Report Summary 1) Report Industry Investment Rating - Not mentioned in the provided content 2) Core View of the Report - After the adjustment, the overall risk of the market has basically been released, and investors can gradually build long positions in IC and IH contracts [2] 3) Summary According to Relevant Catalogs Market Analysis - The Fed kept its policy unchanged. Nine government departments launched the "Happy Shopping during the Spring Festival" special event from February 15 - 23, 2026, covering six aspects of consumption [1] - The US ISM Manufacturing PMI in January rose to 52.6, much higher than the expected 48.5, hitting a new high since August 2022, driven by robust growth in new orders and output [1] - In the spot market, the three major A - share indexes adjusted. The Shanghai Composite Index fell 2.48% to close at 4015.75 points, and the ChiNext Index fell 2.46%. Most sector indexes declined, with only the food and beverage and banking sectors closing higher. The trading volume of the Shanghai and Shenzhen stock markets was about 2.6 trillion yuan. Overseas, the three major US stock indexes all closed higher, with the Dow Jones rising 1.05% to 49407.66 points [1] - In the futures market, the basis of stock index futures dropped significantly. The trading volume of stock index futures increased, and only the open interest of IM increased simultaneously [1] Strategy - The domestic market gradually digested the impact of overseas liquidity expectation fluctuations. The CSI 500 and CSI 1000 were more volatile and affected. After the adjustment, investors can gradually build long positions in IC and IH [2] Macro - economic Charts - Charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [5][7][9] Spot Market Tracking Charts - The daily performance table of domestic major stock indexes shows the closing prices and daily changes on February 2, 2026, and February 1, 2026. The Shanghai Composite Index fell 2.48%, the Shenzhen Component Index fell 2.69%, the ChiNext Index fell 2.46%, etc. [11] - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][12] Futures Market Tracking Charts - The table of stock index futures trading volume and open interest shows the trading volume and open interest of IF, IH, IC, and IM on the day and their changes. For example, the trading volume of IF was 191408 with an increase of 12207, and the open interest was 313881 with a decrease of 18763 [13] - Charts include the open interest and open - interest ratio of each contract, and the net open interest of foreign investors in each contract [5][14][16][23][25][28][29] - The table of stock index futures basis shows the basis of each contract (futures - spot) for different delivery months and their changes [36] - The table of stock index futures inter - delivery spreads shows the spreads and their changes between different delivery months for each contract [40][41] - Charts include the basis and inter - delivery spreads of each contract [5][19][20][21][22][23][24][25][26][37][38][42][45]

作者： 汪雅航 市场分析 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 美联储按兵不动。宏观方面，商务部等九单位启动2026"乐购新春"春节特别活动，涵盖"好吃""好 住""好行""好游""好购""好玩"六方面内容。活动时间为2月15至23日春节9天假期，旨在打造全域联动、 全民乐享的春节消费盛宴。海外方面，美国1月ISM制造业PMI指数升至52.6，远高于预期的48.5，创 2022年8月以来新高，主要受新订单和产出稳健增长的提振。 指数调整。现货市场，A股三大指数调整，上证指数跌2.48%收于4015.75点，创业板指跌2.46%。行业 方面，板块指数跌多涨少，仅食品饮料、银行行业收红，有色金属、钢铁、基础化工、煤炭行业跌幅居 前。当日沪深两市成交额约为2.6万亿元。海外方面，美国三大股指全线收涨，道指涨1.05%报49407.66 点。 期指基差回落。期货市场，基差方面，股指期货基差大幅回落。成交持仓方面，股指期货成交量增加， 仅IM持仓量同步增加。 策略 当日国内市场逐步消化海外流动性预期的波动影响，中证500、中证1000的波动幅度相对更为明显，所 受冲击也较为突出。不过从当前市 ...

FICC日报 | 2025-05-07 股指回升。现货市场，A股三大指数走强，上证指数收盘涨1.13%收于3316.11点，创业板指涨1.97%。行业方面， 板块指数涨多跌少，计算机、通信、综合、机械设备行业领涨，仅银行行业小幅收跌。成交量回升，当日沪深两 市成交金额为1.3万亿元。海外市场，美国商务部公布数据显示，由于企业在关税实施前增加商品进口，美国3月贸 易逆差环比增长14%，扩大至创纪录的1405亿美元，高于市场预期。美联储议息会议召开前夕，号称"美联储传声 筒"的尼克·蒂米劳斯发文称，美联储正面临两难境地，并暗示美联储可能会暂缓降息。美国三大股指全线收跌，道 指跌0.95%报40829点。 基差回升。期货市场，股指期货当月合约基差回升。成交持仓方面，IF、IC、IM的成交量和持仓量同步增加。 策略 总的来看，当前美国经济数据加剧市场对经济衰退的担忧，叠加美联储可能维持不降息，美股承压。中方决定与 美方接触，关税风险边际缓和，为国内权益资产提供了阶段性友好环境，股指配置窗口显现。中小盘指数有望表 现相对强势，主要受益于企业盈利修复弹性释放、前期充分回调后的估值修复动能以及补缺需求，IM有望相对占 优。 ...