Market Overview - On November 11, A-shares opened lower and experienced fluctuating performance, with the Shanghai Composite Index closing up by 0.09% [1][5] - The Shenzhen Component Index fell by 0.35%, and the ChiNext Index decreased by 1.08% [1][5] Index Performance - Shanghai Composite Index: 4131.98, up by 3.61 points (+0.09%) [6] - Shenzhen Component Index: 14160.93, down by 49.69 points (-0.35%) [6] - ChiNext Index: 3284.74, down by 35.80 points (-1.08%) [6] - Total market turnover reached 2 trillion, a decrease of 123.7 billion [6] Sector Performance - Coal sector showed activity in the afternoon, while oil and gas stocks experienced fluctuations [3][7] - Precious metals sector rebounded during the day, with glass fiber, chemicals, rare earths, and lithium battery sectors leading in gains [3][7] - Media and film sectors collectively declined, with short drama games, tourism, solar energy, and CPO concept stocks leading the losses [3][7]

Index Trends - On January 26, the Shanghai Composite Index fell 0.09% to close at 4132.61 points, with a trading volume of 1.45186 trillion yuan. The Shenzhen Component Index fell 0.85% to close at 14316.64 points, with a trading volume of 1.796343 trillion yuan [1]. - The CSI 1000 Index fell 1.24% with a trading volume of 703.182 billion yuan, opening at 8513.22, closing at 8365.43, with a high of 8530.42 and a low of 8302.1 [1]. - The CSI 500 Index fell 0.97% with a trading volume of 692.105 billion yuan, opening at 8624.89, closing at 8506.69, with a high of 8671.35 and a low of 8453.48 [1]. - The SSE 300 Index rose 0.1% with a trading volume of 796.833 billion yuan, opening at 4715.38, closing at 4706.96, with a high of 4754.18 and a low of 4693.16 [1]. - The SSE 50 Index rose 0.57% with a trading volume of 239.456 billion yuan, opening at 3042.37, closing at 3049.59, with a high of 3088.57 and a low of 3039.64 [1]. Impact of Sector Movements on Indexes - The CSI 1000 fell 105.31 points from the previous close. Sectors such as non - ferrous metals had a significant upward pull on the index, while sectors like computer, machinery, and electronics had a significant downward pull [3]. - The CSI 500 fell 83.48 points from the previous close. Non - ferrous metals had an upward pull, while sectors like automotive, defense, and electronics had a downward pull [3]. - The SSE 300 rose 4.46 points from the previous close. Non - ferrous metals, non - bank finance, and petroleum and petrochemicals had an upward pull, while defense, power equipment, and electronics had a downward pull [3]. - The SSE 50 rose 17.4 points from the previous close. Non - ferrous metals, non - bank finance, and petroleum and petrochemicals had an upward pull, while electronics had a downward pull [3]. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 16.41, IM01 of - 48.09, IM02 of - 186.11, and IM03 of - 336.24 [13]. - For IC contracts, IC00 had an average daily basis of - 0.12, IC01 of - 8.26, IC02 of - 73.8, and IC03 of - 168.27 [13]. - For IF contracts, IF00 had an average daily basis of 8.25, IF01 of 14.27, IF02 of - 1.59, and IF03 of - 46.65 [13]. - For IH contracts, IH00 had an average daily basis of 4.7, IH01 of 8.46, IH02 of 9.64, and IH03 of - 21.22 [13].

Group 1: Index Trends - On January 19th, the Shanghai Composite Index rose by 0.29% to close at 4114.0 points, with a trading volume of 1190.138 billion yuan; the Shenzhen Component Index rose by 0.09% to close at 14294.05 points, with a trading volume of 1518.211 billion yuan [1]. - The CSI 1000 Index rose by 0.4%, with a trading volume of 581.676 billion yuan, opening at 8204.63, closing at 8265.65, with a daily high of 8298.48 and a low of 8187.94 [1]. - The CSI 500 Index rose by 0.67%, with a trading volume of 560.926 billion yuan, opening at 8199.5, closing at 8287.95, with a daily high of 8318.37 and a low of 8195.09 [1]. - The SSE 300 Index rose by 0.05%, with a trading volume of 655.149 billion yuan, opening at 4720.19, closing at 4734.46, with a daily high of 4761.63 and a low of 4715.09 [1]. - The SSE 50 Index fell by 0.12%, with a trading volume of 166.18 billion yuan, opening at 3077.81, closing at 3075.94, with a daily high of 3094.97 and a low of 3065.94 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 32.92 points from the previous close. Sectors such as power equipment, basic chemicals, and machinery had a significant upward pull on the index, while media, communication, and computer sectors had a downward pull [2]. - The CSI 500 rose 55.28 points from the previous close. Power equipment, basic chemicals, and non - ferrous metals sectors had a significant upward pull on the index, while computer and electronics sectors had a downward pull [2]. - The SSE 300 rose 2.59 points from the previous close. Power equipment, national defense and military industry, and basic chemicals sectors had a significant upward pull on the index, while electronics, computer, and banking sectors had a downward pull [2]. - The SSE 50 fell 3.82 points from the previous close. Basic chemicals, commerce and retail, and national defense and military industry sectors had an upward pull on the index, while pharmaceutical biology, banking, and non - ferrous metals sectors had a downward pull [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 6.83, IM01 had - 42.72, IM02 had - 237.19, and IM03 had - 411.27 [13]. - For IC contracts, IC00 had an average daily basis of 9.91, IC01 had - 0.61, IC02 had - 132.47, and IC03 had - 262.6 [13]. - For IF contracts, IF00 had an average daily basis of 2.38, IF01 had - 1.53, IF02 had - 43.71, and IF03 had - 101.76 [13]. - For IH contracts, IH00 had an average daily basis of 3.41, IH01 had 5.84, IH02 had 2.15, and IH03 had - 27.93 [13].

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]

Market Overview - On December 25, the motorcycle and other sectors rose by 1.02% compared to the previous trading day, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Zhenghe Industrial (code: 003033) closed at 69.69, with a gain of 4.56% and a trading volume of 34,600 shares, amounting to a transaction value of 239 million yuan [1] - Other notable performers included: - Lvtong Technology (code: 301322) at 28.10, up 2.26% [1] - Jiangui General (code: 603766) at 15.74, up 2.08% [1] - Xinlong Health (code: 002105) at 7.86, up 1.95% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 55.78 million yuan from institutional investors, while retail investors saw a net inflow of 80.48 million yuan [2] - The capital flow for specific stocks showed: - Zhenghe Industrial had a net inflow of 13.02 million yuan from institutional investors [3] - Jiangui General saw a net outflow of 44.15 million yuan from speculative funds [3] - Xinlong Health had a net inflow of 7.28 million yuan from retail investors [3]

Index Trends - On November 20th, the Shanghai Composite Index decreased by 0.4%, closing at 3931.05 points with a trading volume of 711.341 billion yuan; the Shenzhen Component Index decreased by 0.76%, closing at 12980.82 points with a trading volume of 996.847 billion yuan [1]. - The CSI 1000 Index decreased by 0.63% with a trading volume of 356.712 billion yuan, opening at 7429.7, closing at 7340.41, with a daily high of 7439.04 and a low of 7332.32 [1]. - The CSI 500 Index decreased by 0.85% with a trading volume of 254.158 billion yuan, opening at 7174.1, closing at 7061.95, with a daily high of 7180.73 and a low of 7056.9 [1]. - The SSE 50 Index decreased by 0.4% with a trading volume of 100.982 billion yuan, opening at 3030.04, closing at 3008.29, with a daily high of 3038.91 and a low of 3004.24 [1]. Impact of Sector Movements on Indexes - The CSI 1000 dropped 46.8 points from the previous close, with sectors such as Computers, Household Appliances, and Power Equipment significantly dragging down the index [2]. - The CSI 500 dropped 60.8 points from the previous close, with sectors such as Basic Chemicals, Power Equipment, and Electronics significantly dragging down the index [2]. - The SSE 50 dropped 12.06 points from the previous close, with the Banking sector pulling the index up, while sectors such as Non - ferrous Metals, Power Equipment, and Electronics dragging it down [2]. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of 1.97, IM01 - 86.62, IM02 - 315.74, and IM03 - 544.44 [13]. - For IC contracts, IC00 had an average daily basis of - 2.82, IC01 - 70.24, IC02 - 248.19, and IC03 - 455.12 [13]. - For IF contracts, IF00 had an average daily basis of - 5.63, IF01 - 25.08, IF02 - 57.87, and IF03 - 104.7 [13]. - For IH contracts, IH00 had an average daily basis of - 1.53, IH01 - 7.99, IH02 - 14.79, and IH03 - 24.75 [13]. Futures Roll - over Point Differences and Annualized Costs - The report presents data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH contracts at different time intervals from 09:45 to 15:00 [23][24][25]

1. Index Trends - On November 10, the Shanghai Composite Index rose 0.53% to close at 4018.6 points, with a trading volume of 960.589 billion yuan; the Shenzhen Component Index rose 0.18% to close at 13427.61 points, with a trading volume of 1213.865 billion yuan [1]. - The CSI 1000 Index rose 0.28%, with a trading volume of 433.798 billion yuan. Its opening price was 7568.75, closing price was 7563.25, the highest price was 7592.76, and the lowest price was 7515.68 [1]. - The CSI 500 Index rose 0.22%, with a trading volume of 371.311 billion yuan. Its opening price was 7357.34, closing price was 7343.8, the highest price was 7384.79, and the lowest price was 7289.77 [1]. - The SSE 300 Index rose 0.35%, with a trading volume of 593.977 billion yuan. Its opening price was 4688.12, closing price was 4695.05, the highest price was 4695.18, and the lowest price was 4654.21 [1]. - The SSE 50 Index rose 0.51%, with a trading volume of 139.907 billion yuan. Its opening price was 3043.51, closing price was 3053.86, the highest price was 3054.55, and the lowest price was 3030.23 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 21.37 points from the previous closing price. Sectors such as household appliances, pharmaceuticals and biotech, and basic chemicals significantly pulled the index up, while sectors like machinery, automobiles, and power equipment pulled it down [2]. - The CSI 500 rose 15.89 points from the previous closing price. Sectors such as pharmaceuticals and biotech, non - bank finance, and non - ferrous metals significantly pulled the index up, while sectors like machinery, electronics, and power equipment pulled it down [2]. - The SSE 300 rose 16.26 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery, power equipment, and electronics pulled it down [2]. - The SSE 50 rose 15.51 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery and electronics pulled it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 57.03, IM01 had - 142.23, IM02 had - 361.89, and IM03 had - 580.67 [12]. - For IC contracts, IC00 had an average daily basis of - 43.2, IC01 had - 107.51, IC02 had - 277.1, and IC03 had - 467.73 [12]. - For IF contracts, IF00 had an average daily basis of - 9.52, IF01 had - 25.0, IF02 had - 54.69, and IF03 had - 98.5 [12]. - For IH contracts, IH00 had an average daily basis of - 0.02, IH01 had - 1.49, IH02 had - 5.36, and IH03 had - 11.46 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on IM, IC, IF, and IH roll - over point differences and their annualized costs are presented in the report, including detailed values at different time points [20][21][22]

Core Viewpoint - The A-share market experienced a collective rise in the three major indices during the morning session, indicating positive investor sentiment and market activity [1]. Group 1: Market Performance - The Shanghai Composite Index increased by 0.88%, closing at 4004.25 points [1]. - The Shenzhen Component Index and the ChiNext Index both rose by 1.39% [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 13,378 billion yuan, an increase of 1,881 billion yuan compared to the previous day [1]. Group 2: Sector Performance - Leading sectors included phosphorus chemical, aluminum metal, storage chips, and controllable nuclear fusion [1]. - The Hainan Free Trade Zone sector experienced a pullback, while tourism, film and television, and duty-free shop sectors declined [1]. - Over 2,700 individual stocks in the market saw an increase [1].

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]