中信期货研究|⾦融衍⽣品策略⽇报 2026-01-28 股债趋势暂不明朗 投资咨询业务资格：证监许可【2012】669号 股指期货：午后情绪回暖 股指期权：短期暂维持乐观 国债期货：债市⻓端⾛势偏弱 股指期货方面，权益市场底部回升，主要宽基指数收红居多，其中军 工、电子、传媒领涨，TMT板块全面修复，风格方面，科创板强势，哑铃 结构弱势，上涨个股数量少于下跌个股数量，个股赚钱效应不佳。展望后 市，短线走势目前仍不明朗，尽管急跌可能性不大，但近期热点板块轮动 速度过快，并拖累整体赚钱效应，叠加外围市场不确定性以及宽基ETF减 持，目前仍处于上涨过程中的休整阶段，不宜过度高估短期空间。配置 上，配置IC多单度过震荡期，机构定价权强化、通胀预期上行是其核心推 动力。 股指期权方面，昨日标的市场整体上行，日内出现一定风格切换，中 盘成长相关品种重新占优，期权市场成交量相较前一交易日略有下滑，但 整体仍位于高位区间。情绪指标方面，前一日提到各品种偏度普遍低位， 昨日有一定反弹，但主要以再度强势的500ETF、科创50ETF为主，其余品 种仍有买方资金继续博弈上行，短期情绪整体还是乐观。波动率层面，大 盘品种小幅下行，中 ...

Group 1 - The A-share market is experiencing a significant upward trend characterized by the rotation of hot sectors such as solid-state batteries, semiconductors, and non-ferrous metals, which helps to mitigate the risks of irrational short-term price increases in any single sector [1][2] - The rotation of hot sectors acts as a safety valve for the A-share market, preventing the accumulation of bubble risks associated with irrational price surges in individual sectors, thus maintaining overall market stability [2][3] - The rise of each hot sector is accompanied by the development of related industries and policy support, indicating a strong correlation between sector performance and broader economic trends [2][3] Group 2 - The development of hot sectors not only promotes the prosperity of their own industries but also facilitates the collaborative growth of upstream and downstream related industries, creating a positive industrial ecosystem [3] - The rotation of hot sectors provides investors with more opportunities and choices, allowing for flexible adjustments to investment portfolios to capture different sector opportunities, which can reduce investment risks and enhance returns [3] - The dynamic nature of hot sector rotation encourages investors to continuously learn and research market trends, thereby improving their investment capabilities and risk awareness [3]