were 3280.6 billion, 2921.5 billion, 2992.3 billion, 3259.4 billion, and 2862.4 billion yuan respectively, and the average daily trading volume increased by 264.3 billion yuan compared to the previous week [6] - Last week, the selling pace of broad - based ETFs slowed down. For example, the scale of CSI 300ETF decreased by 95.8 billion yuan on January 27, and the reduction amplitudes on January 28 and 29 narrowed to 26.9 billion and 13.6 billion yuan respectively. On Friday, overseas disturbances intensified. The newly nominated Fed Chairman Waller is hawkish, the US dollar index rebounded sharply, the precious metals sector tumbled, and the US Nasdaq index fell sharply during the session, dragging down the A - share opening. However, due to the abundant liquidity of the A - share market itself and good bullish sentiment, the A - share market rebounded in a "V" shape [7] Futures Contract Premium and Discount - The premium and discount rates of IF are - 1.49% for the current - month contract, - 0.77% for the next - month contract, 0.37% for the current - quarter contract, and 1.74% for the next - quarter contract; for IH, they are - 1.07%, - 1.90%, - 1.16%, and 0.69% respectively; for IC, they are - 1.53%, 0.75%, 2.23%, and 3.06% respectively; for IM, they are - 6.41%, - 0.54%, 3.56%, and 4.99% respectively [8]

港交所文件显示，花旗集团在阿里巴巴(09988.HK)的多头仓位已从7月14日的3.66%上升至5.60%。 ...