1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report conducts a comprehensive analysis of the futures market, including an overview of trading volume and open interest in the futures market and an in - depth exploration of the micro - liquidity of different futures types such as stock indices, treasury bonds, energy and chemicals, black commodities, precious metals and non - ferrous metals, and agricultural products [1][21] 3. Summary According to the Directory 3.1 Futures Market Trading Volume and Open Interest Overview - The report presents graphs of commodity futures trading volume, open interest, trading volume - to - open interest ratio, and the year - on - year change of commodity futures trading volume. It also provides tables showing the price, trading volume, open interest, and week - on - week changes of different commodity and financial futures sectors [4][12][14] - In the commodity sector, different sub - sectors show various price trends, trading volume, and open - interest changes. For example, the precious metals sector has a price increase of 4.26%, while the coal, coke, steel, and ore sub - sector in the black commodities has a price decrease of 2.35% [12] - In the financial futures sector, different varieties also have different price changes and trading volume and open - interest trends. For instance, the price of CSI 1000 futures has a 2.27% increase [14] 3.2 Futures Market Micro - liquidity 3.2.1 Stock Indices - The report provides a table of micro - liquidity - related indicators for stock index futures' main contracts, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for the Shanghai 50 futures, the spread change unit is 1.815/2.2838, and the spread week - on - week change is - 0.4688 [21] 3.2.2 Treasury Bonds - A table of micro - liquidity - related indicators for treasury bond futures' main contracts is presented, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for the 5 - year treasury bond futures, the spread change unit is 1.0022/1.0023, and the spread week - on - week change is - 0.0001 [26] 3.2.3 Energy and Chemicals - The report shows a table of micro - liquidity - related indicators for the main contracts of the energy and chemicals sector, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for methanol futures, the spread change unit is 1.001/1.002, and the spread week - on - week change is - 0.001 [30] 3.2.4 Black Commodities - A table of micro - liquidity - related indicators for the main contracts of the black commodities sector is provided, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for iron ore futures, the spread change unit is 1.0016/1.0022, and the spread week - on - week change is - 0.0006 [34] 3.2.5 Precious Metals and Non - ferrous Metals - The report presents a table of micro - liquidity - related indicators for the main contracts of the precious metals and non - ferrous metals sector, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for Shanghai aluminum futures, the spread change unit is 1.0536/1.05, and the spread week - on - week change is 0.0036 [41] 3.2.6 Agricultural Products - A table of micro - liquidity - related indicators for the main contracts of the agricultural products sector is shown, including spread change units, spread week - on - week changes, average sell - one order amounts, and average buy - one order amounts. For example, for corn futures, the spread change unit is 1.0006/1.0006, and the spread week - on - week change is 0 [46]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various sectors in the market on January 28, 2026, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading - holding ratio of multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On January 28, 2026, the trading volume of the stock index plate was 8754.29 billion yuan, a - 26.67% change from the previous trading day; the holding amount was 17952.50 billion yuan, a - 0.65% change; the trading - holding ratio was 48.83% [1] III. Treasury Bond Plate - On January 28, 2026, the trading volume of the treasury bond plate was 2873.16 billion yuan, a + 0.58% change from the previous trading day; the holding amount was 8572.73 billion yuan, a + 0.03% change; the trading - holding ratio was 32.25% [1] IV. Basic Metal and Precious Metal (Metal Plate) - On January 28, 2026, the trading volume of the basic metal plate was 12080.14 billion yuan, a - 7.78% change from the previous trading day; the holding amount was 8094.33 billion yuan, a - 1.58% change; the trading - holding ratio was 154.87%. The trading volume of the precious metal plate was 17727.68 billion yuan, a + 12.47% change; the holding amount was 7332.85 billion yuan, a + 2.19% change; the trading - holding ratio was 293.26% [1] V. Energy Chemical Plate - On January 28, 2026, the trading volume of the energy chemical plate was 6380.98 billion yuan, a - 15.06% change from the previous trading day; the holding amount was 5241.19 billion yuan, a - 0.98% change; the trading - holding ratio was 108.23% [1] VI. Agricultural Product Plate - On January 28, 2026, the trading volume of the agricultural product plate was 3012.28 billion yuan, a - 6.30% change from the previous trading day; the holding amount was 6487.26 billion yuan, a + 0.83% change; the trading - holding ratio was 42.58% [1] VII. Black Building Material Plate - On January 28, 2026, the trading volume of the black building material plate was 1453.00 billion yuan, a - 25.10% change from the previous trading day; the holding amount was 3156.98 billion yuan, a - 1.17% change; the trading - holding ratio was 44.37% [2]